Feb 11
28
In Asia, crude oil for April delivery is trading $1.60 higher at $99.48 per barrel
Australian & Asian Market Report 28th February 2011
Asian markets are trading mostly higher this morning, reversing earlier declines, led by gains in financial companies. In Japan, Mizuho Securities paced gains, leading financial companies higher, after a report that the parent company, Mizuho Financial Group, is in talks to make it a wholly owned subsidiary. In Hong Kong, HSBC Holdings traded higher, ahead of its earnings report, while developers, Hang Lung Properties and Sino Land, traded in negative territory, on speculation that the government would take more steps to control property prices. In South Korea, builders, Daewoo Engineering & Construction and GS Engineering & Construction, paced declines, amid speculation that unrest in the Middle East would hurt demand in the region or delay ongoing projects. Nikkei 225 index is trading 0.5% higher, at 10,575.7. Hang Seng index is up 0.8% at 23,193.3, while the Kospi index is trading 0.9% lower at 1,946.1.
International Market Report 28th February 2011
US markets closed higher on Friday, as a rise in US consumers’ confidence in February to its highest level in three years exceeded market expectations. Salesforce and Autodesk advanced 3.4% and 5.7%, after reporting robust earnings. Technology stocks, Micron, Intel and AMD, gained between 2.1% and 4.9%, after Citigroup indicated that sales of personal computers could pick up in March. Among financials, Wells Fargo climbed 3.1%, after Goldman upgraded its rating on the stock from “Neutral” to “Conviction Buy”. Energy stocks, Transocean, Schlumberger and Halliburton, rose between 2.7% and 3.3%, on higher crude oil price. Boeing rose 2.2%, after it bagged a $35 billion contract from the US government to build airline tankers. DJIA closed 0.5% or 61.95 points higher, at 12,130.5. NASDAQ finished up 1.6% or 43.15 points, at 2,781.1. S&P 500 index closed 1.1% higher, at 1,319.9.
Other European markets finished higher on Friday, with the FTSEurofirst 300 index snapping its five-day losing streak, as steady oil prices and strong earnings updates boosted market sentiments. Volkswagen surged 6.2%, leading automakers higher, after the company reported that its annual profit surged to €6.84 billion in 2010, surpassing market expectations. Banks, Commerzbank, Deutsche Bank and Credit Agricole, paced gains, as risk appetite increased among investors. Steel makers, ArcelorMittal and Salzgitter, gained 2.6% and 2.2%, respectively, tracking higher base metal prices. Among other stocks, Saint-Gobain advanced 5.5%, after the company posted a strong earnings outlook, while United Internet climbed 4.2%, after the company revealed that Warburg Pincus bought 5.29% stake in the company. FTSEurofirst 300 index advanced 1.2% to close at 1,159.6. German DAX Xetra 30 rose 0.8% or 54.7 points to 7,185.2. French CAC-40 edged up 1.5% or 60.7 points to settle at 4,070.4.
