Monthly Archives: November 2011

Central bank action drives metal stocks in US

The S&P 500 had its best day since August as US investors applauded co-ordinated central bank action to inject dollar liquidity into the global economy. The S&P 500 climbed 4.3 per cent to 1,246.96, its highest level in two weeks. The benchmark US index was up 7.6 per cent for the week, erasing nearly all of its losses for the month. You…

Action by central banks lifts rally hopes

Thank you, Mr Bernanke and Co. That was the clear reaction of investors on Wednesday after the world’s big central banks unleashed joint intervention to pump dollars into the financial system. Only hours earlier, equity strategists were ruminating over the impact of a wave of bank downgrades by Standard & Poor’s Those hoping for a year-end rally after a dismal…

Slowing domestic demand hits rupee

India’s struggling currency is set to endure its worst month since the Asian financial crisis, driven down by a mixture of slowing domestic demand and concerns over the crisis in the eurozone. The rupee has declined by more than 6 per cent in the past month, reaching an all-time low last week of R52.73 against the dollar. The fall is…

Chinese financial stocks fall sharply

Shares in China dropped on Wednesday as domestic and global moves to boost liquidity came after the market had already closed with sharp losses in Shanghai and Hong Kong. The Shanghai Composite fell 3.3 per cent to 2,333.4, undermined by comments from central bank adviser Xia Bin that “fine tuning” of monetary policy would continue, but there would be no…

Tiffany sales warning hits luxury stocks

Investors dumped shares in luxury retailers after Tiffany forecast “weakness” in fourth quarter sales in Europe and the northeastern United States. Tiffany shares fell 8.7 per cent to $67.22, Coach was off 3.1 per cent to $60.20 and Ralph Lauren fell 3.2 per cent to $140.66. Luxury retailers have been a rare bright spot in the S&P 500 this year,…

Asian stocks lifted by US recovery hopes

Asian stocks extended their gains as exporters carried through the positive momentum following a strong start to the US holiday shopping season. Strong gains on most of the region’s indices helped push the FTSE Asia Pacific index up a further 1.9 per cent to 219.09. The index climbed 2 per cent in the previous session. Japanese and South Korean electronics…

US stocks surge after European rally

Shares in Genworth Financial surged amid a rash of buying, as Citigroup analysts said the insurer will avoid bankruptcy. More than 2.5m Genworth shares were bought and sold, the heaviest trading day this month, as the stock gained 12.6 per cent to $6.07. Genworth’s market capitalisation has halved this year, amid fears of losses on a consumer debt insurance product…

Anadarko to take lead on Mozambique project

Bruised by the fall Anadarko Petroleum suffered as a junior partner on BP’s ill-fated Macondo oil well, the US company’s chief executive says that in future it will seek to be the operator of any oil and gas projects it undertakes. “We would tend to want to operate more, rather than be a junior partner,” Jim Hackett said in an…

Miners and carmakers lead Asian rally

Asian shares rallied on Monday after a record start to the Christmas sales period in the US lifted hopes of economic recovery and a rise in demand for the region’s manufacturers. The FTSE Asia Pacific index rose 2.2 per cent to 215.42. Commodity producers and carmakers were among the biggest gainers as record Black Friday sales in the US increased…

Qantas warns on profit after strikes

Qantas, Australia’s flagship carrier, warned on Monday profit could be down by as much as two-thirds in the first six months as the cost of industrial action and rising fuel bills take their toll. However, shares in Qantas jumped 5.8 per cent after it said forward bookings were getting back to normal after the industrial dispute entered binding arbitration. The…