AUD Continues to Rise After Chinese Interest Rate Cut, Kingfisher Falls After Tough Third Quarter
November 25, 2014 7:12 am
Asian shares gave back some of this week’s China-inspired gains on Tuesday, while oil prices slipped as traders lowered their expectations of a significant output cut at this week’s OPEC meeting. Japan’s Nikkei stock average added 0.3 percent, even in the face of a stronger Yen which usually weighs on shares. U.S. stocks rose on Monday on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average. The Dow closed 7 points higher at 17817, the S&P500 rose 5 points to close at 2069, both new record highs.
The Dollar gave up its early modest gains against the Yen, edging down about 0.3 percent to 117.91 Yen and moving away from its seven-year high of 118.98 touched on Thursday. The Euro fell about 0.1 percent to $1.2427, moving back toward a two-year low of $1.2358 touched on Nov. 7. The Aussie climbed as far as $0.8723 after a surprise interest rate cut on Friday by China, Australia’s biggest export market.
U.S. crude was down slightly on the day at $75.75 a barrel, while Brent slipped about 0.3 percent to $79.42 a barrel.
In equities, Kingfisher (Europe’s No. 1 home improvement retailer) posted an 11.8% decline in third quarter profit, hurt by a tough French market and foreign currency movements. The stock is currently trading down 3% at 294p. Nationwide, Britain’s biggest customer-owned lender reported an 83% rise in underlying profit in the first half of its financial year and said it had increased its share of the personal current account market. Lastly British banknote printer De La Rue said on Tuesday that it expects challenging market conditions for the next two years, after it reported a 37 percent fall in pre-tax profit for the first half of its financial year. Strangely the stock shot up by 7% before falling slightly – it’s currently up by 2.5%.
Asian shares gave back some of this week’s China-inspired gains on Tuesday, while oil prices slipped as traders lowered their expectations of a significant output cut at this week’s OPEC meeting. Japan’s Nikkei stock average added 0.3 percent, even in the face of a stronger Yen which usually weighs on shares. U.S. stocks rose on Monday on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average. The Dow closed 7 points higher at 17817, the S&P500 rose 5 points to close at 2069, both new record highs.
The Dollar gave up its early modest gains against the Yen, edging down about 0.3 percent to 117.91 Yen and moving away from its seven-year high of 118.98 touched on Thursday. The Euro fell about 0.1 percent to $1.2427, moving back toward a two-year low of $1.2358 touched on Nov. 7. The Aussie climbed as far as $0.8723 after a surprise interest rate cut on Friday by China, Australia’s biggest export market.
U.S. crude was down slightly on the day at $75.75 a barrel, while Brent slipped about 0.3 percent to $79.42 a barrel.
In equities, Kingfisher (Europe’s No. 1 home improvement retailer) posted an 11.8% decline in third quarter profit, hurt by a tough French market and foreign currency movements. The stock is currently trading down 3% at 294p. Nationwide, Britain’s biggest customer-owned lender reported an 83% rise in underlying profit in the first half of its financial year and said it had increased its share of the personal current account market. Lastly British banknote printer De La Rue said on Tuesday that it expects challenging market conditions for the next two years, after it reported a 37 percent fall in pre-tax profit for the first half of its financial year. Strangely the stock shot up by 7% before falling slightly – it’s currently up by 2.5%.
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