Fitch Downgrades Japan’s Credit Rating, BP Beats Earning Expectations
April 28, 2015 6:35 am
Asian stocks pulled back from a seven year peak scaled on Tuesday as sentiment gave way to caution ahead of the Federal Reserve’s policy two-day meeting scheduled to start later in the session. U.S. stocks ended down on Monday, led by losses in biotech shares after disappointing news from several companies including Amgen. The Dow Jones industrial average fell 42.17 points to 18,037.97, the S&P 500 lost 8 points to close at 2,108.92 and the Nasdaq Composite dropped 31 to 5,060.25.
The Euro was in focus overnight, climbing to a three-week peak of $1.0927, well off its 12-year nadir of $1.0457 plumbed in mid-March. It last stood at $1.0887, down about 0.1% on the day. The Dollar was little changed at 119.095 Yen, briefly touching 119.44 overnight in a knee-jerk reaction to Fitch downgrading Japan’s credit rating by one notch to A, five notches below the top AAA rating. Against the Yen, the common currency was at 129.59, having come just short of 130.00 overnight. With oil near its 2015 peak, the Canadian Dollar touched a three-month high of C$1.2080 per USD. It was last at C$1.2101. Its Australian peer scaled a near five-week peak of $0.7873, before drifting off slightly to $0.7870.
Brent was down about 1% at $64.19 a barrel, while U.S. crude shed about 1.2% to $56.33. BP reported first-quarter profit of $2.58b on Tuesday, largely beating expectations, as a hefty increase in refining revenue offset a slump in oil production earnings. The stock is top of the FTSE100 in early trade, up 1.5% at 484p per share.
Asian stocks pulled back from a seven year peak scaled on Tuesday as sentiment gave way to caution ahead of the Federal Reserve’s policy two-day meeting scheduled to start later in the session. U.S. stocks ended down on Monday, led by losses in biotech shares after disappointing news from several companies including Amgen. The Dow Jones industrial average fell 42.17 points to 18,037.97, the S&P 500 lost 8 points to close at 2,108.92 and the Nasdaq Composite dropped 31 to 5,060.25.
The Euro was in focus overnight, climbing to a three-week peak of $1.0927, well off its 12-year nadir of $1.0457 plumbed in mid-March. It last stood at $1.0887, down about 0.1% on the day. The Dollar was little changed at 119.095 Yen, briefly touching 119.44 overnight in a knee-jerk reaction to Fitch downgrading Japan’s credit rating by one notch to A, five notches below the top AAA rating. Against the Yen, the common currency was at 129.59, having come just short of 130.00 overnight. With oil near its 2015 peak, the Canadian Dollar touched a three-month high of C$1.2080 per USD. It was last at C$1.2101. Its Australian peer scaled a near five-week peak of $0.7873, before drifting off slightly to $0.7870.
Brent was down about 1% at $64.19 a barrel, while U.S. crude shed about 1.2% to $56.33. BP reported first-quarter profit of $2.58b on Tuesday, largely beating expectations, as a hefty increase in refining revenue offset a slump in oil production earnings. The stock is top of the FTSE100 in early trade, up 1.5% at 484p per share.
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