No Deal Yet in Greek Bailout Negotiations, Rio Tinto Up After Boosted Dividend
February 12, 2015 7:00 am
Asian stocks and the Euro fell on Thursday as markets erred on the side of caution over the ongoing Greek debt negotiations amid conflicting headlines on progress in the talks. Meanwhile, in the US the Dow fell 6 points to close at 17,862, while the S&P500 stayed roughly level, closing at 2,068.
The Euro dipped as the market tried to digest the conflicting Greek headlines, slipping 0.2% to $1.1311 from a high of $1.1353. The Dollar traded at 120.27 Yen, holding within striking distance of a five-week peak of 120.48 reached amid brightening outlook for the U.S. economy. The Aussie was down 0.8% at $0.7660, not far off a six-year low of $0.7627 plumbed last week when the RBA cut rates to a record low 2.25%
U.S. crude was up 1.3% at $49.45 a barrel after dropping as much as 3% overnight as U.S. stockpiles hit record highs. March Brent futures were up 62 cents to $55.28 a barrel following a 3% loss in the previous session that saw prices break below $54 at one point.
Rio Tinto handed shareholders a $2bn capital return on top of a higher than expected dividend on Thursday, despite reporting its worst half-year profit in two years. Rio Tinto estimates that 125 million tonnes of iron ore capacity came out of the market in 2014 and it expects at least a further 80 million tonnes to come out this year as a result of weak prices. The stock is up 2.5% in early trade at 3040p per share.
Asian stocks and the Euro fell on Thursday as markets erred on the side of caution over the ongoing Greek debt negotiations amid conflicting headlines on progress in the talks. Meanwhile, in the US the Dow fell 6 points to close at 17,862, while the S&P500 stayed roughly level, closing at 2,068.
The Euro dipped as the market tried to digest the conflicting Greek headlines, slipping 0.2% to $1.1311 from a high of $1.1353. The Dollar traded at 120.27 Yen, holding within striking distance of a five-week peak of 120.48 reached amid brightening outlook for the U.S. economy. The Aussie was down 0.8% at $0.7660, not far off a six-year low of $0.7627 plumbed last week when the RBA cut rates to a record low 2.25%
U.S. crude was up 1.3% at $49.45 a barrel after dropping as much as 3% overnight as U.S. stockpiles hit record highs. March Brent futures were up 62 cents to $55.28 a barrel following a 3% loss in the previous session that saw prices break below $54 at one point.
Rio Tinto handed shareholders a $2bn capital return on top of a higher than expected dividend on Thursday, despite reporting its worst half-year profit in two years. Rio Tinto estimates that 125 million tonnes of iron ore capacity came out of the market in 2014 and it expects at least a further 80 million tonnes to come out this year as a result of weak prices. The stock is up 2.5% in early trade at 3040p per share.
