Market Buzz: Japan’s GDP wows and gold hits 9-yr low
Despite other emerging markets performing well, Russian markets hit their lowest close in two weeks. Rosneft fell and the ruble weakened against the dollar on the decision of Bank of Russia to hold the refinancing rate at 8.25 percent.
The MICEX dropped 0.98 percent and will open Thursday at
1391.98. The RTS slightly eased and gained 5.83 points, closing at
1.396.76.
European market indices also gained. On Asian floors, the Euro
Stoxx is up 0.50 percent to 2,809.58, France’s CAC 40 is up 0.41
percent, and Germany’s DAX is making gains, up 0.28 percent,
continuing its record gain ascent.
Market gains appeared immune to France’s poor Q1 news which
officially put them in a recession, or Germany’s slowed growth
report.
In London, FTSE 100 added 0.22 percent, continuing its nine-day
rally, after the Bank of England revised its growth predictions for
the second quarter. On Asian floors, the index dipped down to
6,990.70 at 11:29 GMT. UK lenders led the markets- Royal Bank of
Scotland jumped 1.75 percent, Barclays rallied 1.83 percent and
Lloyds Banking jumped 1.87 percent.
US markets ended high Wednesday. The Dow Jones gained 0.40 percent
and closed and the S&P 500 rose 0.51 percent, and the NASDAQ
Composite edged up 0.26 percent on the New York Exchange. Analysts
await US inflation and unemployment data, set to be released at
13:30 GMT.
Asian stocks were mixed on Japan’s solid 3.5 percent GDP increase,
easily topping 2.7 percent estimates The Nikkei fell 1.08 percent
after it hit a five-year high on Wednesday. Hong Kong’s Seng gained
0.27 percent and the Shanghai Composite added 0.59 percent
Australia’s S&P/ASX 200 fell 0.20 percent on falling gold
prices and mining weakness. The NZSE also dropped 0.21 percent, and
on Thursday announced its 2013-2014 GDP growth forecast of 2.3
percent, compared to last year’s 3 percent growth.
Both WTI and Brent are trading low. WTI is down 0.41 percent and
trading at 93.91 and Brent is down 0.40 percent at 103.27.
