Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Parliament split for Italy?

While you were sleeping: Parliament split for Italy?

Feb 26 (BusinessDesk) – Wall Street declined amid early indications that the outcome of Italian elections calls into question the European Union's ability to lift itself from the sovereign debt crisis and recession.

Polls indicate that the vote in Italy, the euro-zone's third-largest economy, may have left the country with a split parliament. As Pier Luigi Bersani's centre-left coalition won control of the lower house, former prime minister Silvio Berlusconi's party looked set to take the senate, which might jeopardise austerity efforts.

"What we don't want to hear is a renewed fear about a euro-zone fracture," Art Hogan, managing director of Lazard Capital Markets in New York, told Reuters.

In afternoon trading in New York, the Dow Jones Industrial Average fell 0.14 percent and the Standard & Poor's 500 Index slid 0.29 percent. The Nasdaq Composite Index gained 0.15 percent.

Europe's Stoxx 600 Index ended the session with a decline of nearly 0.1 percent, though the region's national benchmark indexes advanced as markets earlier welcomed Bersani's lower house victory on initial exit poll results.

The UK’s FTSE 100 gained 0.3 percent as investors shrugged off Moody's decision, announced late Friday, to strip the nation of its top credit rating.

France’s CAC 40 rose 0.4 percent, Germany’s DAX advanced 1.5 percent, and Italy’s key index climbed 0.7 percent—though at one point in the session it was 4 percent higher.

Signs of a potential Berlusconi grip on the senate accelerated after the markets closed. The euro gave up earlier gains of as much as 1 percent against the greenback, last trading 0.1 percent weaker at US$1.3176, while the yield of Italy's benchmark 10-year bond climbed four basis points to 4.49 percent, after earlier dropping as much as 28 basis points.

“The lower house is probably going to end in the centre-left but the senate is a close call and what we are seeing in the latest polls is that Berlusconi is doing better,” Nicola Marinelli, who oversees US$180 million at Glendevon King Asset Management in London, told Bloomberg News.

“With no one having a majority there is going to be a lot of negotiations and it is not going to be a stable and strong government. When the first exit polls came out, Italian bonds pushed higher, but with the latest numbers everything is reversing rapidly.”

In other news, shares of Chesapeake Energy sank, last down 5.2 percent, after the company agreed to sell a stake in an Oklahoma oilfield to China Petrochemical for less than one-third of its estimated value.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news