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

 


Financials weigh on Wall Street

Financials weigh on Wall Street


By Tracey Warren (Stockbroking BDM, CMC Markets Stockbroking)

Financial stocks burdened Wall Street overnight as the S&P 500 slips further away from record highs chalked up in 2013. Disappointing earnings from Goldman Sachs and Citigroup left a bitter taste with the S&P 500 closing down at 1,845.89 and the Dow Jones Industrial average ended 64.93 points lower at 16,417.01. Best Buy was the worst performer tumbling 27.6 percent as the electronics chain reported a drop in holiday sales and forecast a larger-than-expected decline in operating margins.

A jump in continuing US Jobless claims saw the US dollar come under pressure losing ground against both the Euro and Yen. However, the dollar’s up trend remains intact. A surprise fall in Australian employment in yesterday’s trading session again roused speculation of another interest rate cut from the RBA. The local unit fell to a low 0.8777 against the greenback, continuing its weak trend for the week.

In relatively quiet trade global oil prices have eased with Brent dipping to USD$107.09 per barrel. Gold nudged higher to USD $1,241.99 an ounce despite benign inflation data reported around the globe this week. Iron ore was slightly lower at USD $128.3 a tonne ahead of important industrial production data planned for release on Monday.

Today will see consumer confidence figures released in Japan along with Building Permits and Prelim Consumer Sentiment data for the States.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news