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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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