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

 


While you were sleeping: Wall Street declines

While you were sleeping: Wall Street declines

March 12 (BusinessDesk) – Wall Street slid amid ongoing concern about an international standoff about Ukraine, while copper continued its slump because of worries about the slowing pace of growth and more corporate bond defaults in China.

Increasing tension between the US, the European Union and Russia about Ukraine remains a concern for investors. While that has weighed on equities, it increased the appeal of gold as a safe haven investment. Gold futures for April delivery rose 0.4 percent to US$1,347 an ounce in late morning trading on the Comex in New York.

In afternoon trading in New York, the Dow Jones Industrial Average slid 0.28 percent, the Standard & Poor’s 500 Index fell 0.33 percent, while the Nasdaq Composite Index gave up 0.26 percent.

Shares of DuPont and Exxon Mobil fell, both down 1.9 percent, and led the decline in the Dow.

“The equity market is going to make continued progress in a two steps forward, one step back kind of progression,” Jim Russell, a senior equity strategist for US Bank Wealth Management, told Bloomberg News. “We’re still evaluating how much of the economic weakness is weather-related and how much of it is legitimate.”

The latest US economic data offered signs of strength. Wholesale inventories increased 0.6 percent to US$521 billion in January, following a revised 0.4 percent gain in December, according to Commerce Department data.

The US Treasury garnered solid demand for an auction of three-year notes. The sale drew a yield of 0.802 percent, the highest yield at an auction of the securities in six months, Bloomberg reported.

In Europe, the Stoxx 600 Index inched higher to close the session at 331.49. Germany’s DAX gained 0.5 percent. The UK’s FTSE 100 slipped less than 0.1 percent, while France’s CAC 40 dropped 0.5 percent.

German exports climbed more than expected in January, increasing 2.2 percent, while imports were also better than anticipated, rising 4.1 percent, a report showed.

A corporate bond default earlier this week exacerbated concern that China’s economic health is crumbling. Copper has been hit hard, touching the lowest level in nearly four years earlier today, and might slide further. Three-month copper on the London Metal Exchange closed down 2.6 percent at US$6,475 a tonne.

"There is still room to fall. You have broken below that significant support, so the next support you could argue is US$6,200," analyst Andrey Kryuchenkov at VTB Capital told Reuters.

(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