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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news