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Japanese economist: 'No quick fixes'

Mon, 08/23/2010 - 23:18 by Prince damin

Tokyo -- Market analysts said Monday's drop in Japan's Nikkei 225 was partly prompted by a canceled meeting between the prime minister and the Bank of Japan's governor.

The meeting between Prime Minister Naoto Kan and Masaaki Shirakawa was scratched in favor of a 15-minute phone call in which there was "absolutely no talk" of strategies to lower the value of the yen, which has recently risen to a 15-year high against the U.S. dollar, The New York Times reported Monday.

"The truth is, there are no quick fixes, but markets are disappointed that they got nothing at all," said Norio Miyagawa, an economist at Mizuho Securities Research and Consulting.

Dow extends streak to 3 days

Fri, 07/09/2010 - 11:01 by Rakhi

New York -- U.S. markets closed higher for the third consecutive trading session Thursday, a turnaround after seven straight sessions with declines.

The International Monetary Fund increased its growth projection for the global economy to 4.6 percent, compared with April's estimate of 4.2 percent growth. In Washington, the Labor Department said 454,000 first-time jobless claims were filed in the week ending July 3, 21,000 fewer than the previous week.

By close, the Dow Jones industrial average rose 120.71 points or 1.2 percent to 10,138.99. The Standard & Poor's 500 index gained 9.98 or 0.94 percent to 1,070.25. The Nasdaq composite index of tech-dominated stocks added 15.93 or 0.74 percent to 2,175.40.

Renminbi's gain boosts markets

Tue, 06/22/2010 - 11:30 by Rakhi

New York -- U.S. markets headed higher Monday after the Chinese yuan moved to its highest value against the dollar in 20 months.

The People's Bank of China said Saturday it would allow limited flexibility in the Chinese currency, which many analysts feel is undervalued, keeping Chinese exports cheap overseas. The yuan had been pegged to the U.S. dollar since the beginning of the financial crisis in 2008.

Companies with a presence in China, such as Caterpillar Inc., expect to make gains if the yuan appreciates, as do Chinese companies that serve a domestic market.

Shares in Asian airlines surged on the news. Caterpillar shares gained 1.44 percent.

Dollar falls to a 14-yr low vs. yen

Thu, 11/26/2009 - 10:01 by Ishita Sood

Tokyo, November 26 -- Japanese Yen rose to a 14-year high as the dollar dived to its lowest, putting pressure on exporters and all Central banks across Asia.

U.S. markets falter Thursday

Thu, 09/24/2009 - 23:11 by Salinder Kumar

NEW YORK, Sept. 24 (UPI) -- U.S. markets stumbled Thursday after the National Association of Realtors said existing home sales fell 2.7 percent in August.

The downturn ended a four-month streak of gains as sales fell to an adjusted annual rate of 5.1 million units, the NAR said.

In early afternoon trading Thursday, the DJIA lost 0.56 percent, 54.26 points, to 9,694.29. The Standard & Poor's 500 fell 1.1 percent, 11.67 points, to 1,049.20. The Nasdaq composite index fell 1.35 percent, 28.83 points, to 2,102.59.

The benchmark 10-year Treasury rose 8/32 to yield 3.385 percent.

The euro fell to $1.4673 from Wednesday's $1.4743. Against the yen, the dollar rose to 91.33 from Wednesday's 91.31 yen.

Yen gets post-election boost

Tue, 09/01/2009 - 01:20 by Salinder Kumar

Tokyo -- The Japanese yen reached a seven-week high against the dollar Monday, as investors reacted to a shift in political power, a market strategist said.

"If the Democratic Party of Japan's rise to power also heralds a more active reserve management strategy … (the) dollar/yen would come under pressure as the country is one of the world's biggest holders of the dollar debt," Geoffrey Yu at UBS told the Financial Times.

The Nikkei 225 average in Tokyo spiked early Monday after Sunday's election switched power to the DPJ, which won 308 seats in the Lower House, the first party to win more than 300 seats in an election since before World War II.

U.S. markets grind out small gains

Tue, 07/28/2009 - 01:51 by Salinder Kumar

New York -- U.S. markets turned higher late Monday, posting positive numbers after the Nikkei 225 in Japan closed with a ninth straight day of gains.

The Nikkei average gained 144.11 points, 0.56 percent, to 10,088.66, breaking the 10,000-point mark for the first time since mid-June.

Down most of the day, the Dow Jones industrial average closed 15.27 points higher, up 0.17 percent, ending at 9,108.51. The S&P 500 gained 0.3 percent, 2.92 points, to 982.18. The Nasdaq composite rose 0.1 percent, 1.93 points, to 1,967.89.

On the New York Stock Exchange, 1,939 stocks advanced and 1,061 declined on a volume of 4.6 billion shares traded.

The benchmark 10-year Treasury fell 16/32 to yield 3.721 percent.

U.S. markets slide Wednesday

Wed, 06/10/2009 - 23:26 by surajdogra

New York -- A push by the Dow Jones industrial average into positive territory for the year was turned back for the second consecutive day Wednesday.

The DJIA rose briefly above its Jan. 2 staring point of 8,776.39 before dropping back. In early afternoon trading, the DJIA lost 91.68 points, 1.05 percent, to 8,671.38.

The Standard & Poor's 500 lost 11.51 points, 1.22 percent, to 930.92. The Nasdaq composite index lost 28.02 points, 1.51 percent, to 1,832.11.

The benchmark 10-year U.S. Treasury bond fell 25/32 to yield 3.962 percent.
The euro fell to $1.3961, compared to Tuesday's $1.4079. Against the Japanese yen, the dollar rose to 98.31 yen, up from Tuesday's 97.37 yen.