dpa-AFX NEWSTICKER (product sample)

23.01.2019

RPC Inc. Q4 adjusted earnings Miss Estimates

WASHINGTON (dpa-AFX) - RPC Inc. (RES) announced a profit for fourth quarter that fell from the same period last year.The company's profit totaled $13.36 million, or $0.06 per share. This compares with $57.70 million, or $0.27 per share, in last year's fourth quarter.Excluding items, RPC Inc. reported adjusted earnings of $13.36 million or $0.06 per share for the period. Analysts had expected the company to earn $0.10 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter fell 11.8% to $376.75 million from $427.30 million last year.RPC Inc. earnings at a glance:-Earnings (Q4): $13.36 Mln. vs. $38.36 Mln. last year.-EPS (Q4): $0.06 vs. $0.18 last year.-Analysts Estimate: $0.10-Revenue (Q4): $376.75 Mln vs. $427.30 Mln last year.Copyright RTT News/dpa-AFX
23.01.2019

Heidelberg Signs Investment Deal With China's Masterwork; Stock Climbs

BEIJING (dpa-AFX) - Shares of Heidelberger Druckmaschinen AG (HBGRF.PK) climbed around 20 percent in the morning trading in Germany after the precision mechanical engineering company announced Wednesday that it has signed an investment agreement with China-based Masterwork Group Co., Ltd..Tianjin-based Masterwork intends to acquire a stake in Heidelberg in an amount of approximately 8.5 percent of share capital by way of a cash capital increase from authorized capital with an exclusion of shareholders' subscription rights.The implementation of such capital measure is subject to approval by Heidelberger's supervisory board.The company said the proposed capital increase provides the opportunity for Heidelberg to acquire a further strategic anchor shareholder with a long-term investment horizon as well as to strengthen its equity. Heidelberg will examine whether it can significantly expand its long-standing strategic distribution partnership with Masterwork, China's largest manufacturer of die-cutters and hot-foil embossing machines.Thereby, Heidelberg aims to further enhance its market position in the growing area of packaging printing.Subject to approval by the relevant bodies on both sides and the Chinese authorities, the corresponding capital measure is expected to be implemented by the end of the first calendar quarter 2019. The issue price of the new shares is set to be 2.68 euros.Heidelberg said it intends to use the funds received from the capital increase to accelerate its digital agenda, digitizing products, processes and business models, for example, and for the financing of the general business.In Germany, Heidelberg shares were trading at 2.08 euros, up 20.39 percent.Copyright RTT News/dpa-AFX
23.01.2019

Fresnillo Q4 Silver Production Down, Warns On FY19 Production; Stock Down

MEXICO CITY (dpa-AFX) - Mining company Fresnillo plc (FRES.L) on Wednesday reported that fourth-quarter total silver production, including Silverstream, dropped 3.2% from last year to 15.5 million ounces due to lower volumes of ore processed and ore grade at Fresnillo and Saucito. Silver production dropped 2.1 percent to 14.65 million ounces, and Silverstream production fell 18.8 percent to 860 thousand ounces.Quarterly gold production of 232 thousand ounces were in line with last year.By-product lead and zinc production went up 18.8% and 30.1%, respectively, compared to last year.In the year, total silver production including Silverstream grew 5.3% to 61.8 million ounces. Annual gold production of 923 koz were up 1.3%.Looking ahead, for fiscal 2019, the company expects silver production to be slightly lower, in the range of 58 to 61 moz, including the Silverstream. Gold production is expected to be flat, in the range of 910-930 koz.Further, the company said the Board approval for Juanicipio project is expected in early 2019.In London, Fresnillo shares were trading at 890.12 pence, down 2.42%.Copyright RTT News/dpa-AFX
23.01.2019

Great Portland Estates Signs 16 New Lettings

LONDON (dpa-AFX) - Great Portland Estates plc. (GPOR.L) on Wednesday issued a trading update for the quarter to 31 December 2018.The company said it signed sixteen new lettings totaling 51,400 sq ft, generating annual rent of 4.3 million pounds, of which the company's share was 4.1 million pounds. Market lettings were 5.4 percent ahead of March 2018 ERV.Three flex space lettings were completed across 12,800 sq ft, securing rent at 37.5 percent premium to net effective rental value. Five rent reviews were settled securing 3.4 million pounds per annum, which is 18.3 percent above previous passing rent and 6.7 percent ahead of ERV, with remaining reversionary potential of 8.5 percent.In addition, the company said it made good progress on its three committed schemes totaling 412,000 sq. ft, including Hanover Square, W1 which is already 48 percent pre-let or under offer.Toby Courtauld, Chief Executive, said, 'I am pleased to report another quarter of positive operational activity with healthy leasing ahead of ERV, the continued successful rollout of our flexible space offering and excellent progress at our three committed development schemes.'Following the net sales of 339.1 million pounds achieved so far this financial year, Great Portland Estates commenced its 200.0 million pounds on-market share buyback program in November 2018. To date, it has bought back 34.4 million pounds, or 5.0 million shares, including 22.4 million pounds, or 3.2 million shares, up to 31 December 2018.As previously announced by the company, Richard Mully will become Non-Executive Chairman of GPE with effect from 1 February 2019, succeeding Martin Scicluna who will retire from the Board on 31 January 2019.Copyright RTT News/dpa-AFX
23.01.2019

Aphria In Focus, UBX To Report Phase I Data In Q2, RARE On Track

WASHINGTON (dpa-AFX) - Today's Daily Dose brings you news about Green Growth's unsolicited take-over bid for Aphria; stock offering of Bellerophon, PTC Therapeutics; Accuray's better-than-expected Q2 results; UNITY Biotechnology's progress in osteoarthritis trial; positive data from Ultragenyx Pharma's phase II study of UX007 in patients with long-chain fatty acid oxidation disorder.Read on...Accuray Inc. (ARAY) has reported better-than-expected financial results for the second quarter of fiscal 2019 ended December 31, 2018.Total revenue was $102.3 million in the recent second quarter compared to $100.3 million in the prior fiscal year second quarter. Net loss narrowed to $4.6 million or $0.05 per share for the 2019 fiscal second quarter from $4.7 million or $0.06 per share for the 2018 fiscal second quarter.Analysts polled by Thomson Reuters were expecting revenue of $101.95 million and a loss of $0.08 per share.Looking ahead, the Company reaffirmed its fiscal year 2019 revenue guidance provided on October 30, 2018. For fiscal 2019, total revenue is expected to be between $415 million to $425 million, which would represent 3 to 5 percent growth year over year. The consensus revenue estimate of analysts for the year is $420.67 million.ARAY closed Tuesday's trading at $3.97, up 2.58%.Green Growth Brands Inc. (GGB.CN) has commenced an unsolicited take-over bid to acquire all outstanding common shares of cannabis company Aphria Inc. (APHA.TO) (APHA) in exchange for 1.5714 common shares of GGB.In a press release, Aphria has advised its shareholders to take NO ACTION on the Offer until Aphria's Board of Directors has made a formal recommendation to shareholders.APHA closed Tuesday's trading at $7.08, up 5.99%. Bellerophon Therapeutics Inc. (BLPH) has offered to sell shares of its common stock in an underwritten public offering. The Company also intends to grant the underwriter a 45-day option to purchase additional shares of its common stock equal to 15% of the shares to be sold in the offering to cover over-allotments, if any. H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.BLPH closed Tuesday's trading at $0.88, down 7.33%.The CE Mark for Endologix Inc's (ELGX) Nellix EndoVascular Aneurysm Sealing System has been suspended, following a voluntary recall issued by the Company on January 4, 2019.The recall was based on the Company's decision to optimize patient outcomes.Earlier this month, Endologix announced that the Nellix System will for the foreseeable future be made available only for use at approved centers in a clinical investigation setting, with all cases pre-screened by a physician panel and supported by Endologix to ensure use in accordance with the current indications and optimal clinical outcomes.ELGX closed Tuesday's trading at $0.75, down 9.63%.PTC Therapeutics Inc. (PTCT) has commenced a public offering of $200 million of shares of its common stock. The sole underwriter, RBC Capital Markets, has an option for a period of 30 days to purchase up to an additional $30 million of shares of common stock. PTCT closed Tuesday's trading at $33.02, down 4.12%.UNITY Biotechnology Inc. (UBX) has further expanded its phase I study of UBX0101 in patients with moderate to severe osteoarthritis of the knee with a cohort of an additional 24 patients at the highest evaluated dose (4mg) (Part B). Part B is intended to supplement Part A of the phase I trial by further evaluating the impact of UBX0101 on specific pro-inflammatory and extracellular matrix modifying factors within the Senescence-Associated Secretory Phenotype (SASP), the Company noted.Top-line results from both Part A and Part B are expected in the second quarter of 2019.UBX closed Tuesday's trading at $12.16, down 2.33%.Ultragenyx Pharmaceutical Inc.'s (RARE) ongoing phase II long-term extension study of UX007 in patients with long-chain fatty acid oxidation disorder has yielded positive results.The study has demonstrated sustained reductions in the duration and frequency of major clinical events (MCE) and a long-term safety profile similar to what has previously been seen with UX007, noted the Company.Ultragenyx is on track to submit the New Drug Application for UX007 in mid-2019.RARE closed Tuesday's trading at $51.15, down 4.11%.Veru Inc. (VERU) has initiated a phase Ib/II clinical trial for VERU-111 in men with metastatic refractory prostate cancer.The study will be conducted in approximately five centers in the United States, with results expected by the year-end of calendar 2019.VERU closed Tuesday's trading at $1.35, up 0.75%.Copyright RTT News/dpa-AFX
23.01.2019

Computacenter Sees FY Pre-tax Results To Be Marginally Ahead Of Board's View

LONDON (dpa-AFX) - Computacenter plc. (CCC.L) said that it expects adjusted pre-tax results for the year to be marginally ahead of the Board's expectation as upgraded within the 12 July 2018 Trading Update and confirmed both in the Interim Results and the third-quarter Trading Update on 31 October.The company stated one year ago that it expected 2018 to be a year of stable profitability and it is pleased that it has materially out-performed the expectations that it held at the beginning of the year with record revenues and adjusted profitability.Excluding the revenues from acquisitions made during the year, overall Group revenue for the year grew by eight per cent and by seven per cent in constant currency.Group Services revenue for the year increased by one per cent and by the same amount in constant currency. Group Technology Sourcing revenue for the year increased by eleven per cent and by ten per cent in constant currency.The UK overall revenue for the year increased by ten per cent. Services revenue for the year decreased by five per cent. Technology Sourcing revenue for the year increased by 17 per cent.German overall revenue grew in the year by nine per cent and by eight per cent in constant currency. Services revenue for the year increased by six per cent and by four per cent in constant currency. Technology Sourcing revenue for the year increased by 11 per cent and by ten per cent in constant currency.French overall revenue for the year declined by three per cent and by four per cent in constant currency. Services revenue for the year declined by five per cent and by six per cent in constant currency.Computacenter said, 'As we have said above, 2018 was a record year which has materially outperformed our original expectations. We believe that we will again show financial progress during 2019. The first half performance in 2018 will create a challenging comparison but positive market momentum, driven by our customers' appetite to invest in digital technology to enhance their business, gives the Board confidence in the future. We will also see a full year contribution from the acquisitions we made in the second half of the year.'The company said it looks forward to publishing its final results for the year ended 31 December 2018 on Tuesday 12 March 2019.Copyright RTT News/dpa-AFX
23.01.2019

Marston's Plc 16-week Total Pub LFL Sales Up 1.4%

LONDON (dpa-AFX) - Marston's plc (MARS.L) issued a trading update for the 16 week period to 19 January 2019. Total pub like-for-like sales growth for the period was 1.4% including strong trading over the Christmas fortnight, with like-for-like sales growth of 5.7%. Total pub margins were broadly in line with last year. In Destination and Premium, like-for-like sales increased by 0.5% in the 16 week period, including like-for-like sales growth of 4.5% in the Christmas fortnight. In Taverns, managed and franchised like-for-like sales growth was 3.2% including growth of 8.1% in the Christmas fortnight. Marston's plc announced the Group is now committed to targeting a 0.2 billion pounds reduction in net debt to 1.2 billion pounds by 2023. The Board stated that it is committed to maintain the dividend at the current level during this period of debt reduction focus.Copyright RTT News/dpa-AFX
23.01.2019

WH Smith Reports Flat LFL Sales For 20-week Period

SWINDON (dpa-AFX) - WH Smith plc (SMWH.L) announced its trading update for the 20 week period to 19 January 2019. The Group said it delivered a strong trading performance in the period with total sales up 6% (up 3% excluding InMotion) and like-for-like sales flat for the 20 weeks. In Travel, total sales were up 16% (up 8% excluding InMotion) with like-for-like sales up 3%.Stephen Clarke, Group Chief Executive said: 'Looking ahead, whilst there is existing uncertainty in the broader economic environment, the Group is well positioned for the year ahead and beyond.'Copyright RTT News/dpa-AFX
23.01.2019

Burberry Group Q3 Comps. Up 1%; Affirms FY19 Outlook

LONDON (dpa-AFX) - Burberry Group plc (BRBY.L) reported retail revenue of 711 million pounds for the three months to 29 December 2018, down 1 percent from 719 million pounds in the year-ago period on a reported basis. Retail revenue declined 2 percent at constant exchange rates.Comparable store sales increased 1 percent for the thirteen-week period, with a consistent performance across regions.Asia Pacific benefited from Mainland China, up mid-single digits, while EMEIA showed a small improvement in tourist spending quarter on quarter. Americas was impacted by softer footfall trends.Looking forward, the Group said it is maintaining its fiscal 2019 outlook for broadly stable revenue and adjusted operating margin at constant exchange rates or CER, and the delivery of 100 million pounds in cumulative cost savings.'I am pleased with our progress in the quarter as we continued to build brand heat around our new creative vision and shift consumer perception of Burberry. Excitement is growing ahead of next month's launch of Riccardo's debut collection,' said Marco Gobbetti, CEO.Copyright RTT News/dpa-AFX
23.01.2019

Nikon, ASML, Carl Zeiss Sign Deal To Settle All Litigation Over Patents

JENA (dpa-AFX) - Japanese image and video equipment manufacturer Nikon Corp. (NINOF.PK, NINOY.PK) announced Wednesday that the company, ASML Holding N.V. (ASML) and Carl Zeiss SMT GmbH (CZMWF.PK) have signed a Memorandum of Understanding relating to a comprehensive settlement of all legal proceedings over patents for lithography equipment and digital cameras.The Memorandum of Understanding or MoU is a binding agreement that concerns all pending disputes between Nikon, ASML and Zeiss in Europe, Japan and the United States, including at the U. S. International Trade Commission.The three companies expect to execute a definitive settlement and cross-license agreement and dismiss all legal proceedings between the parties in February 2019.The terms of the Memorandum include a payment to Nikon by ASML and Zeiss of a total of 150 million euros or approximately 19.0 billion Japanese Yen. Furthermore, the cross-license agreement contemplated by the Memorandum includes mutual royalty payments of 0.8% over the sales of immersion lithography systems for 10 years from the signature date of the parties' definitive agreement.Copyright RTT News/dpa-AFX
23.01.2019

European Markets Mostly Subdued Amid Cautious Moves

PARIS (dpa-AFX) - European markets are mostly subdued on Wednesday amid cautious moves by investors due to lingering worries about global economic slowdown and uncertainty about Brexit and U.S.-China trade deal.Some of the markets in the region are off early lows, with a few even making it to positive territory on selective buying at lower levels. The downside remains just marginal thanks to China's central bank pumping liquidity into the country's banking system. The market is also reacting positively to news that the U.S. Senate stepped off the sidelines to try to end the month-long government shutdown.U.S. Senate leaders have agreed to vote today on competing proposals to reopen the government, the first sign of a possible way out of the shutdown.Meanwhile, markets are looking ahead to the European Central Bank's monetary policy announcement, due on Thursday, and some crucial economic data from the region over the next few days.The pan European Stoxx 600 Index is down by about 0.2%, led by losses in banking and technology shares.Among the major markets in Europe, the U.K. is modestly lower with its benchmark FTSE 100 easing by about 0.22%. Germany's DAX is down 0.11% and France's CAC 40 is rising 0.13%. Switzerland's SMI is gaining 0.26%.In the U.K. market, shares of FTSE 250 component Metro Bank are down more than 30% after the bank cautioned that its growth softened in the fourth quarter. Smith is down more than 3%, NMC Health is declining 2.8%, Ferguson is down 2.1% and Centrica is lower by 1.6%.Among the gainers, Evraz is adding 3.4%, Morrison is rising 2.3% and EasyJet is up 2%. International Consolidated Airlines Group and Tesco are adding 1.9% and 1.2%, respectively.In Germany, RWE is rising 4.75%, Lufthansa is advancing by 2.3% and Deutsche Post is gaining 1.7%. Henkel is down by about 1%, while BMW and BASF are lower by 0.85% and 0.8%, respectively.French stock Carrefour is rising 6.7%, bouncing back smartly after suffering a sharp loss in the previous session following a earnings warning.Sanofi, LVMH and BNP Paribas are up marginally. Meanwhile, ST Microelectronics, Bouygues, Kering, Atos and Cape Gemini are lower by 1 to 1.4%.On the Brexit front, former U.K. Chancellor George Osborne reportedly thinks that a delay to Brexit will be the most likely outcome following the political deadlock. Osborne was among those who campaigned for U.K. to remain part of the European Union.Osborne, speaking at the World Economic Forum in Davos, Switzerland, said a delay to the official exit date would give the country the space to explore viable alternatives to Theresa May's withdrawal agreement. He also reportedly spoke of the possibility of exploring a second referendum.May, who has ruled out a second referendum, is scheduled to present an updated plan for Brexit to parliament on January 29.Copyright RTT News/dpa-AFX
23.01.2019

FTSE Weak On Brexit, Global Growth Worries

LONDON (dpa-AFX) - U.K. shares are exhibiting weakness on Wednesday as investor sentiment continues to remain negative due to lingering worries about global growth and uncertainty about Brexit.Markets across the globe had tumbled on Tuesday after the International Monetary Fund cut its global growth forecasts for 2019 and 2020, citing the threat of a trade war, stalled Brexit talks and slowing Chinese growth.The benchmark FTSE 100 is down 29.40 points, or 0.43%, at 6,872.99. On Tuesday, the index ended nearly 1% down.Ferguson is down 2.2%. Smiths Group, Reckitt Benckiser, British American Tobacco, Centrica, Royal Dutch Shell, InterContinental and Standard Chartered are lower by 1 to 1.6%.Among the gainers, EasyJet is rising 3.5%, extending gains from previous session. The stock rose sharply on Tuesday after the company maintained its full-year outlook despite drone disruption at Gatwich airport in December.Morrison Supermarkets is gaining 2.2% and Hammerson is up 1.7%. IAG, Tesco, Kingfisher, J Sainsbury, Marks & Spencer, Seven Trent and Vodafone Group are higher by 1 to 1.6%.On the Brexit front, former U.K. Chancellor George Osborne reportedly thinks that a delay to Brexit will be the most likely outcome following the political deadlock. Osborne was among those who campaigned for U.K. to remain part of the European Union.Osborne, who is currently the editor of 'The Evening Standard,' has warned of the possibility of leaving the EU without a deal on March 29. He is quoted as saying to the BBC that 'gun is held to the British economy's head.' Osborne, speaking at the World Economic Forum in Davos, Switzerland, said a delay to the official exit date would give the country the space to explore viable alternatives to Theresa May's withdrawal agreement. He also reportedly spoke of the possibility of exploring a second referendum.May, who has ruled out a second referendum, is scheduled to present an updated plan for Brexit to parliament on January 29.Copyright RTT News/dpa-AFX
23.01.2019

CAC Down Marginally In Cautious Trade

PARIS (dpa-AFX) - French stocks are down marginally on Wednesday with investors largely staying wary of making significant moves amid lingering worries about global growth and uncertainty about Brexit and U.S.-China trade deal.The benchmark CAC 40 is down 1.50 points or 0.03%, at 4,846.02. On Tuesday, the index ended lower by 0.17%.Valeo, Peugeot, Bouygues, and Renault are down 1 to 1.7%. Societe Generale is losing about 1% and Credit Agricole is declining by 0.8%.Shares of Carrefour are gaining more than 6%. The stock declined sharply in the previous session after the company announced that its sales growth slowed substantially in the fourth quarter, as anti-government protests hurt hypermarket sales in its core French market. Pernod Ricard is gaining 1.4% and Atos is moving up 1.1%. Veolia Environment and ArcelorMittal are modestly higher.Most of the markets across Europe are currently down in negative territory, with investors looking for direction.Copyright RTT News/dpa-AFX
23.01.2019

DAX Drifts Lower Again

BERLIN (dpa-AFX) - The German stock market is notably lower Wednesday morning, extending losses from previous session, amid rising concerns about global growth and the likely impact of Sino-U.S. trade dispute.The mood is quite cautious with investors looking ahead to the reports on consumer sentiment, activities in manufacturing and service sectors in Germany and the European Central Bank's monetary policy, all due on Thursday.Germany's benchmark DAX is down 52 points, or 0.47%, at 11,038.11.On Tuesday, the index ended down 0.41% at 11,090.11, mirroring the trend across the globe, after the International Monetary Fund cut its global growth forecast for 2019 and 2020.Deutsche Bank shares are weak on report the U.S. Federal Reserve is probing the bank's role in a Danske Bank money laundering scheme. Danske is reportedly under investigation for suspicious payments totaling 200 billion euros during 2007 - 2015. Deutsche Bank is alleged to have helped process the bulk of the payments. Deutsche Bank shares are currently down 1.1%, after having declined by more than 2% earlier.Infineon is declining 1.7%, Continental, Daimler, BASF and BMW are lower by 1 to 1.4%.Meanwhile, RWE is gaining nearly 3%, Deutsche Post is adding 1.4% and Wirecard is up 1%. E.On, Fresenius ST, Vonovia, Lufthansa and Adidas are up marginally.Among other major markets in Europe, the U.K. is down 0.47% and France is lower by 0.28%. Switzerland's SMI is down by about 0.21%.Copyright RTT News/dpa-AFX
23.01.2019

Asian Shares Muted On Worries Over Growth, Trade

CANBERA (dpa-AFX) - Asian stocks ended on a muted note Wednesday as worries about global economic growth and the uncertainty over U.S.-China trade talks kept investors on the sidelines. Underlying sentiment remained cautious after media reports suggested that the United States has rejected Beijing's offer to hold a preparatory meeting in Washington ahead of next week's high-level trade talks.However, White House adviser Lawrence Kudlow stressed that the two sides were on track to have 'very, very important' high-level talks at the end of the month that will be 'determinative.'China's Shanghai Composite index ended little changed with a positive bias on hopes that increased Chinese spending would stem an economic slowdown. Hong Kong's Hang Seng index also finished marginally higher. Japanese shares fluctuated before finishing marginally lower as export data fell short of expectations and the Bank of Japan kept monetary policy steady, as widely expected, and cut its price projections.The Nikkei average dropped 29.19 points or 0.14 percent to 20,593.72 while the broader Topix index closed 0.60 percent lower at 1,547.03.The Bank of Japan kept its monetary policy unchanged today but downgraded the inflation forecast for this year primarily driven by a sharp fall in oil prices.The central bank said it would conduct purchases of Japanese government bonds in a flexible manner so that the outstanding amount will increase at an annual pace of about JPY 80 trillion.Sony ended little changed amid reports that it is moving its European headquarters to the Netherlands from the UK to continue business as usual and to avoid disruptions due to Brexit.Automaker Subaru tumbled 3.4 percent. The company halted output at its sole car factory in Japan, which accounts for about 60 percent of its global production, due to a defect in component procured from a supplier.Australian markets edged lower as global growth concerns pulled down material stocks. The benchmark S&P/ASX 200 index dropped 15.10 points or 0.26 percent to 5,843.70 while the broader All Ordinaries index ended down 15.60 points or 0.26 percent at 5,908.70.Mining and energy stocks fell on concerns over slowing global growth, reflecting signs of weakness in Europe and a long-running trade war between the world's two largest economies. Mining heavyweights BHP and Rio Tinto slid around half a percent while energy stocks Woodside Petroleum, Oil Search, Origin Energy and Santos fell over 1 percent. Retirement fund manager Challenger plunged more than 17 percent after it flagged a 97 percent drop in interim profit and also lowered its full-year outlook. IOOF Holdings slumped 8.2 percent after the company repaid super fund members following an accidental sale of assets in 2015.Seoul stocks finished modestly higher, with the benchmark Kospi closing up 0.47 percent at 2,127.78.New Zealand shares ended little changed on diminished expectations for rate cuts after inflation data came in slightly higher than the median forecast expected by economists. U.S. stocks fell overnight to snap a four-day winning streak, with renewed trade tensions, Brexit worries and global growth concerns keeping investors on the sidelines. The Dow Jones Industrial Average dropped 1.2 percent, the tech-heavy Nasdaq Composite tumbled 1.9 percent and the S&P 500 declined 1.4 percent.Copyright RTT News/dpa-AFX
23.01.2019

European Shares Set To Open On Cautious Note

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks may open on a cautious note on Wednesday, with mounting signs of slowing global growth and concerns over a yet-unresolved Sino-U.S. trade dispute likely to keep investors on edge. The downside, however, may remain limited after China's central bank pumped liquidity into the banking system through a new tool and the U.S. Senate stepped off the sidelines to try to end the month-long government shutdown.U.S. Senate leaders have agreed to vote today on competing proposals to reopen the government, the first sign of a possible way out of the shutdown. Asian stocks are trading mixed as hopes that increased Chinese spending would stem an economic slowdown helped offset lingering uncertainty over the prospects for U.S.-China trade talks.Media reports suggest that the United States has rejected Beijing's offer to hold a preparatory meeting in Washington ahead of next week's high-level trade talks.White House adviser Lawrence Kudlow, however, stressed that the two sides were on track to have 'very, very important' high-level talks at the end of the month that will be 'determinative.'The yen extended losses against the dollar as export data fell short of expectations and the Bank of Japan kept monetary policy steady, as widely expected, and cut its price projections.The Bank of Korea and the European Central Bank will announce their monetary policy decisions on Thursday. Oil prices inched up marginally after closing sharply lower in the previous session on concerns about fuel demand. U.S. stocks fell overnight, with renewed trade tensions, Brexit worries and global growth concerns keeping investors on the sidelines.The Dow Jones Industrial Average dropped 1.2 percent, the tech-heavy Nasdaq Composite tumbled 1.9 percent and the S&P 500 declined 1.4 percent.European markets ended firmly in the red on Tuesday after the IMF warned that the global economy is weakening at a 'faster than expected' rate.The pan-European Stoxx 600, the German DAX and France's CAC 40 index all dropped around 0.4 percent while the U.K.'s FTSE 100 declined 1 percent.Copyright RTT News/dpa-AFX
23.01.2019

Asian Markets Mostly Lower

CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Wednesday amid worries about global economic growth and the uncertainty over U.S.-China trade talks. However, some of the markets have pared early losses.Media reports indicating that the Trump administration rejected an offer from China for preparatory talks ahead of next week's high-level trade negotiations dampened sentiment. However, White House economic advisor Larry Kudlow has denied the reports.The Australian market is extending losses from the previous session. Mining and oil stocks are among the leading decliners.The benchmark S&P/ASX 200 Index is down 14.00 points or 0.24 percent to 5,844.80, off a low of 5,831.40 earlier. The broader All Ordinaries Index is losing 14.60 points or 0.25 percent to 5,909.70. Australian shares retreated on Tuesday after mining giant BHP reported a drop in second-quarter iron ore production. Oil stocks are weak after crude oil prices fell more than 2 percent overnight. Santos is losing almost 2 percent, Oil Search is down more than 1 percent and Woodside Petroleum is lower by almost 1 percent.The major miners are also mostly lower. BHP Group is down 1 percent and Rio Tinto is lower by 0.6 percent, while Fortescue Metals is adding 0.2 percent.BHP has been accused of underpaying iron ore royalties of up to A$300 million to the West Australian government dating back to 2004.In the banking space, ANZ Banking, Westpac, National Australia Bank and Commonwealth Bank are higher in a range of 0.2 percent to 0.6 percent.Meanwhile, shares of Challenger Limited are falling more than 14 percent after the retirement fund manager said it expects a 97 percent fall in first-half profit and also lowered its full-year outlook.Pinnacle Investment Management Group's shares are losing almost 8 percent despite expectations of a 25 percent increase in its first-half profit.IOOF Holdings' shares are down almost 4 percent after the company repaid super fund members following an accidental sale of assets in 2015.Gold miners are mixed. Evolution Mining is adding almost 1 percent, while Newcrest Mining is declining 0.2 percent.In economic news, Australia will see December figures for skilled vacancies and the leading economic index from Westpac today.In the currency market, the Australian dollar is weaker against the U.S. dollar on Wednesday. The local currency was quoted at $0.7121, down from $0.7136 on Tuesday.The Japanese market is modestly lower. Investors are cautious as the Bank of Japan will conclude its monetary policy meeting and then announce its decision on interest rates today. The central bank is widely expected to keep its benchmark lending rate unchanged at -0.10 percent.The benchmark Nikkei 225 Index is down 21.36 points or 0.10 percent to 20,601.55, after touching a low of 20,438.22 in early trades. Japanese shares gave up early gains to close lower on Tuesday.The major exporters are mostly higher on a weaker yen. Mitsubishi Electric is advancing almost 1 percent, Sony is higher by 0.6 percent and Panasonic is adding 0.3 percent, while Canon is down 0.2 percent. Sony is reportedly moving its European headquarters to the Netherlands from the UK to continue business as usual and to avoid disruptions due to Brexit.In the tech sector, Tokyo Electron is losing 0.6 percent, while Advantest is edging up less than 0.1 percent. Among the major automakers, Honda is down 0.3 percent and Toyota is lower by 0.2 percent. In the banking sector, Mitsubishi UFJ Financial is rising 0.4 percent and Sumitomo Mitsui Financial is advancing more than 1 percent.In the oil space, Japan Petroleum is down 0.5 percent and Inpex is losing more than 1 percent after crude oil prices fell more than 2 percent.Among the other major gainers, Olympus Corp. and Sumitomo Dainippon Pharma are advancing almost 2 percent each.On the flip side, Subaru Corp. and Screen Holdings are lower by almost 4 percent each. Bridgestone and Sumco are losing more than 3 percent each.Automaker Subaru said it has halted output at its sole car factory in Japan, which accounts for about 60 percent of its global production, due to a defect in component procured from a supplier.Tire maker Bridgestone will buy the telematics business of TomTom for $1.03 billion, enabling TomTom to focus on its core location business.On the economic front, the Ministry of Finance said that Japan posted a merchandise trade deficit of 55.286 billion yen in December. That missed expectations for a deficit of 35.3 billion yen following the 737.7 billion yen shortfall in November.Exports were down 3.8 percent on year to 7.023 trillion yen - shy of forecasts for a decline of 1.9 percent following the 0.1 percent gain in the previous month. Imports advanced an annual 1.9 percent to 7.079 trillion yen versus expectations for a gain of 4.0 percent following the 12.5 percent spike a month earlier.In the currency market, the U.S. dollar is trading in the upper 109 yen-range on Wednesday.Elsewhere in Asia, New Zealand, Singapore, Indonesia, Malaysia and Taiwan are modestly lower, while Shanghai, South Korea and Hong Kong recovered from early losses and are currently higher.On Wall Street, stocks closed sharply lower on Tuesday, reflecting concerns about the global economy after the International Monetary Fund said the global expansion is weakening at a rate that is somewhat faster than expected. Adding to the economic worries, the National Association of Realtors released a report showing a much steeper than expected drop in U.S. existing home sales in the month of December.The Dow tumbled 301.87 points or 1.2 percent to 24,404.48, the Nasdaq plunged 136.87 points or 1.9 percent to 7,020.36 and the S&P 500 slumped 37.81 points or 1.4 percent to 2,632.90.The major European markets also moved to the downside on Tuesday. While the U.K.'s FTSE 100 Index slumped by 1 percent, the German DAX Index and the French CAC 40 Index both dropped by 0.4 percent.Crude oil futures ended sharply lower on Tuesday as global growth worries resurfaced, raising concerns about energy demand. WTI crude for February delivery tumbled $1.23 or 2.3 percent to close at $52.57 a barrel on the New York Mercantile Exchange.Copyright RTT News/dpa-AFX
23.01.2019

Japanese Market Modestly Lower Ahead Of BOJ Decision

TOKYO (dpa-AFX) - The Japanese stock market is modestly lower on Wednesday following the negative cues overnight from Wall Street on worries about global economic growth and U.S.-China trade tensions. Media reports indicated that the Trump administration rejected an offer from China for preparatory talks ahead of next week's high-level trade negotiations also dampened sentiment. However, White House economic advisor Larry Kudlow has denied the reports.Meanwhile, the Bank of Japan will conclude its monetary policy meeting and then announce its decision on interest rates today. The central bank is widely expected to keep its benchmark lending rate unchanged at -0.10 percent.The benchmark Nikkei 225 Index is down 21.36 points or 0.10 percent to 20,601.55, after touching a low of 20,438.22 in early trades. Japanese shares gave up early gains to close lower on Tuesday.The major exporters are mostly higher on a weaker yen. Mitsubishi Electric is advancing almost 1 percent, Sony is higher by 0.6 percent and Panasonic is adding 0.3 percent, while Canon is down 0.2 percent. Sony is reportedly moving its European headquarters to the Netherlands from the UK to continue business as usual and to avoid disruptions due to Brexit. In the tech sector, Tokyo Electron is losing 0.6 percent, while Advantest is edging up less than 0.1 percent. Among the major automakers, Honda is down 0.3 percent and Toyota is lower by 0.2 percent. In the banking sector, Mitsubishi UFJ Financial is rising 0.4 percent and Sumitomo Mitsui Financial is advancing more than 1 percent.In the oil space, Japan Petroleum is down 0.5 percent and Inpex is losing more than 1 percent after crude oil prices fell more than 2 percent.Among the other major gainers, Olympus Corp. and Sumitomo Dainippon Pharma are advancing almost 2 percent each.On the flip side, Subaru Corp. and Screen Holdings are lower by almost 4 percent each. Bridgestone and Sumco are losing more than 3 percent each.Automaker Subaru said it has halted output at its sole car factory in Japan, which accounts for about 60 percent of its global production, due to a defect in component procured from a supplier.Tire maker Bridgestone will buy the telematics business of TomTom for $1.03 billion, enabling TomTom to focus on its core location business.On the economic front, the Ministry of Finance said that Japan posted a merchandise trade deficit of 55.286 billion yen in December. That missed expectations for a deficit of 35.3 billion yen following the 737.7 billion yen shortfall in November.Exports were down 3.8 percent on year to 7.023 trillion yen - shy of forecasts for a decline of 1.9 percent following the 0.1 percent gain in the previous month. Imports advanced an annual 1.9 percent to 7.079 trillion yen versus expectations for a gain of 4.0 percent following the 12.5 percent spike a month earlier.In the currency market, the U.S. dollar is trading in the upper 109 yen-range on Wednesday.On Wall Street, stocks closed sharply lower on Tuesday, reflecting concerns about the global economy after the International Monetary Fund said the global expansion is weakening at a rate that is somewhat faster than expected. Adding to the economic worries, the National Association of Realtors released a report showing a much steeper than expected drop in U.S. existing home sales in the month of December.The Dow tumbled 301.87 points or 1.2 percent to 24,404.48, the Nasdaq plunged 136.87 points or 1.9 percent to 7,020.36 and the S&P 500 slumped 37.81 points or 1.4 percent to 2,632.90.The major European markets also moved to the downside on Tuesday. While the U.K.'s FTSE 100 Index slumped by 1 percent, the German DAX Index and the French CAC 40 Index both dropped by 0.4 percent.Crude oil futures ended sharply lower on Tuesday as global growth worries resurfaced, raising concerns about energy demand. WTI crude for February delivery tumbled $1.23 or 2.3 percent to close at $52.57 a barrel on the New York Mercantile Exchange.Copyright RTT News/dpa-AFX
23.01.2019

Losses May Accelerate For China Stock Market

BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day winning streak in which it had gathered more than 50 points or 2 percent. The Shanghai Composite Index now rests just beneath the 2,580-point plateau and it's tipped to open under pressure again on Wednesday.The global forecast for the Asian markets is soft on concerns for the global economy and a slide in crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.The SCI finished sharply lower on Tuesday following losses from the financial shares and oil and insurance companies, while the property sector came in mixed.For the day, the index retreated 38.81 points or 1.18 percent to finish at 2,579.70 after trading between 2,573.06 and 2,609.64. The Shenzhen Composite Index tumbled 15.59 points or 1.17 percent to end at 1,314.58.Among the actives, Industrial and Commercial Bank of China skidded 1.10 percent, while China Merchants Bank retreated 1.28 percent, Bank of China dipped 0.28 percent, China Construction Bank dropped 1.05 percent, China Life Insurance tumbled 1.62 percent, Ping An Insurance lost 1.18 percent, PetroChina shed 0.95 percent, China Petroleum and Chemical (Sinopec) declined 1.82 percent, China Shenhua Energy fell 1.48 percent, Gemdale added 0.90 percent, Poly Developments rose 0.08 percent, China Vanke was down 0.97 percent and CITIC Securities plunged 2.07 percent.The lead from Wall Street is negative as stocks moved sharply lower on Tuesday, offsetting gains from last week's rally.The Dow shed 301.87 points or 1.22 percent to 24,404.48, while the NASDAQ lost 136.87 points or 1.91 percent to 7,020.36 and the S&P fell 37.81 points or 1.42 percent to 2,632.90.The pullback on Wall Street reflected concerns for the global economy after the International Monetary Fund said the global expansion is weakening at a faster rate that than expected.Adding to the economic worries, the National Association of Realtors reported a steeper than expected drop in U.S. existing home sales in December - which hit their lowest level since November 2015.Crude oil futures were sharply lower Tuesday as global growth worries resurfaced, raising concerns about energy demand. Crude oil futures for March ended down $1.23 or 2.3 percent at $52.57 a barrel on expiration day.Copyright RTT News/dpa-AFX
22.01.2019

Swiss Market Ends Lower As UBS Disappoints

BRUSSELS (dpa-AFX) - Swiss stocks edged lower on Tuesday, tracking weakness across Europe and in the U.S. market, amid renewed concerns about economic slowdown after the International Monetary Fund cut global growth forecast.Disappointing results from UBS, and worries about U.S.-China trade dispute too weighed on the market.The benchmark SMI ended down 45.07 points, or 0.5%, at 8,966.34. On Monday, the index ended down 12.55 points, or 0.14%, at 9,011.41, snapping a four-session winning streak. UBS ended lower by more than 3% after its results fell short of expectations. The bank posted a net profit of $4.897 billion in 2018, as compared to net profit of $969 million in 2017. However, the profit in 2018 turned out to be lower than forecast for a $4.906 million earnings.Julius Baer ended down nearly 2.5%, Lonza Group shed 1.75%, Geberit declined by 1.6% and Sika ended down 1.1%.In economic news from Eurozone, the ZEW investor confidence measure for Eurozone edged up 0.1 point to -20.9. The current conditions index, meanwhile, shed 6.8 points to reach a level of 5.3 points.The focus was on the World Economic Forum in Davos, Switzerland, were political and business leaders have gathered.Apart from German Chancellor Angela Merkel, Japan Prime Minister Shinzo Abe, Italian Prime Minister Giuseppe Conte and Brazil's Jair Bolsonaro, the IMF Chief Christine Lagarde and Britain's Prince William are also attending the Forum.However, U.S. President Donald Trump, British Prime Minister Theresa May and French President Emmanuel Macron will not be there.Copyright RTT News/dpa-AFX
23.01.2019

ECB To Maintain Status Quo Amid Growth Risks

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank is set to leave its interest rates and forward guidance unchanged on Thursday, after ending its massive asset purchase programme in December, as a myriad of risks including the persistent slowing of the economy, global trade tensions and the Brexit chaos mar the outlook for Eurozone growth.The Governing Council, led by ECB President Mario Draghi, is set to announce its latest policy decision at 7.45 am ET in Frankfurt. The main refi rate is currently at a record-low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is at 0.25 percent.Eurozone interest rates were raised last in July 2011 by 25 basis points. The current forward guidance of the ECB suggests that an interest rate hike is likely only in late 2019.Given the weaker growth and inflation outlook, and the persistent uncertainties linked to global trade and politics, some economists now expect the bank to raise interest rates only in 2020.That would make Draghi, the only ECB President thus far who did not raise interest rates during his tenure. ECB Chief Economist Peter Praet's term is set to end in May and Draghi's tenure in October.Draghi is set to hold his customary post-decision press conference at 8.30 am ET in Frankfurt.The bank ended its four-year long massive EUR 2.6 trillion Asset Purchase Programme in December.Saying that it is 'enhancing its forward guidance on reinvestment', the central bank stated that it will reinvest bond sale proceeds 'for an extended period of time past the date when it starts raising the key ECB interest rates.'Policymakers chose to adopt a cautious stance towards terming the risks to the euro area economic outlook as 'downside', minutes from December policy session showed. Instead, the ECB said the risks remained 'broadly balanced'.'The recent news has been so disappointing that policymakers are likely to gofurther this time in acknowledging that the risks to their economic forecasts (which will not be revised again until March) are now tilted to the downside,' Capital Economics economist Andrew Kenningham said. 'Indeed, rather than providing a steer about the timetable for further policy tightening, the Governing Council may soon have to dust off its past language hinting at further policy loosening,' the economist added.In December, the ECB rate-setters assessed the risk situation as 'fragile and fluid', saying that risks could quickly regain prominence or new uncertainties could emerge, the minutes said.However, some members cited the emergence of new upside risks and said the recent negative news have been factored into the downward revision of the staff projection.The ECB Staff trimmed the growth and inflation projections for this year in December. The euro area growth forecast for this year was trimmed to 1.7 percent from 1.8 percent. The inflation forecast for this year was lowered to 1.6 percent from 1.7 percent.Headline inflation eased to an eight-month low of 1.6 percent in December, while core price growth held steady at 1 percent. 'For the time being,...being a cool dude who is on high alert rather than panicking into impulsive action seems to be the right strategy,' ING economist Carsten Brzeski said.The economist stressed that the situation is not yet threatening enough for the ECB to return to crisis mode, nor was there a quick-win instrument left in the bank's policy toolbox. 'Consequently, we expect ECB President Mario Draghi to leave the ECB's forward-guidance on rates unchanged, while at the same time, adding a dovish note by stressing the ECB's data-dependency and downside risks to growth,' said Brzeski, who thinks the bank will wait at least until the June meeting before changing its forward guidance on rates.In the December meeting, the Governing Council also debated, re-launching its offering of cheap loans with longer duration to businesses. Under the ECB's earlier tool named the targeted longer-term refinancing operations, or TLTRO, the ECB gives longer-term loans to financial institutions at attractive rates to boost lending in the real economy.Draghi is likely to face several questions on the likelihood of re-launching TLTRO during his post-decision press conference. Reporters are also expected to pose questions on topics ranging from trade protectionism, China slowdown to those on the domestic front such as the the Italian budget crisis and the 'yellow vests' protests in France. Recent economic data such as confidence indicators and the purchasing managers' survey measures have also been relatively weak and suggested a broad-based slowdown across the big four euro economies.That said, the German economy ministry said the biggest euro area economy likely avoided slipping into a technical recession in the fourth quarter.On Monday, the International Monetary Fund trimmed its growth projections for this year and next to3.5 percent iand 3.6 percent, respectively, saying that risks to the global growth are tilted to the downside. The lender said euro area growth is set to slow from 1.8 percent last year to 1.6 percent this year, which is 0.3 percentage points less than the previous projection. Growth was forecast to ease further in 2020 to 1.7 percent.Copyright RTT News/dpa-AFX
23.01.2019
23.01.2019
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23.01.2019

BoJ Keeps Monetary Policy Steady; Cuts Inflation Outlook

TOKYO (dpa-AFX) - The Bank of Japan kept its monetary policy unchanged on Wednesday, but downgraded the inflation forecasts, primarily driven by a sharp fall in oil prices.The Policy Board of the BoJ voted 7-2 to purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.The board maintained interest rate at -0.1 percent on current accounts that financial institutions maintain at the bank.The central bank said it will conduct purchases of Japanese government bonds in a flexible manner so that the outstanding amount will increase at an annual pace of about JPY 80 trillion.The bank asserted that it will maintain the current extremely low interest rates for an extended period of time, reflecting the uncertain economic outlook and prices, including the impact of the consumption tax hike scheduled for October next year.The BoJ said it will continue with 'Quantitative and Qualitative Monetary Easing with Yield Curve Control' policy, aimed to attain the inflation goal of 2 percent, and to maintain that target in a stable manner.The bank reiterated that it will continue expanding the monetary base until the year-on-year rate of increase in the observed consumer price index, or CPI, exceeded 2 percent and stayed above the target in a stable manner.In its quarterly outlook report, the BoJ said 'the momentum toward achieving the price stability target of 2 percent is maintained but is not yet sufficiently firm, and thus developments in prices continue to warrant careful attention.'The BoJ noted that the Japanese economy was 'expanding moderately', with risks to economic activity and prices skewed to the downside.The central bank said the Japanese economy is projected to continue its expanding trend through fiscal 2020.Overseas economies would continue expansion as a whole, although various developments of late, warrant attention such as the trade friction between the United States and China.The central bank revised down the real GDP growth outlook for the fiscal year ending March this year to 0.9 from 1.4 percent.The projection for the fiscal year ending March 2020 was revised up to 0.9 percent from 0.8 percent and that for fiscal year ending March 2021 was lifted to 1.0 percent from 0.8 percent.But the bank downgraded the projection for both headline and core inflation for the fiscal year ending March 2019 to 0.8 percent from 0.9 percent.The headline inflation forecast for the fiscal year ending March 2020 was trimmed to 1.1 percent from 1.6 percent, and the core inflation outlook was slashed to 0.9 percent from 1.4 percent.For the fiscal year ending March 2021, the headline inflation projection was cut to 1.5 percent from 1.6 percent and the core inflation forecast was trimmed to 1.4 percent from 1.5 percent.The Bank of Japan is likely to keep its short-term policy rate and 10-year yield target unchanged beyond next year, Marcel Thieliant, an economist at Capital Economics, said.The analyst believed that the BoJ's policy tightening remained a very distant prospect given sharp downward revision to its inflation forecasts for this year and next.Copyright RTT News/dpa-AFX
23.01.2019

Canadian Dollar Advances Against Most Majors

OTTAWA (dpa-AFX) - The Canadian dollar climbed against its most major counterparts in the European session on Wednesday.The loonie edged up to 1.5116 versus the euro and 82.41 against the yen, from its early lows of 1.5179 and 81.85, respectively.The loonie advanced to 1.3312 against the greenback, off its early more than 2-week low of 1.3359.The next possible resistance for the loonie is seen around 1.30 against the greenback, 1.49 versus the euro and 84.00 against the yen.Copyright RTT News/dpa-AFX
23.01.2019

Pound Firms Against Majors

BRUSSELS (dpa-AFX) - The pound strengthened against its major opponents in early European deals on Wednesday.The pound advanced to a 5-day high of 1.2989 against the dollar and more than a 2-month high of 0.8747 versus the euro, from its early lows of 1.2942 and 0.8782, respectively.The pound climbed to 142.36 against the yen, its strongest level since December 19. This may be compared to a low of 141.61 hit at 5:30 pm ET.The pound appreciated to 1.2958 against the franc, its highest level since November 15. This follows a low of 1.2907 seen at 5:30 pm ET.The pound is likely to find resistance around 1.32 against the dollar, 0.86 versus the euro, 144.00 against the yen and 1.31 against the franc.Copyright RTT News/dpa-AFX
23.01.2019

Yen Weakens After BoJ Retains Monetary Policy; Trims Inflation Outlook

CANBERA (dpa-AFX) - The Japanese yen lost ground against its key counterparts in the Asian session on Wednesday, after the Bank of Japan kept its massive stimulus program unchanged and slashed inflation forecasts primarily led by a fall in oil prices.The policy board of the BoJ decided to purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.The board retained the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.The BoJ will conduct purchases of Japanese government bonds in a flexible manner so that the outstanding amount will increase at an annual pace of about JPY 80 trillion.The bank also lowered the inflation forecast for fiscal 2019 to 1.1 percent from 1.6 percent and to 1.5 percent from 1.6 percent for fiscal 2020.Core inflation forecast was cut to 0.9 percent from 1.4 percent for fiscal 2019. For the fiscal 2020, core inflation projection was trimmed to 1.4 percent from 1.5 percent.Data from the Ministry of Finance showed that Japan posted a merchandise trade deficit of 55.286 billion yen in December.That missed expectations for a deficit of 35.3 billion yen following the 737.7 billion yen shortfall in November.Exports were down 3.8 percent, while imports advanced 1.9 percent.Meanwhile, Asian stock markets were mostly lower amid worries about global economic growth and the uncertainty over U.S.-China trade talks. However, some of the markets have pared early losses.Media reports indicating that the Trump administration rejected an offer from China for preparatory talks ahead of next week's high-level trade negotiations dampened sentiment. However, White House economic advisor Larry Kudlow has denied the reports.The yen dropped to a 2-day low of 110.07 against the franc, from a high of 109.55 hit at 5:15 pm ET. The next possible support for the yen is seen around the 112.00 level.Having climbed to 109.32 against the greenback at 5:15 pm ET, the yen reversed direction and fell to a 5-day low of 109.79. If the yen falls further, 111.00 is possibly seen as its next support level.The yen slipped to a 5-week low of 142.29 versus the pound and a 2-day low of 124.78 versus the euro, off its early highs of 141.61 and 124.21, respectively. The yen is seen finding support around 144.00 against the pound and 126.00 against the euro.Reversing from its early highs of 81.85 against the loonie and 77.84 against the aussie, the yen edged down to 82.36 and 78.33, respectively. The yen is poised to challenge support around 84.5 against the loonie and 79.5 against the aussie.The yen weakened to an 8-day low of 74.39 against the kiwi, after rising to 73.74 at 6:30 pm ET. On the downside, 76.00 is likely seen as the next support for the yen. Looking ahead, Bank of England Deputy Governor Ben Broadbent will deliver a speech at London Business School at 4:30 am ET.In the New York session, Canada retail sales and U.S. Federal Housing Finance Agency's house price index for November are set for release.Copyright RTT News/dpa-AFX
22.01.2019

Dollar Mostly Steady Against Major Currencies

WASHINGTON (dpa-AFX) - The U.S. dollar is mostly steady against most major currencies on Tuesday, with traders shunning riskier currencies amid renewed worries about global economic slowdown.With the International Monetary Fund (IMF) cutting its world economic growth forecast for the current year and 2020, citing U.S.-China trade disputes, Brexit uncertainty and the partial government shutdown in the U.S., global equities drifted lower and riskier currencies lost support.The British Pound Sterling traded firm against major rivals after data showed that wages in the U.K. grew at the fastest pace in a decade in the three months to November. The data also showed the jobless rate to have fallen to its lowest level since 1975, indicating a tightening labour market despite Brexit uncertainty. The pound was trading at 1.2957 against the greenback, gaining about 0.51%.The yen was down by about 0.26%, at 109.38 a dollar and the Euro was down 0.06% at 1.1360 against the greenback.The dollar index was flat around 96.30 this afternoon, coming off the day's high of 96.48, a three-week high.The IMF now projects a 3.5% growth rate worldwide for 2019 and 3.6% for 2020, down 0.2 and 0.1 percentage points below its last forecasts in October.In remarks at the World Economic Forum in Davos, Switzerland, on Monday, IMF Managing Director Christine Lagarde noted risks to the global economy are increasingly intertwined.'Think of how higher tariffs and rising uncertainty over future trade policy fed into lower asset prices and higher market volatility,' Lagarde said. 'This in turn contributed to tightening financial conditions, including for advanced economies, which is a major risk factor in a world of high debt burdens. 'Although she does not expect a global recession, Lagarde said, 'the risk of a sharper decline in global growth has certainly increased.'In U.S. economic news today, the National Association of Realtors released a report showing a much steeper than expected drop in U.S. existing home sales in the month of December.NAR said existing home sales plummeted by 6.4% to an annual rate of 4.99 million in December after jumping by 2.1% to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3% to a rate of 5.25 million from the 5.32 million originally reported for the previous month.With the much bigger than expected decrease, existing home sales tumbled to their lowest level since November of 2015.Traders are looking ahead to the policy decisions from the European Central Bank and the Bank of Japan, due this week.Copyright RTT News/dpa-AFX
22.01.2019

Loonie Slightly Drops Following Canada Wholesale Sales

CANBERA (dpa-AFX) - After the release of Canada wholesale sales for November at 8:30 am ET Tuesday, the loonie fell slightly against its major counterparts.The loonie was trading at 82.08 against the yen, 1.5134 against the euro, 0.9505 against the aussie and 1.3334 against the greenback around 8:32 am ET.Copyright RTT News/dpa-AFX
22.01.2019

Loonie Mixed Ahead Of Canada Wholesale Sales

CANBERA (dpa-AFX) - Canada wholesale sales for November is due at 8:30 am ET Tuesday. Ahead of the data, the loonie traded mixed against its major counterparts. While the loonie rose against the greenback and the euro, it held steady against the aussie and the yen.The loonie was worth 82.12 against the yen, 1.5127 against the euro, 0.9498 against the aussie and 1.3325 against the greenback as of 8:25 am ET.Copyright RTT News/dpa-AFX
22.01.2019

Pound Climbs As U.K. Wage Growth Accelerates To Decade High

BRUSSELS (dpa-AFX) - The pound spiked up against its major counterparts in the European session on Tuesday, after data showed that U.K. wages grew at the fastest pace in a decade in the three months to November and the jobless rate fell to its lowest level since 1975, indicating a tightening labor market despite Brexit uncertainty.Data from the Office for National Statistics showed that average earnings including bonus accelerated to 3.4 percent year-on-year, which was the biggest since May to July period of 2008. Economists had forecast a 3.3 percent increase.Excluding bonuses, average pay increased 3.3 percent, the fastest increase since September to November 2008.Employment grew by 141,000 from the three months to August to 32.53 million, while economists were looking for an increase of 87,000.The employment rate was at an all-time high of 75.8 percent, which was the joint-highest estimate since comparable estimates began in 1971.The number of unemployed was 1.37 million in the three months to November, almost flat with the three months ended August.The ILO jobless rate fell to 4.0 percent from 4.1 percent in three months to August. That was the lowest level since 1975.Separate data showed that UK budget deficit for December exceeded economists' expectations and was the second lowest figure for the month in 18 years. The public sector net borrowing, or PSNB, was GBP 3 billion in December, which was GBP 0.3 billion more than a year ago. Economists had forecast borrowing of GBP 1.9 billion. The currency fell against its most major counterparts in the Asian session, as most Asian shares declined amid worries about global economic growth after the International Monetary Fund cut its global growth forecasts.The pound added 0.4 percent to hit a 4-day high of 0.8791 against the euro, following a decline to 0.8829 at 3:15 am ET. The pair was valued at 0.8815 when it ended deals on Monday. On the upside, 0.86 is likely seen as the next resistance for the pound. Survey data from the ZEW - Leibniz Centre for European Economic Research showed that Germany's investor confidence improved further at the start of the year to its highest level in four months, defying expectations of weakening. The ZEW Indicator of Economic Sentiment for Germany rose to -15.0 points from -17.5 in December. Economists had forecast the index to ease to -18.5. The pound appreciated to a 4-day high of 1.2886 against the franc, up by 0.5 percent from a low of 1.2824 hit at 3:15 am ET. At Monday's close, the pair was worth 1.2853. If the pound rises further, 1.30 is possibly seen as its next resistance level. After falling to a 5-day low of 140.63 versus the yen at 3:00 am ET, the pound reversed direction and touched a session's high of 141.54. The pound-yen pair finished Monday's trading at 141.36. The pound is likely challenge resistance around the 144.00 level.The U.K. currency firmed to a 4-day high of 1.2928 against the greenback, from a low of 1.2855 touched at 2:30 am ET. The pound was trading at 1.2891 a greenback at Monday's close. Next key resistance for the pound is possibly seen around the 144.00 level. Looking ahead, Canada wholesale sales for November and U.S. existing home sales for December are scheduled for release in the New York session.Copyright RTT News/dpa-AFX
22.01.2019

Euro Little Changed Following German ZEW Economic Sentiment Index

BRUSSELS (dpa-AFX) - After the release of German ZEW economic sentiment index for January at 5:00 am ET Tuesday, the euro changed little against its major rivals.The euro was trading at 1.1361 against the greenback, 124.37 against the yen, 1.1328 against the franc and 0.8796 against the pound around 5:03 am ET.Copyright RTT News/dpa-AFX
22.01.2019

Euro Mixed Ahead Of German ZEW Economic Sentiment Index

BRUSSELS (dpa-AFX) - German ZEW economic sentiment index for January is set for release at 5:00 am ET Tuesday. Ahead of the data, the euro traded mixed against its major rivals. While the euro fell against the pound, it held steady against the rest major rivals.The euro was worth 1.1363 against the greenback, 124.38 against the yen, 1.1332 against the franc and 0.8800 against the pound as of 4:55 am ET.Copyright RTT News/dpa-AFX
22.01.2019

Pound Little Changed After U.K. ILO Jobless Rate

BRUSSELS (dpa-AFX) - Following the release of U.K. ILO jobless rate for November and public sector finance data for December at 4:30 am ET Tuesday, the pound changed little against its major opponents.The pound was trading at 1.2906 against the greenback, 141.22 against the yen, 1.2866 against the franc and 0.8807 against the euro around 4:31 am ET.Copyright RTT News/dpa-AFX