Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.
- US: Dow Futures: 12919.00 (-0.24%), S&P 500 Futures: 1383.20 (-0.19%), NASDAQ Futures: 2733.00 (-0.21%)
- Europe: CAC: 3234.04 (-1.09%), DAX: 6687.96 (-0.82%), FTSE: 5688.33 (-0.39%).
- Asia-Pacific: Australia: 4323.30 (1.00%), China: 2359.16 (0.35%), Hong Kong: 20701.04 (1.81%), India: 5207.45 (-1.32%), Japan: 9637.99 (1.17%).
- Metals: Gold: 1675.90 (-0.28%), Silver: 32.34 (-0.55%), Copper: 3.68 (-1.08%)
- Energy: Crude Oil: 103.56 (-0.08%), Natural Gas: 1.98 (-0.10%)
- Commodities: Corn: 6.30 (0.16%), Soya Bean: 13.70 (-0.16%), Wheat: 6.45 (0.16%)
- Currency: EUR/USD: 1.3148 (-0.30%), GBP/USD: 1.5945 (-0.09%), USD/JPY: 80.9800 (0.11%)
- 10 year US Treasury: 2.023% (-0.028)
Financial, Economic and Political News Update
U.S. stock-index futures trading lower: U.S. stock index futures are pointing to a lower open of Friday, overshadowing better than expected earning from JP MoranChase & Co. (NYSE:JPM), the biggest U.S. bank by assets. The Dow Jones industrial average, S&P 500 and Nasdaq futures were down about 0.2 percent.
European markets trading lower: European markets are trading lower on Friday on weak Chinese growth numbers and persistent tensions in eurozone debt markets. The German DAX (INDEXDB:DAX) is headed for its longest stretch of weekly losses since August, and is currently trading 0.83 percent lower. The FTSE 100 (INDEXFTSE:UKX) is down 0.4 percent, with banks leading the benchmark index lower, following two days of gains. CAC 40 (INDEXEURO:PX1) was among the worst performers in the region, slipping one percent.
U.K producer prices rise in March: UK producer prices rose more than forecast in March, suggesting inflation pressures continue to haunt the economy. The Office for National Statistics said today in London, price of goods at factory gates increased 0.6 percent in March from the previous month. Economists were expecting a gain of 0.5 percent.
German inflation eases in March: Inflation in Germany slowed in March, the Federal Statistics Office said today, confirming a provisional estimate they issued on March 28. The harmonized index of consumer prices for Germany, eased to 2.3 percent from 2.5 percent in February, as energy prices increased at a lesser pace than a year ago. Today’s inflation figure was in line with forecasts by economists.
Spanish bond yields jump: Spanish bond yields jumped on Friday after data showed Spanish banks’ borrowing from the European Central Bank almost doubled in March, reigniting concerns about the country’s financial future. Ten-year Spanish government bond yields were up twelve basis points to 5.93 percent. Italian bond yields also crept higher after Italian industrial output shrank 0.7 percent in February.
Asian markets end higher: Asian markets closed higher on Friday after a North Korean rocket launch failed minutes after blast-off, and bank lending and money supply surged in China. The NIKKEI 225 (INDEXNIKKEI:NI225) gained the most in two weeks, closing 1.2 percent higher. The Shanghai Composite Index (SHA:000001) briefly slid into the red after the GDP data was released but quickly recovered to close at the highest level in three week, while the HANG SENG INDEX (INDEXHANGSENG:HSI) rose 1.8 percent. The S&P/ASX 200 (INDEXASX:XJO) index ended the week on a high, with the materials sector witnessing the strong gains.
China grows less than forecast in the first quarter: China has registered a weaker than expected 8.1 percent growth in the first quarter, increasing fears of a sharp slowdown in the world’s second-largest economy. This was the lowest quarterly growth since the 8.1 per cent in the second quarter of 2009, and will increase the clamor for stimulus measures to support growth. In other data released on Friday, March industrial output expanded 11.9 percent and March retail sales grew 15.2 percent, broadly inline with expectations.
North Korea rocket launch fails: North Korean state media has confirmed that the long-range test rocket, Unha-3, which Washington claimed was cover for a ballistic missile test, disintegrated shortly after lift-off. According to reports, the regime spent more than $800 million on the rocket, and a successful launch would have strengthened the position of the country’s new leader, Kim Jong-un.
Economic Calendar for Friday, April 13, 2012:
08:00 A.M. ET: New York Federal Reserve President William Dudley speaks
08:30 A.M. ET: Consumer Price Index (MoM) (March)
08:30 A.M. ET: Consumer Price Index (YoY) (March)
08:30 A.M. ET: Consumer Price Index Ex Food & Energy (MoM) (March)
08:30 A.M. ET: Consumer Price Index Ex Food & Energy (YoY) (March)
09:55 A.M. ET: Reuters/Michigan Consumer Sentiment Index (April)
01:00 P.M. ET: Ben Bernanke Speaks