Daily Financial Markets Report: Monday 10 February 2014

sacciDaily Financial Markets Report sources information from Business Day, Reuters, JSE Ltd and others.

Highlights

 U.S. stocks finished the week with modest gains after a two-day rally helped indexes break a streak of weekly losses. The main indexes trimmed year-to-date declines, and some analysts are predicting an end to the pullback, which began near the middle of January. European stocks rebounded this week from their worst start to a year since 2010 as European Central Bank President Mario Draghi pledged action if money-market turbulence resumes and investors weighed a U.S. jobs report. In Asia, Japanese stocks sprang higher this morning, following gains for Wall Street where investors appeared to embrace more upbeat portions of the U.S. January jobs report.

 The US dollar is currently trading at 1.36 to the euro, 1.64 to the pound and will buy 102.42 Japanese Yen or 11.00 South African Rand.

 Spot gold is currently trading at US$ 1 271.00/oz. and platinum at US$ 1 386.20/oz. Brent crude oil is currently trading at US$ $ 109.21 per barrel.

International markets

U.S. stocks finished the week with modest gains after a two-day rally helped indexes break a streak of weekly losses. The main indexes trimmed year-to-date declines, and some analysts are predicting an end to the pullback, which began near the middle of January. European stocks rebounded this week from their worst start to a year since 2010 as European Central Bank President Mario Draghi pledged action if money-market turbulence resumes and investors weighed a U.S. jobs report. In Asia, Japanese stocks sprang higher this morning, following gains for Wall Street where investors appeared to embrace more upbeat portions of the U.S. January jobs report.

The Dow Jones Industrial Average closed near session highs, adding 1.1%, to 15 794.08. The blue-chip index gained 0.6% over the past week, ending a two-week losing streak. The S&P 500 closed up 1.3%, at 1 797.02 and recorded a 0.8% weekly gain after three straight weeks of losses. The Nasdaq Composite ended the day 1.7%, higher at 4 125.86, gaining 0.5% for the week.

The Stoxx 600 rose 0.8% to 325.09 this week. The benchmark gauge has lost 3.3 percent from a six-year high on Jan. 22. National benchmark indexes increased in all 18 western-European markets except Germany this week. The U.K.’s FTSE 100 added 0.9%, France’s CAC 40 rose 1.5%, while Germany’s DAX lost 0.1%.

The Nikkei Stock Average rose 1.3% to 14 649.04, and the broader Topix gained 1.1%, helped by an advance in the U.S. dollar against the Japanese yen compared to the pair’s level late Friday. Hong Kong stocks seesawed in choppy action at the start of trading on Monday, with the Hang Seng Index up 0.1% at 21 663.93. Australian stocks started trade higher, with the S&P/ASX 200 up 0.8% at 5 206.40 after a strong finish for Wall Street at the end of last week.

The US dollar is currently trading at 1.36 to the euro, 1.64 to the pound and will buy 102.42 Japanese Yen or 11.00 South African Rand.

Domestic markets

The JSE closed higher on Friday with mixed US jobs data pointing to continued tapering and a more normalised US economy‚ which also saw the rand strengthen in tandem. The All Share index was 0.79% higher at 45 340.76 points‚ with the Top 40 index up 0.77%.

Commodities

Spot gold is currently trading at US$ 1 271.00/oz. and platinum at US$ 1 386.20/oz. Brent crude oil is currently trading at US$ $ 109.21 per barrel.

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