Daily Financial Markets Report: Tuesday 11 February 2014

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

Highlights

 U.S. stocks ended Monday with modest gains as Apple Inc., Hasbro Inc. and Tesla Motors Inc. extended a rebound many strategists say is still fragile. European stock markets headed for a fourth straight day of gains on Monday, as investors welcomed the latest round of corporate news and took inspiration from Asia, where most markets closed firmly higher. Asian stock markets rose this morning, ahead of Federal Reserve Chairwoman Janet Yellen’s testimony to Congress, while the second-largest Chinese initial public offering this year surged on its debut in Shanghai.

 The US dollar is currently trading at 1.37 to the euro, 1.64 to the pound and will buy 102.37 Japanese Yen or 11.07 South African Rand.

 Spot gold is currently trading at US$ 1 283.90/oz. and platinum at US$ 1 392.00/oz. Brent crude oil is currently trading at US$ $ 108.63 per barrel.

International markets

U.S. stocks ended Monday with modest gains as Apple Inc., Hasbro Inc. and Tesla Motors Inc. extended a rebound many strategists say is still fragile. European stock markets headed for a fourth straight day of gains on Monday, as investors welcomed the latest round of corporate news and took inspiration from Asia, where most markets closed firmly higher. Asian stock markets rose this morning, ahead of Federal Reserve Chairwoman Janet Yellen’s testimony to Congress, while the second-largest Chinese initial public offering this year surged on its debut in Shanghai.

The S&P 500 closed 0.2%, higher at 1 799.84. The benchmark index fell as much as 5.8% from its peak before rebounding on Thursday. The Dow Jones Industrial Average traded in negative territory most of the session but managed to rise in the last hour of trading and closed up 0.1%, at 15 801.79. The Nasdaq Composite rose 0.5%, to 4 148.17.

The Stoxx Europe 600 index gained 0.2% to 325.77, building on a 0.7% advance from Friday. France’s CAC 40 index rose 0.4% to 4 244.73, Germany’s DAX 30 index climbed 0.3% to 9 329.03 and the U.K.’s FTSE 100 index added 0.2% to 6 582.73.

Hong Kong’s Hang Seng Index added 0.8%, Singapore’s Straits Times Index added 0.5% and the Philippines PSE climbed 0.3%. South Korea’s Kospi added 0.1%.The Shanghai Composite Index was flat, following Monday’s 2% jump. Australia’s S&P/ASX 200 added 0.4%, as the country’s earnings session progressed.

The US dollar is currently trading at 1.37 to the euro, 1.64 to the pound and will buy 102.37 Japanese Yen or 11.07 South African Rand.

Domestic markets

The JSE closed firmer on Monday as Naspers and mining houses found favour among investors on more optimistic growth outlooks. The All Share index was 1.28% higher at 45 920.87 points‚ with the Top 40 index up 1.33%.

The longer-dated benchmark R186‚ due in 2026‚ traded at 8.750% from 8.660% at Friday’s close. The shorter-dated R157‚ redeemable in 2015‚ was trading at 7.140% from its previous close of 7.085%. The intermediate R207 bond‚ due in 2020‚ was bid at 8.305% and offered at 8.275% from its previous close of 8.230%.

Commodities

Spot gold is currently trading at US$ 1 283.90/oz. and platinum at US$ 1 392.00/oz. Brent crude oil is currently trading at US$ $ 108.63 per barrel.

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