Daily Financial Markets Report: Thursday 13 February 2014

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

Highlights

 U.S. stocks slid Wednesday as investors paused after the largest four session rally in more than a year. The Nasdaq Composite managed a small gain. European stock markets rose for a sixth-straight day on Wednesday, boosted by solid Chinese export data and well-received corporate results. Asian markets were mostly lower this morning, ahead of economic data from the U.S. and China, in a session heavy with corporate news.

 The US dollar is currently trading at 1.36 to the euro, 1.66 to the pound and will buy 102.08 Japanese Yen or 11.00 South African Rand.

 Spot gold is currently trading at US$ 1 290.50/oz. and platinum at US$ 1 399.70/oz. Brent crude oil is currently trading at US$ $ 108.79 per barrel.

International markets

U.S. stocks slid Wednesday as investors paused after the largest four session rally in more than a year. The Nasdaq Composite managed a small gain. European stock markets rose for a sixth-straight day on Wednesday, boosted by solid Chinese export data and well-received corporate results. Asian markets were mostly lower this morning, ahead of economic data from the U.S. and China, in a session heavy with corporate news.

The S&P 500 closed less than a point lower at 1 819.26 after rising for four previous sessions. That nearly 4% comeback was the largest four-day gain since January 2013. The Dow Jones Industrial Average gave up opening gains and closed down 0.2%, at 15 963.94. The Nasdaq Composite defied the general trend and finished the day 0.2%, higher at 4 201.29. After Tuesday’s rally, the tech-heavy index turned positive for 2014 and is now up 0.6% so far this year.

The Stoxx Europe 600 index rose 0.8% to end at 332, marking the highest close in almost three weeks. Germany’s DAX 30 index gained 0.7% to 9 540.00, and France’s CAC 40 index climbed 0.5% to 4 305.50. The U.K.’s FTSE 100 index closed slightly higher at 6 675.03, down from an intraday high of 6 708.17.

Japan’s Nikkei Share Average dropped 0.9%, after gaining 4.6% in the previous three sessions, while Hong Kong’s Hang Seng Index fell 0.5% and the Shanghai Composite Index lost 0.2%.Other markets clung close to the break-even point, with Singapore’s Straits Times Index up 0.1% and South Korea’s Kospi was less than 0.1% lower. In Australia, the S&P/ ASX 200 was flat.

The US dollar is currently trading at 1.36 to the euro, 1.66 to the pound and will buy 102.08 Japanese Yen or 11.00 South African Rand.

Domestic markets

The JSE closed firmer on Wednesday as positive global sentiment‚ buoyed by better Chinese data‚ drove shares higher across the board. The All Share was up 1.22% at 46 425.11‚ with the Top 40 index rising 1.33%.

The longer-dated benchmark R186‚ due in 2026‚ was trading at 8.725% from 8.740% at Tuesday’s close. The shorter-dated R157‚ redeemable in 2015‚ was bid at 7.115% and offered at 7.100% from its previous close of 7.100%. The intermediate R207 bond‚ due in 2020‚ was bid at 8.285% and offered at 8.265% from its previous close of 8.275%.

Commodities

Spot gold is currently trading at US$ 1 290.50/oz. and platinum at US$ 1 399.70/oz. Brent crude oil is currently trading at US$ $ 108.79 per barrel.

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