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Dollar Declines, Gold Up $10
Nov 24, 2:11 PM EST |
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| The U.S. dollar declined in thin trading against euro and pound. The U.S. economic worries and futures unwinding supported the dollar decline. |
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| Investors watched consumers battle for discounts at malls and stores. Early indications show a steady flow of customers at malls across the country. Fall in dollar in the international markets against euro and pound kept major stock averages under check in Europe and the U.S. The decline in dollar in the last three days has supported a steady rise in gold, silver and platinum prices. Dollar falls to eighteen-month low against euro and two-year low against pound. Euro closed above $1.30. |
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Exporter Stocks Push Europe Lower
Nov 24, 1:04 PM EST |
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| The French oil-services group Technip jumped 7.6% on news that Eni may bid for it. |
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| European stock markets ended lower for the third consecutive session after the U.S. dollar tumbled to its lowest level against the euro since April 2005. Consequently, exporter-related issues declined, with Siemens, Nestle, and BASF each falling 1%. The German DAX 30 slipped 1%, followed by the French CAC 40, down 0.7%, and London FTSE 100, down 0.3%. |
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Retails Fall on Black Friday
Nov 24, 12:02 PM EST |
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| A steep drop of the U.S. dollar kept stocks under pressure Friday, as it heightened inflation worries and diminished the appeal of U.S. shares. |
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| Retail stocks declined on Black Friday as the sector''s main measure dropped into the red in early trading. Family Dollar fell 1.6% after the discount retailer said it won''t file its annual report by the Friday extended deadline, citing its continuing investigation into stock options. Shares in Target Corp. lost about 1%, while Sears Holding inched up 0.4%. Wal-Mart also moved slightly down. |
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Sensex Firm, Inflation Lower
Nov 24, 11:07 AM EST |
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| The Sensex ended higher Friday as buying in large-caps continued until late afternoon when gains fell under selling pressure. |
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| The market gained momentun today as buying in large-caps intensified. In early trading four block deals executed in HDFC gave the benchmark index a boost. Later, though, profit-booking prevailed but the Sensex still managed to finish in positive territory. NTPC, Dr Reddy and Tata Steel led the gainers on BSE, while Hero Honda, a top performer yesterday, led the decliners. Inflation in the 12 months to Nov. 11, was marginally lower than the the figures previous week. |
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Inflation Worries Weigh on Opening
Nov 24, 10:16 AM EST |
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| Gold futures rallied as the dollar tumbled against the euro and the pound on concerns about slowing economic growth in U.S. |
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| U.S. stock markets opened in the negative, as the holiday shopping season began in earnest and a sharp drop in the dollar added to inflation worries, and diminished the appealing of U.S. shares to foreigners. The euro broke through the $1.30 level for the first time since April 2005. The sharp sell-off of the dollar continued and it fell to as low as 115.61 yen from 116.27 yen late Thursday. The British pound rose to $1.9351 from $1.9156. |
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No Let-Up on FTSE
Nov 24, 9:47 AM EST |
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| London is showing no signs of recovering after the heavy losses this morning, as profit-booking took hold. |
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| A slide in the value of the dollar added to the already incurred losses caused by a burst of profit taking. Companies with exposure to the US were hit hard including fund manager Amvescap, credit checking firm Experian and plumbing supplies group Wolseley. Life insurers Prudential and Old Mutual were also stuck well in the red. In afternoon trading on Friday, the FTSE 100 was 0.86% lower at 6,088. |
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Weak Dollar Pressures Futures
Nov 24, 8:08 AM EST |
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| Shares of U.S. retailers were also in focus with the approaching holiday shopping season, and consumers seeking bargains on the day after Thanksgiving |
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| U.S. stock market futures indicated a sharply lower market opening on Friday for a shortened trading day. The declines tracked weakness in Asian and European stock markets. What hurt pre-market sentiment wad a plunge of the U.S. dollar against other major currencies, with the euro climbing above $1.30 after economic data showed strong business confidence in Germany. |
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Tokyo Weighs Asia Lower
Nov 24, 7:35 AM EST |
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| Asian markets were broadly lower early Friday, with the Nikkei 225 Average in Japan leading the decline. |
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| Weakness in Toyota Motor, Sony and other exporters was seen after the recently hit yen held its ground near a two-month high against the dollar. Hang Seng Index in Hong Kong ended fractionally lower, while the China Enterprises Index, a gauge of China-incorporated shares listed in Hong Kong, declined. Tech-sector gains lifted the broader index in Taiwan. South Korean Kospi advanced and Malaysia gained as well. Australia and Singapore bucked the uptrend and declined. |
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Gold Firms Up
Nov 24, 5:30 AM EST |
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| Gold rose slightly, as the dollar fell against other major currencies, enhancing appeal of the precious metal as an alternative investment. |
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| The weaker dollar helped to push gold prices higher. However, gold traded in a pretty narrow range on Thursday and had been consolidating. No dramatic moves are expected in the last weeks of the year, though. Still, gold may not be able to rise above $636, given the lack of trading from the Thanksgiving holiday in the U.S. Platinum gained after tumbling this week from record highs. |
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