Posts Tagged Kospi

Dollar Falls on Global Recovery

Posted by Tetyana Matychak in Currency, Favourites on October 26th, 2009

The dollar fell and metals rose, driving copper to a 13-month high, as South Korea’s fastest economic growth in seven years and profits that almost doubled at Electrolux AB signaled the global recovery is accelerating.

The dollar declined against 13 of the 16 most-traded currencies tracked by Bloomberg as of 11:20 a.m. in London. Copper climbed as much as 1.2 percent to $6,728 a metric ton in London, while zinc rallied for a ninth day. South Korea’s Kospi Index advanced 1 percent and futures on the Standard & Poor’s 500 Index added 0.2 percent.

South Korea’s gross domestic product increased 2.9 percent in the third quarter from the previous three months, beating the 1.9 percent median estimate of economists surveyed by Bloomberg. Copper rose to the highest level since September 2008 after refined imports by China expanded for the first time in three months. Electrolux, the world’s second-biggest household appliance maker, topped analysts’ profit estimates as sales of consumer products in North America climbed.

“Risk appetite is increasing and we can expect more earnings surprises,” said Beat Siegenthaler, chief emerging- market strategist at TD Securities Ltd. in London. “That’s bad for the dollar.”

The dollar fell as low as $1.5063 per euro, the weakest level since August 2008. The U.S. currency also slid to 91.78 yen from 92.06 yen, helping send IntercontinentalExchange Inc.’s Dollar Index 0.2 percent lower to 75.32.  Read the rest of this entry »

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US Stocks Slide As US-China Trade Relations Hit A Rough Patch

Posted by Tetyana Matychak in Fund Markets on September 14th, 2009

U.S. stocks fell as trade relations between the U.S. and China turned rockier, with the energy and financial sectors under pressure.

Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 62 points. The S&P 500 was down about 0.6%. The Nasdaq Composite Index slipped 0.4%.

Escalating trade tensions between the U.S. and China rattled overseas markets. The U.S. over the weekend imposed tariffs on Chinese-made tires, while China said it planned an antidumping investigation into U.S. sales of chicken and auto products.

In Asia, most markets lost ground. The Nikkei tumbled 2.3% on concerns that the strengthened yen could put a dent in exporters’ earnings. Hong Kong’s Hang Seng ended 1.1% lower at 20932.20, while Australia’s S&P/ASX 200 fell 1.4% and South Korea’s Kospi dropped 1%. Major benchmarks in Europe also fell.  Read the rest of this entry »

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South Korean Stocks, Won Drop After North Tests Nuclear Weapon

Posted by Tetyana Matychak in Fund Markets on May 25th, 2009

South Korea’s stocks and won fell after North Korea said it had successfully tested a nuclear weapon and Yonhap News reported that the communist nation also launched a short-range missile.

The Kospi stock index declined as much as 6.3 percent, before paring its losses to close down 0.2 percent. The North’s official Korean Central News Agency said the successful underground test would “bolster its nuclear deterrent for self defense.” The won also pared losses to close 0.1 percent weaker as South Korea said it would discuss any response with the U.S., which may include sanctions.

The test may intensify tension in the Korean peninsula and is the latest blow to efforts to persuade the impoverished North to abandon nuclear weapons development in exchange for economic aid. The Kospi fell as much as 3.6 percent and closed 2.4 percent lower on Oct. 9, 2006, when North Korea conducted its first nuclear test. The gauge rose 0.7 percent the next day.

The impact “from such news is usually short-lived and this is likely to be the case again unless we see a clear change in the political scene, which I doubt at this stage,” said Thomas Harr, a currency strategist at Standard Chartered Plc in Singapore.  Read the rest of this entry »

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