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Last Updated: Feb 3rd, 2012 - 10:10:54
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NEW YORK - The Dow Jones industrial average traded in a narrow range all day, between a gain of 25 points and a loss of 40. It closed down 11 points at 12,705. That's a decline of less than a tenth of a per cent.
The broader Standard & Poor's 500 index rose one point to 1,326. The Nasdaq composite rose 11 points to 2,860.
Bond prices didn't move much either. The yield inched down to 1.82 per cent from 1.83 per cent Wednesday.
LONDON - Markets took a breather on Thursday after solid gains in the previous session, as investors positioned themselves for crucial US jobs data that often set the tone for a week or two after their release.
A recent run of solid US economic news has reinforced hopes that Friday's non-farm payrolls data will provide further evidence that the world's largest economy is over its soft patch from last summer.
A raft of earnings in Europe have also helped maintain trading activity, as has confirmation that mining company Xstrata is in merger discussions with commodities trader Glencore International.
Britain's FTSE 100 index of leading shares close 0.1 per cent higher at 5,796.07.
Germany's DAX rose 0.6 per cent to 6,655.63 and the CAC-40 in France ended 0.3 per cent higher at 3,376.66.
The euro was also subdued after recent gains, trading 0.1 per cent lower at $US1.3143.
HONG KONG - Asian markets rose as upbeat manufacturing data from across the globe lifted spirits, while traders were also confident Greece would soon reach a deal with creditors to slash its debt.
With China and India on Wednesday posting strong growth in manufacturing last month, and Europe and the United States following suit, analysts said on Thursday that there was some hope that a recovery could be back on track.
Tokyo gained 0.76 per cent, or 67.03 points, to close at 8,876.82, Sydney added 1.0 per cent, or 42.1 points, to 4,267.8 and Seoul was 1.26 per cent higher, putting on 25.06 points to 1,984.30.
Hong Kong advanced 2.00 per cent, or 406.08 points, to 20,739.45 and Shanghai climbed 1.96 per cent, or 44.18 points, to 2,312.56.
WELLINGTON - Wellington gained 0.39 per cent, or 12.85 points, to 3,314.64.
SYDNEY -The Australian market looks set to open flat.
At 0828 AEDT on Friday, the March share price index futures contract was up one point at 4,240.
In economic news on Friday, the Australian Performance of Services Index (PSI) is due to be released, while Housing Industry Association (HIA) trades report for the December 2011 quarter is also due out.
In equities news, Carabella Resources is due to hold an extraordinary general meeting while Indophil Resources NL is scheduled to hold a general meeting.
In Australia, the market on Thursday snapped its three-day losing streak to finish strongly on the back of resurgent mining stocks.
The benchmark S&P/ASX200 index was up 42.1 points, or one per cent, at 4,267.8, while the broader All Ordinaries index was up 42.2 points, or 0.98 per cent, at 4,333.2.
ENERGY
World oil prices traded mixed on Thursday as traders balanced ongoing Iranian tensions with stubborn concerns over the outlook for global energy demand.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in March, fell $US1.25 to $US96.36 a barrel.
But Brent North Sea crude for March delivery rose 51 US cents to settle at $US112.07 a barrel in London.
PRECIOUS METALS
Gold rose to a two-month high on a larger-than-expected fall in new US claims for unemployment benefits, but analysts said bullion could pull back if Friday's US jobs report disappoints.
Bullion climbed for a third consecutive day, reversing initial losses after encouraging jobless claims data pointed to a recovery jobs market, ahead of the closely watched January US nonfarm payrolls report on Friday.
Spot gold was up 0.7 per cent at $US1,755.80 an ounce by 2.07pm (0607 Friday AEDT), having earlier peaked at $US1,760.70, its loftiest since December 2.
US gold futures for April delivery settled up $US9.80 an ounce at $US1,759.30. Trading volume was about 20 per cent below its 30-day average but largely in line with recent pace.
Silver was up 1.6 per cent at $US34.23 an ounce.
Spot platinum was up 0.8 per cent at $US1,624.49 an ounce, while spot palladium was up 1.5 per cent at $704.47 an ounce.
BASE METALS
Copper fell more than one per cent, its fourth down day in the past five trading sessions, as the market continued to retreat from its January rally amid Greek debt default jitters and signs of sluggish demand from top buyer China.
London Metal Exchange (LME) benchmark copper fell $US95 or 1.1 per cent to end at $US8,345 a tonne, widening its retreat from last week's four-month peak at $US8,679.50 to about four per cent.
In New York, the key March COMEX contract shed 6.10 US cents or 1.6 per cent to settle at $US3.7810 per lb, after dealing between $US3.7670 and $US3.8195.
INTERNATIONAL NEWS
ATHENS - Unions and employers in Greece are resuming talks as the country scrambles to push through more cost-cutting reforms and conclude massive debt deals that would prevent an imminent default.
MILAN - Italian Prime Minister Mario Monti has faced a furious backlash over his first major gaffe after saying that life-long job security was "boring" even as Italy struggles with high unemployment.
WASHINGTON - Ben Bernanke has defended the US Federal Reserve's decision to hold interest rates at record-low levels for the next three years, during a contentious hearing before federal politicians.
NEW YORK - The New York Stock Exchange and German exchange Deutsche Boerse have called off their planned merger, a day after the European Union said it would block the union because of concerns about a monopoly.
NEW YORK - MasterCard has recorded a $US495 million ($A464.3 million) charge in its fourth quarter to cover potential losses related to an ongoing lawsuit brought by merchants over the fees they pay on credit card transactions.
SINGAPORE - Singapore Airlines says its third-quarter net profit tumbled 53 per cent from a year ago due to "persistently high" fuel prices.
AMSTERDAM - Royal Dutch Shell Plc's top executives have dismissed weaker than anticipated fourth quarter earnings as a blip and say Europe's biggest oil company will embark on a new program to boost production, with an eye-catching emphasis on US natural gas.
TRENTON - Drugmaker Merck & Co has swung to a fourth-quarter profit because of lower acquisition and restructuring charges and slightly higher sales.
LONDON - Drug maker AstraZeneca says it will cut another 7300 jobs and has warned of a tough year ahead, due to government spending cuts on healthcare and stiff competition, even as it reported a 24 per cent increase in 2011 profits.
NEW YORK - Dow Chemical Co is feeling the impact of the slowing European economy, and seeing some weakness in North America as well.
JOHANNESBURG - Australian and Brazilian mining companies have been criticised for being unfair to locals in Mozambique.
LONDON - Mining company Xstrata PLC has confirmed it is in merger discussions with commodities trading giant Glencore International PLC.
PARIS - French luxury goods giant LVMH says it enjoyed a banner year in 2011 with net profits above three billion euros ($A3.70 billion) despite the uncertain global economy.
NEW YORK - US stocks were up slightly after a weekly report showed a drop in the number of people seeking unemployment benefits.
LONDON - Markets took a breather on Thursday after solid gains in the previous session, as investors positioned themselves for crucial US jobs data that often set the tone for a week or two after their release.
HONG KONG - Asian markets have risen as upbeat manufacturing data from across the globe lifted spirits, while traders were also confident Greece would soon reach a deal with creditors to slash its debt.
WELLINGTON - The New Zealand dollar held near a five-month high as rising commodity prices stoked optimism global growth will revive enough to support demand for the nation's agricultural exports.
AUCKLAND - Auckland-based furniture manufacturer Criterion has gone into receivership.
LOCAL NEWS
SYDNEY - The Australian dollar is slightly lower, backing away from the three-month high reached on Thursday.
SYDNEY - The Australian market looks set to open flat.
SYDNEY - Billionaire iron-ore heiress Gina Rinehart has failed to keep secret her latest litigation involving claims of fears for her safety and that of her children.
MELBOURNE - Mining magnate Clive Palmer says he will consider a tilt at media ownership like his billionaire counterpart Gina Rinehart who has become Fairfax Media's biggest single shareholder.
CANBERRA - The Australian dollar as become the centre of a new political row as another manufacturer made plans to slash its workforce, blaming the currency's strength.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE ON FRIDAY FEB 3
BHP - BHP BILLITON LTD - up 71 cents at $37.62
BHP Billiton has committed $US779 million ($A735.98 million) to a port project that could increase its Western Australian iron ore exports by 100 million tonnes each year.
Separately: Global mining giant BHP Billiton says it has agreed to sell its stake in South African mineral sands venture Richards Bay Minerals to partner Rio Tinto, signalling its exit from titanium.
LYC - LYNAS CORPORATION - up 25.5 cents at $1.59
Rare earths miner Lynas says it has a responsibility to the Malaysian community to operate a newly-approved plant in a safe manner.
PMP - PMP LTD - down four cents at 44 cents
Publisher and direct marketer PMP has cut its earnings guidance and implemented further restructuring due to poor trading conditions and weaker printing orders.
RIO - RIO TINTO LTD - up $1.98 at $70.72
Rio Tinto's 40-year-old aluminium smelter at Tiwai Point, near Bluff, had its biggest production year ever in 2011.
WES - WESFARMERS LTD - up 19 cents at $29.90
Coles has recorded its best ever Christmas sales in 2011 as the supermarket chain continues to lure customers away from rival Woolworths.
© Copyright 2004 by Merlea Investments
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