The price of U.S. light crude fell sharply by nearly 3 percent by the end of today’s session of the oil exchange in New York and was its lowest point since the beginning of April, sent Wall Street Journal. The news that U.S. financial regulators have raised accusations against the U.S. investment bank Goldman Sachs for fraud mortgage securities, distressed investors on Wall Street and led to increased sales in the financial sector. According to financial analysts, if the financial regulatory authorities in the U.S. fined Goldman Sachs, it may cause the bank to liquidate their bets on oil price rises. The U.S. dollar rose strongly against most major currencies, excluding the Japanese yen, which lowered the price of raw materials, which are traded in dollars, including oil. U.S. light crude for delivery in May ended Friday’s session with a fall in price from U.S. $ 2.27, or 2.65 percent, to 83.24 dollars a barrel. Today’s decline in energy raw material was the strongest since the beginning of February. The price of oil futures varied in the range of 82.52 to 85.44 dollars per barrel during today’s session. Meanwhile, the International Petroleum Exchange in London Brent with delivery in June fell 1.66 dollars or 1.9 percent, to 85.93 dollars a barrel.
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Friday’s session began with reductions for the main indexes of Wall Street, although two of the companies in the Dow Jones IA – General Electric and Bank of America, announced better than expected financial results for the first quarter. Data on housing in the U.S. in March, which came out before the start of the session also proved to be much better than forecasts. However, the index of the 30 largest stock exchange and frequently traded companies Dow Jones IA decreased by 0.5% to 11 093.33 points and a half hours after the start of the session. The broad measure of stock S & P 500 lost 1 percent to 1 200.61 points and the index of companies by the exchange Nasdaq – Nasdaq Composite, decreased by 0.8% to 2 496.73 points. Session on Thursday brought minor changes to the index after three disappointing news for initial unemployment and industrial production. Shares of industrial conglomerate General Electric dropped by 2.4 percent to 19.03 dollars on the New York Stock Exchange after the company reported 18 percent drop in profit for the first quarter to 2.3 billion dollars, or 21 cents a share. Analysts had expected a smaller profit per share of 16 cents. The largest U.S. bank Bank of America, in turn, said it issued a profit of 3.2 billion dollars for the first three months of the year, or 28 cents a share. This was three times more than market forecasts, but shares of the bank dropped by 3.6 percent to 18.75 dollars on the New York Stock Exchange.
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The World financial leaders will negotiate this week on how to give more voting rights in the World Bank to developing economies such as China. The talks are a prelude to a crucial battle for the International Monetary Fund, writes Reuters. World Bank President Robert Zoellick said in an interview with the agency that has plans for a capital increase of the international financial institution with 3.5 billion dollars, which will be the first of more than 20 years. The funds will come from rich countries and developing countries like China. This will help the World Bank to restore its capacity after large loans granted during the standoff. Discuss and question the change of the voting rights in the bank, which will generate additional $ 1 billion in fresh capital, which is quite a complex political issue because it means some countries, particularly in Europe, partly to give up rights their vote. Britain, one of the biggest sponsors in the bank, probably will not take a position before leaving the results of parliamentary elections on 6 May. Scandinavian countries, which are usually generous in terms of aid to developing countries are now reluctant to give up their voting rights. At its meeting in Pittsburgh last year by leaders of the G-20 agreed to transfer 3% of total voting rights at the World Bank and at least 5 percent in the International Monetary Fund.
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Friday’s trading session began with the U.S. increased for all three major indexes, after investor confidence that the economy will continue to recover, took precedence over concerns about Debt Crisis in Greece. On Monday begins a new season in the U.S. corporate financial results with the aluminum producer Alcoa for the first quarter of this year. The only economic data out today showed that stocks of finished goods to wholesalers in the U.S. rose more than expected in February to 0.6 percent on a monthly basis. Their increase in January amounted to 0.1 per cent. The increase in stocks of finished goods is a sign to reduce business costs in the future because chains wholesale are more likely to buy new goods when their stocks are exhausted. Index Dow Jones Industrial Average, which unites 30 largest stock companies and liquidity in the U.S. increased by 0.3% to 10 958.13 points an hour after the start of the session. Since the beginning of the week he was on the verge of psychological level of 11 thousand points, but unable to move. The broader S & P 500 added 0.2 percent to 1 189.06 points, supported mainly by energy companies and consumer sectors. Meanwhile, the main stock index, Nasdaq – Nasdaq Composite, also rose 0.2% to 2 439.71 points. Yesterday’s volatile session brought mild increases in the indexes after the best sales figures of some of the largest chains of retail in the U.S. in March. They managed to offset the news of the increase in new applications for unemployment benefits last week.
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The companies in the consumer and telecommunications sectors made a positive impetus to the indexes in the Asian and Pacific region and have helped them to delete part of a strong loss yesterday. This gave rise to good sales figures of some large chains of retail in the U.S. in March, which showed that consumption is reduced and will support the economy. Moreover, major Japanese retailers Seven & I and Fast Retailing today predicted better financial results for the current financial year, which raised prices of their shares over 3 percent of the exchange in Tokyo. The regional index MSCI Asia Pacific, which includes stock companies from ten Asian countries plus Australia and New Zealand, added 0.2 percent to 127.79 points and increased his lead from the beginning of the week up 1%. Since the beginning of this year MSCI Asia Pacific rose by 6.1 per cent. Best known today are stock exchanges in China, Hong Kong and India. Wide Chinese Shanghai Composite Index rose 0.9 percent to 3 146 points, supported by media and telecommunications companies. Exchange of Hong Kong’s Hang Seng rose 1.6% to 22 208.50 points, which is near its highest level in three months. Although today’s Shanghai Composite finished elevations week with a decline of 0.4 percent, but while Hang Seng records strong growth of 3.1 percent on a weekly basis. Today it became clear that sales of cars in China grew by 63% yoy in March, supported by government measures to boost consumption.
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“The average investor has no confidence in the market it has a different attitude towards it,” says the Wall Street veteran Muriel Siebert. “We want a market in which people accumulate their retirement savings. They no longer do so as before. I have clients who hold full cache because no longer have the same confidence. For them money is simply not working, “she said. Born during the Great Depression Siebert has witnessed many economic cycles as a trader on Wall Street and banking supervisor. She began her career as an intern analyst for 65 dollars a week to become the first woman to place the New York Stock Exchange in 1967. Today she heads the brokerage firm Muriel Siebert & Co. “What scares me is disappointing and that the public has no confidence in the market,” she Cava. “We do not see people who traded before. You bring them back. Mass investors contributed to many successes of this country.”
Siebert blames lack of transparency, especially in derivatives. They have their markets, but must be regulated, says she. “Before we had more transparency about what is happening in the markets,” she remembers. “Trade was real, so that could be analyzed a little better. You can make light of OTC block trades”. To return to ordinary investors in stocks, as it is compelling global regulation on securities.
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Average 15 percent have decreased wages of CEOs of large U.S. groups last year, a study cited by the New York Times. According to data the average amount taken against bosses work during the year amounted to 9.53 million. The study included 200 businessmen who are CEOs of the company at least two years. Examined 199 companies (Motorola has two executive directors) and those with the highest revenue in the U.S. last year. With the highest salary in 2009 turned Lawrence Ellison, chief executive of Oracle and the sixth-richest man in the world according to the magazine Forbes. Money he received as salary and other bonuses during the year, a total of 84.5 million dollars. This is more than the sum of the salaries of two chiefs who rank second and third place in the rankings – Ray Elliott (Boston Scientific Corp) with 33.37 million and Ray Airan (Occidental Petroleum Corp) with 31.4 million dollars.
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Almost all the major stock indexes in Asia and the Pacific ended today’s session of positive territory, led by increases in mining companies, after economic optimism increased the prices of metals and energy resources. The regional MSCI Asia Pacific Index rose for a fourth day, adding 0.4 percent to 127.43 points. The price of copper rose above the psychological level of 8 thousand dollars per ton, since in recent days it became clear that employment in the U.S. grows, along with activity in the services sector. Companies from the raw materials sector was best performing group in the composition of the MSCI Asia Pacific today, over the past four days the price of their shares has risen by an average of 1.5 percent, according to Bloomberg. Exchange Taiex in Taiwan rose 0.8 percent to 8 089.7 points, while South Korean Kospi, and the Chinese Shanghai Composite, ended the session with a growth of 0.1 percent. Hong Kong Stock Exchange remained closed since April 1 because of the celebration of national holidays. The main measure in India BSE Sensex 30 rose 0.2 percent to 17 971.1 points, while in Indonesia Jakarta Composite decreased by 0.4% to 2 876 points after the central bank left the main interest of its record low level of 6.5 percent for the eighth consecutive month. Among the few indexes fell today, and ordered the Japanese Nikkei 225, which lost 0.5 percent, but remained above the psychological level of 11 thousand points. Appreciation of the yen against the euro has put pressure on shares of companies exporting the Tokyo Stock Exchange today.
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The crude oil prices rose sharply yesterday and the stock ended trading at its highest level in 17 months from 86.62 dollars a barrel. Quotations remain near those levels, and during today’s e-commerce in Asia. The economic optimism of investors caused by the increase in employment in the U.S. and activity in the services sector in March, lifted oil prices to the highest level since October 2008 so far yesterday on the New York Petroleum Exchange. Rising prices reflect the expectations of market participants that demand for energy raw materials will increase the recovery of U.S. economy. U.S. light crude for delivery in May rose 1.75 dollars to finish yesterday’s session at a level of 86.62 dollars a barrel. During today’s e-commerce in Asia oil futures slightly cheaper by 16 cents to 86.46 dollars a barrel. Since early this year their price has risen by 9 per cent. Tomorrow the weekly report by the Ministry of Energy of the United States will show whether crude oil reserves of the country have increased for the tenth consecutive week. Meanwhile, Brent crude oil traded for 85.60 dollars a barrel in today’s electronic trading on the London oil market by reducing its price by 28 cents compared to yesterday’s closing level.
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The Russian economy grew in the first quarter of this year for the first time since 2008 thanks to the recovery of this industry and services, and improving labor market. On an annual basis for the first quarter GDP grew by 0.5 per cent since the fourth quarter of last year declined by 2.6 percent, data show the indicator for the economy of VTB Capital – the investment bank unit VTB. Only in March the Russian economy grew by 1.1 per cent growth from 0.5 percent in February, the index shows. Increased demand for raw materials and larger consumer spending helped the country to escape from its worst recession since the collapse of the Soviet Union. According to official statistics in the fourth quarter the economy shrank by 3.8 percent annually after a decline of 7.7 per cent in the third. For the year reported a decrease in GDP by 7.9 per cent. According to data from the state rail operator transporting goods by rail, which is considered indicative of changes in industrial production jumped by 12.7 per cent yoy in the first quarter. In February retail sales increased by 1.3 per cent annually, while unemployment fell to 8.6 per cent from 9.2 per cent. Capital investment and unemployment are “weak links” in the restoration, said last month, Deputy Economy Minister Andrei eyelid. VTB Capital indicator calculated on the basis of surveys of business conditions in manufacturing and services sectors.
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