The crude Oil reached a new quarterly peak during yesterday’s trading session, then retreated positions. The reason for the retreat was the appreciation of the dollar, which sank to its lowest level against the euro since the beginning of May so far. Within the exchange session in New York oil price with delivery in September rose 1.5 percent to 82.55 dollars a barrel. This is the highest price of the raw material since 4 May. At night, however, took oil down, which is its first retreat for the last five days. By reason analysts indicate negative sentiment in the Asian trading session, and expectations of weak U.S. economic data later today. Among the data to be published today, are the indexes of industrial orders and consumer spending and expected sales figures for housing. Expected sequence of data to show that recovery of the largest in the world economy remains stuck. This will cause a retreat in oil prices, which traded this morning with a decline of 0.5 percent to 82.12 dollars a barrel. Exchange in London yesterday the price of Brent crude oil jumped 2.3 percent to 82.68 dollars a barrel.
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The U.S. indexes started the session in negative territory Tuesday after disappointing results from Dow Chemical and Procter & Gamble and the adverse economic news worsened investor sentiment. Profits to P & G and Dow Chemical was less than analysts’ expectations, leading to a decrease in their papers by 3.4 percent to 59.94 dollars and 10 percent to 25.50 dollars. Basic data from the U.S. also contributed to the deepening decline in the indexes after the planned sales of existing homes in June celebrated the unexpected drop of 2.6 percent in the forecast growth of 0.9 percent. Individual factory orders for the same month fell 1.2 percent, which was worse than the consensus, which showed zero change. The positive pole of the papers ran Pfizer Inc, which rose 5.6 percent to 16.34 dollars after the manufacturer of the drugs produce better than expected profits and make a positive long-term prognosis. This somewhat helped the market recover some of its losses.
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The stock market indexes in Asia and Pacific region rose, led by energy and financial companies for second consecutive day. They helped the regional MSCI Asia Pacific index to reach its highest level in three months, while the main stock measure in India – BSE Sensex 30 rose to peak for the last two and a half years. MSCI Asia Pacific, which includes almost 1000 stock companies from ten Asian countries plus Australia and New Zealand moves to increase by 0.5 percent to 121.33 points and is on track to finish today’s session at its highest level 5 May onwards. Japan’s Nikkei 225 rose 1.3 percent to 9 694.01 points and was best performing among all regional indexes. The main Indian stock indicator BSE Sensex 30 rose by 0.2% to 18 103.04 points, led by shares in the banking sector, led by ICICI Bank, which yesterday announced a 17% increase in profit for the second quarter and 15 percent expected growth lending. BSE Sensex 30 rose by 3.6 percent this year and is near its highest level since February 2008. In Hong Kong’s Hang Seng rose by 0.2% to 21 457.66 points, also supported primarily by financial shares because of good financial results in two of the largest European banks – HSBC and BNP Raribas announced Monday. Indices in Taiwan, South Korea, Sri Lanka and Thailand also rose, as their lead was reduced in the range of 1%.
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The Crude Oil price noted strong growth jumped over 80 dollars a barrel, reaching its highest value since May. With a major contribution to this optimism, which is observed on stock exchanges and appreciation of the euro against the dollar. Quotations turned away more than 3 per cent yesterday and exchange session in New York closed at 81.40 dollars a barrel. Thus black gold delete your loss this year and is now moving with growth of 2.6 per cent from 1 January onwards. During the night oil contracts with delivery in September rose by another 0.14 percent to 81.45 dollars a barrel. Reason for optimism and buying oil gives rise to the stock indexes in the U.S. and Asia. Yesterday, the broad U.S. index, S & P 500 rose 2.2 per cent, and today splashed a wave transmit and Asian markets. Quotations provide support and appreciation of the euro, which reached a peak of three against the dollar yesterday. Today the two currencies traded at a rate of 1,3151 EUR / USD. Exchange in London yesterday of Brent oil rose 3.4 percent to 80.82 dollars a barrel.
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The coalition of businesses, regulators, accountants, stock exchanges and NGOs launched an initiative to revise the standards for international financial reporting in order to prevent a new financial crisis, writes Financial Times. The crisis raises many questions about how to rely on corporate statements. Annual reports and financial statements of banks have been particularly criticized for not having warned investors about the risks that companies take. International Integrated Reporting Committee, using the accumulated discontent as a result of the crisis, wants to make a radical change in financial reporting. The proposed new reporting model will consider not only the company’s financial position, but will also include comments on leadership, corporate policy, payment, and issues related to environmental and social responsibility. Investors focus increasingly on issues such as the impact that could have climate change on the finances of a company. Among participants in the initiative are Nestlé, Aviva, EDF, HSBC, Tata, big four auditing companies PwC, Deloitte, Ernst & Young and KPMG, a number of universities, including Harvard Business School, and influential non-governmental organizations such as Global Reporting Initiative and Accounting for Sustainability Initiative.
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Another evidence of slower growth in the global economy in the second half of this year came from China after it became clear today that the manufacturing sector of the country has shrunk for the first time in 17 months in July. Data for China’s manufacturing sector are important for global financial markets because the country’s third largest economy in the world and one of the biggest consumers of raw materials. Index of HSBC, which monitors business activity in the factory sector, China dropped to 49.4 points in July from 50.4 points the month before. Its value thus fell into the pessimistic zone below 50 points for the first time since April 2009, says CNN. Separate data on China Federation of Logistics and purchases (CFLP) on the weekend showed that the official index of the Chinese government for business activity in the manufacturing sector fell to 51.2 points in July from 52.1 points the month before. That is its lowest level, also from April 2009 onwards. Most clearly for the contraction in the sector said the drop in the volume of new orders. Contraction in production in China may worsen the economic mindset of investors, especially since the U.S. government announced late last week that the U.S. economy has slowed more than expected to 2.4 percent pace its growth in the second quarter.
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