Friday, 28 September 2012
Asian shares mostly rose on Friday on optimism economic reform and budget plans unveiled by Spain will help the debt-saddled nation manage its debt imbalances, in a move seen as an effort to pre-empt the likely conditions of international assistance.
The euro held firm on Friday, while commodity currencies started Asian trade sharply higher as worries about the euro zone eased somewhat after Spain unveiled a crisis budget that many saw was a step towards a bailout.
Oil prices rose on Thursday as tensions between Iran and the West reinforced concerns about potential supply disruptions, while Spain's plans for economic reform also lent support to crude and lifted equities on Wall Street.
Three-month copper on the London Metal Exchange had risen 0.44 percent to $8,211 a tonne by 0117 GMT, extending gains from the previous session, after prices hit their lowest in two weeks at $8,082 a tonne on Wednesday.
London copper inched up on Friday after Spain took steps to buttress its economy, but it was on course for its second weekly loss in a row as the impact of central bank easing fizzled and concerns over Chinese demand weighed ahead of week-long holiday.
Gold hovered near a one-week high hit in the previous session on Friday, as Spain's crisis budget eased worries about Madrid's control over its finances, strengthening the euro and underpinning gold, while a rally in oil also helped.
The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries.
The Dow Jones industrial average rose 72.46 points, or 0.54 percent, to end unofficially at 13,485.97. The S&P 500 gained 13.84 points, or 0.97 percent, to finish unofficially at 1,447.16. The Nasdaq Composite added 42.90 points, or 1.39 percent, to close unofficially at 3,136.60.
Wednesday, 26 September 2012
Asian shares and commodities fell on Wednesday as protests in Spain underscored the country's financing challenges and investors refocused on slowing global growth as rallies, fed by major central bank easing measures, faded.