Market Update - 17.04.2012

Apple and Google
drag Nasdaq down

Apple, the star equity performer, fall for the fifth day in row when the US exchanges opened the week yesterday. Apple fall back 4,2 % 4,2 % to USD 580, and dragged the technology exchange Nasdaq down 0,8 %.


Google, another success story, was also down. Both companies are weighing heavily on the index. For the first time in weeks Nasdaq was trading below 3000. There has been profit taking in Apple for the last days. This will probably continue. Apple turn over in shares was incredibly 21, 5 Billion dollars.

Dow Jones increased 0,6 % to 12 921 helped by better than expected retail figures reflecting a better labor market. Retail consumption in the US was up 0,8 % in March . Consumption increased one % in February. 0,4 % was expected in March and the real figures beat expectations.

Asian markets were mixed in morning trading striving to find a clear direction pressed between better US data and worries on the European debt crisis and Spain. Chinese foreign investment figures demonstrate further decline for the fourth consecutive month. Oil prices are under continued pressure. Resumption of talks on Iranian nuclear reactors have eased the tensions in the Middle East. Brent is two dollars down at 118, while NYMEX is consolidating on 102 – 103 level. Gold was up in the morning, but has fallen back to 1647.

Euro recovered somewhat from weak levels yesterday where it dipped below 1.30 to recover strongly to 1.3150. Euro is now trading at 1.3116 before a crucial Spanish bond auction and important industrial figures from Germany. EURO is trading at its lowest level towards Japanese yen which continues to demonstrate strength vs,. USD trading at 80,42. Australian dollar is falling 0,5 % against dollar to 1.0335 on slower Chinese growth.

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