Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

FOCUS

Ireland's missing babies casting light on a dark history...

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

  • Hamas rockets reaching deeper into Israel

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Death toll rises in Gaza as militants target Israeli cities

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

Business

Citigroup results boost Wall Street, Asian stocks

©

Latest update : 2009-03-11

Asian stocks jumped on Wednesday, after US banking giant Citigroup unveiled better-than-expected results. Japanese share prices rose nearly four percent in early trade while Wall Street soared six percent overnight.

Reuters - Asia stocks rallied on Wednesday on hopes Citigroup will deliver a first quarter profit, relieving fears U.S. banks are spiralling toward nationalisation and emboldening investors to sell U.S. dollars.
 

Citi, whose share price traded below $1 for the first time last week, was profitable in the first two months of 2009, the bank's chief executive said in a memo to staff, heaping pressure on the firm to post a quarterly profit after chalking up losses in the last five quarters totalling around $37.5 billion.
 

Wall Street jumped 6 percent overnight, helped by Citi and comments from an influential U.S. congressman that rules against short selling stocks would be re-implemented in a month. That put upward pressure on Asian shares traded in the United States and inspired hopes for a lasting rally in the region.
 

"Today is the first good day for a long period. You would like to think it's sustainable," said Dean Fergie, managing director of funds manager Opis Capital in Australia.
 

Japan's Nikkei share average rose 3.9 percent, rebounding off a 26-year low plumbed on Tuesday. The country's largest banks outperformed the broader market, with shares of top bank Mitsubishi UFJ Financial Group up 6.1 percent.
 

Australia's benchmark S&P/ASX 200 index rose 2 percent, helped by miners BHP Billiton Ltd and Rio Tinto Ltd on a rise in metals prices.
 

The euro rose 0.4 percent to $1.2725, pulling back from a 3-½   month low around $1.2455. The dollar was steady at 98.70 yen, having come off a a four-month high near 99.70 yen hit last week.
 

"When risk appetite falls the dollar attracts buying and when such tolerance increases the dollar tends to be sold," said Yuji Saito, head of the foreign exchange sales department at Societe Generale in Tokyo.
 

U.S. crude futures edged up after falling nearly 3 percent overnight following a cut in the U.S. government's forecast for world oil demand this year. Crude for April delivery rose 0.7 percent to $46.03 a barrel.
 

Gold slipped 0.2 percent to $893.75 an ounce in the spot market, creeping back down to Tuesday's one-month low. Gold is
down more than 10 percent from the 11-month high above $1,000 hit on Feb. 20, as investors chip away their safety trades.

Date created : 2009-03-11

Comments

COMMENT(S)