Spanish stock market rises 0.83 percent

Madrid, April 12 (IANS) The Spanish stock market index Ibex-35 rose 0.83 percent on Monday to close at 8,497.60 points, up from the 8,427.60 points of Friday.

On Monday session, ArcelorMittal shares led rises climbing 7.74 percent followed by Sacyr, Tecnicas Reunidas, Banco Popular, DIA and Banco Sabadell that rose 3.43 percent, 3.15 percent, 2.83 percent, 2.74 percent and 1.92 percent respectively, Xinhua reported.

On the other hand, Mediaset shares led falls losing 0.34 percent, followed by Grifols, Indra A, Inditex, Telefonica and Ferrovial that lost 0.30 percent, 0.15 percent, 0.14 percent, 0.03 percent and 0.03 percent respectively.

Meanwhile, Spain’s risk premium closed at 140.50 points and Spain’s 10-year bond interest rate closed at 1.5 percent, both showing no big differences when compared with Friday.

Canadian stocks advance as resources rise

Toronto, April 12 (IANS) Canada’s main stock market in Toronto rose on Monday as gold miners and major energy companies gained amid higher commodity prices.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index gained 26.03 points, or 0.19 percent, to close at 13,422.76 points. Three of the TSX index’s eight main sub-sectors end higher, Xinhua reported.

Oil prices went up Monday. West Texas Intermediate gained 64 cents to close at $40.36 as major oil producers are set to meet in Doha on Sunday to discuss oil output.

The most influential movers on the index included Barrick Gold Corp., which rose 6.53 percent to 21.04 Canadian dollars ($16.31) as gold hit a multi-week high, and Canadian Pacific Railway Ltd, which advanced 2.62 percent to 179.91 Canadian dollars.

Canadian Pacific Railway said on Monday it had scrapped efforts to buy Norfolk Southern Corp, almost six months after launching an unsolicited 28-billion-Canadian-dollar bid for the fourth-largest US railroad operator.

The materials group moved higher by 3.62 percent despite losses for major fertilizer producers Potash Corp, which fell 1.35 percent to 20.49 Canadian dollars, and Agrium Inc, down 0.35 percent at 113.57 Canadian dollars.

The financials group ended slightly lower, with Royal Bank of Canada rising 0.13 percent to 74.91 Canadian dollars and Toronto-Dominion Bank retreating 0.11 percent to 54.41 Canadian dollars.

TransCanada Corp on Sunday said it had restarted the 590,000-barrel-per-day Keystone crude pipeline at reduced pressure after receiving US approval. TransCanada acquired 12 cents a share at $50.41.

Tokyo stocks rise in early trade on yen’s retreat

Tokyo, April 12 (IANS) Tokyo stocks opened higher on Tuesday as investors bought back issues on the cheap, with sentiment buoyed by a comparatively weak yen versus the US dollar.

As of 9:15 a.m. local time, the 225-issue Nikkei Stock Average rose 164.74 points, or 1.05 percent, from Monday to 15,915.87, Xinhua reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, increased 14.89 points, or 1.16 percent, to 1,294.68.

Notable early gainers were led by banking, marine transportation, and pharmaceutical-linked stocks.

Chinese shares open lower on Tuesday

Beijing, April 12 (IANS) Chinese stocks opened lower on Tuesday, with the benchmark Shanghai Composite Index down 0.09 percent, at 3,031.3 points.

The smaller Shenzhen index opened 0.08 percent lower at 10,600.8 points. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, opened flat at 2,283.21 points, Xinhua reported.

Chinese yuan strengthens

Beijing, April 12 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 33 basis points to 6.4616 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

US stocks decline as earnings season begins

New York, April 12 (IANS) US stocks reversed early gains to end mildly lower as big US companies are reporting their quarterly results this week.

The Dow Jones Industrial Average fell 20.55 points, or 0.12 percent, to 17,556.41 on Monday, Xinhua news agency reported.

The S&P 500 lost 5.61 points, or 0.27 percent, to 2,041.99. The Nasdaq Composite Index decreased 17.29 points, or 0.36 percent, to 4,833.40.

US material company Alcoa, seen as an unofficial start to quarterly earnings season, will post results after the market closes. Big bank earnings, starting with JPMorgan Chase & Co on Wednesday, will be watched closely this week.

Experts said that market expectations for profit growth are low amid the sluggish world economy, a strong dollar and declining commodity prices.

According to Thomson Reuters, the blended earnings of the S&P 500 companies in the first quarter of 2016 are expected to decline 7.7 percent year on year, while the revenue is forecast to decrease 1.3 percent.

Wall Street also kept a close eye on oil recovery. Oil prices extended gains on Monday, with US oil settling above $40 a barrel for the first time since March 22, as crude producer countries are scheduled to meet on Sunday in Doha to discuss the output freeze.

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