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The key benchmarks in Japan, Australia, South Korea and Taiwan fell around a percent each, but China's Shanghai average rose 1.12%, extending a 1.33% rise in the previous session. According to an official statement released yesterday, the Chinese government will continue to expand domestic demand, consolidate the recovery in key industries and encourage companies to find new export markets.
On Wall Street, stocks moved up notably on Wednesday, as comforting comments regarding the interest rate environment from Federal Reserve Chairman Ben Bernanke helped to eclipse the day's far weaker than expected new home sales report. All the major averages closed firmly in positive territory, offsetting a majority of the week's earlier losses.
In remarks before the House Financial Services Committee, Bernanke restated that the Fed's key interest rates would remain low for an extended period but would be raised at an appropriate time to prevent inflation. The Fed chairman also stated that the recent discount rate hike was not intended to signal the beginning of tightening policy.
The Dow ended higher by 0.89%, the Nasdaq advanced 1.01% and the S&P 500 gained 0.97%. However, trading in the U.S index futures now suggest that the Dow index could fall by 56 points at the opening bell on Thursday.
Closer home, the number of unemployed people actively seeking work in France increased by 19,500 in January from the end of December, the Ministry of Economy, Industry and Employment reported on Wednesday. The number of active jobseekers totaled 2.66 million - the highest since July 2005.
In corporate news, Kraft Foods Inc. reported results under the Mix and Match Facility received between February 16 and February 23 to tender shares of the U.K.-based confectioner Cadbury Plc. Offshore drilling contractor Ensco International Plc. reported a 30% year-over-year drop in profit for the fourth quarter, as quarterly revenues declined 17% due to fall in fleet utilization.
Steel pipe products maker Tenaris S. A. reported that profit for the fourth quarter surged from last year, despite a drop in quarterly sales as the year-ago quarter was weighed down by significant other operating expenses.
Belgium's bank Dexia SA said it had posted a fourth-quarter net profit of 202 million euros versus a 2.60 billion euro loss in the year-ago period. The board of Spanish oil firm Repsol YPF SA approved a 19% cut in the company's gross dividend on 2009 earnings.
The European markets rose for the first time in three days on Wednesday after U.S. Federal Reserve Chairman Bernanke said interest rates would remain at very low levels.
The FTSEurofirst 300 index of pan-European blue chips closed 0.20% higher, while the narrower DJ Stoxx 50 index rose 0.34%. Around Europe, the U.K.'s FTSE 100 index advanced 0.52%, France's CAC 40 index gained 0.23% and Germany's DAX index added 0.20%.
by RTT Staff Writer
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