NEWS U.S. stocks closed lower on Monday in choppy trade as worries over emerging-markets currencies unsettled investors.Upbeat earnings and forecast from Caterpillar Inc. helped lift the Dow Jones Industrial Average earlier in the session, but the index reversed the gains by the end of the day. Asia’s benchmark stock index swung between gains and losses before the Federal Reserve meets to discuss a further reduction in stimulus and as profit growth at China’s industrial companies slowed. Sales of new single-family homes fell in December, but the whole of 2013 saw the highest sales level in five years, the government reported Monday. Sales of new single-family homes dropped 7% in December to a seasonally adjusted annual rate of 414,000, the U.S. Commerce Department reported . Business sentiment in Germany improved for a third month in a row in January, data showed on Monday, signaling that Europes largest economy is on track to see stronger growth in 2014. The Ifo Business Climate Index rose to 110.6 in January, up from 109.5 in December, climbing to the highest level since July 2011 and beating analyst expectations of 110.04. Assessments of the current business situation in Germany also improved and rose to the strongest level since June 2012 at 112.4. Gold futures on Monday logged their first loss in three sessions, but finished above the day’s lows as a generally weaker U.S. stock market helped support demand for the precious metal. Copper futures fell Monday as investors bet that data showing a slowdown in Chinese manufacturing and U.S. home sales would limit demand. Copper prices have slumped 2.3% since data released last week showed Chinas manufacturing sector contracted last month, the latest in a string of mixed readings on the health of the largest copper user. Nickel prices on the London Metal Exchange underperformed other base metals Monday as market watchers continued to speculate over the future of an ore export ban in Indonesia, and the actual impact the regulation may have on the market. Other base metals were mixed in choppy trading, with prices under pressure as globally assets that suffer from heightened risk-aversion in markets fell.
Posted on: Tue, 28 Jan 2014 04:59:06 +0000
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