Global stocks are closing out 2013 sitting on sizable gains courtesy of super-easy monetary policies and an improving economic outlook, though some emerging markets have less to crow about as funds return to rich-world assets.
Stocksclosed mostly flat on Monday, with the Dow edging up to another record closing high and the S&P 500 index's advance stalling in response to light trading volume and weaker-than-forecast housing data.The benchmark S&P 500had climbed 3.7 percent over the previous two weeks, the index's best fortnight since July.
The dollar hovered within sight of a five-year high versus the yen on Tuesday and was on track for its biggest yearly percentage gain versus the Japanese currency in 34 years, having risen nearly 21 percent in 2013.The dollar last fetched about 104.93 yen, down 0.2 percent on the day and inching away from Monday's five-year high of 105.41 yen, the greenback's strongest level versus the yen since October 2008.
Business/ Stock news:
Cooper Tire & Rubber Co on Monday terminated its troubled $2.5-billion merger agreement with India's Apollo Tyres, which said it will take legal action against the US-based firm.
Trent Ltd is likely to continue to trade in the positive. The foreign investment promotion board has approved the UK-based retailerTesco Plc's proposal to purchase 50% stake inTrent Hypermarket Ltd.
Oil and Natural Gas Corp. Ltd(ONGC) expects to increase natural gas output from the Krishna Godavari basin by commissioning two more wells before August, reportsThe Hindu Business Line.
UK-based telecom player Vodafone's Rs 10,000 crore proposal to buy out minority shareholders in its Indian arm was on Monday approved by the FIPB. Vodafone's Rs 10,141 crore FDI proposal has been cleared, sources said after the meeting of Foreign Investment Promotion Board (FIPB).
The Reserve Bank of India has said that India's banking industry faces higher risks because of increasing bad loans and restructuring of debt by stressed corporate borrowers. Stubbornly high inflation, too, remains a major concern, the central bank said in its biannual financial stability report.
Painting an optimistic picture on the external front, the Reserve Bank has said the country is ready for the US Federal Reserve's tapering, and has pegged the current account deficit at below 3 per cent for this fiscal in its eighth Financial Stability Report.
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Updated Date: Dec 21, 2014 04:01:42 IST