Jan 20, 2014 at 13:24 o\clock

GLOBAL MARKETS-China cheer muted as Deutsche Bank sets European nerves jangling

Big losses for Germany's biggest bank meant European markets started the week on a sour note on Monday as slightly better than expected Chinese data still did not dispel an over-all air of caution.

Deutsche Bank reported a surprise pre-tax lack of 1.15 billion euros to the fourth quarter of 2013 on account of heavy costs for litigation, restructuring and balance sheet reduction.

Your banker was originally scheduled to report its results on Jan. 29, but opted to produce them early following your Wall Street Journal on Friday reported that your profit warning was possible.

Its shares opened down greater than 5 percent, dragging down bank stocks over the region as Germany's Dax, down 0.3 %, also led the region's report on losing bourses.

Liquidity was lacking with U.S. markets closed on Monday for a holiday. The Dow Jones index ended yesterday with a slim gain of 0.1 percent, as you move the S&P 500 lost 0.2 percent for your week.

In Asia, most share markets in your neighborhood had stayed at a negative balance the other day, with Tokyo off 0.5 percent, Sydney 0.3 % and Shanghai 0.5 percent, preparing a miserable month or so.

China's annual economic growth slowed a tick to 7.7 percent last quarter, which has been just ahead of market forecasts for 7.6 percent and a minimum of countered fears that monetary tightening might have caused a sharper pullback.

"The economy can be a somewhat more robust than people thought entering 2014," said Tim Condon, an economist at ING Group in Singapore.

"I had thought the monetary tightening in 2013 would pose a downside risk. The numbers reduce that downside risk."


Other data out of China was much in accordance with forecasts, with retail sales growing 13.6 percent in December coming from a year earlier, while industrial output rose 9.7 percent.

That resilience was considered a positive for Australia, given that China is its single biggest export market, and helped the Australian dollar clamber off a 3-year trough of $0.8756 to realize $0.8780.

Yet the Australian currency remains outside of favour, having shed 2.4 percent last week as a result of disappointing domestic data and sales of U.S. dollars and yen.

The yen was a student in favour again on Monday since the general mood of risk aversion led speculators to lessen on short positions, which has been a best selling trade for months now.

The financial institution of Japan holds its policy meeting on Tuesday and Wednesday which is expected to maintain its massive asset buying program.

The euro was particularly affected, dropping with a six-week low at one stage against both dollar along with the yen before steadying at $1.3545 and 141.03 yen respectively. The dollar eased to 104.11 yen from an early on 104.32.

A sovereign rating upgrade for euro zone bailout poster child Ireland helped make sure the recent rally in periphery debt rumbled on with big debts markets, though Deutsche's troubles darkened the mood.

The unexpected loss probably will compound the difficulties which may have dogged the bank within the last year, especially a lengthening set of lawsuits and regulatory matters, also to redouble pressure on co-chief executives Anshu Jain and Juergen Fitschen to prove their turnaround plan's on track.

The EU's quarterly earnings season shifts up a gear immediately. STOXX Europe 600 companies have emerged missing consensus by 0.4 percent on revenues by 0.9 percent on earnings, in line with StarMine SmartEstimates, which targets on the predictions from the most accurate analysts.


Among emerging markets, the Turkish lira touched a fresh record low on Monday like a corruption scandal and fading hopes for coverage reaction from your central bank to guide the battered currency weighed on markets.

Societe Generale strategist Kit Juckes said markets remained nervous around the affect under-pressure developing nations as the U.S. Fed scales back its stimulus this season, adding with regards to Turkey "trouble continues at mill".

In commodities, spot gold made a beginning push into a five-week peak of $1,259.46 an ounce, thanks simply to dicuss of strong physical demand from Asia. It had been last at $1,256.60.

Data in the Commodity Futures Trading Commission also showed on Friday that hedge funds and cash managers raised their bullish bets in silver and gold futures and options for still another week amid a decline in stocks.

Brent fossil oil for March delivery was off 10 cents at $106.38 a barrel, while U.S. crude fell 63 cents to $93.74. Having had its best week in almost annually a week ago, Nickel also dropped, falling 2.4 percent to $14,340.

Jan 20, 2014 at 13:12 o\clock

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