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Gold rises and European stocks fall
16/12/2017 12:00 AM [rtl]With the dollar tumbling on concerns about US taxes Markets / Watching as gold rose in Asian trade on Friday heading for its first weekly gain in four weeks as the dollar fell on concerns about progress in US tax reform, European stocks fell in early trade on Friday Under the weight of disappointing news from HND and Ferragamo and continued weak performance of some banks. "The US dollar is weakening slightly and this is benefiting gold," said Ronald Loong, chief trader at Hong Kong's Lee Chiong Gold Trading. " At 0753 GMT the spot price of gold was up 0.3 percent at $ 1256.59 an ounce and the metal has gained less than 1 percent since the beginning the week. US gold futures rose 0.2 percent to $ 1259 an ounce. Investor confidence The dollar fell against the yen as investor confidence was affected by the ongoing debate over a draft amendment to the US tax law. Spot silver settled at $ 15.87 an ounce and platinum rose 0.4 percent to $ 881.80 an ounce. Palladium fell 0.1 percent to $ 1031.99. Poor performance European shares fell in early trade on Friday, weighed down by disappointing news from fashion firms HNM and Veragamu and continued weak performance of some banks. On the other hand, telecoms shares rose after Tele 2 agreed to sell its Dutch unit to Deutsche Telekom. By 0826 GMT, the Stoxx 600 European index was down 0.2 percent and the leading index in the euro area, while the British Financial Times dropped 0.1 percent. Sudden decline Shares in HNDM shed 12 percent, leading losses on Stokes after the Swedish fashion sales company reported a surprise drop in quarterly sales due to a drop in the number of visitors to its flagship stores . Ferragamo fell 7.3 percent after Italy's luxury maker said it could not confirm its goals for the next three years and 2018 would be another transition year . Interest rates and bank shares pushed the European index lower as others continued to pressure on the sector a day after the European Central Bank and the Bank of England kept key interest rates unchanged. The telecoms index, Europe's worst performer this year, rose 0.2 percent. Tele 2 jumped more than 4 percent after agreeing to sell its Dutch business to Deutsche Telekom.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=149334 [/rtl] |
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