25 Feb 2013

Offshore markets

7:06 am on 25 February 2013

US investors face another deadline on government spending cuts this week, but it's not generating the same level of fear as two months ago when the fiscal cliff loomed large.

Investors in sectors most likely to be affected by the cuts, such as defense, seem untroubled that the budget talks could send stocks tumbling.

National elections in Italy could also affect market volatility this week.

The Dow Jones Index rose 120 points on Friday, or 0.8%, to 14,000. The Nasdaq Composite was up 30 points, or 1% , to 3,162

The FTSE 100 in London closed up 0.70%, the DAX in Frankfurt was up 1.03% and the CAC-40 in Paris was up 2.25%.

The Australian 200 Index rose 38 points, or 0.8%, to 5,018. The NZX 50 index closed up 44 points to 4,214.

At 7am on Monday, the New Zealand dollar was trading at 83.79 US cents, 81.19 Australian cents, 55.25 pence, 78.27 yen and 0.6351 euro. The Trade Weighted Index was at 76.53.

Brent crude oil was trading at $US114.88 per barrel and gold was trading at $US1580.09 cents per ounce.