14 June 2012: Stocks rise, Nokia to shed 20% workforce

MarketsStocks rise further, Gold gets stronger: Reports that central banks from major economies were ready to provide liquidity after Greek elections boosted stocks. Further impetus was provided by the possibility of a further stimulus by the Fed in the US.
•    Stocks: FTSE All World gained 0.4%, as FTSE Eurofirst lost 0.3%; In Asia mood is bearish as FTSE Asia Pacific lost 0.4% and Tokyo’s Nikkei lost 0.2%; S&P 500 gained 1.1%; FTSE 100 has shed 0.3% to 5467
•    Currencies: Euro perks up 0.5% to $1.2629 against Dollar; Sterling against dollar is up 0.3% to $1.5556
•    Debt: The German Bunds slipped 1bp to 1.48% while US 10-years have gained 3bp to trade at 1.63%; Spain’s yields flirt with the dangerous 7% mark
•    Commodities: Brent Crude lost 0.16% to $96.97/barrel; Copper lost 0.1% today to sit at $3.34/pound; Gold is higher at $1624/ounce

Global Economy
•    EU plans incentives for Greece: The EU is sorting out some incentives for Greece’s new leaders to stick to the current bailout deal after the high profile elections on Sunday. The package will include further reduction in interest rates and longer repayment periods.


•    Nokia to shed 10000 jobs: Nokia sank to its lowest market level in 16 years after its second profit warning in 3 months. It has also been announced that Nokia will shed 10000 jobs globally


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