CHICAGO, April 15 (Xinhua) — Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad higher on Thursday, benefiting from renewed fears over the Greek debt crisis and upbeat data from China, though the rallied dollar limited its gains. Sliver rose slightly, but platinum dipped.

The most active gold contract for June delivery rose 0.7 U.S. dollars, to finish at 1,160.3 dollars per ounce.

The rumor that Greece may ask for aid from the EU and IMF as early as this month has underpinned investors\’ concerns that it has become increasingly difficult for Greece to borrow enough money from the market and the financial package as much as 45 billion euros offered by the EU and IMF over the weekend might not satisfy Greece\’s needs.

The concern over how Greece will pay its debt has helped increase the demand for gold for safe-haven purpose.

Meanwhile, the National Bureau of Statistics of China announced on Thursday that China\’s economy expanded 11.9 percent year on year in the first quarter, indicating a solid recovery, which has also boosted gold price as demand for gold from China was expected to double in the next decade, and helped dollar-denominated gold shrug off a rise in the dollar\’s value against euro and finish nearly steady.

May silver was up 1.8 cents to 18.433 dollars per ounce. July platinum dropped 7.9 dollars to 1,726.3 dollars an ounce.

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BEIJING, April 15 –Agricultural Bank of China (ABC) has selected five foreign investment banks to underwrite its long-awaited initial public offering (IPO) in Hong Kong after holding a \”beauty contest\” among potential candidates, a source familiar with the matter told China Daily on Wednesday.

The five banks that won the bid of ABC\’s H-share underwriting mandate are Goldman Sachs, UBS, Morgan Stanley, Deutsche Bank and Macquarie, according to the source.

JP Morgan is still in discussions with ABC and may also win a role, the source said. The bank declined to comment on the issue.

The selected banks might be paid an underwriting commission at the rate of 1.5 percent or 2.5 percent, but a final rate decision is still being negotiated with ABC as no underwriter would want to miss out on what could be the largest IPO in history, the source said.

ABC, the country\’s third-largest lender by assets, is the last State-owned bank to float shares. It is likely to raise around 22 billion U.S. dollars from the IPO in Shanghai and Hong Kong, surpassing the Industrial and Commercial Bank of China\’s IPO in 2006, which raised around 21.9 billion dollars.

The lender was still consulting with its underwriters on the best timing for the listing, the source said. Sources told China Daily earlier the bank is likely to launch the IPO in June or July.

Citic Securities and China International Capital Corp are the forerunners to underwrite ABC\’s Shanghai listing, according to Chinese media reports.

The lucrative underwriting mandate of ABC has attracted the interest of foreign investment banks that have spent the past three years lobbying to win a role in this mega IPO.

Foreign banking chiefs including Morgan Stanley Chairman John Mack and its CEO James Gorman have visited Beijing several times over the past three months.

Brian Moynihan, CEO of Bank of America Merrill Lynch, also paid a visit to Beijing last month.

Overseas underwriters are generally chosen for their experience in handling similar IPOs including those of ICBC and China Construction Bank, a source close to ABC said.

Eligible candidates are also required to be capable of introducing overseas funds and clients for investment and have a reasonable commission rate, the source said.

ABC\’s planned IPO was delayed on the regulator\’s concern about its weak asset quality and high ratio of non-performing loans as it has been largely providing financial services to rural areas and the agricultural sector.

But foreign bankers said investors are optimistic about the IPO\’s prospects as the bank may benefit from the government\’s policy to boost economic development in rural areas.

TOKYO, April 15 (Xinhua) — Japan\’s Nikkei Stock Average rose for a second consecutive day Thursday as export and tech-related issues got a boost from positive U.S. earnings reports that lifted Wall Street overnight and provided investors with increased hope that the global economic recovery is on track.

The 225-issue Nikkei Stock Average added 68.89 points, or 0.61 percent, from Wednesday to 11,273.79. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 7.80 points, or 0.79 percent, to 998.90.

According to brokers better-than-expected first-quarter net income data released by U.S. firms like global tech bellwether Intel Corp. and more recently by JPMorgan Chase & Co. lifted investor sentiment Thursday and coupled with strong macroeconomic data released by China after the morning session, spurred buying of a wide range of equities: from financials, to export-related issues and shares of firms with an exposure in Chinese markets.

\”There were some concerns earlier this week about earnings of U. S. financial companies, including JPMorgan, and the market is now receiving a lift after the actual report and strong gains in financial shares overnight,\” said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets.

JPMorgan Chase & Co., the second-biggest U.S. bank by assets, reported a 55 percent jump in first-quarter net income and further lifting market sentiment Thursday was Chinese government data showing the country\’s economy expanded 11.9 percent in the January to March period from a year earlier — the fastest pace in almost three years

\”The recovery in the world economy is not only being led by the U.S. but also by emerging economies,\” said one Tokyo-based equities strategist.

Pairing gains made by their U.S. peers Japan\’s megabanks held firm with top-lender Mitsubishi UFJ Financial Group Inc. gaining 1. 57 percent to 517 yen and Mizuho Financial Group Inc. adding 1.6 percent to 190 yen.

Meanwhile, Sumitomo Mitsui Financial group Inc. also closed in positive territory advancing 1.68 percent, or 55 yen, to close at 3,330 yen and local bank Shinsei Bank Ltd. was a particular bright spot on Thursday\’s Nikkei, soaring 8.87 percent to 135 yen.

Construction and mining equipment maker Komatsu Ltd., which counts China as its fastest-growing market, rose 1.73 percent to 1, 943 yen and Mitsubishi Heavy Industries Ltd. climbed 2.08 percent to 392 yen.

Kubota Corp., a maker of industrial farming machinery, leapt 3. 34 percent to 867 yen and Kawasaki Heavy Industries Ltd. closed strong, climbing 3.49 percent to 267 yen, following a report in the Japanese business daily Nikkei newspaper regarding Vietnam\’s approval for the firm to build a high-speed rail line in the country, utilizing Japan\’s shinkansen (bullet train) technology.

GS Yuasa Corp. climbed 2.8 percent to 688 yen after it said its joint venture with Mitsubishi Motors Corp. would spend 37.5 billion yen (402.2 million U.S. dollars) to build its third lithium ion battery plant in Japan, anticipating growing demand for electric vehicles.

NEW YORK, April 14 (Xinhua) — Wall Street surged on Wednesday, with the Dow Jones industrial average jumping three digits, as robust corporate earnings and better-than-expected economic data provided new evidence that U.S. economy is healing at a slow but steady pace.

The Dow Jones industrial average jumped 103.69, or 0.94 percent, to 11,123.11. The Standard & Poor\’s 500 index rose 13.35, or 1.12 percent, to 1,210.65 and the Nasdaq was up 38.87, or 1.58 percent, to 2,504.86.

The Dow\’s biggest gainer in percentage terms was J.P. Morgan, which jumped 4.05 percent to 47.73 dollars per share after the bank posted robust earnings.

J.P. Morgan Chase, the first among big banks to release first- quarter results, said on Wednesday that its net income rose 57 percent to 3.3 billion dollars in the first three months of the year as trading profits in its investment bank helped offset continued consumer credit losses.

Intel was also among the best performers in the Dow after its first-quarter results easily beat market expectations. According to its report, the chip maker recorded a net income of 2.4 billion dollars for the quarter, an increase of 288 percent compared to the first quarter a year ago. The company also said it plans to hire more than 1,000 employees this year, highlighting its optimism for the chip market.

The technology-heavy Nasdaq rose most in three major indexes, led by Apple Inc., whose share prices hit an all-time high during the session. Apple ended 1.34 percent higher at 245.69 dollars per share after the consumer electronics maker said it would delay the international debut of its iPad tablet computer because of heavy buying from U.S. consumers.

On economic news front, retail sales, reported by the Commerce Department on Wednesday morning, grew by 1.6 percent in March, the biggest gain in four months. The numbers were better than estimates, showing consumers were more willing to spend as the economy was improving.

Separately, the Labor Department said U.S. consumer prices edged up 0.1 percent in March, in line with expectations. The reading was consistent with Federal Reserve Chairman Ben Bernanke\’ s latest assessment that the slowdown in inflation is broad based and consumer prices were expected to remain subdued.

What\’s more, the Federal Reserve said in its Beige Book that the economy expanded \”somewhat\” across most of the United States in March as consumer spending and manufacturing improved, signaling the recovery is broadening without gaining much speed.

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NEW YORK, April 14 (Xinhua) — The U.S. stocks rallied across the board on Wednesday as upbeat corporate earnings and economic data lifted market sentiment.

S&P crossed the 1,200 level for the first time since September 2008, when the financial crisis began. Meanwhile, Dow logged triple-digit gains and Nasdaq rallied more than 1.5 percent.

Intel reported strong first-quarter results late Tuesday, which easily beat market expectations. According to its report, the chip maker recorded a net income of 2.4 billion dollars for the quarter, an increase of 288 percent compared to the first quarter a year ago. The company also said it plans to hire more than 1,000 employees this year, highlighting its optimism for the chip market.

J.P. Morgan Chase, the first among big banks to release first- quarter results, also posted robust earnings, saying there were strong signs the economy was stabilizing as fewer borrowers fall behind on their loans.

On economic news front, retail sales, reported by the Commerce Department on Wednesday morning, grew by 1.6 percent in March, the biggest gain in four months. The numbers were better than estimates, showing consumers were more willing to spend as the economy was improving.

Separately, the Labor Department said U.S. consumer prices edged up 0.1 percent in March, in line with expectations. The reading was consistent with Federal Reserve Chairman Ben Bernanke\’ s latest assessment that the slowdown in inflation is broad based and consumer prices were expected to remain subdued.

The Dow Jones industrial average jumped 103.69, or 0.94 percent, to 11,123.11. The Standard & Poor\’s 500 index rallied 13.35, or 1. 12 percent, to 1,210.65 and the Nasdaq gained 38.87, or 1.58 percent, to 2,504.86.

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HONG KONG, April 14 (Xinhua) — Hong Kong\’s Exchange Fund\’s foreign assets amounted to 1.93 trillion HK dollars in March, up 13.8 billion HK dollars from February, the Monetary Authority said on Wednesday.

The Monetary Base, comprising Certificates of Indebtedness, Government-issued currency notes and coins in circulation, the aggregate balance and Exchange Fund bills and notes issued, amounted to 1.0237 billion HK dollars.

Claims on the private sector amounted to 94.7 billion HK dollars. Foreign liabilities, representing mainly obligations under repurchase agreements, amounted to 400 million HK dollars. (7.75 HK dollars =1 U.S. dollar)

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BEIJING, April 14 (Xinhua) — China\’s Ministry of Finance (MOF) will float 20-year book-entry treasury bonds with a total par value of 28 billion yuan (4.1 billion U.S. dollars) Thursday, the ministry said.

The bonds will have a fixed annual interest of 3.96 percent, to be paid every April 15 and Oct. 15 until 2030, according to a statement released on the website of MOF Wednesday.

The statement gave no details on the number or denominations of the bonds.

Book-entry bonds are the bonds recorded in the investors\’ securities accounts called book entries. They can be traded on the open market, and their market prices can deviate from par value.

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BEIJING, April 14 (Xinhua) — Chinese equities rose slightly Wednesday with the benchmark gauge up 0.16 percent, led by non-ferrous metals and gold producers, but energy and real estate heavyweights corrected after Tuesday\’s gains.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,166.18 points, up 4.93 points.

The Shenzhen Component Index on the Shenzhen Stock Exchange closed at 12,557.7 points, up 45.8 points, or 0.37 percent, from the previous close.

Total turnover shrank to 248.5 billion yuan (36.4 billion U.S. dollars) from 339.3 billion yuan on the previous trading day.

Gainers outnumbered losers by 631 to 243 in Shanghai and 608 to 299 in Shenzhen.

Non-ferrous metals led the gains, with Zhongjin Gold Co., up 8.12 percent to end at 56.43 yuan per share and Shandong Gold Group Co. adding 4.63 percent to 79.51 yuan per share.

China is scheduled to announce a series of major economic data for the first quarter Thursday, including the Consumer Price Index (CPI), industrial output, retail sales and urban assets investment.

Inflation expectations pushed up agriculture related shares, with eight stocks growing by more than 4 percent.

Cement producers based in northwest China rallied after a 7.1-magnitude earthquake hit Qinghai Province early Wednesday. Xinjiang Tianshan Cement Co. added 6.58 percent to 25.93 yuan per share. Gansu Qilianshan Cement Group Co. rose 5.01 percent to 17.18 yuan per share.

Oil heavyweights slid despite a rise in gasoline and diesel prices, both by 320 yuan per tonne, from April 14. Sinopec, China\’s largest oil refiner, shed 0.43 percent to 11.54 yuan per share. PetroChina, the nation\’s biggest gas producer, was down 0.61 percent to 12.97 yuan.

Property developers dropped over concerns that the government would move to cool the real estate market. China\’s statistics authority said Wednesday home prices in major cities grew at a double-digit pace in March.

China Vanke, the nation\’s biggest property developer by market value, dipped 0.43 percent to 9.21 yuan per share, while Poly Real Estate Co., the second largest, slid 0.84 percent to 18.79 yuan.

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SEOUL, April 14 (Xinhua) — Global Appraiser Moody\’s on Wednesday revised up S. Korea\’s sovereign ratings by one notch to \’A1\’ as the nation demonstrated an \”exceptional level of economic resilience to the global crisis,\” the company said.

The appraiser has been keeping South Korea\’s rank at the sixth- highest grade of \”A2\” since July 2007, while keeping its outlook on the rating fixed at \”stable,\” the agency said in a statement.

\”The change has been prompted by Korea\’s demonstration of an exceptional level of economic resilience to the global crisis, while containing the government\’s budget deficit,\” Tom Byrne, a Moody\’s senior vice president, said in the statement.

\”The Korean economy is responding rapidly to the improving global economic environment, and the government has put in place supportive policy measures which should help sustain economic growth over time,\” he added.

The revision is the first time in a decade for South Korea to regain the level before the 1997-98 Asian Financial Crisis with Moody\’s being the start among the world\’s three major credit agencies to allow the recovery.

Moody\’s forecasted that the South Korean economy will expand 5 percent in 2010, saying that it will be able to achieve the outlook \”even as fiscal stimulus measures are wound down.\”

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Graphics shows European and U.S. stocks on April 13, 2010. (Xinhua/Ma Yan)

NEW YORK, April 13 (Xinhua) — U.S. stocks closed mostly higher on Tuesday on investors\’ expectation that companies will delivery strong first season earnings.

The Dow Jones industrial average, which ended above 11,000 for the first time in over 18 months on Monday, successfully defended the key level despite Alcoa\’s mixed result.

Alcoa, the first Dow\’s 30 components to report results, said after Monday\’s closing that its earnings excluding items merely met analysts\’ estimates while revenue came in weaker than expected.

But the stocks pared early losses and returned to positive area on Tuesday, as investors are still upbeat about coming earnings. Tech heavyweight Intel and railroad company CSX are expected to post results late Tuesday.

In economic data, the Commerce Department said the U.S. trade deficit rose 7.4 percent to 39.70 billion dollars in February from a revised 36.95 billion dollars the month before even as oil imports fell to their lowest level in 11 years. Analysts believe it signals a pickup in domestic demand as imports grew.

The Dow Jones industrial average rose 13.45, or 0.12 percent, to 11,019.42. The Standard & Poor\’s 500 index inched up 0.82, or 0. 07 percent, to 1,197.30 and the Nasdaq gained 8.12, or 0.33 percent, to 2,465.99.

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