Farm commodities except for wheat declined on Wednesday amid talks rains improved crop conditions in the US Great Plains. Furthermore, concerns over global supply glut weighed on softs. Wheat was the only rural commodity to post gains amid talks that cheaper prices will encourage livestock producers to use wheat instead of corn. Wheat also received a boost after Iraq issued
Energy futures apart from natural gas ended Wednesday's session in the negative area after bearish EIA inventory report. Adding pressure, South Sudan and Sudan agreed to allow companies to resume oil shipments through the Red Sea within two weeks. Crude and Brent oil dropped after the EIA report showed that US stockpiles rose more than expected last week. US inventories
Industrial metals dropped on Wednesday despite better-than-expected data on the US retail sales. However, signs that China's manufacturing activity is slowing coupled with rising China's production of base metals pushed the commodity complex lower. Aluminum was the top-loser despite China's plans to buy the metal for government's stocks. China's State Reserves Bureau issued a tender to buy 300,000 tonnes of aluminum.
Precious metals were bearish on Wednesday after upbeat US data raised concerns that the US economy is on solid footing. A recovery of the US economy will mean end of the Fed's easing activities that are supportive for precious metals. However, losses were limited by hopes the ECB and BOJ will provide additional monetary stimulus. Gold retreated from a two-week high
Unemployment in South Korea increased in the month of February reaching its highest level in one year after more university graduates entered the labour market, the Statistics Korea reported on Wednesday. The report showed the unemployment rate moved up from January's level of 3.2% to 3.5% recorded in February, while the total number of unemployed people increased to 990,000.
German shares slightly increased, as gains were capped by data on the industrial production in the Euro-area that edged lower and underperformed the estimates. However, optimism on the U.S. economy was raised as U.S. retail sales rose more-than-expected in February. Four out of nine sectors edged higher. Beiersdorf AG rallied 1.2% to 69.28 euros after earlier trading at 69.65 euros.
U.K. stocks tumbled from their highest level in five years as industrial output in the Eurozone dropped more than estimated and borrowing costs rose in the Italy's first bond auction after the nation's credit rating downgrade the last week. The FTSE 100 Index dropped 0.7%, or 46.97 points, to 6,465.16. All but one group in the index declined at least
World share prices dropped together with the Eurozone's currency on Wednesday after the Italian bond auction brought the highest yield of the country's bonds since December 2012 and as the Eurozone's factory production recorded a sharp decrease in January. The MSCI's world equity index decreased 0.39% and closed at its lowest level in February at 359.33.
The British pound appreciated the most in a two-week period against the Euro and the U.S. Dollar on the possibility that the country's government might delay with its decision to start the next round of quantitative easing in order to boost the economy. The Sterling rose 0.9% to 86.71 per Euro recording its biggest gain in one day, it also
The U.S. dollar edged higher against the Eurozone's currency on Wednesday hitting its highest level in three months after a report showed a notable increase of retail sales in the U.S. suggesting that the world's largest economy is improving. The U.S. Dollar added 0.8% to $1.2934 against the Euro earlier Wednesday session in New York, its strongest level since December
The Mexican currency appreciated for the fifth successive session on Wednesday after a report showed that U.S. retail sales advanced significantly in the month of February adding to an investors' optimism about the outlook for Mexico's economy. The Mexican peso accelerated 0.4% to 12.3955 per U.S. Dollar touching its highest level in 18 months after it has added more than
Import prices of the world's largest economy accelerated more than economists projected in February mainly due to a notable gain in fuel import prices, a report released by the Labor Department showed on Wednesday. The reports said that import prices advanced 1.1% in February compared to a 0.6% increase preliminary estimated, while in December they recorded a 0.6% gain.
U.S. business inventories rose more than experts initially forecast in January led by the increase of retailers and merchant wholesalers' inventories adding 1.5% and 1.2% respectively, the Commerce Department showed in a report on Wednesday. The country's business inventories surged 1.0% in the first month of 2013 after a 0.3% gain in December.
Consumer prices in the U.S. advanced notably above economists' predictions in the month of February partly due to a 1.1% jump of motor vehicle and parts dealers sales the same month, the Commerce Department reported on Wednesday. U.S. retail sales increased 1.1% in February following a 0.2% rise the month before, while it was forecast to gain only 0.5% in
Japanese stocks extended their losses for a second straight day on concerns the market is too overheated after the Nikkei rising to its highest level in more than four years. The Nikkei 225 Index dropped 0.6% to 12,239.66 at its close. Most of the groups in the index declined with consumer services and utility shares falling the most by 1.5%
Hong Kong equities retreated for a third consecutive day as Chinese developers and lenders slumped. The Hang Seng Index tumbled 1.5% to close at 22,556.65. All sectors in the gauge declined with basic materials posting the biggest losses on Hang Seng. Li & Fung Ltd was the only company posting gains, as its shares jumped 0.2% to HK$10.96 to cap
A survey by Westpac and Melbourne Institute revealed on Wednesday that consumer sentiment among Australians inched up by 2% this month, reaching a level of 110.5, compared to a figure of 108.3 in the preceding month. The March's level is the highest since December 2010 and is considered to be a result of interest rate cuts.
During Friday's trading session the pair sharply dropped to the weekly PP level at 1.0209, but today the pair has already regained its position and even surged above the 20-day SMA, which is currently located at 1.0257.
On Wednesday, Italy witnessed an increase in its borrowing costs, as it was selling its sovereign debt. Yields of 15-year government bonds grew to a level of 4.90%, compared to 4.55% during a similar auction last month. Italian Treasury managed to sell bonds worth 2 billion euros, which was the maximum target for the auction.
On Wednesday, crude oil was edging up during European morning trading hours, as investors were awaiting an oil inventory data by the U.S. Energy Information Administration later in the day. WTI crude added 0.29% to trade at $92.81 a barrel at 11:02 a.m. London time, while Brent experienced a lower gain of only 0.05% and was traded at $109.71.
On Wednesday, European equity experienced a decline after Italy witnessed an increase in its borrowing costs. Euro Stoxx 50 lost 0.53%, being traded at 2,697.47 at 11:22 a.m. London time. The steepest decline was witnessed by Enel, an Italian energy company, which shares lost 6%, following the announcement of tumbling earnings.
On Wednesday, futures for gold were stable during European morning trading session, as investors were focused on an upcoming auction of debt of the Italian government. On the Comex, April delivery futures of the precious metal were traded at $1,591.30 per troy ounce, which was almost unchanged for that day.
Statistical office Insee revealed on Wedensday that employment of French non-farm sector declined in the last quarter of 2012. The employee number in non-farm sector fell by 0.3% during that quarter and was equal to 15.96 million in absolute terms. The decline is unchanged from the preceding quarter, when it was also equal to 0.3%.
Statistical office Insee reported on Wednesday that EU harmonized inflation of France decreased to the lowest level since December 2009. HICP declined to 1.2% on an annual basis last month, compared to a reading of 1.4% in the preceding month. Month-over-month, the inflation was equal to 0.3% in February, while the figure for January was 0.6%.