The Nikkei 225 Index soared by 0.51% to close at 9,178.12 after a survey showed that China's PMI may have contracted at faster pace this month. Weak manufacturing activity in China is expected to force the country's government to ease its monetary policy. Japanese shares also received a boost from reports that the Fed is likely to implement easing measures
The Dow Jones Industrial Average Index lost 0.23% to end Wednesday's session at 13,172.76 despite speculation that the Fed will announce QE3 at the next meeting due on 12-13th September. Disappointing existing home sales data also added pressure on the US blue chips index. Only four in nine industries within the index climbed. Basic materials and oil and gas companies
US stocks were flat after the Fed hinted that it is likely to implement easing measures in the immediate future. Meanwhile, market participants remained cautious ahead of the meeting between Angela Merkel and Grancois Hollande due on Thursday. The S&P 500 Index added 0.02% to trade at 1,413.49. Only four in ten sectors included in the index rose. The biggest
Rural commodities apart from sugar retreated on Wednesday despite broadly softer greenback and hopes for monetary stimulus in the US. Meanwhile, market players continued to monitor weather conditions in India, Brazil, Russia and the US. Wheat halted its rally amid potential increase in Indian exports as surging global prices spurred demand for cheaper shipments from Asia. Corn futures declined on speculation
Energy commodities were bullish on Wednesday on brighter demand prospects as the Fed may launch monetary stimulus program in the nearest future. Moreover, a tropical storm threat in the Caribbean region created additional support for energy prices. Crude oil jumped after the Fed hinted on monetary easing. Adding to the gains of the commodity, US crude oil supplies dropped by 5.4
Base metals except for copper surged on Wednesday after the Fed announced it is likely to embark on stimulus measures in the nearest future. Easing concerns over the Eurozone's debt crisis also boosted the industrial metals. Aluminum rose on hopes for easing in the US. However, elevated inventory levels as well as weak investors' confidence weighted down on the light
Precious metals soared on Wednesday as the Fed hinted that stimulus measures are possible in the nearest future. Broadly softer US Dollar after weaker than expected existing home sales data also added to gains of the commodity group. Gold soared 1% on speculation that the Fed will announce QE3 at the next FOMC meeting due on 12-13th of September. However, soft
U.S. new-home purchases probably increased in July, a sign the industry is recovering. According to analysts' estimation, sales rose 4.3% to a 365,000 annual pace, as buyers are willing to benefit from record-low mortgage rates and cheaper properties. The Commerce Department will release the data shortly.
The South Pacific nation's currencies strengthened after minutes of the Fed's most recent policy meeting indicated officials favour more stimulus if the economy does not show signs of pickup. The Australian Dollar climbed 0.2% to $1.0505 after rising 0.4% to $1.0487 the previous day. The New Zealand Dollar gained 0.4% to 81.40 U.S cents, after a 0.3% strengthening the day
The Canadian Dollar fell for a second consecutive day against the U.S. Dollar after data showed Canadian retail sales declined in June 0.4% to C$38.7 billion, Statistics Canada reported. Other reports showed a decrease in employment, building permits and wholesale sales as well as slowing consumer-price increase. The Loonie lost 0.2% to 99.14 cents per U.S counterpart. One Canada's Dollar
Many Fed officials said additional measures will be required soon if the U.S. economy does not show signs of stable pickup, according to the minutes of the most recent FOMC's meeting. U.S. bonds and stocks increased as investors expect the central bank to launch a new large-scale asset purchase programme. The Fed Chairman Ben Bernanke will deliver a speech at
The U.S. Dollar fell against most of the major counterparts amid speculation the Fed will launch the third round of asset purchase programme, which would weaken the greenback further. The U.S. Dollar reached a seven-week low versus the Euro following the minutes of the FOMC meeting, which show many officials are in favour of additional stimulus to spur growth. The
According to Standard & Poor's, if Spain decides to request a full scale bailout, it will be unlikely to directly impact the country's credit rating as aid may help the nation continue fiscal reforms. Spain is currently rated BBB+ at S&P, which is 3 levels above non-investment grade. The nation has a BBB at Fitch Ratings and Baa3 at Moody's
China's manufacturing is expected to contract at faster pace in August, indicating more fiscal and monetary stimulus may be required. The preliminary reading for a purchasing managers' index was 47.8 following July's 49.3 figure. Export growth decreased to 1% in July from the previous year after an 11.3% increase in June, whereas lending and industrial output missed economists' expectations.
Greece's Prime Minister Antonis Samaras wants international lenders to give Greece more time to implement reforms and cuts that have been demanded as a condition for financial aid. The "troika" is to decide, whether Greece is to receive its next tranche worth 31.5bn euros in order to stay in the Eurozone and avoid default or not.
During last month, Obama spent almost $59 million through his main campaign account, what is $10 million more than he raised. The existing president has already spent $325 million, while President Bush has spent only $205.4 million in the 2004 election. By contrast, republican Mitt Romney fundraised by $25 million more, while spent only $165.3 million through his main campaign account.
The jobless rate in Norway remained unchanged at 3 per cent for a third consecutive month in June, the latest figures from Statistics Norway showed on Wednesday. While, the data met analysts' expectations, the number of employed people increased by 2,000. The employment rate was at a 69.4 per cent level in June, down 0.1 percentage points from the previous month.
U.S. stocks traded nearly flat, as traders are waiting for the results of today's Federal Reserve's policy meeting. The Dow Jones Industrial Average erased 0.04 per cent, the S&P 500 Index declined by 0.07 per cent, while the Nasdaq Composite Index lost 0.11 per cent. Moreover, disappointing data of existing home sales came out, with a rise of 2.3% to 4.47 million units, below expectations, which
On Wednesday, August 22, gold futures edged higher, and were trading near a three-month peak, as Greeks started negotiations with euro-zone financial ministers and creditors. Bullion inched 0.1% higher to $1,644.30 per ounce. Other precious metals were mostly higher on Wednesday, with October platinum jumping 1.1%, to $1,524 per ounce, September copper and palladium for the same month adding 0.12% and 0.78% respectively. In the
The Congressional Budget Office projected a $1.1 trillion federal budget deficit, or 7.3% of nation's GDP in fiscal 2012,. This is already the fourth straight year when the U.S. government's shortfall will exceed $1 trillion. Meanwhile, the new estimates are slightly lower than the predictions in March, when analysts expected a $1.2 trillion federal deficit.
German stocks dropped amid higher-than-expected trade deficit in Japan and before European leaders meetings this week. The DAX Index decreased 1% to 7,017.7, the biggest drop since Aug.2. Meanwhile, the gauge surged 17% from the year's lowest level on June 5 amid Mario Draghi's pledge to sustain the euro.
The Ruble declined against the U.S. Dollar first in three days after Brent crude fell and Japan posted wider-than-expected trade deficit, weakening demand for riskier assets. On Wednesday, the Ruble depreciated 0.4% against the Dollar to 31.8441 and slipped 0.4% versus the Euro to 39.7250, the lowest in three weeks.
Copper tumbled in New york after decreasing Japan's exports added signs of a global economic downturn, weakening prospects for demand. Shipments fell 8.1% on year, the Finance Ministry reported on Wednesday. December-delivery copper tumbled 0.3% to $3.449 per pound. Three-month contract slid 0.4% to 77580 per metric ton in London.
Canada's core retail sales decreased unexpectedly in June, Statistics Canada reported on Wednesday. Core retail sales, excluding automobile sales, slipped 0.4% in June from 0.4% gain in May. Analysts forecast a 0.3% rise. Total retail sales dropped 0.4% in June, compared to a 0.2% increase in May and expectations of 0.1% rise. Following the data USD/CAD surged 0.49% to 0.9940.