Rural commodities mostly retreated from recent highs on Friday as weather conditions are likely to improve in the US.Wheat was the top-loser after AccuWeather reported that temperatures in the US are expected to decrease in the next days. Cooler weather is likely to boost crop prospects in the country.Corn retreated from the nine-month high as exports demand started to slow
Energy commodities declined on Friday on rallying greenback and persistent demand concerns. US economic data continued to disappoint, with US non-farm payrolls growing less than expected in June and services sector's weakening.Crude oil futures decreased on sentiment that US economy is stagnating thus pressurizing energy demand of the world's largest economy.Brent oil followed bearish trend on demand worries. However, supply
Industry metals ended the week on a negative note as weak manufacturing activity worldwide and rising bond yields in peripheral countries of the Eurozone both weighted down on the base metals pack. Aluminum lost 2.52% at LME amid deteriorating investors' confidence and weak global equities. Copper traded lower on Friday on stronger US Dollar and escalating concerns over the global
Precious metals dropped on Friday after rising in the beginning of the week ahead of the ECB key interest rate decision. However, profit booking after benchmark interest rate cut sent the commodity pack lower.Gold was pressured by strengthening US Dollar and fading stimulus from more accommodative policies of the ECB and PBoC. Silver slipped on volatile world's equities. Moreover, analysts
Lower-than-expected number of new jobs in June will force the Federal Reserve System to hold its benchmark interest rate close to zero till the second half of 2015, said Goldman Sachs Group Inc. and Bank of America Corp., two of the 21 biggest central bank's dealers. According to Goldman Sachs' chief economist, Jan Hatzius, Fed's earlier commitment to keep the
The Euro has lost in value against the greenback, trading at USD 1.23 on Friday and depreciating by 0.9%. On July 5 the ECB lowered the interest rates to 0.75% and there has been a relatively few new jobs created in June in the U.S.A. - only 80K, thus spurring demand for a safe haven currency.
Greece's recently formed by a new coalition cabinet of ministers has managed to win support of the parliament by collecting all the votes of ruling parties' MPs. Ministers of Eurozone has to get togather in Brussels to decide how to implement actions agreed in June at a summit. Spain and Italy want to fulfill June's measures as quickly as possible
The MXAP, Asia-Pacific index, decreased by 1.5%, being the largest loss in a month. Japanese machinery orders lost 14.8% in May 2012 and have not yet recovered, which in turn has led to reduction in government bonds' yields; the five-year bond interest dropped to 0.19% - the lowest value since 2003.
Chinese inflation in June has fallen to 2.2% giving policymakers more opportunities to boost economic growth amid global downturn. According to China's statistics bureau, inflation is below the target of 4% and down from May's 3%. Lower food prices is the main factor causing inflation to decelerate. Prices for pork particularly lost 12.2% from the previous year.
The gross domestic product in North Korea has grown in 2011 due to a rise in constructions by 4% and an improvement in agriculture. The Bank of Korea approximates the boost to be an 0.8% last year, after an 0.5% decrease in 2010. The data made public in a report of the BoK shows that since 2006 this is the
Japan's budget might encounter shortfall of cash by the end of October 2012. The year started with the budget of JPY 90.3 trillion while government spending is forecast to be at JPY 43.9 trillion till September, a portion of money will be collected as tax revenues. Though the bill of JPY 38.3 trillion is required to cover the expenditures, currently the decision of
By the end of June 2012 the amount of foreign currency reserves at the SNB was equal to CHF 364.9 billions. Since May 2012, when the reserves were equal to CHF 305.9 billions, the amount had increased by CHF 59 billions. Swiss government intends to keep the Franc below rate of CHF 1.20 per EUR. Currently reserves are equal to 66% of GDP, whereas
Data for June has shown that the amount of non-farm payrolls jobs increased by 90 000 which is 21 000 more than in May. Even though Barack Obama's bids during presidential re-elections in autumn were higher, unemployment is at an elevated level of 8.2% which means the Federal Reserve should consider economy stimulating actions, such as lowering borrowing costs, to encourage employers to increase hiring.
Eurozone currency fell by 0.1% to USD 1.2386 on Friday, 6 July. The total decline for this week is 2.2% which is the largest slide since December 16. Moreover, the Euro depreciated 0.1% against the Yen. Current trading rate is JPY 98.97 per EUR, though the US Dollar remained stable and did not change significantly - trading at JPY 79.90 per one unit.
Precious metals fell on Thursday as monetary easing measures over the world failed to provide sufficient support for the commodity group. Gold declined despite long-awaited global easing measures. The yellow metal continued to move in tandem with the macroeconomic headlines from the US hence positive jobless claims data created strong pressure on the commodity. Silver dropped on weaker global equities and
Energy markets were mostly higher on Thursday on persistent supply concerns and potential increase in demand after the ECB and PBOC reduced interest rates. Crude oil was the only loser as stronger US Dollar and pessimistic US services sector data both weighted on the commodity price. Brent oil approached five-week high amid concerns that continuous oil workers' strikes in Norway and Iranian
Hong Kong equities faced a choppy session on Friday as unexpected China's interest rate cut signaled weaker than expected outlook for national economy. Hang Seng Index traded close to flat giving up 0.04% and closing at 19,792.08. Financials declined on rate cuts while some car makers and real estate companies surged on hopes that the rate reduction would stimulate their
Farm commodities were mixed on Thursday, balancing between expectations for better weather conditions in Brazil and persistent drought in the US. Wheat rallied as hot and dry weather in the US continued to weight on the crop prospects. Moreover, easing measures across the globe are likely to spur demand. Corn soared to nine-month high as US drought continued to limit output. However,
Industry metals responded positively to global easing policies on Thursday but appreciating US Dollar finally outweighed central bank's stimulus and sent the commodity pack lower. Aluminum fell by 2% amid stronger greenback on Thursday; however, expectations for improving demand after the ECB and PBOC eased their monetary policies may support the metal in the nearest term. Copper price decreased despite
Japanese shares depreciated on Friday as Chinese and European rate cuts failed to convince investors about soon improvements in global economy. Nikkei 225 index fell 0.65% or 59.05 points and finished at 9,020.75. J Front Retailing surged 1.5% after the company announced it is working on launching a tender to acquire controlling stake in shopping-centre operator Parco. Shipping giant Kawasaki
German DAX Index declined on Friday, falling by 0.1% at the time of writing. Shares declined despite easing measures by the ECB; the bank cut its core interest rate from 1% to 0.75%. Even larger than expected increase in German industrial production failed to lift stock markets. At the moment, market players are cautious ahead of the key US data
Dow Jones Industrial Average Index traded lower on Thursday on speculation that US consumers spent less than expected last month and Chinese economy may be experiencing worse slowdown than earlier predicted. Blue chip index dropped 0.36% or 47.15 points and closed at 12,896.67. Banks led the loss for the index after ECB lowered is key rate by quarter point and
FTSE 100 Index dropped by 0.1% on Friday to trade at 5690.50 at the time of writing. Negative producer prices data weighted down on the UK stock markets. At the same time, recent ECB's cut of the benchmark interest rate failed to provide support for the equities. Aviva was the top-performer, soaring by 2.95%, on news that the insurance firm
S&P 500 index breached its three day gains on Thursday as investors considered that recent ECB interest rate cut would have a minor impact on Eurozone's economy. Moreover, traders awaited US jobs report due on Friday. US benchmark slipped 0.5% or 6.44 points to 1,367.58. Netflix Inc rallied 13% after the analyst reported firm's online audience outperforms cable and TV