Oil advanced in New York as a report showed China's manufacturing may accelerate this month. Crude for January settlement rose as much as 71 cents to $86.60 a barrel and traded $86.57 as of 1:33 p.m. in Singapore. The contract declined 88 cents to $85.89 a day earlier. Brent for January delivery gained 49 cents to $108.40 a barrel, while
Asian stocks fluctuated as report showed Chinese manufacturing may expand this month and as Japan's business confidence fell. The MSCI Asia Pacific was at 127.17 at 2:40 p.m. in Tokyo, swinging between gains of 0.1% and losses of 0.3%. Japan's Nikkei 225 Stock Average fluctuated on prospects the opposition party will win the elections this weekend and urge the central
The South Korea's Won was set for the biggest weekly advance in 3 months on speculation investors will prefer the country's assets as the Fed extends its asset purchases, thus increasing supply of greenback. The Won rose 0.8% this week to 1,073.45 per U.S. Dollar, the most since September 14. One-month implied volatility increased 3 basis points, or 0.03%, to
The South Pacific currencies strengthened, trimming earlier losses, as a report showed China's manufacturing might rise at a faster pace, increasing trade prospects. The Aussie rose 0.1% to $1.0544 at 4:32 p.m. in Sydney, after earlier falling 0.2%, and added 0.4% to 88.45 yen, after fetching 88.47, the strongest since March. The kiwi gained 0.2% to 81.46 U.S. cents from
Japan's currency weakened to the lowest level since March versus the U.S. Dollar on speculation the Liberal Democratic Party will win the elections this weekend and force the BOJ to extend its monetary easing. The Japanese Yen fetched 83.93 per greenback, the weakest since March 21, before declining 0.3% to 83.91 from yesterday. It lost 0.4% to 109.81 per Euro
European shares dropped from their highest level in 18 months, after Ben S. Bernanke's announced that a budget deal is needed to avert the "the fiscal cliff". Experts expressed opinion that interest rates have already been lowered and more monetary stimulus would only have marginal effect. The U.K. FTSE decreased 0.12%, or 7.29 points to 5,938.73, being one from 11
The German shares erased their earlier gains after the Chairman of Federal Reserve said the approved plan to purchase $45 billion a month Treasury securities will not resolve the "fiscal cliff ", as no progress has been made in reaching the U.S. budget deal.The German DAX index lost 0.27%, or 20.25 points, to 7,594.26 by 15:25 GMT. The index has
Finance ministers of the Eurozone approved a second bailout installment to the debt-burden Greek economy as the country completed its debt buyback plan in Brussels meeting on Thursday. The European Financial Stability Facility is to release the aid of 49.1 billion euro in several tranches, when the first one of 34.3 billion euro is to be sent in the next few days,
Hong Kong shares slightly decreased, halting a further rally on rising concerns over the so called "fiscal cliff". However, foreign investors are showing more interest into Hong Kong's stocks amid speculation Chinese economy is recovering, as recent data show positive signs. The Hang Seng index fell 0.26%, or 57.77 points, to 22,445.58, even though shares listed in China outperformed the
Asian stocks gained on the rally of Japanese exporters as the yen depreciated to almost nine-month low against the dollar. The currency dropped on optimism Shinzo Abe will win the election on December 16. Experts say the current economic state and the overall environment is quite supportive for Asian stocks.The Japanese Nikkei 225 Stock Average gained 1.68%, or 161.27 to
Ben Bernanke, chairman of the Federal Reserves Bank, announced yesterday an additional stimulus tool by purchasing $45 billion treasuries every month, expecting that would help to boost economic growth, but pushing the Fed's balance sheet from $2.86 trillion to $4 trillion by the end of next year. Also, Bernanke said that the key interest rate will stay unchanged until the
The Won, South Korea's domestic currency, increased for a fifth day, as the price increased by 0.2% to 1,073.03 against the Dollar in Seoul trading session on Thursday. The Won experiences the longest streak of gains since October, as the U.S. governors fail to reach a deal on the budget and Fed announced an expansion of the monetary easing program
Spot gold price dropped by 1% to $1,694.35 an ounce in the beginning of Asian trading hours on Thursday. Gold slipped to a one week low after a recent rally as the price reached the highest price this month. Investors sell this precious metal on the news from U.S. lawmakers, as they face difficulties to reach a deal on U.S.
Crude oil futures for January settlement were 39 cents lower to $86.68 a barrel on the New York Mercantile Exchange during Singapore trading session on Thursday. Oil slipped from a one-week high, as U.S. lawmakers are unable to find an agreement on the next year budget, what increases concerns that the U.S. will experience spending cuts and tax increases, also
The Euro Stoxx 50 Index futures increased by 0.3% to 2,637 points in early London trading session on Thursday. Stock futures indicate that the Stoxx 600 Index will prolong its 18-month high, as yesterday the Federal Reserve Bank announced that it will buy treasury securities for $45 billion every month, in order to boost the domestic economy and reduce the
The MSCI Asia Pacific Index increased by 0.3% to 127.3 points in the end of Tokyo trading session on Thursday. Asian benchmark extends its the longest winning streak in last three years. Stock indexes were up, due to advanced Japanese exporters, which face better opportunities to trade as the Yen depreciates and already touched a nine-month low against the Dollar.
Farm commodities plunged on Wednesday despite improved demand for riskier assets after the Fed announced additional stimulus measures. However, weak demand for US grains and rising production of softs in South America and China offset optimism over US economy, sending rural commodities lower.Wheat dipped after the USDA cut its outlook on US wheat exports in 2012-13, citing tough competition on
The Yen slipped to 83.67 versus the Dollar in early London trading session on Thursday. Japanese currency slipped more than 1% this week and dropped for the lowest level since 21st of March. Investors trade the Yen with negative sentiments on speculations that the Central Bank of Japan will expand monetary easing program after the election this weekend. Currently, the
Shanghai Composite Index slipped by 1% to 2,061.48 points in the end of Asian trading session on Thursday. That was the biggest decline since 3rd of December, as decreasing metal prices damage material producers and diminishing investor interest in the equity market pushed brokerages down. Direction of stock indexes is unclear, as investors have doubts about the sustainability of the
Energy futures except for natural gas rallied on Wednesday after the Fed expanded its asset purchasing program to USD45 billion a month. Moreover, the International Energy Agency raised its oil demand forecast for 2013 to 90.5 million barrels per day. However, an unexpected increase in the US crude oil supplies last week created notable pressure on energy prices. Meanwhile, the
Industrial metals, excluding nickel, jumped on Wednesday on brighter demand outlook in the US, China and the Eurozone. The Fed announced additional easing measures and linked interest rates to unemployment and inflation. Meanwhile, Eurozone's finance ministers agreed on banking union that may help to ease debt pressure in the region. However, elevated inventory levels at LME and weak data from
The U.S. Blue chips inched lower as the Fed's plan to buy $45 billion a month of Treasury securities needs to be supported by a budget deal to halt the "fiscal cliff". The president aims to reach a deal with Republicans , by lowering his tax increases' demand from $ 1.6 trillion on Tuesday to $1.4 trillion yesterday. However, the
The U.S. shares erased their earlier gains after Fed Chairman stated the monetary stimulus alone cannot avert the so called "fiscal cliff" effects of automatic tax hikes and spending cuts set to come into force next year. Investors now focus on the progress of budget talks in Washington. The S&P's 500 Index advanced less than 0.1% to 1,428.48 bouncing back
Precious metals apart from platinum moved higher after the Fed announced additional easing measures and set a threshold for record low interest rates. Rates will remain low as long as unemployment stays above 6.5% and inflation is not higher than 2.5%. However, the effect of FOMC comments was limited as the markets has already priced in Fed policy easing. Meanwhile,