Asian stocks dropped as the OECD said failure to avoid the fiscal cliff would increase risks of global recession. The MSCI Asia Pacific Index lost 0.5% to 123.12. Japan's Nikkei 225 Stock Average declined 0.8% and South Korea's Kospi Index slid 0.9%. Australia's S&P/ASX 200 Index fell 0.8%, the Shanghai Composite Index slipped 0.7% and Hong Kong's Hang Seng dropped
Farm commodities climbed on Tuesday on concerns over South American crop conditions. Telvent DTN, weather services provider, reported that storms are expected later this week that may delay corn harvesting in Argentina and Brazil. However, solid greenback capped gains of the commodity group.Wheat soared the most in eight weeks after the USDA announced that conditions of winter varieties deteriorated further
Energy futures apart from natural gas slumped ahead of the US inventory report due on Wednesday. Broadly stronger US Dollar and mounting worries over forthcoming fiscal battles in the US weighted on the commodity group. However, better-than-expected figures from the US and Eurozone limited the downward trend.Crude oil tanked as long-waited Greek bailout deal was outweighed by renewed concerns over
The Australian Dollar stayed lower after a decline yesterday on speculation data tomorrow will reveal a stagnant capital expenditure growth, clouding the outlook for the nation's economy and the Aussie. Australia's Dollar bought $1.0447 after dropping 0.2% yesterday to $1.0446. It fell 0.4% to 85.50 yen. The New Zealand Dollar touched 82.10 U.S. cents from 82.03 and traded at 67.19
Industrial metals were bullish on Tuesday after Eurozone's finance ministers and the IMF agreed to release urgently needed Greek bailout tranche. Positive economic data from the Eurozone and US also spurred a rally of base metals. Capping the upswing, the US Dollar appreciated against its major counterparts despite renewed concerns over looming fiscal cliff in the US.Aluminum advanced for the
Precious metals except for palladium dipped on Tuesday amid solid greenback and mixed global equities. Adding pressure on the commodity group, optimism over Greece was offset by lingering worries over the US fiscal cliff. Upbeat US data and fading stimulus hopes in China also weighed on precious metals.Gold was the top-loser on broadly stronger US Dollar. However, gold may seek
The Japanese Yen strengthened versus its major counterparts as Asian stocks fell and U.S. officials struggle to reach agreement on the U.S. budget, boosting demand for haven assets. The Yen reached 81.72 per U.S. Dollar, the highest level since November 21, before trading at 81.82. The Euro fell 0.6% to 105.71 yen and has dropped 1.1% this week.
Tiff Macklem, Senior Deputy Governor of the Bank of Canada is considered to be the main candidate to succeed Mark Carney, current head of Canadian central bank, as the latter was appointed as a head of the Bank of England. Carney will take the office in July, more than 1.5 year before the end of his seven-year term, and will
German stocks advanced on Tuesday, boosted by long-awaited decision to release the next tranche of Greek bailout. Moreover, positive data from the US supported German blue chips. The DAX Index rose 0.29% and is currently trading at 7,312.91. Six out of nine sectors within the index moved higher. Health care and financial sectors were the top-performers. Fresenius SE and Fresenius
UK equities moved higher on stronger demand for riskier assets after Eurozone's finance ministers and the IMF agreed to release the next part of Greek bailout. Meanwhile, market sentiment was also supported by news that the UK GDP expanded by 1% in Q3, unchanged from the initial estimate. Positive data from the US also lifted UK blue chips. US durable
Soybeans advanced to the highest in two weeks in Chicago amid speculation that bad weather conditions in South America will restrain production. Brazil's planted soybean crop is 7% less than in 2011, while in Argentina only 37% of the crop was planted, 14% less than last year. The contract for January-delivery soybeans gained 0.7% and was settled at $14.3525 a
The Pound strengthened against the Euro for the first time since Friday amid concerns that European Union finance ministers' decision to ease Greece bailout terms will not solve debt crisis. The U.K. currency appreciated 0.1% and traded at 80.84 pence per Euro, following a decline to 81.14 pence, a five-week low. The Pound also gained against 14 of its 16
Hong Kong stocks fell on Tuesday despite growing optimism over the Eurozone after finance ministers and the IMF reached a consensus over urgently needed Greek bailout tranche. Moreover, China's industrial profits soared by annualized 20.5% in October, lifting Chinese stocks. However, fading hopes that China will ease its prudent monetary policy weighted on Hong Kong blue chips. Only three in
Japanese shares advanced on Tuesday on optimism over the Eurozone. Eurozone's finance ministers and the IMF agreed on releasing the next Greek bailout installment to keep the country afloat. Moreover, Japan's stocks found support on mounting hopes that opposition party, which is in favor of more aggressive monetary measures, will win next month election. The Nikkei 225 Index climbed 0.37%
Dow slid on Monday amid lingering concerns over the Eurozone. Eurozone's finance ministers met to decide on Greek bailout installment on Monday. Adding to losses of the US blue chips, market players remained cautious ahead of US consumer confidence data and Ben Bernanke speech due on Tuesday. The Dow Jones Industrial Average Index lost 0.33% to close at 12,967.37. Only
US stocks inched down on Monday as traders were cautious ahead of the Greek bailout deal. Persistent worries over looming US fiscal cliff also continued to weight on US stocks. However, market sentiment remained well-supported as investors hope that consumers will spend more this month. The S&P 500 Index eased down 0.2% to close at 1,406.29. Only two in ten
The National Bureau of Statistics showed on Tuesday that profits in Chinese industrial sector witnessed a sharp increase, which added to signs of improvements in the economy. The net profits increased by 20.5% on an annual basis, reaching a level of CNY 500.1 billion last month. The previous month reading was equal to 7.8%.
The Reserve Bank of New Zealand revealed on Tuesday that expectations of inflation decreased in Q4. The median 2-year ahead expectations dropped to a level of 2.3% compared to a reading of 2.5% in the preceding quarter. The mean 1-year ahead expectations declined to 1.77% from a level of 1.98% during the previous quarter.
The Bank of Japan reported on Tuesday that the index which measures corporate service prices fell by 0.7% on an annual basis last month. Economists, however, expected that the index would experience a more moderate decrease of 0.6% in October. Month over month, the index was down 0.1% compared to a flat reading in the preceding month.
Demand for capital goods surged the most in the former five months in October, indicating the U.S. companies regain their trust in the nation's economy. Data released by the Commerce Department showed that non-defense capital goods orders, except for aircraft, added 1.7% in the previous month, whereas bookings for durable goods stayed little changed, yet exceeding the forecast of a
On Tuesday, U.K. gilts were traded lower, reaching a 3-week low, after EU finance ministers agreed on eased terms for Greek emergency aid, which undermined demand for safer U.K. assets. The yield on benchmark 10-year government notes grew by 2 basis points, reaching a level of 1.86% by 9:23 a.m. in London.
On Tuesday, Germany's government notes were traded lower, approaching a 1-week low, following an announcement that EU finance ministers agreed on terms for Greek emergency aid, which undermined demand for safer assets. The yield on benchmark 10-year government bonds grew by 3 basis points, reaching a level of 1.44% by 9:11 a.m. in London.
On Tuesday, Treasuries held yesterday's gains on upcoming durable goods report, which is widely expected to show a decline in October, supporting demand for safer assets. The yield on benchmark 10-year notes declined by 1 basis points and reached a level of 1.65% by 10:13 a.m. London time.
On Tuesday, futures for copper were traded close to a 4-week high in European morning trading hours, after Greece debt deal underpinned demand for the risky asset. On the Comex, March delivery futures for the metal were traded at $3.561 per pound, which was a 0.35% daily gain. Earlier, the contract prices grew by 0.5% and hit $3.565, which was