Farm commodities were mixed on Tuesday, with grains moving higher and softs easing down. Poor condition of the US winter wheat as well as upcoming rains in Brazil pushed rural commodities higher. At the same time, a rebound in the greenback coupled with on-going concerns over demand for US supplies created heavy pressure on the commodity group.Wheat climbed for the
The number of jobless claims dropped last week, yet staying elevated on hurricane Sandy that disrupted the U.S. labor market. The initial applications for unemployment benefits lost 41,000 to 410,000 on seasonally adjusted basis, the Labor Department reported. The decline in the number of claims only partially compensates the last week's rally of 90,000 applicants for jobless benefits. Continuing unemployment
The U.K. borrowed more than expected last month, causing challenges to finance minister George Osborne, who pledged to drag down the deficit and avert the economy from potential recession. He set a goal of declining the full-year public sector net borrowing to 120 billion pounds.According to the Office for National Statistics the public sector net borrowing surged 5.937 billion pounds
Energy futures apart from natural gas erased previous gains on Tuesday as investors turned to demand concerns after Moody's downgraded France's debt rating from Aaa to Aa1. However, on-going violence in the Middle East restricted the downswing. Meanwhile, market players anticipate closely-watched EIA report due on Wednesday.Crude oil fell on global demand concerns and solid greenback. At the same time,
Industrial metals except for nickel slumped on Tuesday on renewed worries over the US fiscal cliff after Ben Bernanke stated that an end of tax breaks and spending cuts may lead to recession. However, upbeat US housing data as well as optimism over Greek bailout talks limited the downswing. Meanwhile, traders remained on the sidelines ahead of the key PMI
Precious metals apart from silver dropped on Tuesday amid renewed concerns over the US economy. Ben Bernanke said that the Fed will not manage to offset potential damages caused by fiscal cliff and hinted that tax hikes and spending cuts could drive the country to recession. Gold slid on lingering concerns over the US economy and stronger US Dollar. At
Oil fluctuated between gains and losses as eurozone's finance ministers struggled to agree on Greek debt reduction package and clashed with International Monetary Fund, and crude stockpiles contracted in the U.S. Contracts on Crude for January inched higher 4 cents to $ 86.79 a barrel in New York Mercantile Exchange. Meanwhile, Brent oil futures for January surged 11 cents to
After touching the highest level in one week, gold was little changed as holdings of exchange-traded products rose to a record high. Sport gold traded at $1,727.65 an ounce after reaching $1,735.71 yesterday, the most expensive since November 12. Gold for December settlement rose 0.2% to $1,727.60 an ounce.
Japanese exports fell for a fifth consecutive month as demand in the European Union and China faltered. Overseas shipments declined 6.5% in October from the previous year. Export to China weakened 11.6%, while to the EU it was down 20%. Since Japan is an export-dependent economy, slowdown could hurt the economic growth in the country.
The South Pacific currencies weakened as Greek talks deadlocked, curbing demand for risky assets. The Aussie and kiwi dropped as decrease in Japan's imports clouded outlook for the countries' shipments. The Australian Dollar fell 0.4% to $1.0351 and lost 0.2% to 84.71 yen. The New Zealand Dollar slid 0.4% to 81.37 U.S. and dropped 0.2% to 66.60 yen.
Asian shares outside Japan dropped as the eurozone's finance ministers could not decide on Greek debt-reduction plan. The MSCI Asia Pacific eliminating Japan index tumbled 0.2% to 434.78. South Korea's Kospi index slumped 0.5%, while Australian S&P/ASX 200 Index eased 0.4%. China's Shanghai Composite lost 0.5%, whereas Hong Kong's Hang Seng Index surged 0.2%.
The 17-nation currency weakened versus the U.S. Dollar, trimming a two-day advance, as European leaders did not reach a decision on assisting debt-laden Greece. The Euro dropped against all of the major counterparts as Luxembourg Finance Minister Luc Frieden said European officials will continue discussion on November 26. The Euro fell 0.5% to $1.2754 and lost 0.3% to 104.36 yen.
European shares advanced the second day as euro-area's finance ministers will decide on Greek debt financing and hopes Israelis and Palestinians will agree to truce. The Stoxx Europe 600 Index (SXXP) climbed 0.3% to 269.49, continuing its yesterday's gain of 2.2%. The index has surged 15% from its June's low when ECB launched the unlimited bond-buying program. The U.K.'s FTSE
On Tuesday, copper declined during European morning trading hours, since appetite for risky assets was undermined after Moody's downgrade of France. On the Comex, December delivery futures for the metal were traded at $3.515 per pound, which was a 0.35% daily gain. Earlier, the commodity lost 1.1% and hit $3.513, which was a session low.
On Tuesday, November 20, gold was traded slightly lower in the U.S. morning trade, following the release of the data that showed a significant increase in the U.S. housing starts. On the Comex, December delivery futures for the precious metal were traded at $1,731.85 per troy ounce, which was a 0.15% daily loss.
On Tuesday, crude was traded lower, following a Moody's decision to lower French rating, amid continuing unrest in the Middle East. On the Comex, January delivery futures for light sweet crude were traded at $88.60 per barrel, which was a 0.75% fall during U.S. morning trading session. Earlier, the commodity lost 1.1%, hitting a level of $88.31.
On Tuesday, natural gas was traded higher on an upcoming report on the commodity supplies. On the Comex, December delivery futures for natural gas were traded at $3.764 per million Btu, which was a 1.2% gain during U.S. morning trading session. Earlier, prices grew by 1.5%, hitting $3.777 per MMBtu, which was a session high.
The Council of Mortgage Lenders revealed on Tuesday that British mortgage lending increased last month on an annual basis. Overall mortgage lending gained 4% during the year ended October 2012, and reached a level of 12.9 billion Pounds. Last month's figure is the highest since the previous year's November, indicating the possible end of the recent recession.
German shares moved higher despite strong downward pressure from France's downgrade. Meanwhile, investors remained cautious ahead of the results of the eurozone's finance ministers meeting on the Greek bailout. However, the risk appetite was boosted by optimism over the US fiscal cliff. The DAX Index advanced 0.22% and is currently trading at 7,139.33. Five out nine sectors within the index
UK equities retreated on Tuesday as Greek bailout talks weighted on the market sentiment. Sending the UK stock index lower, Moody's cut French debt rating from Aaa to Aa1 and put the country on the negative outlook. At the same time, easing concerns over the US fiscal cliff and positive US data capped gains in the UK blue chips. The
Hong Kong shares ended lower on Tuesday amid lingering concerns over the eurozone's economy. European finance ministers are set to discuss Greek bailout terms later in the day. Moreover, Moody's cut France's debt rating from Aaa to Aa1 and kept a negative outlook. Domestic data also pushed Hong Kong shares lower. Chinese FDI plunged by annualized 0.24% last month, falling
Japanese shares dipped on Tuesday, halting four-day winning streak as traders booked profits in companies that soared on hopes that opposition party will win next month election. Adding to losses in Japanese equities, the BoJ refrained from new stimulus measures. Experts predict the BoJ to announce fresh easing measures at the next meeting in December. The Nikkei 225 Index dropped
Japanese shares dipped on Tuesday, halting four-day winning streak as traders booked profits in companies that soared on hopes that opposition party will win next month election. Adding to losses in Japanese equities, the BoJ refrained from new stimulus measures. Experts predict the BoJ to announce fresh easing measures at the next meeting in December. The Nikkei 225 Index dropped
Japanese shares dipped on Tuesday, halting four-day winning streak as traders booked profits in companies that soared on hopes that opposition party will win next month election. Adding to losses in Japanese equities, the BoJ refrained from new stimulus measures. Experts predict the BoJ to announce fresh easing measures at the next meeting in December. The Nikkei 225 Index dropped