Industry metals were impacted by the global growth worries after disappointing services PMI releases as well as sluggish recovery of the US labour market.Aluminum was the top loser amid broadly stronger greenback and weaker world's equities. However, the light metal may seek support in the improved spot demand and higher smelting costs.Copper dropped by 0.66% as spot demand remained weak
Precious metals were mixed on Friday amid broadly stronger US Dollar despite disappointing US labour market data. Meanwhile, traders were cautious ahead of key elections in Greece and France. Gold rallied as dismal US job data revived hopes for more accommodative policies from the Fed.Silver was the top-gainer despite slump of the global equities and weak services sector performance in
Australian retail sales surged more than expected in April, according to Australian Bureau of Statistics. Retail sales in the country soared by 0.9% on a seasonally adjusted basis as compared to a 0.3% increase in March. Experts predicted the retail sales to appreciate by 0.2% in April. After the data release, the Australian Dollar was lower against its US counterpart
US trade deficit is expected to have expanded in March due to record-high surge in imports. The trade gap widened to 50 billion US Dollars in the period, according to Bloomberg's survey of 62 economists. US businesses may have bought more foreign goods as shipments from China surged after the Lunar New Year holiday. Meanwhile, exports may have failed to
Japan's Nikkei Stock Average tumbled sharply on Monday as French socialist leader Francois Hollande was elected President, adding to fears austerity measures would face resistance in Europe. Nikkei 225 lost 2.78% or 261.11 points and closed at 9,119.14. Export shares fell on worries depreciating Euro may curb the value of Japanese trading in the region. Sony fell 4.5% and Sharp
Dow Jones Industrial Average index fell on Friday as disappointing data from European and American labour markets fuelled fears that world wide economy might be on the track for another slowdown. Government report showed US added only 115 000 new jobs in April compared to estimated 173 000. Blue chop index plunged 1.27% or 168.32 points and closed at 13,038.27
S&P 500 index dropped sharply on Friday after data showed that hiring slowed rapidly in April. The report confirmed investor concerns that the US economic recovery is struggling. S&P 500 fell 1.61% or 22.47 points and closed at 1,369.10, marking the biggest weekly drop for this year. Southwestern Energy tumbled 7% and Peabody Energy sank 3.5% as crude prices in
Natural gas futures declined after the previous rally on Friday as traders started to cash out from the market. Natural gas price gained more than 10% over the last five sessions. Natural gas futures for June delivery closed at 2.282 US Dollars per Btu on the New York Mercantile Exchange on Friday.
Australia's construction industry continued contracting in April, according to Australian Industry Group. The country's construction index declined by 1.3 points last month to 34.9, indicating a spread of the global slowdown. Apartment construction was the largest component to decline in the index while house and commercial building also weighed on the index.
The IMF has warned Greece to halt Greek bailout funding after the preliminary results of the Greece parliamentary elections. The IMF announced that in case the country does not meet agreed austerity measures, the bailout funding will be suspended starting from June, according to the official IMF statement.
France has elected new president, Francois Hollande who polled about 52% of the votes. Mr Hollande said that he is proud to return hope to people again. He also announced that he would attempt to rework deal regarding sovereign debt in the Euro Zone countries to promote economic expansion.
Australia's business confidence improved last month amid anticipation of the further rate reduction by the Australia's central bank. However, actual economic situation remained weak. Business confidence index added four points last month after gaining three points in March. At the same time, business conditions declined by three points, attaining zero in April.
Rural commodities rebounded after previous losses as adverse weather in the EU planting regions is likely to increase demand for US supplies.Wheat managed to climb by 0.21% as worse weather may curb global wheat supplies. Global grain supplies are expected to fall by 3.6% this year.Corn was top-performer despite record high crops expected this year as US farmers intended to
Energy markets were mixed after EIA report on the US stockpiles and negative services PMI releases.Crude oil was the top loser after Genscape reported on the record high increase in crude oil inventories at Cushing, the delivery point for the US oil futures.Brent oil extended previous losses as five members of the UN Security Council expect talks with Iran to
Industry metals followed a downward trend on Thursday after pessimistic non-manufacturing PMI releases from the US and China.Aluminum decreased after Rio Tinto announced it plans to sell four Aluminum plants by September because of low profits and growing energy costs. Copper declined as new orders index in the service sector fell from 58.8 to 53.5. Moreover, traders are cautious as
Precious metals were weak on Thursday amid broadly softer equities and stronger US Dollar. Fading hopes for more accommodative policies from the ECB also pressured the commodity group.Gold tumbled after US reported on the record weekly drop in the jobless claims thus decreasing hopes for the next round of quantitative easing in the US.Silver was the top-loser along with weak
German DAX index edged lower on Friday as investors awaited for US jobs data amid dropping commodity prices. Moreover European investors stayed cautious ahead of elections in Germany, Italy, France and Greece this weekend. Metro AG dropped 1.5%, as UBS lowered its target price on the stock to and maintained its sell recommendation. On the upside banks partly recovered with
FTSE 100 index approached weekly drop on Friday as energy and mining shares tumbled on falling commodity prices. Antofagasta lost 3.3% and Kazakhmys declined 4% as metal prices deteriorated. Oil producers BP and BG Group slipped 1.5% and 3% respectively. Royal Bank of Scotland Group breached the negative trend and climbed 2.6%. Although bank said its loss widened in 1st
Asian stocks dropped on Friday, following a sharp decline in energy prices. Moreover investors awaited the US non farm payroll data. South Korea's Kospi lost 0.3%, while Australian S&P/ASX 200 and Hang Seng indices each shed 0.8%. Shanghai Composite Index managed to breach downward trend and climbed 0.5%. Japanese markets remained closed for holidays.
Royal Bank of Scotland Group said on Friday its loss for the first three months of 2012 advanced, citing slowdown and tougher regulations. RBS loss for the first quarter reached to GBP 1.52 billion (USD 2.46 billion) compared to a GBP 528 million shortfall in similar period last year. RBS also said it will repay next week the last portion
Euro Area production and services output declined more than predicted in April, indicating the region continues to deteriorate. The composite index estimating both sectors fell from 49.1 in March to 46.7 in April, Markit Economics reported today. The latest drop is the fastest since October 2011. Euro stayed lower after the news.
Australian shares declined further on Friday, pushed down by miners and energy firms as commodity markets weakened. Australia's benchmark index fell 0.75% or 33 points and closed at 4,396.00. Woodside Petroleum dropped 2.2%, Origin Energy deteriorated 2.2% and Santos lost 3%. Caltex Australia slipped 1% after the Australian Competition and Consumer Commission said it has started an investigation into the
Hong Kong's shares prolonged downward trend on Friday weighed down by energy firms as US oil futures and metal prices tumbled. Asian investors remained cautious ahead of upcoming US nonfarm payroll report. Hang Seng index dropped 0.78% or 164.79 points and settled at 21,084.74 with technology sector fading most. Cnooc Ltd sank 1.3% and PetroChina Co fell 1.6%. Aluminium Corp.
Dow Jones Industrial Average index traded lower on Thursday as US service PMI gauge fell more than expected in April to 53.5. Blue chip index shed 0.47% or 61.98 points and finished at 13,206.59 with basic material and industrial sectors posting the biggest losses. 23 of 30 shares ended in the red area on Thursday. Hewlett Packard dropped 3.1%, the