Precious metals were bearish on Tuesday as mounting hopes that the US lawmakers will manage to avert fiscal cliff spurred demand for riskier assets thus weighting on precious metals. At the same time, expected easing in Japan coupled with softer greenback were supportive for the commodity group.Gold dropped as investors shunned safe-haven assets amid expectations that the US will avoid
Asia's second largest economy recorded a 953.4 billion yen merchandise trade deficit in November, when it declined by 37.9% from a year ago amid weaker exports to China, the Ministry of Finance reported on Wednesday. Year-on-year, Japan's exports decreased 4.1% to 4.983 trillion Yen beating a forecast of 5.5% contraction following a previous month's 6.5% shortfall.
The 17-bloc nation's currency gained against the U.S. Dollar and Japan's Yen together with modest advance of European shares as the Bank of Japan is expected to boost the economy using unlimited monetary stimulus and as fiscal cliff talks are closer to reaching a deal. London's FTSE, Frankfurt's DAX and France's CAC indexes rose in a range of 0.2% to
Global economy's weak performance did not stop the World Bank from increasing its growth outlook of advanced economies in the East Asia and Pacific as improving domestic demand is helping the countries contribute on global growth this year with nearly 40%. The region is projected to expand 7.9% in 2013 following a 7.5% acceleration recorded this year.
Gold recorded gains and rebounded from its three-month low as bearish bets of investors were stopped by optimism burst to the market after U.S. lawmakers proceeded in new budget talks to avoid automatic tax hikes and spending cuts. Gold rose 0.3% to $1,676.85 an ounce on Tuesday following a fall to its lowest level since the end of August at
Wall street edged higher on upbeat Tuesday as investors confidence on fiscal cliff agreement rose after U.S. lawmakers came closer to reaching a deal in order to avoid tax increasing and spending cuts. The S&P 500 recorded its first two-straight-day gain bigger than one percent since July, when it advanced 1.15% to 1,446.79, while the Nasdaq Composite went up 1.46%
Oil rose on Tuesday on confidence the U.S. will reach compromise on the country's budget, easing concerns of looming ‘fiscal cliff' in the world's largest crude consumer's economy. Light, sweet crude for January settlement was at 87.93 dollars a barrel, up 73 cents or 0.84%. Brent for February delivery was up 1.20 dollars or 1.11% at 108.84 dollars a barrel.
Japan's leading index increased more than expected in October, according to data from the Cabinet Office on Wednesday. The leading index, which measures the economy's direction in the months ahead, rose to 92.8 in October compared with 92.5 in a preliminary report, following September's gauge at 91.3. Meanwhile, the lagging index was revised down from 87.2 to 86.8 in October.
Rating agency Standard & Poor's raised Greece's credit rating on Tuesday by six notches from ‘selective default' to ‘B-‘, praising a successful completion of the debt buyback programme and European leaders' decision to release bailout funds to Greece. The rating agency cut Greek ratings to ‘SD' on December 5, as the government encourage private bondholders to take part in the
Asian shares rose, with the regional benchmark index poised for the highest close since 2011, on optimism U.S. officials will reach a budget compromise and the BOJ will expand stimulus. The MSCI Asia Pacific Index advanced as much as 1% to 129.12 at 1:55 p.m. Tokyo time. Japan's Nikkei 225 Stock Average gained 1.7% to 10,091.40, the highest since April.
The Australian Dollar fell for a third straight day versus the U.S. Dollar amid concern the South Pacific country's economy is slowing. The Aussie weakened as much as 0.2% to $1.0515 at 4:11 p.m. Sydney time, having declining 0.3% in the previous 2 days. The currency lost 0.1% to 88.62 yen. The New Zealand Dollar slid 0.3% to 83.94 U.S.
The Japanese Yen weakened to the lowest level versus the Euro since August 2011 on speculation the nation's central bank will extend policy easing at a meeting, which starts today. The Yen touched 111.71 per Euro, the lowest level since August 30, 2011, before fetching 111.65 at 1:24 p.m. Tokyo time, 0.2% below the close yesterday. It declined 0.1% to
Japan's Nikkei hit its highest level in more than an 8-month period for a second day in a row on Tuesday as Sunday's election victory of the conservative Liberal Democratic Party increased the possibility of further monetary easing in Japan in order to boost the economy. Increasing optimism on U.S. budget talks also added to the positive mood of investors resulting in
The Eurozone currency hit its highest level in more than seven months against the U.S. Dollar amid growing investors optimism, after the U.S. lawmakers came closer to reaching an agreement in fiscal cliff talks and an improvement in situation on European markets lifted share prices up. The Euro was traded close to a 7-1/2- month high at $1.3191 earlier on
The Reserve Bank of India held its benchmark interest rate and the cash reserve ratio at the same level, despite the fact the wholesale price inflation has been slowing down faster than forecast, when it dropped from 7.45% in October to 7.24% the following month. India's central bank left its cash reserve ratio at 4.25%, the repo rate at 8%
Advanced economies will beat analysts' expectations made earlier in October, when they are projected to grow at a faster pace in 2013 together with better performance of the global economy, the Managing Director of the International Monetary Fund said on Sunday. Developed countries will expand 1.6%, compared to a 1.5% growth initially projected, while the global economy will rise at a rate of 3.6%
U.K. inflation remained at the highest rate last month since May with the largest upward pressures came from electricity and gas prices as well as food & non-alcoholic beverages, which kept consumer-price growth above the BOE' target of 2%. The CPI annual inflation was unchanged at 2.7% in November 2012, according to the Office for National Statistics. "Consumers' spending power is
The Pound was slightly up to $1.6205 in an early European trading session on Tuesday. After increasing to $1.6218, the highest level since 28th of September, the Pound awaits a report on U.K. consumer price level change, which, according to economists, will remain at the fastest pace since May. Also, the Bank of England will release the minutes of their
Gold spot price increased by 0.3% to $1.703.35 an ounce in Singapore trading session on Tuesday. Gold price appreciates from a one week low, as the markets are driven by optimism that U.S. governors will reach an agreement on the budget and will avert automatic tax increase and spending cuts, which most probably would push the biggest world economy back
The Rouble dropped 0.7% to 30.94 against the Dollar in the end of Moscow trading session on Monday. That was a third day of diminishing value of the Rouble and the longest depreciation streak since 29th of October, also the biggest drop since 23rd of October. The Russian currency loses its value, as importers have to cover payments and thus
The Euro Stoxx 50 Index futures, expiring this month, were higher by 0.6% to 2,641 points in the very beginning of European trading hours on Tuesday. European equities will probably gain on optimism that U.S. governors will find an agreement on the U.S. budget for an upcoming year and will be able to avert the fiscal cliff. Recent proposals from
Asian stocks and other risk assets advanced today as signs of agreement increased optimism that the U.S. budget tussle might be settled before spending cuts and tax hikes to take effect next year. The MSCI Asia-Pacific Index excluding Japan gained 0.2%, following an increase in global stocks yesterday. Australian shares climbed as much as 0.5% to the highest level in
Australia's Dollar stayed lower as the country's central bank said that a softer labour market was one of the main reasons for interest rates cut this month. The Aussie lost 0.1% to $1.0540 from yesterday, when the currency declined 0.1% to $1.0552. The Australian Dollar bought 88.51 yen from 88.52 a day earlier, when it reached 89.13, the strongest since
Farm commodities were mixed on Monday, with softs moving higher and grains slumping. Weaker US Dollar coupled with positive news from Japan pushed rural commodities higher. At the same time, persistent concerns over looming US fiscal cliff and weak demand for US supplies pressurized the commodity group.Wheat tanked for sixth time in seven sessions on worries that low prices have