U.S. homebuilder shares rose at a record-high rate in 2012, showing confidence the property rebound may expand with new-home sales still 50% below a 40-year average. The S&P Supercomposite Homebuilder Index surged 53% in 2012 through Aug. 10. Stocks climbed as new-home sales showed a seasonally-adjusted annual rate of 350,000 in June, from 304,000 a year earlier.
The Canadian Dollar rallied on speculation global growth will uphold demand for commodities such as oil, Canada's biggest export. The Loonie appreciated for more than a month against the U.S. counterpart, the longest strengthening period since October 2010. The Canadian Dollar gained 1% this week appreciating to 99.11 cents per greenback.
Retail sales in the U.S. probably increased in July for the first time in 4 months as employment grew, calming market concerns the recovery is faltering. Sales are expected to increase 0.3%, following a 0.5% decline in June. Other reports might indicate factory production rose and cost of living picked up last month.
The Kiwi and Aussie Dollars are cutting their links with commodities and global stocks as investors look for higher interest rates and faster growth. The correlation between the dollars and stocks has declined from record high. The currencies are weakening their links with traditional risky assets as both currencies advance at more than double average pace of G10 nations.
The U.S. Dollar rose against most of its major peers amid the Eurozone debt crisis pressure on global economy, spurring demand for safety of the greenback. The Euro bloc's economy probably contracted 0.2% in Q2 from the previous quarter, according to analysts' estimation. The U.S. Dollar gained 0.1% to 78.33 yen, while trading at $1.2295 per Euro.
On Monday, the Kiwi declined versus the U.S. Dollar as risk sentiment decreased on growing worries over global economic slowdown amid Japan's diminishing GDP. NZD/USD touched 0.8099, and traded at 0.8105, falling 0.33%. Elsewhere, the New Zealand Dollar was steady, gaining 0.05% to 1.3013 versus the Aussie.
Germany's Wholesale Price Index advanced unexpectedly rose to 0.3% in July from -1.1% in June, Destatis reported on Monday. Germany's WPI posted a 2.0% year-on-year rise, leading by 1.5% increase in oil products and solid fuels and 0.5% gain in fruits, vegetables, grains and seeds. In meantime, iron, steel, non-ferrous metals, data processing and household electrical items declined for less
U.S. treasuries gained second straight day as economic growth cooled in Japan and economists expected Europe to report a contraction, boosting demand for safer assets. Benchmark 10-year yields dropped 2 basis points to 1.64%. The price of the 1.625% note due in August 2022 rose to 99 28/32. Japan's 10-year yield slipped 1.5 basis points to 0.78%, falling from a
China's stocks posted the biggest drop in two weeks as Bank of America Corp. pared its economic growth estimates for China and amid belief the government will not alleviate monetary policy as housing prices rebound. The Shanghai Composite Index fell 0.6% to 2,156.25. The CSI 300 Index dropped 0.8% to 2,381.23. The Hang Seng China Enterprise Index declined 0.4%.
Gold and oil rose as Japan's GDP widened less than expected, adding signs to speculation central banks will create additional stimulus to support global growth. Oil gained 0.4% to $93.28 per barrel in New York on Friday. Gold for immediate delivery advanced 0.2% to $1,623.75 per ounce. While corn fell 0.3% in Chicago and wheat lost 0.8%.
Import prices in the U.S. unexpectedly dropped in July for a fourth month in a row, as costs for industrial supplies, consumer goods and imported oil tumbled. In general, import prices erased 0.6 per cent. Meanwhile, export prices added 0.5 per cent in the same month, pushed higher by the more expensive agricultural goods.
Five biggest banks in the world's biggest economy were directed to think out the plan to prevent a collapse, in case the economy will face significant problems. One of the most important points is that banks, among which are the BoA, Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc, and JPMorgan Chase & Co, could not rely on government's help.
Oil futures tumbled on concerns about global economic growth and China's weaker-than-expected trade data. Crude oil for September delivery erased 1.5 per cent, to $91.97 per barrel. In the meantime, September gasoline and heating oil for the same month dropped by 3.2% and 0.9%, respectively.
German equities sank on Friday amid weak China's exports data. Meanwhile, market sentiment remained under notable pressure after the ECB cut its Eurozone's growth outlook for 2013. German DAX Index lost 0.75% to trade at 6,913.63 at the time of writing. Industrials and consumer services were the only two industries that supported the index. ThyssenKrupp was the top-gainer, jumping by
UK stocks dropped on dismal China's trade data and persistent worries over the Eurozone's economy. However, UK equities were supported by speculation that the country's economy may have contracted less than previously estimated due to smaller drop in construction. FTSE 100 Index slid 0.3% to trade at 5,839.49 at the time of writing. Eight out of ten industries included in
The amount of unemployed in Greece reached a new record of 23.1 per cent in May from 22.6 per cent in the previous month, with more than half of the unemployed people aged between 15 and 24. In the meanwhile, no sign of improvement can be noticed in the near future, as Greece's government is planning to resign 40,000 public servants, in order to
U.S. home prices jumped 7.3 per cent in the second quarter, posting the strongest rise since 2006. Another sign that the U.S. property market is growing, is the rise by 75% of local markets. Despite the increase in prices, sales of homes tumbled by 0.7 per cent. The increase of prices can be mostly explained by drop in sales of lower-priced homes.
The Chinese National Development and Reform commission reported today about the increase of retail oil prices. Retail gasoline will be raised by 390 Yuan or $61 per metric ton, while prices of diesel will be increased by 370 Yuan per metric ton. Meanwhile, global retail oil prices declined from April to June, and rebounded in June, pushing Chinese retail prices higher.
Oil futures edged higher, as less Americans claimed for jobless benefits, and as the trade gap in the world's biggest economy's narrowed by 10.7 per cent, a sign that GDP may rise more-than-expected. Crude oil for September settlement advanced 0.5 per cent, to $93.84 per barrel at 9:48 a.m. on the NYME. Brent oil for the same month rose 0.3 per cent, to $112.44 per
Chinese equities ended the week in the red territory after China reported a slowdown in exports growth. Recent flow on negative economic data also pushed China's stocks lower. Hang Seng Index closed 0.89% lower at 20,136.12. Only three industries included in the index managed to climb: telecommunications, utilities and basic materials. China Mobile, China Resources Power and Power Assets rose
Nikkei 225 tumbled for the first time in five days on Friday as disappointing quarterly results and weak China's export data weighted down on Japanese stocks. However, building expectations that the ECB and POBC will loosen monetary policy restricted the downswing. Nikkei 225 Index sank by 0.97% to end the week at 8,891.44. Nine out of ten industries in the
Energy markets were bullish on Thursday as investors continued to expect China and Eurozone to announce easing measures in the nearest future. Moreover, positive news from the US boosted demand prospects for energy commodities. Crude oil was flat, balancing between supply concerns from the Middle East and demand uncertainties. Positive labour market data from the US lifted crude oil futures
US blue chips were flat on Thursday amid lingering worries over the Eurozone's crisis and inspiring news from the US. US jobless claims dropped more than expected last week while US trade deficit narrowed last month. Dow Jones Industrial Average Index edged down by 0.08% to end the day at 13,165.19. Basic Materials and telecommunications provided strong support for the
Industrial metals tumbled on Thursday amid dismal economic data releases from China. However, speculation that the central bank of China as well as the ECB may launch more growth-boosting programs limited losses of the base metals pack. Aluminum retreated despite falling wholesale inventories in the US and global easing hopes. Copper plunged as weak China's economic data dented demand prospects for the