US shares closed higher on Friday lifted by ECB announcement it will take further actions to relieve tension in banking sector. S&P 500 index gained 0.72% or 9.51 points and finished at 1,335.02. Dow Jones Industrial Average climbed 0.53% or 67.21 points and finished at 12,640.78. Nasdaq Composite added 1.17% or 33.33 points and settled at 2,892.42.
Treasuries topped other US fixed income assets first time in 9 months as investors preferred safer securities. US sovereign debt has added 2.9% in three months compared to 1% increase in mortgages, 1.8% improvement in municipal notes and a 1.9% gain in corporate bonds. Treasuries are surpassing the worldwide debt market by 1.3 p.p. compared to 2.4 p.p. shortfall in the
The 17-nation currency depreciated to almost one-week record low on ahead of Spanish and Italian debt auction due tomorrow on anxiety European debt woe is curbing both large economies. Euro fell 0.2% versus greenback to USD 1.2542 in Asian trade and gave up 0.3% to Japanese Yen reaching JPY 100.77. Currently EUR/USD is trading at 1.2526.
Samsung Elections, the world's largest producer of flat screens and memory chips tumbled to four-month record low on speculation second quarter's revenues may fail to meet analysts' expectations. Taurus Investment and Securities today cut the estimated for firm's second quarter's operating profit from KRW 7.2 trillion to KRW 6.9 trillion (USD 6 billion).
Germany is likely to go against the expanding bloc of Eurozone countries that require more decisive policies to rescue common currency area. Italian and Spanish leaders have join other nations calling for more incremental approach from Germany. Before the Brussels EU summit region's officials will gather in pre-summit meetings to discuss key disagreements.
Chinese Yuan dropped to 7-month record low after PBOC lowered the reference rate of currency to support country's exports amid slowing world demand. Nation's central bank lowered its daily fixing by 0.3% to CNY 6.3230. Chinese currency depreciated 0.2% to CNY 6.3769 at Shanghai trade.
Japan's Nikkei Stock Average disrupted a two day rally and traded lower on Friday as US jobs and housing data trailed estimates. Losses, however, were limited by exporter companies who gained on weaker Yen which attained 5-week record low. Mitsubishi UFJ Financial Group sank 1.1% after ratings of 15 worldwide banks were cut by Moody's Investors Service. Olympus Corp added
Shares in Hong Kong extended decline on Friday as signals of worsening global economic recession damped traders' willingness to invest in higher yielding assets. Hang Seng index faded 1.39% or 267.05 points and finished at 18,994.82. Financials posted substantial losses within the index. Agricultural Bank of China lost 1.3% and heavyweight HSCB Holdings shed 1.1% as it was one of
Dow Jones Industrial Average fell sharply on Thursday as weaker production data amid disappointing situation in US labour and property market. Blue chip index gave up 1.96% or 250.82 points and closed 12,573.57. 28 out of 30 stocks posted losses for the index. Commodities firms tumbled on global growth concerns. Exon Mobil plunged 3.4%, Chevron shed 3.5% and Alcoa fell
S&P 500 index experienced a second worst trading session this year as manufacturing data from all world regions indicated contraction. S&P 500 index tumbled 2.23% or 30.18 points finishing at 1,325.51. Celgene Corp plunged 11% after it cancelled its application in Europe to use Revlimid as a first option and maintenance therapy for patients with a deadly blood cancer. Micron
Rural commodities apart from coffee decreased on Thursday on long-awaited rains in the US and expected demand fall as global economy slows.Wheat futures retreated from four-week high on speculation that wetter weather in the US Great Plants will boost harvest.Corn was the top-loser as large harvest in Brazil is likely to add to global surplus while stagnating US growth weights
Energy markets except for natural gas dipped on Tuesday on global demand concerns and sell-off of riskier assets.Crude oil was top-loser amid high output levels from OPEC and potential demand slump in view of slowing economic expansion in the US and persistent financial woes in the Eurozone.Brent oil posted losses as negative headlines from the US, China and the Eurozone
Industry metals moved lower on Thursday on bleak global economic outlook. Weak manufacturing data also weighed on the base metals pack. Aluminum dropped despite large production cuts that may result in scarcity in the market. Primary aluminum production contracted to 67,900 tonnes from 69,900 as weak prices led to closure of smelting facilities worldwide.Copper continued its slump caused by deteriorating
Precious metals extended previous losses on Thursday on growing rick-aversion among investors as global data releases indicated economic weakness.Gold followed bearish trend on low risk-appetite among traders. The yellow metal continued to move in tandem with riskier assets, being pressured by fiscal instability in the Eurozone and slowing growth in China.Silver fell amid weakness of the global equities and broadly
The Euro improved versus the Greenback as market was focused on U.S. manufacturing slowdown more than on the index of German business sentiment. EUR/USD was traded at 1.2550, gaining 0.11%. The Eurо was also higher versus the British Pound and the Japanese Yen. EUR/GBP reached 0.8043 gaining 0.01%, while EUR/JPY rose by 0.02%, hitting 100.70.
On Friday, futures for gold inched higher during European trading hours. On the NYMEX, contracts for August delivery of gold were traded at USD1569.75 per troy once, adding 0.27% by 10:30 GMT. Earlier during the session, futures for gold peaked at USD1572.85 per troy once. The gold's support could be found at USD1560.45, while resistance was likely to be at USD1634.25.
On Friday, Statistics Canada reported that consumer price inflation in May was 1.2%, following the April's 2.0% increase in consumer prices. Canadian year-over-year CPI is lower than expected, since initial forecast was that the figure would be 2.0%. Core CPI decreased by 0.1% on a m-o-m basis, which was also lower than a predicted 0.2% increase.
On Friday, the Greenback was mainly lower versus other major currencies on weak U.S. data and pessimistic German business sentiment. EUR/USD gained 0.09% and reached 1.2551 in U.S. morning trade. Cable increased by 0.04% and hit the 1.5601 level. USD/CHF lost 0.10%, consolidating at 0.9569. However, USD/JPY advanced 0.02% and reached 80.30.
According to the two firms hired by Spains government, Spain's banks might need up to EUR 62b to survive worst case scenario. Oliver Wyman Ltd. calculated that Spain's banking sector might need from 50 to 62 billion Euros. Roland Berger Strategy Consultants stated that 52 billion Euros might be needed. Consultants used 6.5% decrease in GDP in period of 3 years
On Friday, futures for natural gas inched higher in European trading hours. On the NYMEX, July delivery contracts for natural gas were traded at USD2.603 a MMBtu, gaining 0.81% by 09:00 GMT. Earlier, futures peaked at USD2.618. The natural gas's support was likely to be found at USD2.482, and resistance was prone to be at USD2.676.
On Friday, futures for gold inched lower during Asian trading hours. On the COMEX, August delivery futures for gold were traded at USD1565.65 per troy once. Earlier, contracts for gold were traded at USD1562.35, a session low. The support was likely to be found at USD1562.36 per troy once, while resistance could be at the level of USD1634.25.
US shares tumbled on Thursday as reports over the world indicated a notable slowdown in global manufacturing. Main stock indices faced the second worst trading day of 2012. S&P 500 index tumbled 2.23% or 30.18 points finishing at 1,325.51. Dow Jones Industrial Average fell 1.96% or 250.82 points and closed 12,573.57. Nasdaq Composite slipped 2.44% or 71.36 points and ended at 2,859.09.
Canada's retail sales tumbled in April, Statistics Canada reported on Thursday. Retail sales diminished by 0.5% attaining USD 38.9 billion in April. Sales dropped by 0.8% when measured by volume. Analysts had expected a gain of 0.3%. Canadian Dollar weakened after the data release.
Europe's FMs are struggling to agree on joint strategy how to tame European debt turmoil. Parties involved in lending EUR 240 billion to Greece showed no signal of providing additional time for the recently elected government to accomplish deficit reduction targets. Moreover officials are disputing how to develop a recapitalization program of Spanish financial system maintaining investor trust.