The euro climbed above the psychologically significant level of USD1.25 amid rising optimism that at a meeting later today world leaders will insist on more policy action to solve the debt crisis. The euro touched USD1.2525, up from USD1.2493 on Monday, but failed to keep its position above USD1.25. Even this modest improvement will probably be only temporary, if G7 finance ministers and central bank
Light, sweet crude-oil futures for July delivery rose 0.9%, to USD 84.76 per barrel in Asian trading, amid hopes that finance ministers and central-bank governors from the G7 economies will support policy actions to solve Europe's debt crisis. The ICE dollar index that measures the dollar's performance against a basket of six major currencies, dropped to 82.552 from 82.878 on Friday.
Hong Kong's shares slightly rebounded on Tuesday as investors hoped policy makers during G-7 discussion will come up with some measures to tackle debt crisis. Better China service PMI also contributed positively to the index. Hang Seng index climbed 0.4% or 73.44 points to 18,259.03. Wharf Holdings rallied 2% on report that the company had agreed with the Hong Kong
The Reserve Bank of Australia decreased the cash interest rate to 3.5 percent, from 3.75 percent in an attempt to protect the economy from growing global risks. On this news the aussie added 0.34 percent, reaching 97.61 U.S. cents. S&P/ASX 200 index extended earlier gain by 1.3 percent to 4035.50. The cash rate has been already cut in May by unexpectedly-high 0.5 percent. This decrease
Japan's Nikkei Stock Average started recovering from previous steep losses on Tuesday after Yen depreciated against most of country's export partner currencies, particularly US Dollar and Euro. Nikkei 225 index jumped 1.04% or 86.37 points and settled at 8,382.00. Canon Inc advanced 3.4% after the company announced it would buy back $640 million of its outstanding shares. Fast Retailing plunged
Dow Jones Industrial Average kept downward trend on Monday led by drop in factory orders and JP Morgan loss report. Blue chip index shed 0.14% or 17.11 points and finished at 12,101.46. JP Morgan Chase fell 2.9% on news the lender is likely to post a 4.2 billion trading loss for the second quarter, reducing EPS to around USD 0.65
S&P 500 index traded flat on Monday as investors reacted to mixed news. Cheaper S&P 500 price-earnings valuation overshadowed a decline in US factory orders. As result US leading index traded almost flat, 0.01% or 0.14 points up at 1,278.18. Chesapeake Energy jumped 6% on news it may replace almost 50% its board. Regions Financing gave up 5.6% after Deutsche
Josef Ackermann, former CEO of Deutsche Bank, trusts that Germany will undertake the necessary measures to ensure that the euro survives the crisis. Moreover, Ackermann stated that the abolition of the Eurozone will entail considerably more costly repercussions rather than continued aid. The reason why Germany appears to be taking actions at a slow, yet careful pace is due to the fact that Germany is
Canadian Dollar hit a 6-month record low ahead of Bank of Canada meeting due Wednesday. Policy makers are predicted to postpone higher interest rates. Canadian currency closed at CAD 1.0394 yesterday. Yields on 10-year bonds keep fluctuating close to record lows since 1950s as investors perceived country's assets as save haven.
Central bank governors and finance ministers representing Group of Seven nations prepare to discuss deepening European debt turmoil and threats to global economy. Members of Group of Seven are worried about unstable situation in world economy. G-7 discussions will take place around 2 weeks prior to the summit of G-20 in Mexico due June 18-19.
The 17 nation currency advanced for a third straight session as finance ministers and governors of central banks gather in a meeting today to discuss European debt woe. Euro added 0.2% versus greenback to USD 1.2522 and gained 0.1% against Japanese Yen to JPY 98.06. Currently EUR/USD is trading at USD 1.2514 and EUR/JPY is trading at JPY 98.06.
European equity markets traded mixed yesterday. German shares declined most, led by car makers which are heavily dependent on China's and US economy health. German DAX dropped 1.2% and Stoxx Europe 600 sank 0.5%. French CAC index added 0.1% and IBEX 35 recovered 2.9%. UK markets were closed celebrating Queen's Diamond Jubilee.
Reserve Bank of Australia lowered its key interest rate to the record low since 2009 on worries that debt trouble in Europe and slower China growth may harm nation's growth. RBA cut the rate from 3.75% to 3.5%. Australia faces an unemployment rate of 4.9% and its biggest companies suffer from a price decline in commodities markets. Aussie climbed 0.4%
US stocks closed mixed on Monday as worsening global outlook compounded with hopes for Fed stimulus. S&P 500 traded almost flat, 0.01% or 0.14 points up at 1,278.18 while Dow Jones Industrial Average shed 0.14% or 17.11 points and finished at 12,101.46. Nasdaq Composite gained 0.46% or 12.53 points, settling at 2,760.01.
JP Morgan Chase & Co, the biggest US lender may post a 4.2 billion trading loss for the second quarter, International Strategy and Investment Group predicted on Tuesday. The loss would lower earnings by around 30% to USD 0.65 per share compared to previous estimated USD 0.93 per share. The part of loss will be covered by security gains worth USD
China's non-manufacturing sector grew at the fastest pace in the last 19 months in May. HSBC's China services Purchasing Managers' Index advanced to 54.7 in May on a seasonally adjusted basis as compared to April's reading of 54.1. However, the figure is still below long-term trend of 56.7, according to HSBC.
Current account balance of Australia declined more than initially expected in Q1. Australian current account deficit widened to 14.9 billion Australian Dollars on a seasonally adjusted basis as compared to a deficit of 9.6 billion Australian Dollars in Q4 of 2011, reported the Australian Bureau of Statistics. Experts predicted the country's balance of payment to attain minus 14.8 billion Australian
Crude oil prices rose in Asian session on Tuesday as worries about economic instability in the Eurozone eased. Moreover, expected fall in the US crude oil inventories last week also spurred the commodity price. Light, sweet crude oil futures for July delivery traded at 84.63 US Dollars per barrel on the New York Mercantile Exchange, growing by 0.77%.
Gold advanced in Asian session on Friday on hopes that negative US economic data will prompt policymakers to consider next round of quantitative easing. COMEX gold August contract traded at 1,622.85 US Dollars per troy ounce on the New York Mercantile Exchange, climbing by 0.55%. Meanwhile, COMEX silver for delivery in July traded at 28.388 US Dollars per troy ounce,
China's financial institutions increased lending to 700 billion Yuan in May, reported China Securities Journal. However, in April, new loans issued in China dropped from 1.01 trillion Yuan to 681 billion Yuan prompting the policymakers to facilitate new loan approvals. Experts claim new loans are likely to continue growing and may approach 2.4 trillion Yuan by the end of Q2
US new factory orders dropped in April, indicating a fall for the second consecutive month. New orders for manufacturing goods declined by 0.6% in April as compared to a 2.1% decrease in the preceding month. Experts predicted new factory orders to rise by 0.1% in April. Disappointing factory orders data coupled with weak labour market added to worries that US
Chief of China's central bank, Zhou Xiaochuan, said in comments which were published in Chinese Business News on Monday that they will continue buying Eurozone government bonds and support IMF engagement, along with investing in privatization programs and infrastructure. However, Zhou also said that China's central bank does not intend to increase its foreign reserves.
USD decreased against other major currencies on Monday, as investors were focused on hopes that leaders in the Eurozone will act to stop the crisis. EUR/USD gained 0.44% during the U.S. morning trading session, hitting 1.2489; and Cable rose to 1.5386, climbing 0.16%. However, USD/JPY added 0.36%, hitting 78.31.
Futures for natural gas grew in the U.S. morning trading session for the first time for the last eight sessions, as weather forecasts for warm weather in key regions of the U.S. boosted expected demand in near future. On the NYMEX, futures for July delivery were traded at the level of USD2.393 per MMBtu, jumping 2.9% during that trading session.