Dow Jones Industrial Average index climbed higher on Wednesday lifted by Alcoa Inc. Blue chip index added 0.70% or 89.46 points and closed at 12,805.3. Alcoa, the biggest US aluminium manufacturer posted an unpredicted profit for the 1st quarter as aluminium orders surged. Instead of expected loss of USD 0.04 a share, Alcoa posted a gain equal USD 0.09 a
S&P 500 index rebounded from sharp losses on Tuesday and moved higher on Wednesday as Alcoa posted an unexpected profit. American index gained 0.74% or 10.12 points and finished at 1,368.71. Genworth Financial rallied 3.2% after BTIG LLC upgraded its stock to buy. Owens-Illinois jumped 6.9% after the glass- bottle producer predicted 1st-quarter earnings will advance more than annual 35%
Iranian oil output is likely to decline by 500,000 barrels per day by the end of this year and by 200,000 next year, reported the EIA. The lack of proper investment in the sector as well as sanctions imposed by the EU and US both are expected to accelerate the fall in the Iranian oil production. JP Morgan projects the
Germany's bond yield advanced after the country did not manage to meet maximum sales target. The average yield on the new benchmark 10-year bunds rose by six basis points, advancing to 1.71%. At the same time yields on two-year notes added four basis points approaching 0.13%.
The Canadian Dollar hit the lowest figure since January ahead of Bank of Canada monetary policy report. Despite stability in stock and commodity markets the Loonie traded at CAD 1.0038 after strengthening to CAD 1.0009, the lowest since January 31. Currently USD/CAD is trading at CAD 1.0011.
Gold futures retreated in Asian session on Thursday as traders started to sell the yellow metal to cash from the market despite weaker US Dollar. COMEX gold for delivery in June traded at 1,633.75 US Dollars per troy ounce on the New York Mercantile Exchange, losing 0.04%. Meanwhile, silver for delivery in May traded at 31.580 US Dollars per troy
New Zealand and Australian currencies strengthened on Thursday as US shares recovered and data showed Australian employers added nearly 7 times more new jobs than predicted in March. Aussie rose 0.5% versus its US peer to USD 1.0301 while Kiwi jumped 0.4% to USD 0.8181. Currently AUD/USD is trading at 1.0390 and NZD/USD is trading at USD 0.8208.
New Zealand's PMI slid by 3.2 points to 54.5 on a seasonally adjusted basis in March, according to BNZ-BusinessNZ. Despite slight fall, the figure is still the second highest since May 2011. Four out of five major diffusion indices expanded last month, being supported by growth in production and new orders. Improving labour market also contributed to the expansion of
Crude oil futures fluctuated slightly during Asian trade on Thursday after data on moderate expansion of the US economy and falling yields on Spanish debt. Light, sweet crude oil futures for May delivery traded at 102.56 US Dollars per barrel on the New York Mercantile Exchange, advancing by 0.14% from the previous session's low of 102.52 US Dollars per barrel.
The rate of unemployment in South Korea tumbled in March, after attaining 11-month high in February. The March reading indicated that the jobless rate fell to 3.4% as compared to 3.7% in February, reported Statistics Korea. The number of people who have a job increased by 419,000 as compared to March 2011.
Natural gas futures fell below its key support level of 2.00 US Dollars per BTU, approaching 10-year low late on Wednesday as traders continued to sell off the fuel. Natural gas for May delivery traded at 1.98 US Dollars per BTU on the New York Mercantile Exchange, sinking by 2.39% in late US trade.
NZD/USD bounced off the support level at 0.8120, forming a rising wedge pattern on the 1H chart. The formation has 61% quality along with 83% magnitude in a 47-bar period.The price was capped at 0.8220, then at 0.8226, and lowered to the support level around 0.8198. The Stochastic indicator lowered to 40.78% after it had touched the 80% area. The
Benoit Coeure, the member of ECB board proved a speculation ECB may renew its bond buying program in order to cut Spanish yields as European debt turmoil threatens to appear again. Coeure reminded on Wednesday the ECB has an instrument to justify Spain's market conditions. 17-nation currency appreciated and Spanish borrowing costs fell on the announcement.
US stock markets closed higher on Wednesday after aluminium manufacturer Alcoa posted an unexpected profit amid declining Spanish and Italian borrowing costs. S&P 500 index gained 0.74% or 10.12 points and finished at 1,368.71 while Dow Jones Industrial Average index added 0.70% or 89.46 points and closed at 12,805.3. Nasdaq Composite climbed 0.84% or 12.24 points settling at 3,016.46.
European stock markets rebounded on Thursday as representatives of ECB signalled the lender may renew the bond purchases. Stoxx Europe 600 index gained 0.7%, FTSE MIB index rallied 1.6% and Spanish IBEX 35 index jumped 2%. UK FTSE index climbed 0.7%, German DAX index added 1% and French CAC 40 index soared 0.6%.
Canada's housing starts edged up unexpectedly last month, reported Canada Mortgage and Housing Corporation. Housing starts rose by 216,000 units on an annualized seasonally adjusted basis while experts predicted a 200,000 units fall in March. After the data release, the Canadian Dollar appreciated against its US rival and USD/CAD traded at 1.0024 in late Tuesday session, advancing by 0.2%.
The IMF agreed to provide a 987 US Dollars loan to Bangladesh to increase country's foreign exchange reserves. Bangladesh faced a decline in currency reserves as sharp growth of the energy prices spurred oil import costs. To receive the loan the country has to raise tax revenues and cut subsidy costs.
The US had a budget deficit equal USD 198 billion in March, Treasury department said on Wednesday. It compares with a slightly worse shortfall of USD 232 billion in February. Nevertheless the current estimate exceeds the USD 188 billion gap posted in March 2011. A portion of deficit came from reviewed TARP. No additional cash was provided for the programme.
The number of Australian payrolls surged more than analysts predicted in March and sending Aussie to one-week record high. Australian employers added 44 000 new jobs, reported statistics bureau on Thursday. The reading by almost 7 times surpasses the expected figure of 6500 jobs. The unemployment level remained unchanged at 5.2% instead of predicted increase to 5.3%.
World Bank said it expects China's economic expansion may slow to 13-year record low this year as lower demand from overseas may hamper exports. The World Bank lowered its projection for China's growth for 2012 from 8.4% estimated in January to 8.2%. The policy makers should raise fiscal spending in order to boost consumption, the World Bank added.
Rural commodities tumbled on Tuesday following the downside of world's equities and global economic instability. Grains followed the bearish trend after the USDA report release that indicated better crop forecasts for this planting season. Wheat was also pressured as USDA announced that global stockpiles topped the highest level in the last 11 years. Corn was the top loser despite strong
Energy commodities ended Tuesday on a negative note as global demand concerns offset supply restrictions from Iran. Weaker equities coupled with pessimistic data from the Euro Zone added pressure to the commodity group. Although China's crude oil imports remained at the record high level, overall fall in China's imports may indicate weaker economic stance of the country. Meanwhile oil prices
Industrial metals fell on Tuesday along with weaker global equities and lingering global economic concerns. Advancing Spanish and Italian debt yields added to worries about the necessity of new bailouts in the region. Moreover, elevating US and China's inventories signaled on the softer demand for base metals from the major consumers. Aluminium mainly traced falling equities while copper continued to
USD/JPY was fluctuating in a wide range during last 114 bars, and has formed a channel down pattern on the 30M chart. The formation has 59% quality along with 81% magnitude.The price was capped 82.54, then bounced off at 81.86 and eased to the support level around 80.61. The Stochastic indicator reached 80% level and is trying to recoil, which