On Monday, Moody's Investors Service stated that it upgraded Iceland's sovereign credit rating by one notch to Baa2, as the country improved financial regulation and its debt position. In addition, Moody's said that Iceland's GDP will annually grow by 7% to 8% in the next three years, due to increased domestic and external demand. Iceland's current credit rating of Baa2
US stock futures indicated early on Tuesday that markets would open higher, after a significant selloff that took place Monday amid fears that Greece would exit the Euro zone. The S&P 500 Index futures rose 0.2% to 2,056.25 points, the Dow Jones Industrial Average climbed 0.2% to 17,549 points, and the Nasdaq 100 Index rose 0.1% to 4,383.25 points by
China's shares predominantly advanced on Tuesday, recouping some of the previous days' sharp losses, as Greece approached the debt default. Shanghai Composite Index soared 5.5% to 4,277.79 points by 8:00 AM GMT, after closing the session 3.3% down on Monday. Meanwhile, CSI 300 Index rallied 6.7% to 4,473 points and Shenzhen Composite Index inched up 4.8% to 2,464.23 points.
Japanese total cash wages rose 0.6% year-over-year in May, while in April they increased by 0.7%, thus indicating that employees may be sharing part of the earnings with their workers. According to economists, worker wages rose in the last two months due to negotiations with their employers in the spring of 2015. On average, Japanese firms increased wages by 2.2%
Europe largest economy's retail sales grew 0.5% in May, compared with April, however, economists forecasted that figures would stay unchanged for the month. Revised retail sales in April rose 1.3% from March, lower than a 1.7% increase estimate. Meanwhile, retail sales from January to May of 2015 have risen 2.4% year-over-year, therefore indicating that private consumption could remain a growth engine for
The New York Fed President William C. Dudley announced readiness to raise interest rates on September in spite of the Greek crisis, referring to continued flow of positive data releases recently. Nevertheless, the Fed sees significant risks in the case of the Grexit and therefore would not fan the flames by raising interest rates and stick to risk-off strategy.
Oil futures for August delivery traded lower, on concerns surrounding Greece's default and therefore strengthening Dollar. In New York, August crude futures lost $1.24 or 2.1% to $58.39 a barrel, however, the London-traded Brent crude oil declined $1.35 or 2.15% to $61.9 a barrel by 10:40 AM GMT. The rising Dollar can make dollar-denominated commodities more costly to countries with
The Switzerland's central bank confirmed they interfered in order to weaken the Swiss Franc's appreciation, as the Greek financial crisis worsens. The Greek default would most probably push massive capital flows into this safe-haven currency, therefore, the SNB maintained negative interest rates as well as penalties for keeping the Swissie in cash to prevent the rise of the "significantly overvalued" currency.
While the common currency reached its weakest level since 2007 against the Pound, European stock markets retreated at the opening, as the CAC 40 and DAX both dropped 4.3% to 4840.71 and 10,975.76 points respectively. Investors switched from Spain's and Italy's bond markets to supposedly safer German bund market, while Greek government ten-year bond yield rose to 14%.
US stock futures dropped marginally, as the European Central Bank cut the emergency funding available for the Greek banks, therefore increasing the possibility of Greece's default. The S&P 500 futures slid 1.1% to 2,072.50 points, the Nasdaq 100 Composite dropped 1.2% to 4,425.25 points, and the Dow Jones Industrial Average lost 1.1% to 17,681 points by 11:15 AM GMT.
On Monday, equity markets across Europe slid on the worries of Greece's exit from the Euro zone, as the Greece's stock market and banks were closed. The Stoxx Europe 600 lost 2.2% to 388 points, France's CAC 40 dropped 3.2% to 4,897 points, and the DAX 30 slipped 3% to 11,143 points. Meanwhile, the UK's FTSE 100 fell 1.5% to
The Euro weakened on Monday in Asian trading, while the Swiss Franc and the Japanese Yen appreciated as the safe-haven currencies. The Euro zone's currency dropped against the Greenback down to 1.0955, while EUR/CHF contracted to 1.026, its lowest level since April, and reached 133.75 Yen, the lowest mark since late May.
Chinese equity markets declined on Monday, as the People's Bank of China cut interest rates and cash reserve requirements for certain banks in order to increase bank lending and to bolster economic growth. Moreover, worries over Greek default added to the losses, as the Shanghai Composite Index dropped 3.3% to 4,053 points and the Hong Kong's Hang Seng Index slid
The US Dollar weakened against the Japan's currency, following the release of better than expected economic data from Japan. USD/JPY reached 123.22 on Asian trading, the pair's lowest since June 22. While Japan's household spending edged 2.4% and CPI grew by 0.5% in May, the US market sentiment stayed under pressure through negotiations on the Greek debt.
European shares declined slightly during the Friday's trading session, as the deadline for a deal between Greece and its creditors neared. The Stoxx Europe 600 decreased 0.6% to 393.97 points, the DAX 30 slipped 0.4% to 11,427.11 points, while the FTSE 100 was down 0.7% to 6,750.6 points. Meanwhile, the Athex Composite Index lost 1.5% to 769.98 points and the France's CAC
In May, Singapore's manufacturing output slipped 2.3% year-over-year, which was steeper than a 2.1% decrease predicted by analysts, however, lower than a 9.1% decrease in April. Moreover, on the adjusted basis, output increased 2.4% in May over April, as production contracted in the pharmaceutical sector and international demand for nations' goods weakened further.
Commodity markets remained muted on Friday and experts project the same development for Monday, while investors are keeping an eye on talks between the six world powers and Iran. The negotiations on Tehran's nuclear programme is approaching its deadline on June 30. A concession between the parties could exacerbate the daily output pushing the oil prices lower.
Chinese shares declined for the second consecutive trading session and toward bear territory, as investors were disappointed that the Chinese government has not added further stimulus to the financial system and amid continued worries about overpriced startup stocks. The Shanghai Composite Index dropped 7.4% to 4,192.87 points, while the Shenzhen market plummeted 7.9%.
August crude futures rose to $63.65 a barrel, however, the July WTI futures declined 0.4% to $60.97, as investors prepare for the June 30th deadline of the nuclear negotiations between Iran and the West. Meanwhile, US domestic oil inventories declined by 4.9 million barrels last week, which was more than expected. Substantial contraction in oil inventories is usually a signal
New Zealand Dollar strengthened against the Greenback on hopes for a breakthrough in talks between Greece and its creditors. NZD/USD added 0.1% to 0.6897, which is the pair's highest level since June 22. The US Dollar was supported after the report that the US GDP contracted in line with expectations by 0.2% during the Q1 of 2015. In the meantime, the
Two-year bonds of the Japanese government were well received in an auction on Thursday, performing a bid-to-cover ratio at a level of 3.71, thus indicating a firm demand. The yield on these securities stayed unchanged at 0% amid Japan's QE programme, which is driving borrowing costs down. Meanwhile, the 10-year yield grew 2 basis points to 0.475%, while investors pulled
UK automobile output climbed 2.3% last month, due to stronger demand from British customers. In May 2015, 119,338 cars were manufactured, compared with the 116,655 cars a year earlier. Domestic demand grew by 13%, as 24,792 cars from the total output was produced for the local market. In the meantime, the number of cars for outbound shipments declined 0.2% to
Crude oil futures fell significantly on Wednesday, despite a continued drop in US crude inventories. The US Energy Information Administration reported a 4.9 million barrels' decline in US oil inventories last week. Meanwhile, gold futures sank to the lowest level in over two weeks due a relatively flat US Dollar and revised forecasts of the GDP growth in Q1, while
For the first time in ten weeks the People's Bank of China offered 35 billion yuan or $5.6 billion worth of reverse repos to commercial lenders in order to drive money market rates lower. On Thursday, the Chinese central bank auctioned surplus repurchase agreements at a 2.7% interest. According to analysts, PBOC wishes to see the short-term interest rates at