Prices of gold inched up for the second day in a row following Wednesday's decrease amid bets that precious metal demand may recover in the future, despite the Federal Reserve Chairman Ben Bernanke's forecast that gold should fall in the near term. Gold futures advanced 0.49% to $1,290.59 per ounce and spot gold gained 0.59% to $1,291.80.
Stocks prices in developing countries dropped for a second consecutive day, led by technology shares. The MSCI Emerging Markets Index slid 0.3% to 954.45 so far today, decreasing a weekly gain to 1%. Technology stocks retreated 1.7%, the most out of all 10 industries in the gauge, after Taiwan Semiconductor predicted lower-than-expected earnings in Q3.
10-year Indian government bonds dropped after the central bank increased its interest rates to fight currency depreciation. The yield on 7.16% government securities expiring in May 2023 jumped 6 basis points to 8.05%, while it has already increased 52 basis points so far this week, the biggest surge since March 2009. The Rupee decreased 0.1% to 59.7687 per U.S. Dollar.
Copper declined to the lowest in a week in New York, as signals of increasing China's home prices and falling jobless claims in the U.S. imply that further stimulus will not take place in two largest metal-consumer countries. Copper futures for September settlement dropped 0.4% to $3.117 per pound as of 10:28 a.m. on the Comex, while it traded at
The gauge of U.S. leading economic indicators remained the same in June, meaning the economy might take time to gain strength. The index includes ten indicators from which four weakened in June. Main declining indicators were building permits and orders to factories, while unemployment insurance claims and credit conditions were indicators that improved.
The U.S. Dollar gained as the number of jobless claims for the first time dropped last week, giving positive signals about the economy's recovery. The number fell from 358,000 to 334,000, while analysts predicted it to be 345,000. The U.S. currency was up 0.7% to 100.26 versus the Japanese Yen at 9:25 p.m. GMT. Against the Pound, the Dollar traded
Treasuries declined for the first time this week after reports on regional manufacturing and jobless claims indicated that the U.S. economy is gaining strength. The data boosts speculation that the Federal Reserves could slow down asset purchases. Yield on 10-year treasury gained three basis points to 2.52% at 10:51 a.m. in New York.
European bonds advanced for a third straight day as Fed Chairman Bernanke's speech boosted speculation that that central banks around the globe will continue stimulus. Germany's ten-year bond yield declined two basis points to 1.52% as of 2:07 p.m. in London. Return on 10-year Dutch bonds decreased three basis point to 1.95%.
West Texas Intermediate crude traded almost at one-week high after U.S. crude supplies decreased to the lowest since January. Crude inventories fell 6.9 million barrels to 367 million which is the third weakly decline. WTI for August settlement stepped up 27 cents to $106.75 a barrel as of 1:53 p.m. on the New York Mercantile Exchange.
The Pound advanced against the common currency after a retail sales report in the U.K. showed an 0.2% increase in June. June is the second month with growth in retail sales, signaling that the recovery is gaining pace. The currency added 0.1% to 86.17 pence per Euro as of 12:30 p.m. in London. Also yield on 2-year bonds declined 0.04
The U.S. Dollar inched up against the Euro, as the number of first-time unemployed benefit seekers declined moderately by 24,000, ahead of the second day of Ben Bernanke's testimony later today. The greenback advanced 0.30% to $1.3085 versus the common currency, after the jobless claims fell to 334,000, overshooting economists expectations of 360,000.
Canada's wholesale sales jumped from 0.4% gain in April to 2.3%, reaching $50.3 billion in May. It was the biggest advance since 2011. A report showed unexpected results as economists projected wholesale sales in Canada might climb only about 0.3% in May. The main drivers behind the increase was 19.6% growth in sales of agricultural supplies and 4.2% growth in
The U.S. Dollar appreciated ahead of a report that analysts say will provide signs of growth in the U.S. job market, fueling the case for the Federal Reserve Chairman Ben Bernanke to taper bond-buying programme. The greenback rose 0.5% to 100.05 against the Yen and jumped 0.1% to $1.3106 versus the 17-nation currency.
Gold was rising and falling in London after its biggest decline in approximately two weeks, as the Fed's Chairman Bernanke commented on the monetary stimulus. Bullion for immediate delivery rose 0.3% at $1,279.57 an ounce as of 10:15 a.m. London time after advancing 0.5% and dropping 0.1%. The Yellow metal for December delivery added 0.2% to $1,280.90 an ounce on
West Texas Intermediate climbed to the highest level in a week as U.S. crude stockpiles decreased to the lowest level since the beginning of the year. The August WTI contract declined 2 cents to $106.46 per barrel. The September Brent contract plummeted to $108.55 per barrel. Inventories declined by 6.9 million barrels to 367 million, continuing the longest run of
U.K. retail sales advanced moderately in the previous month, boosted by sales increase in department stores, which is the latest signal of economic recovery in the U.K. Retail sales advanced 0.2% on monthly basis and 2.2% on the annual basis. Both measures were moderately over Dow Jones forecast of 0.1% on monthly basis and 1.7% on the annual basis.
The Euro area's current account surplus decreased more-than-expected in May. The current account showed a surplus of 19.6 billion euros in May, after posting a surplus of 23.8 billion euros in April. The current account surplus mainly was driven by a rise in surplus of goods to €148.7 billion, a jump in services to €93.7 billion, and also a gain
Japanese stocks advanced, with the regional benchmark Topix index gaining for a fourth straight day, as the Japanese Yen depreciated and the Fed's Bernanke calmed worries on winding down monetary stimulus. The Topix climbed 0.7% to 1,222.01 at the close Tokyo time, while the Nikkei 225 Stock Average added 1.3% to 14,808.50.
Asian shares excepting Japan declined after the IMF stated that the risks of China's growth are increasing, while Japanese stocks advanced as the nation's currency slipped. The MSCI Asia Pacific excluding Japan Index slid 0.4% to 330.73 at 4:17 p.m. Hong Kong time, while the MSCI Asia Pacific Index fell 0.1% after climbing 0.4%.
German 10-year government bunds advanced for the third day ahead of Spain sells notes, expiring between 2016 and 2023, worth three billion euros . German 10-year bond yield declined two basis points to 1.53% and the 1.5% security maturing in May 2023 rallied 0.135 to 99.75. Spain sold 10-year notes at an average 4.77% yield on June 20.
The Sterling declined for the first time in three days against the U.S. Dollar ahead of data that analysts said will indicate retail sales rose at a slower pace in the previous month. The Sterling weakened 0.3% to $1.5170 versus the Dollar and was at 88.37 against the Euro. Retail sales gained 0.3% in June, after jumping 2.1% in May.
German shares fell for the second time weekly, impacted by a sell-off in SAP, as the company posted its sales data that showed its first retreat in approximately three years. The benchmark DAX Index slipped 0.2% to 8,241.58 as of 10:03 a.m. Frankfurt time; however, the equity-benchmark added 0.7% on Wednesday after the Fed's Chairman Bernanke testimony.
Розничные продажи в Великобритании подросли на 0.2% в июне этого года в месячном выражении, что совпало с ожиданиями аналитиков. В годовом выражении рост составил 2.2% при прогнозе на уровне 1.7%. На потребление приходится около 70% экономики страны, поэтому положительные данные о розничных продажах могут увеличить темпы роста ВВП.
The Australian Dollar retreated for the second day against the U.S. Dollar on the testimony form the Federal Reserve Chairman Ben Bernanke. The Australian currency slipped even more as Australian business sentiment dropped back in June quarter. The Aussie fell 0.93% to $0.9153 against the greenback and depreciated 0.79% to $1.4316 against the Euro.