The Euro, 17-nation currency, advanced by 0.3% to 106.60 yen and by 0.2% to $1.2981 in the beginning of London trading session on Thursday. The Euro strengthens on speculations that Barack Obama and Congress will reach an agreement on a new U.S. budget and avoid the fiscal cliff, which most probably would drag the biggest world economy in a recession.
Brazilian governors last night kept the Selic rate unchanged at 7.25% level, ending the second-longest period of reduction in order to prevail inflation from accelerating. The Central Bank of Brazil signaled that they are planning to keep the key interest rate in the record low for the longest period, as the domestic economy slips to the worst two-year performance in
The Won, South Korea's currency, increased by 0.2% to 1,084.13 per Dollar in the end of Seoul trading session on Thursday. The Won gained on the Barack Obama's comments that he will reach an agreement with Congress on a new U.S. budget for 2013 to avoid so-called fiscal cliff. However, currency's gains were not significant as traders were cautious due
German bonds with 10-year yields were 0.01 percentage point higher to 1.38%, in early London trading session on Thursday. Bonds rise from the lowest level in last week as yesterday dropped to 1.35%. The price of the Euro area's safest assets increase before U.S. Treasury Secretary Timothy Geithner holds a meeting with congressional leaders in order to avoid so-called fiscal
The Stoxx 600 Index add 0.6% to 274.73 in early London trading session on Thursday. European equities rise in the highest level in last three weeks, as investors' optimism grows that Barack Obama, the U.S. President, will reach a settlement with Congress on a new budget for 2013 and avoid the so-called fiscal cliff. Most active stocks for this
Industrial metals apart from nickel tanked on Wednesday as market participant remained worried about Greek debt woes and looming US fiscal battles. Market sentiment was further dampened by increased caution ahead of the key US data due on Thursday. Meanwhile, softer US Dollar restricted the downswing.Aluminum slumped as stocks at global exchange warehouses remained elevated despite a recent decline in
Oil rose in New York as U.S. stockpiles unexpectedly fell and the fiscal cliff is expected to be avoided in the world's biggest oil consumer. Futures rose 0.5% after declining 0.8% yesterday to a 2-week low, while Crude for January settlement gained 40 cents to $86.89 a barrel in New York and was at $86.89 a barrel at 3:04 p.m.
US blue chips closed on the positive note on Wednesday on brighter outlook on the US economy. US President Barack Obama said that US lawmakers will agree on budget until January 1. Moreover, the Wall Street Journal reported that the Fed is likely to expand its bond-buying plan to increase Treasury purchases at next-month meeting. Capping the upswing, US new
US stocks climbed on Wednesday on progress in talks to avert US fiscal cliff. US President Barack Obama reassured investors that the deal on US budget will be done in the next four weeks. Moreover, mounting hopes that the Fed will expand its bond purchasing program at its next-month meeting boosted market sentiment. At the same time, an unexpected drop
Farm commodities were mixed on Wednesday amid weaker US Dollar and concerns over weather conditions in Brazil and Argentina. Moreover, hopes that demand for US supplies will continue to strengthen lifted farm commodities.Wheat moved higher, attaining two-week high as only about 33% of wheat was in good or excellent condition last week, the lowest level in 27 years. However the
Energy futures plunged on Wednesday despite broadly weaker US Dollar and an unexpected decline in the US crude oil inventories. The commodity group was pressurized by easing supply concerns in the Middle East and lingering worries over looming fiscal cliff in the US. Crude oil sank despite an unexpected drop in the US crude oil stockpiles last week. US crude
Precious metals except for palladium declined amid lingering concerns over the US fiscal cliff and lack of details about recently agreed Greek bailout plan. Moreover, expiration of December contract that expired on Wednesday also added to losses of the commodity group. However, slightly weaker US Dollar prevented further decline in precious metals prices.Gold slumped on heavy selling volume ahead of
Gold recovered from the biggest decline in more than 3 weeks as investors holdings increased to a record and on optimism the fiscal cliff in the U.S. will be prevented. Gold spot gained 0.2% to $1,723.70 an ounce and traded at $1,720.38 at 1:52 p.m. Singapore time. The price fell 1.3% a day earlier, the biggest decline since November 2.
Asian stocks gained on optimism the U.S. will be able to avoid the fiscal cliff and as Japan's opposition party urged unlimited monetary easing. The MSCI Asia Pacific Index rose 0.8% to 124.05, with more than 3 shares gaining for each that declined. Japan's Nikkei 225 Stock Average climbed 0.8%, while the broader Topix Index gained 0.9% .
The Australian Dollar approached the highest level in two months as equities recovered globally amid speculation the U.S. will prevent the fiscal cliff, spurring demand for risky assets. The Aussie traded at $1.0472 at 4:52 p.m. in Sydney from yesterday, when the currency rose 0.3%. It fetched $1.0490 on November 27, the strongest level since September 21. The Aussie was
The South Korean Won strengthened, while government bonds declined on increasing speculation the U.S. economy will prevent the fiscal cliff. The Won gained 0.1% to 1,084.80 per greenback at 10:05 a.m. in Seoul, after losing 0.2% yesterday. One-month volatility fell 8 basis points, or 0.08 percentage point, to 5.25%.
The greenback traded 0.5% from the lowest level this month against the Euro ahead of Treasury Secretary Timothy F. Geithner's meeting with congressional leaders to discuss the fiscal cliff. The U.S. Dollar was at $1.2946 per Euro at 6.33 a.m. in London from $1.2953 in New York yesterday. It fetched $1.3009 on November 27, the lowest level since October 31.
German shares dropped on Wednesday amid worries that US lawmakers will fail to reach a consensus on looming tax hikes and spending cuts till the end of December. Meanwhile, traders were also cautious ahead of the key US data due on Thursday. The DAX Index tanked 0.39% and is currently trading at 7,304.00. All but one sector included in the
UK shares dipped on Wednesday on concerns over upcoming US fiscal cliff. Moreover, weakness in the US and Asian stocks pushed European shares lower. However, upbeat US data coupled with recent positive UK GDP reading restricted the downward trend. The FTSE 100 Index sagged 0.19% to trade at 5,788.63. Four in ten sectors climbed. On the upside, United Utilities Group
Hong Kong equities moved lower on Wednesday amid lingering concerns over looming US fiscal cliff and expectations for increase in share supply. About 10 billion yuan of new shares will be eligible for sale next month in the mainland. Moreover, a sharp drop in real estate projects in Shanghai dragged property developer lower. The Hang Seng Index lost 0.62% to
Japan's stocks were mostly lower on Wednesday as investors have become increasingly concerned about lack of progress in the US fiscal talks. Meanwhile, stronger national currency and profit taking hit exporters that witnessed a sharp increase during last sessions. However, mounting hopes that BoJ will ease its monetary policy after December's election and positive news from the Eurozone limited the
US stocks slipped on Tuesday, as Harry Reid, Senate Majority leader, announced that little progress has been made in averting the fiscal cliff. However, the decline in equities was capped by consumer confidence data, reaching the highest level in four years. Dow Jones fell to 12,878.13 on Tuesday, down 89.24 points or 0.7%. All but one sector tumbled. The only
US stocks tumbled for the second consecutive day as concerns on the U.S. budged talks in Washington rose, curtaining better-than-expected data on core durable goods, which surged 1.7% last month. Moreover, Eurozone's finance ministers finally reached agreement on the Greek debt-aid package, thus boosting market sentiment. The S&P 500 index dropped 0.5% to 1,398.94. The index has slid 2.1% since
On Wednesday, treasuries were traded higher, extending a 3-day long streak of gains, on speculations that fiscal cliff talks are making little progress, which increased demand for safer assets. The yield on benchmark 10-year government bonds declined by 2 basis points a reached a level of 1.62% by 6:24 a.m. New York time.