Base metals tumbled on Tuesday along with broadly stronger US Dollar and weaker equities. Industry metals were also pressured by disappointing GDP data from the EU and Australia that added to concerns over the global stagnation. Moreover, recent cut of China's economic expansion weighted down on the base metals pack. Aluminium continued to fluctuate on the high stockpiles at Shanghai
Precious metals moved down on Tuesday amid appreciating US Dollar and lingering concerns over the Euro Zone debt crisis. Weaker equities also added to losses. Traders switched from commodities to the greenback as risk appetite was dampened after negative economic data. Moreover, the OECD reported lower than expected inflation rate that created pressure on traditional inflation hedges. Moreover, the commodity
After a sharp fall of 3.4% yesterday, German DAX index recovered on Wednesday, led by banks. Commerzbank advanced 2.9% and Deutsche Bank soared 1.2%. Henkel AG gained 0.9% after Goldman Sachs raised stock's rating from neutral to buy before company's earnings report due Thursday. On the downside Adidas AG lost 2.3% after reporting profit that missed analysts predictions. RWE AG
After a rapid drop of 1.9% in previous session, British FTSE 100 index retreated and climbed 0.5% on Wednesday as investors awaited results of a Greek debt swap agreement. Mining sectors recovered from losses with Kazakhmys PLC adding 2.6% and Eurasian Natural Resources Corp gaining 2.3%. Admiral Group PLC jumped 10% on better than expected pre-tax profit for 2011. On
Germany's factory orders unexpectedly slipped in January as overseas demand for machinery and similar investment goods fell. Factory orders lost 2.7% compared to a 1.6% gain in December, said Economy Ministry. Economists questioned by Bloomberg earlier predicted an 0.6% increase. On yearly basis orders have dropped 4.9%. Euro erased morning gains on report.
Asian markets showed a weak performance on Wednesday led by resource stocks and banks as investors remained concerned about possible outcome of Greek swap deal. Australia's S&P/ASX 200 index fell 1.5%, Hong Kong's Hang Seng index declined 0.9% and Japan's Nikkei Stock Average lost 0.6%. South Korea's Kospi slipped 0.9% and China's Shanghai Composite shed 0.7%.
Hong Kong's Hang Seng index prolonged its downward trend on Wednesday as fears about possible Greece's financial collapse and global slowdown returned. Hang Seng index lost 0.86% or 178.47 points and closed at 20,627.78. China Life Insurance tumbled 6.5% after the firm released a profit warning. Worries about global growth pressed commodities with China Coal Energy giving up 1% and
Japan's Nikkei Stock Average extended losses for a third straight day and fell 0.64% or 61.57 points to 9,576.06, marking the lowest value in two weeks. Exporters maintained downward path on stronger Yen. Sony Corp lost 2.3%, Mazda Corp declined 3.38% and Fujitsu Ltd tumbled 2.3%. Financials also deteriorated on Greek default worries. Nomura Holdings Inc slipped 1.9% and Daiwa
Dow Jones Industrial Average index faced its worst day in three months giving up more than 200 points on Tuesday. Blue chip index plunged 1.57% or 203.66 points and closed at 12,759.15 with 29 of 30 stocks posting losses. Industry sector overall declined 2.7% as aluminium giant Alcoa and construction and mining-equipment producer Caterpillar fell 4% and 3.8% respectively. Merck
S&P 500 index experienced the biggest decline in 2012 on renewed concerns about the outcome of Greek deal. Moreover data showed European GDP contracted in 4th quarter. US index tumbled 1.54% or 20.97 points and finished at 1,343.36 pushed down by banks and industrials. Morgan Stanley fell 5.3% and Goldman Sachs dropped 4.2%. Apple Inc. lost 0.5%, prolonging its two
Indonesia will oblige overseas investors to cut stakes in coal and mineral mining to 49% of ownership, announced the Energy and Mineral Resources Ministry. The Ministry requires foreign owners to sell about 20% during first six years of mining to the local investors. After the seventh year about 30% should belong to the local investors, after eight year their stake
Australian construction industry contracted by 21st consecutive month in February. Australian PCI declined by 4.2 points approaching 35.6 in February on a seasonally adjusted basis. The index below 50 indicates contraction. The slowdown of the building activity signaled that the recent cut of the interest rates have not provided sufficient spree for the industry.
Swiss unemployment rate was stable in February for the third month in line, reported the Swiss State Secretariat for Economic Affairs. The jobless rate remained at 3.1% on a seasonally adjusted basis last month, being in compliance with expectations. However, the number of individuals without job increased slightly by 1,163, approaching 133,154.
China will cut taxes on various consumer goods this year, said Wei Jianguo, a former deputy commerce minister. The move will enable stimulating domestic consumption that is the primary aim of the government, he added. The tax reductions are likely to be done in two rounds and will cover wide range of luxury and consumer goods. However, Ministry of Finance
US equities experienced a worst day in last three months on returning fears about Greece's default and the impact of China's slowdown on global economy. S&P 500 index fell 1.54% or 20.97 points and finished at 1,343.36 while Dow Jones Industrial Average index plunged 1.57% or 203.66 points and closed at 12,759.15. Nasdaq Composite tumbled 1.36% or 40.16 points to
Canadian Dollar weakened against greenback on Tuesday as investor worries about global growth curbed demand for higher yielding assets including shares and commodities. Canada's currency lost 0.7% against US Dollar dropping to CAD 1.0019. Currently USD/CAD is trading at CAD 0.9997.
European stocks extended losses on Tuesday as investor worries about global economic outlook and Greece debt swap outcome returned. Stoxx Europe 600 lost 2.7%, UK FTSE 100 tumbled 1.9% and German DAX plunged 3.4%. French CAC 40 index fell 3.6% while Italian FTSE MIB index gave up 3.4%.
Crude oil futures advanced on Wednesday Asian trade on slightly weaker US Dollar and improving stock index futures. Light crude futures to be delivered in April gained 0.3% or USD 0.27. ICE Dollar index slipped 0.15% pushing commodity prices higher. April gasoline futures rallied 0.5% or USD 3.24 per gallon.
Gold futures recovered and traded higher on Wednesday, returning to $1,670.00 an ounce reading as investors regained interest in precious metal after a rapid price drop of 1.9% on Tuesday session. Gold to be delivered in April advanced USD 6.10 attaining USD 1,678.20 during electronic trade at the New York Mercantile Exchange.
Republican Mitt Romney, ex-governor of Massachusetts won the primary presidential election in Ohio. Romney gained 38% of votes, followed by former Senator of Pennsylvania Rick Santorum with 37%, Speaker of US house Newt Gingrich with 15% and US Representative Ron Paul with 9% support.
Australian currency dropped versus 14 out of 16 main counterparts on the government report showing country's GDP expanded two times less than expected. Aussie fell against Greenback to USD 1.0509 and slipped 0.3% versus Yen to JPY 85.16. In contrast Kiwi jumped 0.5% against its US peer to USD 0.8165 and gained 0.3% versus Yen to JPY 65.91. Currently AUD/USD
Japanese Yen kept appreciating versus its main counterparts on Wednesday as weaker Asian stock markets and investor lack of confidence about Greece's ability to finalize debt swap agreement bolstered demand for safer currency. The Yen strengthened against the Euro to JPY 106.01 in Asian trade and added 0.3% versus US Dollar to JPY 80.67. Currently EUR/JPY is trading at JPY 106.22 and USD/JPY is trading
Australian gross domestic product grew 0.4% in the last quarter of 2011 or half the pace analysts had predicted. The slowdown in Australia's housing market curbed consumption and reduced sovereign bond yields amid weakening Aussie. Economists surveyed by Bloomberg predicted a 0.8% gain in nation's growth. In the 4th quarter European debt crisis harmed Asian consumption of commodities and forced
Spain and Italy faced an increase in bond yields after news that Greek default is expected to force these countries to look for further financial aid. 10-year yields on Spanish debt jumped from 4.95% to 5.05% on Monday while Italy's 10-year debt yields added 10 basis points approaching 4.97%. Meanwhile, yields on the two-year Span's debt eased up to 2.31%