After closing 0.4% higher on Monday, UK FTSE 100 Index extended gains on Tuesday. UK benchmark index was lifted by better than expected Chinese GDP data and by an unexpected jump in German investor confidence. RBS led the gains, climbing 4.87%, after the bank announced, it will sell its aviation division to Sumitomo Mitsui Financial Group for $7.3bn. On the
Energy markets, excluding natural gas, climbed on Monday ahead of key economic data from China due on Tuesday. Tensions in Iran and Syria continued to support energy prices. At the same time, natural gas futures tumbled to 28-month low on Monday on the mild weather forecasts in the US. Additional pressure on the natural gas prices was created by the
Energy markets, excluding natural gas, climbed on Monday ahead of key economic data from China due on Tuesday. Tensions in Iran and Syria continued to support energy prices. At the same time, natural gas futures tumbled to 28-month low on Monday on the mild weather forecasts in the US. Additional pressure on the natural gas prices was created by the
Industrial metals, excluding nickel, erased Friday's losses as ongoing decrease of LME inventory level creates a positive foundation for growth in metals' price. On Tuesday copper opened on a positive note as faster than expected economic growth in China eased concerns over potential demand for base metals. Weaker US Dollar after China's data also contributed to copper's gains. However, economists
Agricultural commodities rallied on Monday after facing sharp fall in the end of last week after US crop report release. Soft Euro after mass credit downgrades in the Euro Zone helped wheat to remain in a positive territory. Moreover, lower than initially expected wheat crops in Europe created strong support to the grain commodities. At the same time, wheat prices
ZEW index measuring investor confidence in Germany unexpectedly rose in January. According to European Economic Research centre, the measure jumped from minus 53.8 a month ago to minus 21.6 in January, posting a record increase of 32.2 points. Analysts earlier predicted an improvement in sentiment only to minus 49.4. Some economists suggest, the surge of investor sentiment may indicate the worst
Precious metals eased up on Monday taking advantage of slightly weaker US Dollar. Precious metals continue to generate mixed response to the Euro Zone woes as worries over debt crisis increase safe haven appeal of the commodity group. Palladium price continued to find support in the performance of automobile industry in the US and China amid tightening of emissions legislation.
France is increasing pressure on other EU members to accelerate the planned ban on Iran oil imports, said two officials familiar with the matter. France suggests embargo should not be postponed for more than 3 months, to give countries including Spain, Italy and Greece to find other supplies. European policy makers prepare to discuss the embargo at meeting due January
Hong Kong's Hang Seng Index surged sharply on Tuesday, as investors anticipated news that Chinese economy expanded at faster pace than predicted and France successfully sold bonds despite S&P downgrade. Hang Seng Index gained 3.24% or 615.55 points and closed at 19,627.75 with all 9 nine sectors posting gains. HSBC Holdings PLC added 3.35%, Agricultural Bank of China Ltd. soared
Japan's Nikkei Stock Average jumped 1.05% or 88.04 points and closed at 8,466.40 on Tuesday, with all 9 of 10 industries posting gains, after China reported an 8.9% increase in GDP compared to 8.7% growth earlier expected by economists. Sumitomo Mitsui Financial Group Inc. gained 1.2%, after the company announced it will buy the RBS aviation unit. Shipping companies also
Precious metals are likely to face upswing move after falling at the end of 2011, reported Commerzbank. Skepticism of money managers was caused by phase of weakness in the precious metals market but metals will resume their upward trend supported by strong demand from central bank and investors. The gold's price is expected to average at $1,725 an ounce over
The next Brazilian coffee crop may not meet strong overseas and local demand even taken record high coffee output forecasts. Experts expect country's coffee output to hit 49 million to 52.3 million bags this year as compared to 43.5 million in 2011, reported Conab. The demand for Brazilian coffee is estimated to amount 54 million bags in 2012.
Shanghai Composite Index rocketed on Tuesday, after Chinese officials reported country's Gross Domestic Product rose more-than-expected in the last quarter of 2011. China's benchmark index rallied 4.18% or 92.18 points to 2,298.38, led by resource stocks. All nine sectors within the index posted gains. China Merchant jumped 10.18, while Zijin Mining-A and Shandong Nansh-A gained 10.10% and 10.08%, respectively. On
Rio Tinto PLC announced, it increased output of core steel-making commodities in the last quarter of 2011, with its iron ore production attaining a record high level of 51.2 million metric tons, indicating yearly increase by 2% in Q4. Full year production of iron ore advanced by 4% to 191.8 million tons, while the output of coking coal surged by
The EIA reported that global consumption of crude oil is expected to jump to 1.3 million barrels per day in 2012 and to 1.5 million barrels per day in 2013. The major drivers for the increase in oil consumption will be the US, China, Brazil and Middle East. In case of absence of oil disruption, the energy market will stay
Gold futures soared above $1,650 an ounce during Asian session finding strong support on the depreciating US Dollar after data news on larger than expected economic growth in China in Q4. COMEX gold for February delivery traded at $1,658.60 an ounce on the New York Mercantile Exchange, gaining 1.7% since opening.
Crude oil futures advanced above $100 a barrel during electronic trade following positive data on China's economic expansion. Light, sweet crude oil February contract traded at $100.27 during Asian trade, on the New York Mercantile Exchange, gaining $1.57 or 1.6% since opening.
London is expected to become the main Yuan trading center in the overseas market as the UK cooperates with Hong Kong in an attempt to develop this business. The HKMA and UK Treasure agreed on Monday to launch new private sector forum aimed at strengthening ties between the UK and Hong Kong in areas like clearing, settlement, development of Yuan-denominated
Burberry Group PLC announced its revenues hit 574 million pounds in Q3 ending on December 31, indicating 21% yearly increase. Retail sales amounted 417 million pounds, reflecting 23% increase on the underlying basis. The company will maintain its core strategy to pursue sustainable growth, said Angela Ahrendts, CEO of Burberry.
Japanese tertiary industry activity index declined more than expected in December, reported METI. The country's tertiary index declined by 0.8% on a seasonally adjusted basis after growing by 0.6% in November. Experts projected the index to lose 0.4% last month.
The head of NBS warned China of ongoing price growth pressures in China and recommended the government to maintain its prudent monetary policy. The base for price stabilization is not firm enough, and there are possibilities for price rebound, he added. Increasing labour, resource and land costs all contribute to further price growth in long-run, he pointed out.
Natural gas futures faced a downward move on Monday, tumbling to 28-month low amid ongoing mild weather forecasts. Natural gas broke a psychologically crucial level of $3.00 per million British thermal units. Natural gas futures for delivery in February traded at USD2.547 per million British thermal units at the last US session, on the New York Mercantile Exchange, losing 4.49%
Silver and gold are likely to rocket in the next years, said John Embry, Chief Investment Strategist of Sprott Asset Management. He claimed silver will achieve all-times high of$100/oz in the next 12 to 24 months. Silver is likely to advance three or four times faster than the yellow metal even despite optimistic forecasts about gold in long run, he
Swiss PPI increased unexpectedly in December, increasing for the first time in the last eight months. The index advanced by 0.3% on a seasonally adjusted basis last month after decreasing by 0.8% in the preceding month, reported the Swiss Federal Statistical Office. Experts projected the PPI to decline by 0.3% last month. Considering yearly changes, the PPI dropped by 2.3%