Precious metals were mixed on Tuesday, with gold and silver rebounding and palladium and platinum tumbling. Strong US Dollar, profit taking and fading boost from the US stimulus measures all created heavy selling pressure on the commodity group. Gold advanced despite appreciation in US Dollar amid upbeat current account data. Meanwhile, traders locked in profits after previous rally of the yellow
Australia's leading economic indicator extended advance in July, while its rate of rise stayed lower than its long-term trend signing that the economy is unlikely to outperform trend in the foreseen future. The annualized increase of the leading index was 2.2%, lower than the long-term trend of 2.7%, Westpac reported on Wednesday. Meanwhile, annualized expansion rate of coincident index was
New Zealand' current account posted a shortfall of NZ$1.797 billion in Q2 of the year, Statistics New Zealand reported on Wednesday. Economists had forecast a deficit of NZ$1.620 billion, while the upwardly revised deficit for the first quarter was at NZ$1.072. Significant expansion of the shortfall was due to increase in earnings of foreign-owned banks in New Zealand.
German shares are trading in the negative territory on Tuesday despite positive news from Eurozone. On Tuesday, Spain sold the targeted amount of debt with lower borrowing costs. Moreover, German ZEW economic sentiment index advanced more-than-expected in August. The German DAX Index slumped 0.70% to trade at 7,351.78. Only three sectors included in the index rose. The top-performers were consumer
UK stocks are trading lower on Tuesday after Spanish debt sale. Spain sold EUR4.6 billion of bills, slightly above the target. The borrowing costs declined and Spain's 10-year bonds increased for the first time in four days even despite uncertainty whether the country will seek a new bailout. Meanwhile, UK CPI rose in August to annualized 2.5%, being in line
Hong Kong stocks declined on Tuesday on China's dispute with Japan over Senkaku/Diaoyu islands. The largest China's cities witnessed protests that turned to violence directed against Japanese businesses. Moreover, weakness of the commodity markets weighted down on the Hong Kong blue chips index. The Hang Seng Index lost 0.27% to close at 20,601.93. Only two business sectors included in the
Japanese shares dropped on Tuesday amid escalated tensions over a group of islands recently purchased by Japan from China. Several large Japanese companies suspended operations in China because of protests that turned to violence in some China's cities. Japan's companies with high exposure to China created heavy pressure on the Japanese stock index. The Nikkei 225 Index edged lower by
The U.S. current account deficit narrowed to $117.4 billion in the second quarter of 2012, $133.6 billion in the first quarter, the Commerce Department reported on Tuesday. Analysts had predicted U.S. current account balance to fall to -125.5B last month. The decline may be, mostly, explained by the fall in oil prices and a larger surplus in income payments.
Farm commodities except for sugar followed downward trend on Monday as US harvesting accelerated due to favorable weather conditions. Meanwhile, recent surge in sugar and coffee prices motivated producers to sell inventories. Wheat slumped the most since January on accelerated US planting. USDA reported that winter-wheat crop was 11% planted compared 4% in the preceding week. Corn tumbled as dry weather
Energy commodities plunged on Monday as rally on easing in the US paused amid increasing profit booking and concerns over spreading debt crisis in Eurozone. However, escalated tensions in the Middle East continued to create supply risk-premium for the commodity group. Crude oil sank on stronger US Dollar and fading impact of the Fed easing measures. Meanwhile, market players await fresh
US blue chips slid n Monday on weak manufacturing activity in the US. The New York manufacturing index dropped further in September while industrial and factory production contracted last month. Moreover, China growth concerns created additional pressure on the US blue chips index. The Dow Jones Industrial Average Index lost 0.30% to close at 13,553.10. Only three out of ten
Industrial metals apart from nickel retreated on profit booking after last week's rally. Moreover, growth concerns in Eurozone and China created heavy selling pressure on the base metals' pack. Aluminum went lower on rising cautiousness among investors amid uncertainty over Spain's bailout. Over the weekend thousands of people in Spain protested over budget spending cuts. Copper slid almost one per cent on
US stocks retreated on Monday on signs of deepening recession in the US. The New York manufacturing index continued to dip this month. Moreover, a boost created by long-awaited easing measures in the US started to fade. The S&P 500 Index lost 0.31% to close at 1,461.19. Four in ten sectors within the index climbed. The top-gainers were telecommunication and
Precious metals halted their rally on Monday as markets already priced in Fed stimulus measures announced last Thursday. Stronger US Dollar also added pressure on the commodity group. Meanwhile, lingering worries over instability in Spain after thousands of people protested against austerity measures over the weekend also pressurized precious metals. Gold slumped on profit-taking after recent soar on long-awaited Fed easing
On Tuesday, European stocks fell the most for the last two weeks amid concerns that borrowing costs for Spain will rise, if it does not seek for bailout. The Stoxx Europe 600 Index declined by 0.8% to 272.69 at 9:36 a.m. London time, which was the sharpest fall since September 4. Renault SA pulled a gauge of automakers in Europe down after reported slump of
On Tuesday, ZEW reported that its index, which measures economic expectations for Eurozone, has improved significantly in September. ZEW economic sentiment climbed to minus 3.8, from the figure of minus 21.2 in the preceding month. Analysts expected a more modest increase to the level of minus 16.5 in September.
ZEW reported on Tuesday that its index of economic sentiment added 7.3 points this month. The index was equal to minus 18.2 points in September, up from the August's figure of minus 25.5. The gain is more significant than it was expected by analysts, since their prediction was that it would be equal to minus 19.2.
Australian currency prolonged earlier decline versus the U.S. counterpart on Tuesday. The Aussie touched 1.0429 versus the greenback, the lowest level in six days, after reaching 1.0478 on Monday. The pair posted a double-top reversal composition on Tuesday, signaling further trading with a 1.0320 most likely support level.
On Tuesday, treasuries were higher for the second day in a row on concerns that the biggest economy in the world will struggle to expand even after the Fed's stimulus. Yields on benchmark 10-year notes lost 3 basis points and were equal to 1.81 at 7:56 a.m. London time. The rate is higher than the record low of 1.38% in July, however still way to
Swiss Franc trimmed some of earlier losses versus its major counterparts before the European session on Tuesday. The Franc advanced to 0.9262 versus the U.S. Dollar and surged to 84.96 versus the Yen. It also gained to 1.2138 versus the common currency and to 1.6053 versus the Sterling.
On Tuesday, the greenback was broadly higher versus its major counterparts amid renewed concerns about Spanish ability to cope with its debt problems. The U.S. Dollar gained versus the Euro, EUR/USD at 1.3084, which was a 0.24% decline for the European morning trading session. GBP/USD also edged down to 1.6236, losing 0.08%, and USD/CAD added 0.04% to trade at 0.9752.
Office for National Statistics reported on Tuesday that the Retail Price Index, which measures the difference in prices for goods that consumers buy for the purpose of consumption, declined but less than expected. In the year that preceded August, retail prices grew by 2.9%, compared to a July's reading of 3.2%, and defying the expectations of a 3.1% growth.
Office for National Statistics reported on Tuesday that consumer prices in the U.K. grew in August. Consumer price index declined to 2.5% for the year prior to August from the figure of 2.6% in the preceding month. The data is in line with expectations, since analysts predicted that the U.K. CPI would be equal to 2.5% last month.
Most Asian stocks slipped on Tuesday as worries about the outcome of a territorial conflict between China and Japan pulled further on investor sentiment. The Shanghai Composite Index fell 0.9%, while Nikkei Stock Average tumbled 0.4%. The Hang Seng Index dropped 0.3% and Australia's S&P declined 0.2%, while Kospi rose 0.1%.