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Tue, 04 Sep 2012 18:23:26 GMT

U.S. manufacturing PMI lower than initial estimates

On Tuesday, Markit reported that its final U.S. manufacturing PMI gained 0.1 point in August and reached 51.5. This is lower than initial estimates of 51.9 and indicates only a slight improvement in manufacturing business conditions in the U.S. Although it is still up from July's 51.4, the reading was one of lowest since October 2009, when recovery in manufacturing sector was first indicated.

Tue, 04 Sep 2012 18:12:27 GMT

U.K. yields advance as ECB speculation reduced demand

U.K. 10-year rates rose to a two-week high after speculation Mario Draghi will announce a bond-purchasing program this week decreased demand for safer assets. U.K. 10-year yields advanced 1 basis point to 1.66%, after earlier climb to 1.71%, the most since Aug. 20. The 1.75 note due in September 2022 slipped 0.06 to 100.855. German 10-year yields gained 1 basis

Tue, 04 Sep 2012 18:01:27 GMT

The Euro held steady versus the U.S. Dollar on ECB

On Tuesday, the Euro remained almost unchanged versus the U.S. Dollar, as it was supported by expectations that the ECB will announce measures to cope with Eurozone's debt crisis. The pair reached 1.2628, which was the highest since Friday, and consolidated at 1.2592, adding 0.02% for the European morning trading session. The pair's support was likely to be found at 1.2492, while the resistance was prone

Tue, 04 Sep 2012 16:00:28 GMT

German stocks slid on EU oulook downgrade

German equities slumped on Tuesday on escalated risk-aversion in the markets as Moody's cut its EU credit outlook to 'negative' and  may downgrade AAA region's rating as debt crisis continued to rage. However, hopes for easing still provide slight support for European shares. The German DAX Index slid 0.51% to trade at 6,982.63. Only two in nine sectors included in

Tue, 04 Sep 2012 15:49:26 GMT

UK shares tumbled after Moody's cut EU credit outlook

UK shares tumbled on Tuesday, extending previous drop after Moody's downgraded its outlook on EU credit rating to 'negative'. The ratings agency also warned that the AAA rating may be cut soon because of lack of debt crisis resolution in the region. Meanwhile, market participants are cautious ahead of the ECB press conference due on Thursday. The FTSE 100 Index

Tue, 04 Sep 2012 15:38:26 GMT

The Cable remained stable versus the Greenback amid ECB uncertainty

On Tuesday, the British Pound remained almost unchanged versus the U.S. dollar, as traders eyed the upcoming ECB's policy meeting, while weak U.K. data weighed on sterling demand. The Greenback hit the daily low of 1.5869 in terms of U.S. Dollar, and later consolidated at 1.5886, which was a slight 0.02% decrease for the European afternoon trading session.

Tue, 04 Sep 2012 15:27:26 GMT

U.S. stocks flat ahead of ISM data

U.S. stocks traded almost unchanged as investors returned from a three-day weekend and awaited the release of a closely watched manufacturing survey. The Dow Jones Industrial Average fell  0.1%, to 13,077.; the Standard & Poor 500 Index edged 0.02% higher, to 1,403.80, while Nasdaq 100 futures lost  0.04%, to 2,770.00.

Tue, 04 Sep 2012 15:16:25 GMT

European stocks turned lower on Tuesday

European stocks turned lower on Tuesday, September 4, as investors are waiting for the ECB's meeting on Thursday, while Moody's credit rating agency changed Eurozone's outlook to negative. The Stoxx Europe 600 Index erased 0.4% to 267.33, the U.K.'s FTSE 100 Index lost 0.4% to 5,737.2, German DAX 30 Index fell 0.3% to 6,996.92, while French CAC 40 Index inched 0.4% lower to 3,440.04.

Tue, 04 Sep 2012 15:05:27 GMT

Copper higher amid hopes for Fed, ECB stimulus

On Tuesday, futures for copper were traded higher in European morning trade, as traders continued to hope that the ECB and the Fed will act soon to support their economies. On the Comex, December delivery futures for copper were traded at USD3.486 per pound, which was a 0.85% gain during that trading session. Earlier in the day, copper hit USD3.495, rising by 1.1%.

Tue, 04 Sep 2012 14:44:26 GMT

Spanish unemployment increased for the first time since April

On Tuesday, the Spanish Employment Ministry reported that the level of registered unemployment increased by 38,179 in August from the July's figure of 4.63 million. However, this is less than a 51,185 increase in August in the previous year. Spanish joblessness increased for the first time since April when it grew by almost 39 thousand.

Tue, 04 Sep 2012 14:33:26 GMT

British construction PMI decreased in August

Markit market research group reported on Tuesday that activity in U.K.'s construction sector fell. Markit's construction PMI declined by 1.9 points and reached 49.0 on a seasonally adjusted basis, while the analysts expected that the index would decrease by 0.9 points. Following the release of the data, the Cable trimmed gains versus the U.S. Dollar and was traded at 1.5893.

Tue, 04 Sep 2012 14:11:26 GMT

Hang Seng sank on lower earnings expectations

Hong Kong stocks sank on Tuesday after Societe Generale SA cut its China growth forecast and Goldman Sachs Group reduced its earnings estimates for Chinese companies. However, hopes that weak China's data will result in more accommodative monetary policy restricted losses of Chinese equities. The Hang Seng Index lost 0.66% to end Tuesday's session at 19,429.91. Only one in nine

Tue, 04 Sep 2012 14:00:27 GMT

Japanese shares extended losses on Tuesday

Japanese stocks moved lower on Tuesday after Moody's reduced EU AAA rating to ‘negative' and warned the credit rating may be downgraded. Moody's attributed the move to spreading debt crisis in the region. The Nikkei 225 Index inched down 0.16% to approach one-month low of 8,775.51. Four in ten economic sectors within the index moved higher. Industrials and oil and

Tue, 04 Sep 2012 13:49:26 GMT

Australian equities slid after RBA left interest rate unchanged

Australian equities retreated on Tuesday after the Reserve Bank of Australia disappointed investors by leaving the Australian benchmark interest rate unchanged at 3.50%. The central bank of Australia said that inflation rate and growth pace are close to forecasts thus current monetary policy seems appropriate. The S&P/ASX 200 Index lost 0.60% to close at 4,303.50. Only two sectors in ten

Tue, 04 Sep 2012 13:38:26 GMT

Brazil's stocks rebounded on hopes for easing measures

Brazilian stocks erased pervious losses on Monday amid speculation that lower growth estimate for Brazil's economy is likely to force the central bank to reduce interest rates. Hopes for easing in the US also continued to lend support for Brazilian equities. Adding to the positive mood of Brazilian stocks, the country's trade balance increased more than expected last week. The

Tue, 04 Sep 2012 12:28:26 GMT

PPI in Eurozone gained 0.4% in July

On Tuesday, Eurostat reported that the producer price index rose by 0.4% on a seasonally adjusted basis, which is more than the expected 0.2% increase. In June producer prices declined by 0.5%. Year-over-year, the PPI gained 1.8% at an annualized rate, while analysts expected a 1.6% gain. Following the release of the data, the Euro was slightly higher versus the Greenback, adding 0.12%.

Tue, 04 Sep 2012 09:25:26 GMT

Wheat rose over the week despite no Russia's exports cuts

Farm commodities except for corn moved higher over the last five trading sessions amid global easing hopes and weaker greenback. Meanwhile, market participants  remained focused on crop conditions in the main growing regions. Wheat added 0.11% over the week as previous rally was capped after Russia reported that it would not impose any export limitations despite recent drought. Corn was the only

Tue, 04 Sep 2012 09:14:26 GMT

Crude oil climbed on brighter demand prospects

Energy commodities soared over the week amid building expectations that China will ease its prudent monetary policy in view of weakening manufacturing activity. Meanwhile, hopes that the Fed will also announce stimulus measures continued to lend support for energy prices. Crude oil gained 0.33% over the last five trading days amid brighter demand prospects as widely expected stimulus measures are likely

Tue, 04 Sep 2012 09:03:25 GMT

Aluminum advanced on improved vehicle sales

Industrial metals were bullish during short Monday's trade as weak manufacturing activity in China and Eurozone raised hopes for more accommodative monetary policies. Recent hints that the US is likely to join global easing  also supported the base metals pack. Aluminum remained in the positive territory due to mounting expectations for easing in the US, China and Eurozone. Better vehicle demand

Tue, 04 Sep 2012 08:52:25 GMT

Gold prolonged rally amid stimulus hopes

Precious metals extended previous gains on Monday amid mounting expectations that the Fed and POBC will loosen their monetary policies to boost growth. Broadly weaker US Dollar also supported the rally of the commodity group. Gold moved slightly higher during thin Mondays' session as recent Ben Bernanke's comments that weakness of the US labour market may force the Fed to loosen

Tue, 04 Sep 2012 08:41:25 GMT

Draghi's bond-buying scheme will not breach EU rules

The ECB's President Mario Draghi told European policy makers that the short-term sovereign bond-buying scheme by the ECB would not violate EU rules. Draghi is expected to provide more details of the bond-purchase programme on Thursday. The programme is aimed at reducing borrowing costs for ailing and indebted economies that seek help.

Tue, 04 Sep 2012 08:30:26 GMT

Asian stocks fall on Moody's EU outlook downgrade

Asian stocks declined as Moody's Investors Service cut its outlook for the European Union before the European leaders' meetings. The MSCI Asia Pacific Index lost 0.4% to 117.31. Japan's Nikkei 225 Stock Average slid 0.4% and South Korea's Kospi Index fell 0.2%. Australia's S&P/ASX 200 declined 0.6%, while New Zealand's NZX 50 Index climbed 0.2%. Hong Kong's Hang Seng Index

Tue, 04 Sep 2012 08:20:04 GMT

Moody's changes EU rating outlook to "negative"

Moody's Investors Service cut the outlook on the top-notch Aaa rating of the EU to "negative" from "stable", saying it may downgrade the region if it cuts the ratings on the EU's 4 biggest economies: Germany, France, the U.K, and the Netherlands. In July Moody's cut its outlook to "negative" for Germany, the Netherlands, and Luxembourg as the escalating Eurozone

Tue, 04 Sep 2012 08:06:25 GMT

RBA keeps benchmark unchanged at 3.5%

Reserve Bank of Australia Governor Glenn Stevens decided to keep its benchmark interest rate unchanged at 3.5%, the highest among developed economies. The domestic demand appeared to be firm in the first half of the year, while commodity prices have declined substantially recently and outlook for China's economic growth is uncertain. Stevens said the Aussie Dollar' performance was stronger than

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