Energy commodities were mixed after the ECB denied reports that it may set a cap on peripheral bond yields. However, continuous supply concerns limited the downward trend of the commodity group. Crude oil sank as risk appetite deteriorated on misleading reports regarding further ECB measures aimed at easing debt pressure in the Eurozone. Brent oil retreated amid demand worries as China
The Dow Jones Industrial Average Index was slightly lower on Monday, retreating by 0.03% to close at 13,271.64. Persistent turmoil in the Eurozone coupled with vanishing expectations that the POBC will loosen its monetary policy created notable pressure on the US blue chips. Only three in nine sectors included in the index climbed. The biggest gains posted consumer services and
Industrial metals slumped on speculation that China is not likely to ease its monetary policy as property prices rose again last month. However, weaker US Dollar provided slight support for the base metals. Aluminum was the top-loser amid elevating inventories and weak investors' confidence. Copper slid as hopes for easing in China started to fade. Moreover, recent price forecasts downgrades by the
US equities were flat on Monday amid lingering worries over the Eurozone's debt crisis. On Monday, the ECB announced that news regarding possible introduction of a cap on peripheral bond yields was misleading. Meanwhile, investors anticipated FOMC minutes release due on Tuesday. The S&P 500 Index inched down by 0.002% to trade at 1,418.13. Industries included in the index were
Precious metals apart from palladium rose on Monday amid weaker US Dollar. Meanwhile, traders are cautious ahead of the FOMC minutes that are expected to impact precious metals' price. Gold moved higher ahead of the FOMC minutes release due on Tuesday. Adding to the yellow metal's rally, the Euro rose against the greenback after the ECB reassured that news regarding potential
Thailand's economy grew more-than-expected in the second quarter, boosted by increased domestic demand and improved manufacturing. Nation's GDP added 3.3% during the April- June period, while the analysts had estimated a 1.7% growth. In the meanwhile, the government announced $63.4 economic stimulus package, as factories were shut due to the strongest flooding in more than a decade that took place in January.
U.S. stocks tumbled on Monday, ahead of the Fed's policy meeting later this week, and amid speculations that the ECB will take bold actions to lower borrowing costs for troubled nations in the region. The Dow Jones Industrial Average fell 0.19%, to 13,250.58; the Standard & Poor 500 Index erased 0.27%, to 1,414.34, while the Nasdaq Composite Index lost 0.35%, to 3,065.56. No significant economic
Germany's 10-year bonds dropped for a second day after notes issued by its lower-rated counterparts climbed on optimistic speculation the Eurozone crisis will be solved soon. Germany's 10-year note yield surged to 1.56%. Ireland's 9-year bond yield fell below 6% first time since October 2010. Meanwhile Portugal's 10-year yield dropped to the lowest in 15 months.
The U.S. 10-year bond yields advanced to the highest in three month amid belief a proposal to lighten Greece's bailout terms will ease the Eurozone crisis and amid declining bets the U.S. will add extra stimulus. On Tuesday, 10-year notes yield rose to 1.83%. The benchmark yield surged to 1.86% yesterday, the highest since May 11.
Oil rose to a three-month high in New York after belief European debt meeting this week will start active resolving of the euro area's recession raised oil prices against expectations of increasing supply in the U.S. On Tuesday, September-delivery crude increased to $96.76 per barrel, the strongest since May 11, and was at $96.67. October futures rose to $96.92.
U.K. public sector net borrowing showed smaller-than-expected gain in July, the U.K. National Statistics Office said on Tuesday. Public sector net borrowing reported a GBP 1.8 billion surplus in July, from a GBP 12.2 billion deficit in preceding month. Economists estimated as surplus of GBP 2.5 billion. Following the data the GBP/USD rose 0.35% to 1.5765.
U.K. industrial order estimates decreased more-than-expected this month, tumbling to the eight-month low, the Confederation of British Industry reported on Tuesday. The index fell 15.0 points to -21.0 in August from a -6.0 reading in July. Economists expected a reading of -8.0.
Emerging-market stocks increased the most in a week as China injected funds into its banking system and on speculation the U.S. reports this week will indicate the world's biggest economy is strengthening. The MSCI Emerging Markets Index gained 0.3% to 972.31and the Shanghai Composite Index rose 0.6%.
Asian stocks advanced, pushing the regional benchmark index to a three-month high, before U.S. reports, which might show the world's biggest economy is recovering and as China took steps to alleviate cash crunch. The MSCI Asia Pacific Index gained 0.4% to 121.17. Australia's S&P/ASX 200 Index added 0.4%, while Japan's Nikkei 225 Stock Average and South Korea's Kospi Index declined
The Canadian Dollar traded close to a three-month high on ameliorated economic growth outlook and speculation European policy makers will take steps to curb the region's debt crisis. The Loonie gained 0.1% to 98.84 cents per U.S. Dollar. The Canadian Dollar rose against its U.S counterpart last week on higher than expected retail sales and industrial output in the U.S.
Asian currencies appreciated on speculation European policy makers will take steps to combat the Eurozone's debt crisis at the meetings this week, hence increasing demand for riskier currencies. The South Korea's Won rose 0.3% to 1,132.30 per U.S. Dollar. Taiwan's Dollar advanced 0.3% to NT$29.952, while Thailand's Baht gained 0.1% to 31.49.
The common currency held gains before Jean-Claude Juncker, Luxembourg Prime Minister, visits Greece to consider extension to the country's fiscal adjustment programme. The Euro climbed 0.1% to $1.2359, after rising 0.1% yesterday. The Euro headed for a gain against most of its peers this month as Spain's benchmark yields fell to a 7-week low.
The Aussie Dollar advanced as the RBA minutes indicated that the central bank regarded the nation's economic growth overshadowed a fragile global outlook. The Aussie rose versus most of the major peers as the RBA did not mention it would intervene to curb the Dollar's strength. The Aussie gained 0.5% to $1.0499.
The Italian and Spanish stock markets tumbled on Monday, as Bundesbank opposed ECB decision to resume massive bond-buying program. The Spanish IBEX 35 Index inched 2.00% lower to 7,411.80, while Italian FTSE MIB Index lost 2.29% to 14,778.86. In the meanwhile, the European Stoxx 600 Index fell 0.76% to 270.75.
Oil futures turned lower as investors are waiting for fresh news from policy makers during this week. Bullion for December settlement turned lower by 0.2 per cent, to $1,616.40 per ounce. Among other metals, copper for September delivery erased 1% to $3.38 per pound, and September palladium lost 0.9% to $599.95 per ounce. Silver with September contract and platinum for same month resisted the trend and
China's new-home costs surged in the biggest number of cities in fourteen months in July amid interest-rate cuts, challenging the government's efforts to boost economic growth while constraining housing speculation. Prices rose in 49 of the 70 cities from preceding month, the most since May 2011, the National Bureau of Statistics reported on Monday.
Copper tumbled amid disappointment over stagnation in solving the euro area debt crisis and worries that China, the world's major commodities consumer, will start a campaign to ease inflation in the metals-intensive property sector. On Monday, three-month copper traded at $7,423 per tonne in London, after advancing 1.2% to $7,539 on Friday.
Home sales and durable goods orders probably surged in July, showing the U.S. is rebounding from a second-quarter slowdown, analysts said ahead of upcoming reports. Combined purchases of existing and new homes are estimated to rise to a 4.89 million annual rate, compared to 4.72 million in June. Orders for long-lasting goods are expected to increase the most in 2012.
The Euro pared its gain versus the U.S. Dollar and fell against the Yen as Germany's Bundesbank announced government bond buying "entail significant stability risks." Europe's shared currency declined 0.1% to $1.2318, after a 0.3% gain. It dropped 0.2% to Y97.92, after an earlier 0.2% rise.