Energy commodities apart from natural gas moved higher on Wednesday despite disappointing US data. Meanwhile, dismal Eurozone's GDP data created notable pressure on the commodity group. Crude oil climbed after US inventory data. US crude oil stockpiles dropped by 3.7 million barrels last week compared to a forecast of a 1.73 million barrel decline. Brent oil advanced amid lower US inventories and
US blue chips stock index posted mild loss on Wednesday on mixed signals from the US economy. US industrial production was slightly above expectations in July while New York region's manufacturing activity deteriorated much more than forecast in August. The Dow Jones Industrial Average Index lost 0.06% to close at 13,164.78. Only four in nine industries included in the index
Industrial metals tumbled on Wednesday on signs that US manufacturing activity continued to deteriorate this month. Adding pressure on the base metals, Eurozone's data showed that region's GDP shank 0.8% last month. Aluminum dropped on global growth fears. However, slightly better industrial production data from the US limited the downward trend of the light metal. Copper retreated amid buildup in inventories at
US equities were mostly higher on Wednesday amid mixed US data. US CPI remained unchanged while industrial output increased slightly more than expected last month. At the same time, traders were weighting all recent US data on whether the Fed will embark on stimulus measures. The S&P 500 Index climbed by 0.11% to trade at 1,405.53. Eight out of then
Precious metals were mixed on Wednesday amid speculation that weak US CPI and manufacturing data created a room for easing measures from the Fed. However, stronger US Dollar weighted down on the commodity group. Gold rebounded after Tuesday's slump on hopes for additional stimulus measures in the US and Eurozone. At the same time, weakening physical demand from India continued
U.K. car manufacturing rose for a 13th straight month in July, reported by the Society of Motor Manufacturers on Thursday. Production climbed 22.2% on year to 119,882 units, compared to a 15.1% rise in January-June period. Meanwhile, manufacturing of commercial vehicles dropped 1.3% on year in July, from 7.7% decline in preceding month of 2012.
On Wednesday, August 15, Brazil's government announced the first pace of an economic stimulus plan to boost the nation's economy. According to the plan, more than $60bn will be aimed at Brazil's infrastructure, particularly roads and railways. Meanwhile, Brazil's economy is expected to grow only 2% in 2012, compared with a 7.5% growth in 2010. Nation's leaders hope that the economy will benefit from the Olympic
Crude oil futures tumbled on Wednesday, as stockpiles rose unexpectedly. Crude with September contract erased 0.2%, to $93.26 per barrel, after jumping 0.8% on Tuesday. The American Petroleum Institute's report showed that inventories added 2.8 million-barrel, while experts predicted a decline. At the same time, gasoline stockpiles dropped by 2.3 million barrels, pushing gasoline for September delivery higher by 0.8%, to $3.02 per gallon.
Builder confidence in the U.S. property market rocketed to a 5-year peak in August, with NAHB Housing Market Index climbing 2 points to 37. Despite the improvement, any reading below 50 indicates that more builders view conditions as poor than good. As the Index rose to its highest reading since February 2007, current sales conditions added 3 points to 39, while the component, which measures
European stocks traded lower on Wednesday, and the rally lost steam, as expectations that the ECB will take bold actions to stimulate economic growth in the Eurozone waned. The Stoxx Europe 600 Index lost 0.1% to 270.23; the U.K's FTSE 100 Index declined by 0.4% to 5,839.15, Spanish IBEX 35 Index erased 0.3% to 7,107.20, and German DAX 30 index tumbled by 0.5% to 6,938.79.
In today's report, the Fed said that U.S. industrial production grew for a third straight month and added 0.6% in July, after jumping 0.1% in June. The improvement in data may influence the Fed's decision whether to launch another quantitative easing or not. Meanwhile, the manufacturing output jumped by 0.5 per cent, while mining output added 1.2%, and utilities output rocketed 1.3%.
Eurozone annual inflation held stable at 2.4% in July, the Eurostat reported on Thursday. Consumer prices declined 0.5% on monthly basis in July. Core inflation rose to 1.7% on year from 1.6% in June. Energy costs surged 6.1%, and food prices increased 2.5%. Housing and clothing price rose 3.8% and 3.1%, respectively. The central bank targets to sustain inflation lower
Swiss economic sentiment advanced unexpectedly to a three-month high in August, the Centre of European Economic Research said on Thursday. The economic sentiment indicator increased 9.2 points to -33.3 in August, compared to a -42.5 reading in July, however still posting a pessimism. Following the data, USD/CHF rose 0.11% to 0.9783.
The Pound rose versus the Euro and cut a fall against the U.S. Dollar as a report posted U.K. retail sales increased unexpectedly in July. On Thursday, the Sterling traded 0.1% up at $1.5704, after falling 0.3% before the data. It gained 0.2% to 78.21 pence per Euro.
U.K. July retail sales surged more than expected and an upwardly revised June data suggest the second quarter downturn wasn't as deep as first estimated, the National Statistics reported on Thursday. Headline retail sales increased 0.3% on month and 2.8% on year in July, compared to estimates of 0.2% decline on month and 1.4% gain on year.
Foreign direct investment in China dropped to the two-year low in July, boosting worries weaker confidence in the nation's improvement prospects can hold back any economic rebound. Investment fell 8.7% on year to $7.58 billion, the eighth drop in last nine months and the weakest flow since July 2010, the Ministry of Commerce said on Thursday.
Germany's employment continued rising in the second quarter, however at a lower pace from a previous quarter, the Federal Statistical Office reported preliminary data on Thursday. The number of employed people surged 1.3% on year to 41.587 million in the second quarter, compared to a 1.4% rise before.
Australia's average weekly earnings rose 0.4% q/q in the first quarter, the Australian Bureau of Statistics reported on Thursday. Weekly wages in the public sector surged 0.7% on quarter, while in private sector it increased 0.3%. Overall earnings rose 3.4% from a year earlier.
Canada's Dollar rose against most of its major peers on prospect nation's economic growth will support the exports. The Loonie gained 0.3% to 98.94 cents per U.S. Dollar, after reaching 98.87, a three-month high. One Canadian Dollar purchased $1.0107, trading above the parity nine days in a row. It surged 0.7% versus the Euro to an all-time strong level of
German 10-year Bund yields gained for a fourth day after Asian stocks rose and before a report expected to affirm the Eurozone's inflation held at 2.4% in July. The two-year security was little changed, holding negative for the 30th straight day. The Bund rate surged to 1.59%, after rising to 1.61%, the highest level since June 29. The price of
U.S. Treasuries dropped for a fourth day before a data expected to show U.S. new-home construction was near the most since 2008. The 10-year yields rose to 1.85%, after touching 1.86%, the highest since May 11. The 1.625% note due in August 2022 slipped in price to 97 29/32. Job, factory and consumption reports this month all signaled growth in
Japan's stocks gained, lead by the Nikkei 225 Stock Average rising to a six-week high, as Chinese Premier Wen Jiabao announced easing inflation will provide more space for monetary stimulus to boost the economy. The Nikkei 225 rose 1.9% to 9,092.76, its strongest level since July 4. The Topix Index gained 1.6% to 759.12.
Australia's and New Zealand's Dollars surged versus most of its major counterparts after commodities climbed on signs of advancement in U.S. economy. On Wednesday, the Aussie gained 0.2% to $1.0505. It increased 0.5% to 82.98 Yen. The Kiwi rose first time in last three days, climbing 0.2% to 80.1 U.S. cents. It surged 0.5% to 63.76 Yen.
The Yen tumbled against all its major peers after Asian stocks climbed and the additional yield investors get from U.S. treasuries rose to the four-month high, reducing the allure of Japan's currency. The Yen dropped 0.4% to 79.29 per U.S. Dollar, after reaching 79.36, the weakest level since July 13. It fell 0.2% to 97.27 per Euro. The MSCI Asia