Precious metals apart from silver tumbled on Thursday as stronger US Dollar and continuous Eurozone woes added pressure on the commodity group. Better than expected US labour market data coupled with recent Fed decision also weighted down on precious metals. Gold retreated as larger than expected fall in the US unemployment claims lifted the greenback. Moreover, BoJ decision not to ease
Industry metals except for copper declined on Thursday ahead of China's GDP data release due on Friday. At the same time, unexpected increase in the Eurozone's industrial production in May provided slight support for base metals. Aluminum plunged despite potential industrial demand increase after Alcoa signed a deal worth USD1.4 billion with Airbus. Copper managed to end the day on the positive
US stocks prolonged Wednesday's slump, falling for sixth consecutive day on Thursday. Spreading worries that slowing US economy and Eurozone debt woes have hurt corporate earnings of the US businesses weighted down on the US equities. S&P 500 declined 0.5% to close at 1,334.76. Mariot International lost 6.44% after the hotel operator announced that revenues missed expectations in Q2. Progressive
The Russian Ruble appreciated by 0.4% against the US Dollar on Friday, July 13, in Moscow. The trading rate currently is RUB 32.64 per USD. 3 billion US Dollars of Russian Eurobonds due 2042 increased in value, therefore the yield declined by 0.06% to 4.867%. The appreciation of the Ruble was also caused by the high oil price, above USD 100 a barrel on
The Euro depreciated to USD 1.2190 and got closer to two-year low of USD 1.2166 on Friday, July 13, just after Italy's credit rating was cut by Moody's. In total, the Euro has lost 5.7% so far in 2012, which is more than the previous year. The depreciation of the European currency was accelerated last week by the ECB's interest rate cuts. Experts believe
Despite extra working day UK's construction output declined by 6.3% in May, showed the Office for National Statistics. Caused by Queen's Diamond Jubilee one public holiday was transferred from the end of May to June, though company's did not use this chance effectively. Fall of 7.4% in construction occurred also between March and May of compared with the same period in 2011. The major drag for
Spanish regional governments are missing their budget-deficit targets for 2012 (1.5% of GDP) and were given one week to make corrections for the plans. Last year regions showed the highest overspending, running 3.3% deficit. Cristobal Montoro, Spain's Budget Minister, also rejected finance chiefs pleas of relaxing their deficit targets. Currently Spain's budget deficit target for 2012 is 6.3%, 4.5% per 2013 and 2.8% for 2014.
The debt rating of Italy was reduced by Moody's from A3 to Baa2 as there was expected soar in the borrowing costs. 7.5 billion euros were collected in one year bonds at relatively smaller yield than earlier, by this recommending elaborated investor confidence.
The last research of the Office for National Statistics in the UK has shown that 64% of UK citizens do not have private savings for pension. The result is quite worrying as the basic state pension is GBP 107.45, which is not enough to live off. Though experts have also found that households became richer by GBP 45 000. Moreover the gap between poor and
During the last three years China has faced the record slow growth of the economy because of the declined investments and lower export demand from the US and European consumers. Compared to the same time interval in 2011 from April to June the GDP of China grew by 7.6%, which is 8.1% smaller than in the first quarter. As China
On Friday morning in London the Yen was trading at JPY 96.73 per EUR which is fairly close to its record high JPY 96.43 recorded on June 1 2012. This week Japanese national currency gained 1.2% against its European counterpart. Though the Yen also rose against the US Dollar by 0.5% this week . In the morning the conversion rate was JPY 79.31 per USD.
DAX Index dropped on Thursday by 1.14% to 6,380.50. Fading easing hopes after FOMC minutes pushed down the Germany's blue chip index. Consumer goods sector dropped by 1.12%. Henkel, Adidas and Beiersdorf fell by 0.02%, 1.85% and 0.17%, respectively. Meanwhile, financial institutions plunged, with shares of Commerzbank and Deutsche Bank decreasing by 1.45% and 0.95%. Utility companies declined as well.
UK stocks fell on the Fed decision not to implement additional easing measures at the moment. Commodity-heavy UK index lost 1.31 % to trade at 5,590.30 at the time of writing. Mining companies led the decline, with Rio Tinto dropping after the company announced that its CEO, Guy Elliot, will retire next year. Other commodity producers also slumped. BHP Billiton
European leaders' decision on lowering borrowing costs allowed Italy to sell EUR 7.5 billion of Treasury bills. The previous rate, on June 13 2012, for 361-day bill was 3.972% while now it is 2.697%. Italian ten-year government bond yield declined by 0.04% to 5.7% on Thursday, July 12, in Rome. On Friday Italian government is going to sell EUR 5.25 billion of long-term debt, which
Hong Kong shares faced the worst day in a month on Thursday, being weighted down by sharp fall in banking and consumer sectors. Hang Seng Index dropped by 2% to trade at 19,025.1. China's banks extended previous losses as worries over exposure to bad loans added pressure on the Hang Seng Index. China Construction Bank and Industrial & Commercial Bank
The People's Bank of China reported today it extended CNY 919.8 billion home-currency loans. Money supply, M2, increased by 13.6%, though the central bank wants to achieve increase of 14% by the end of the year. However, foreign-exchange reserves, the largest in the world, dropped from USD 3.305 trillion in March to USD 3.24 trillion in June. Chinese economy's expansion slowed down from 8.1% in
PricewaterhouseCoopers analysis on housing market in the UK showed house prices might not recover until 2024. Housing market peak was in 2007 when average price for real property stayed at GBP 197 000. Though in June 2012 average house price was equal to GBP 162 417. PwC experts predict that by 2017 prices will recover in cash terms, while by 2020 real term prices will
South Korea's interest rates cut, Australia's rising unemployment and stagnating manufacturing in Europe has lead to a fall in oil prices. August-delivery crude oil lost USD 0.68 and and was trading at USD 85.13 a barrel on the Mercantile Exchange in New York. The the contracted gained USD 1.90 yesterday reaching the highest close (USD 85.81) for the last three days. Brent oil for August-delivery
Farm commodities except for corn rallied on Wednesday on crop-harming weather in the US, Brazil and India. Moreover, commodity group faced an increased volatility as investors were nervous, awaiting USDA report released during the US morning session on Wednesday. Wheat rose as dry and hot weather is likely to persist in the US. Moreover, wheat caught moment after USDA cut global
Nikkei 225 posted the largest decline in more than a month on Wednesday after BoJ refrained from additional easing measures. FOMC minutes also added pressure on the Japanese stocks. Fed did not announce extension of asset-purchasing policy despite faltering US economy. Meanwhile, high-tech equities remained weak after Tuesday's profit warnings from the US. Sharp and Panasonic tumbled 7% and 4.5%.
Energy commodities surged on Wednesday despite stronger US Dollar and continuous global growth concerns. EIA report release and hot weather forecasts in the US provided support for the commodity group. Crude oil soared after EIA reported that US crude oil inventories declined much more than expected last week. However, crude oil came under pressure as worries over supply disruptions from Norway
Dow Jones Industry Average ended US session with moderate loss of 0.38% on Wednesday after disappointing Fed minutes. Lack of additional stimulus for the US economy created notable pressure on the US equities. Only oil and gas sector went higher, advancing by 1.20% on soaring energy prices. EIA report indicated that a decline in US crude oil inventories was much
Industry metals, excluding aluminum, advanced on Wednesday despite stronger greenback and global demand concerns. Adding pressure on the commodity pack, Fed officials were indecisive in regards to the next round of QE. Aluminum was the only loser on continuous closures of mines amid low prices. United Co Rusal, world's largest aluminum producer, plans to halt about 70,000 MT of output at
US stocks declined for the fifth consecutive day on Wednesday as Fed minutes indicated that US economy still faces a lot of downside risks, comprising possible budget crisis in Washington and persistent stagnation in the Eurozone. At the same time, the Fed was not ready to launch more measures to stimulate US economy. S&P 500 closed almost flat with minor