Sixty money managers, professional economists, and investment strategists participated in CNBC survey about Fed easing. 58% of them responded that they expect quantitative easing launched by Fed during the next year. The figure is up from 33% of positive responses six weeks ago.
After sharp plunge of more than 3% a year 2012 record on Friday, DAX 30 index prolonged drop also on Monday. Weaker Chinese service activity data issued on Sunday weighed on European investor sentiment. As German car makers are heavily dependent on China and US market health, their shares extended rather choppy session. Volkswagen AG gave up 2.4%, Daimler AG
Last week Irish people voted in favour of the Eurozone fiscal pact which seeks to maintain strict budget requirements across the single currency area. According to Fitch Ratings, this choice is beneficial for the country, as it removes a potential source of ambiguity about Ireland's future funding. As EU-IMF bailout programme ends in 2013, it's crucial for Ireland to have access to European Stability Mechanism,
Continuous tension builds up around Angela Merkel, as Mariano Rajoy pushes to determine a proper remedy for the debt crisis and reinforce the support for bank protection. On 2 June Rajoy emphasized the need to strengthen the banking union and backed up the idea of establishing a centralized structure to recapitalize investors. However, Merkel, also on 2 June, strengthened her position against debt sharing and
Farm commodities depreciated on Friday as global financial worries weighted on the demand prospects.Wheat plunged by almost 5% amid softening demand for US exports. The USDA reported that US wheat exports missed expectations last week.Corn attained 18-month low as dismal data from the EU, US and China eroded demand hopes.Sugar extended previous losses on expectations for ample global supplies as
Energy markets ended the week on a negative note amid demand concerns as US and China's manufacturing activity slowed more than expected last month.Crude oil approached eight-month low, being pressured by global demand concerns in view of deepening Euro Zone crisis and cooling China's growth.Brent oil dropped under 16-month low after disappointing US jobs data release. Moreover recent increase in
Industry metals were mostly lower on Friday amid dismal manufacturing data releases from the US and China.Aluminum was the top-loser as demand remained weak. However, sharp fall in supplies as many producers halt smelting due to high energy costs and low aluminum prices may support the light metal. Copper slid by almost 1% as weak US labour market data and
Precious metals advanced on Friday as dismal US jobs data elevated hopes for new round of QE in the US.Gold rallied by more than 4% over the day as fall in global equity markets and world's economic uncertainty increased the safe-haven appeal of the yellow metal.Silver followed gold's trend as economic worries in the Euro Zone eased after Spain approved
Hong Kong's stocks fell on Monday after the China's non-manufacturing industries grew at a slower pace for a second straight month and US hiring was weaker than economists projected. Hang Seng index plunged 2.01% or 372.75 points and settled at 18,185.59. Financials and resource shares provided the most negative contribution to the index. Ping An Insurance fell 5.6%, while China
Spain's tourism sector contributed to the country's drop in the unemployment rate in 2 consecutive months. According to the Labor Ministry located in Madrid, the jobless rate declined by 0.63% from the month of April to 4.71M; however, still remains above 24%. As Mariano Rajoy, Spain's Prime Minister, challenges to persuade investors that he is capable of resolving the budget deficit, the country's borrowing expenses
As the economic situation in China deteriorates with the weakening demand in exports and declining real-estate market, JPMorgan has lowered its economic growth estimates to 7.7%. The forecasts decreased by 1.5% from the previous year's 9.2%, and have been reduced two times in a month. According to Tim Condon, ING's Financial Markets chief Asia economist, the figures emphasize that the recession is expanding to
Japan's Nikkei Stock Average prolonged its sharp downward trend on Monday as shares reacted to weak global macro-economical indicators. Japanese Yen climbed against US Dollar and Euro adding pressure on export shares. Nikkei 225 fell 1.71% or 144.62 points and finished at 8,295.63. Toyota Motors lost 3.5% after posting weaker than expected sales in US. China market dependent Construction Machinery
Dow Jones Industrial Average plunged on Friday weighed down by US payrolls data, overseas weakening in manufacturing and slump in crude prices. Blue chip index erased all gains for 2012. It lost 2.22% or 274.88 points and closed at 12,118.57, 2.7% down for the week. All shares within the index ended lower. The main loser was Hewlett Packard that posted
S&P 500 index fell sharply on Friday, facing the worst trading day in six months as disappointing manufacturing activity data from China and Europe fuelled concerns the global economy is slowing. US benchmark tumbled 2.46% or 32.29 points and finished at 1,278.04, down 3% for the week. The main gainer was Newmont Mining than added 6.7%. Energy share Duke Energy
The E.U. is focused on its full implementation of the European Stability Mechanism that will hold funds totaling at EUR 500 billion (USD 620 billion). The main purpose of the ESM is to resolve the repercussions of the recession that forced Ireland, Portugal and Greece to request a bailout. Until 90% of the anticipated funds are obtained by the ESM, the European Financial Stability Facility, holding
International banks cut their cross border lending to each other, governments and companies at the fastest pace since the crash of Lehman in 2008. The cross border assets contracted by 2.5% or USD 799 billion in the last three months of 2011, record-keeper said on Monday. The fall in lending was most widespread across Eurozone banks.
European equities plunged on Friday reflecting composite negative effect from weaker Eurozone and China manufacturing data. Disappointing US payrolls also contributed to the drop. Stoxx Europe 600 declined 1.9%, Spanish IBEX 35 gave up 0.4% and posted a 7% fall for the week. British FTSE 100 lost 1.1% and German DAX closed 3.4% down. French CAC 40 slipped 2.2%.
US stock indices tumbled on Friday as disappointing macroeconomic data both from Europe and China boosted anxiety the global economy is worsening and sent US shares lower. S&P 500 index fell 2.46% or 32.29 points and finished at 1,278.04 experiencing a worst trading day in six months. Dow Jones Industrial Average index lost 2.22% or 274.88 points and closed at 12,118.57, 2.7% down for
The Australian and New Zealand Dollar depreciated on worries the global growth has been hit by European debt crisis and expansion slowdown in US. The short selling of Aussie hit a record high as traders bet on national currency's drop versus greenback. Australian Dollar lost 0.4% against its US peer to USD 0.9666 while New Zealand Dollar declined 0.2% to USD 0.7530.
Canadian Dollar fell for a fifth straight week as concerns spurred about its biggest trading partner's growth slowdown and deepening European debt woes. Loonie dropped 1.1% versus greenback to CAD 1.0410 on Friday trade. Currently USD/CAD is trading at CAD 1.0431.
The 17 nation currency depreciated against US Dollar on Monday amid worries European leaders won't be able to find a consensus how to tackle Eurozone debt crisis. Germany continues to reject the idea of Euro bonds and direct capital injection into banking system. The Euro fell 0.3% versus greenback to USD 1.2403 in Asian trade. Currently the pair is trading at USD 1.2405.
The economic activity in production sector expanded in May though at slower pace than predicted. The PMI gauge for May equalled 53.5 a slight drop compared to April when the indicator reached 54.8. Analysts expected a smaller decline to around 54.0. US manufacturing posts expansion for the 35th straight month.
US auto sales rose in May on an annual basis but still missed forecasts amid soft economic recovery. The annual sales in May approached 13.8 million vehicles as compared to expectations of 14.5 million. Honda Motor, Nissan Motor and Ford Motor faced an increase in sales of 48%, 21% and 13%, respectively. The auto sector performance coupled with poor labour
Australian inflation rate was flat in May, indicating that further cuts of the interest rates by the Reserve Bank of Australia are possible. The inflation gauge measured by the TD Securities-Melbourne Institute remained unchanged at 131.54 in May, after surging by 0.3% in the preceding month. Considering yearly moves, the inflation gauge gained 1.8% in May, being lower than the