The 17-nation currency traded close to two-week record low versus Japanese Yen ahead of Spanish debt auction due this week as investors remain worried about uncertainty in Europe. Shared currency traded at JPY 105.78 in Asian trade. Currently EUR/JPY is trading at 105.63
Reserve Bank of Australia (RBA) unexpectedly decreased its key interest rate by 0.5 percentage points, citing slower inflation in 13 years as a main driver of the decision. Australian benchmark rate was cut from 4.25% to 3.75%. The domestic currency weakened and 10-year borrowing costs dropped on the announcement.
US consumer spending surged in March, adding to the previous gains as incomes increased. Household purchases that account about 70% of the US economy surged by 0.3%, following a 0.9% increase in February. Experts projected consumer spending to rise by 0.4%. Meanwhile, incomes eased up 0.4%, indicating the largest increase in the last three months.
Canada's economy posted unexpected contraction in February, following marginal expansion of 0.1% in the preceding month, according to Statistics Canada. The country's GDP slumped by 0.2% in February on a seasonally adjusted basis, confronting expectations of a 0.2% growth. After the release of data, Canadian currency extended previous losses against its US rival and USD/CAD traded at 0.9859, soaring by
German DAX index experienced a choppy session on Monday as data from Spain showed its unemployment climbed in March while 1st quarter GDP contracted for a second time indicating recession. On the positive side Adidas rallied 5.2% after sportswear producer posted a 38% gain in first-quarter profit. Volkswagen AG added 1% after J.P. Morgan Cazenove kept unchanged its stock rating
FTSE 100 index traded lower on Monday weighed down by mining stocks amid falling oil and metal prices. Randgold Resources dropped 1.7% after Nomura downgraded the company from neutral to reduce citing political turmoil in Mali. Man Group provided negative impact on the British index and slipped 4.8% a day before company's first-quarter earnings. On the upside British Sky Broadcasting
Australian S&P ASX 200 index followed its US peers on Monday and appreciated, supported mainly by mining shares. Australia's benchmark index advanced 0.79% or 34.50 points and closed at 4,396.60 with basic materials and technology sectors posting the biggest gains. Integra Ming rallied 8.3% while Saracen Mineral surged 6.4%. On the downside Imdex Ltd slumped 5.3% and Dart Energy gave
Hong Kong's Hang Seng index rallied on Monday lifted by coal miners and Chinese banks that posted strong corporate earnings. Hang Seng index jumped 1.7% or 352.76 points and finished at 21,094.21. Bank of Communications surged 3.6% and Agricultural Bank of China jumped 1.9%. China Merchants Bank advanced 2.6% and China Citic Bank Corp gained 3.1%. Energy shares also climbed
Dow Jones Industrial Average index traded higher on Friday as strong earnings reports offset the downside effects from Spain's downgrade and lower GDP data. Blue chip index added 0.18% or 23.69 points and closed at 13,228.31. On the upside McDonald's soared 1.6% and Cisco system climbed 1.9%. Procter & Gamble lost 4% after consumer products manufacturer said its profit dropped
S&P 500 index managed to gain on Friday despite disappointing US quarterly GDP figure. US benchmark climbed 0.24% or 3.38 points to 1,403.36 with consumer service sector contributing most. Expedia rocketed 24% on better than expected net income from its hotel-booking unit. Amazon rallied 16%, after the internet retailer posted a big jump in shipments. Starbucks fell 5% after the
Inflation rate in Italy hit six-month high this month, being elevated by growing energy costs and austerity measures such as tax increases. Italy's inflation rate remained unchanged at 3.8%, reported Istat. The figure is higher than Bloomberg's forecast of 3.6%. Meanwhile, consumer confidence dropped to the lowest level since 1996, indicating that the country's economic state has been deteriorating.
Japan's oil imports increased by 11.3% in March on a yearly basis, reported METI. Total crude oil imports attained 130.52 million barrels, with Saudi Arabia remaining the largest supplier. Meanwhile, oil purchases from Iran tumbled by 36.4% year-to-year, signaling that Japan attempts to align its crude oil buying with the US sanctions.
Euro Zone's CPI was flat in April, approaching 2.6% on a seasonally adjusted basis. Experts predicted the prices to increase to 2.5% while the ECB target for the CPI is below 2%. After the release of data, the Euro stayed lower against its US counterpart and EUR/USD traded at 1.3239, retreating by 0.11%.
India's steel demand is likely to strengthen in 2012 and is projected to accelerate faster than world's demand for the metal, announced the World Steel Association. India's steel consumption is projected to rise by 6.9% to attain 72.5 million tons in 2012 while the demand is likely to expand by 9.4% next year amid soaring investments in infrastructural projects. At
Rural commodities rallied on the expectation for stronger China's demand while weaker US Dollar also bolstered the prices.Wheat and corn were the top-gainers amid strong China's demand. Moreover, advancing soybean futures after Argentina's crops downgrade also crated the stimulus for grain futures.Sugar declined due to delay in increasing permitted exports in India.Coffee managed to gain 0.37% amid record high Brazilian
Energy markets were mixed as the commodity group balanced between hopes for the next round of the quantitative easing and global demand concerns.Crude oil found support on the disrupted production in Yemen, Sudan and North Sea coupled with uncertainty over oil output in Nigeria. Brent oil retreated slightly as sluggish US demand and elevated US stockpiles restricted the gains of
Industry metals rallied on Friday on hopes for the third round of quantitative easing in the US after dismal growth data.Aluminum followed copper's trend as spot demand indicated improvement. However, China's demand is expected to decline by 11% in 2012, reported Rusal.Copper was the top-gainer on the record low red metal's inventories at the LME and Shanghai warehouses.Nickel was the
Precious metals caught momentum on Friday amid broadly weaker US Dollar and anticipation of more accommodative policies from the Fed after disappointing US growth data release.Gold was the driver for the commodity group on the increased safe-haven appeal along with growing global uncertainty as US economic expansion slows while cost of borrowing in Italy rises.Silver found fresh support on softer
Australian consumer prices accelerated at slower pace than predicted in the 1st quarter of 2012, creating an additional pressure on Reserve Bank of Australia to lower benchmark rate. Australia's CPI climbed only 0.1% in first three months this year, compared to median estimate of 0.6% growth. On yearly basis quarterly CPI gained 1.6% compared to last quarter's 3.1%
The Spain's economy declined in the first three months this year, a second consecutive contraction which officially indicates recession. Spanish GDP dropped 0.3%, following a 0.3% contraction in the last quarter of 2011, national statistics office reported on Monday. Although government's target is a 0.2% growth in 2013, it predicts a 1.7% slump this year.
Germany's retail sales recovered in March due to dropping unemployment and higher salaries which stimulated consumers' purchasing power. Adjusted sales climbed 0.8% in March, following a 0.9% drop in February. Economists questioned by Bloomberg predicted a gain of 1%. On yearly basis retail sales have accelerated 2.3%.
US shares edged higher on Friday boosted by strong earnings reports which managed to offset disappointment about weaker quarterly GDP data. S&P 500 index gained 0.24% or 3.38 points and closed at 1,403.36, Dow Jones Industrial Average index added 0.18% or 23.69 points to 13,228.31, while Nasdaq Composite climbed 0.61% or 18.59 points and finished at 3,069.20.
UK home value accelerated in April, the second straight month, Hometrack Ltd said on Monday. The home prices added 0.1%, following a 0.2% gain in March. UK housing market received a short-term stimulation from tax holidays for first-time home buyers. Hometrack predicts the advance is not likely to prolong as demand does not meet supply.
Agricultural Bank of China Ltd. reported that its net profit for the first quarter of 2012 soared by 28% on a yearly basis, being driven by essential growth in fee income and net interest. The total profit for the quarter approached 6.92 billion US Dollars whereas the acceleration of profit growth slowed as the bank posted a 36% increase in