Farm commodities except for coffee rose on Tuesday despite soft demand for risky assets amid instability in Cyprus. Meanwhile, speculation that investors are returning to markets to seek cheap valuations supported the commodity sector. Wheat climbed after Tunisia, Algeria, Bangladesh, Iraq and Jordan issued tenders to buy soft wheat. However, gains were restricted by forecasts that global supplies will rise this
Energy futures apart from natural gas traded in the negative area amid broadly stronger US Dollar and concerns that turmoil over Cyprus bailout may push the Eurozone deeper into recession. Investors also remained on the sidelines ahead of the EIA energy supply reports due on Wednesday and Thursday. Crude oil slumped on global demand concerns as Eurozone's recession may persist. Moreover,
Industrial metals were divided on Tuesday amid as demand for risky assets weakened after Cyprus rejected bailout conditions proposed by Eurozone officials. However, low prices lured some investors thus creating an upside potential for the commodity group. Aluminum inched up on bottom fishing. However, the metal remained under pressure amid as elevated China's reserves are expected to weigh on demand
Precious metals were mixed on Tuesday as uncertainty over bailout for Cyprus boosted safe haven appeal of the commodity sector. At the same time, stronger US Dollar and cautiousness ahead of the Fed policy meeting due on Wednesday put heavy pressure on precious metals. Gold attained almost a one-month high as turmoil in the Eurozone continued to buoy safe-haven assets. Moreover,
Most U.S. equities retreated on Tuesday after European Central Bank announced it would provide liquidity to Cyprus within existing regulations and rules. Nicos Anastasiades, the Cypriot President, failed to gather support from Parliament for imposing losses on deposit holders that was the key requirement from European officials. The Dow Jones Industrial Average, however, climbed 0.03% to 14,455.82, as Coca-Cola Co.,
Most U.S. equities slumped for a third straight day after Cyprus rejected a tax levy on bank deposits to secure the bailout funds of the European Union. The S&P 500 Index retreated 0.2% to 1,548.34 for its longest losing streak this year. Six out of ten groups in the gauge declined. Electronic Arts Inc fell the most by 8.3% on
The Canadian Dollar, also known as the loonie, weakened by 0.5% to 1.0271 per U.S. Dollar by midday trading session in Toronto on Tuesday. The currency depreciated for a second straight day, as Canadian factory sales data in January was worse than economists' estimations. The market also reacted to the U.S. home construction and permits data that reached the highest
The Commerce Department revealed on Tuesday that construction of new residential property in the US moved up last month. Housing starts increased by 0.8% in February and were equal to the annual rate of 917,000 on a seasonally adjusted basis, compared to expectations of 915,000. The figure for the preceding month was 910,000.
U.K. equities fluctuated between gains and losses, while Cypriot lawmakers discussed the lax levy on bank deposits and U.S. housing starts beat the estimates. The FTSE 100 Index rose 0.02%, or 2.63 points, to 6,460.98 points by 16:48 in Frankfurt. Six out of ten groups in the benchmark gauge edged higher. BAE Systems Plc jumped 2.5% for the biggest rally
Hong Kong equities decreased on Tuesday, as analysts expect that Cyprus' parliament will not approve a new tax on bank deposits. Hang Seng lost 0.2%, or 41.50 points, to 22,041.86. Consumer services and utilities sectors surged 3.7% and 2%, respectively, capping further losses in the index. China Resources Power Holdings Co Ltd, a Chinese power generating company, jumped 8.1% after
Japanese stocks surged on Tuesday, after news the Cyprus' parliament most probably will not pass a new bank levy. Nikkei 225 jumped 2%, or 247.60 points, to 12,468.23, the highest since 2008. All the sectors included in the gauge posted gains and 209 out of 225 companies rose. The leaders were consumer services and technology sectors, adding 2.6% and 2.4%,
Economic sentiment in Germany improved for the fourth month in a row in the month of March and exceeded initial forecast, the Center for European Economic Research/ZEW reported on Tuesday. The report showed the ZEW Indicator of Economic Sentiment climbed from 48.2 points in February to 48.5 recorded in March, while it was expected to rise to 48.1 points.
France's economic outlook was slashed by the Organization for Economic Cooperation and Development on Tuesday as a result of lack of activity showed by the French government for improving competitiveness and creating new jobs. The economy is now expected to grow by 0.1% in 2013 and 1.3% the following year, while the initial forecast said the GDP would climb 0.3%
Industrial production in Italy increased on a sequential basis by 0.8% in January compared to a 0.3% decline preliminary estimated, a data released by the statistical office Istat showed on Tuesday. Year-on-year, industrial output dropped by seasonally adjusted 3.6% in January after a 7.4% fall recorded the month before, while it was forecast to ease down by 5.6% in January.
Inflation in the United Kingdom increased to the fastest rate in a nine-month period in February mainly due to a notable gain in factory-gate prices and a surge of energy costs, the Office for National Statistics reported on Tuesday. The report showed that consumer prices accelerated 2.8% on an annual basis in February following a 2.7% climb the month before, while producer
UK residential property prices rose slower in January compared to the previous month and the pace of growth was below initial estimates, the Office for National Statistics reported on Tuesday. The report said the house price index advanced annually by 2.2% in the first month of 2013 following a 3.3% climb in December, while economists expected the index to rise
Wheat price closed at $7.1275 per one bushel yesterday on the Chicago Board of trade, as the U.S. government forecasts the biggest corn harvest ever. Wheat crops recovered from the drought and heat waves, boosting stockpiles in global markets for the first time in four years. Before the drought, wheat was traded at $6 level in May.
The Australian Dollar, also known as the Aussie, was traded at $1.0386 in the end of Sydney trading session on Tuesday. The Aussie was 0.3% lower than a five-month high, as central bank governor supported a higher exchange and saving levels, saying that would help to stabilize the domestic economy and contain a current inflation rate. Therefore, it might be
The South Africa's Rand dropped by 0.4% to 9.1842 per U.S. Dollar in early Johannesburg trading session on Tuesday. The currency fell 7.7% this year and is the worst performer among emerging markets currencies. Investors are very concerned about power blackouts by Eskom Holding. The state owned electricity company can not ensure a reserve power margin, due to coal supply shortages.
Japanese shares advanced on Tuesday led by the Topix Index bouncing off its biggest decrease since May 2012 amid speculations that yesterday's drop was excessive and as concerns of bank runs in Cyprus after a levy put on the country's deposit holders dragged the European shares down. The Topix added 1.7% to 1,045.89 on Tuesday and it has gained 45%
The British Pound was slightly changed and traded at $1.5104 in very early morning session in London on Tuesday. Investors waited for a report indicating Britain's inflation level. According to economists, consumer prices will rise 2.8% in February comparing with a previous year and accelerate from 2.7% in January. That would be the highest level since May.
The 17-nation currency was traded close to its lowest level in three months against the U.S. Dollar on Tuesday amid a speculation that the Cyprus's lawmakers were unlikely to agree the new bailout plan designed by the Eurozone's finance ministers. The Euro declined 0.1% versus the greenback to $1.2948 after hitting its three-month low at $1.2882 on Monday.
The Japanese economy's leading index rose for the second consecutive month in January, however, at the slower pace than preliminary estimated, a data released by the Cabinet Office showed on Tuesday. The report said the leading economic index advanced from 92.8 points in December to 95 recorded in January compared to a level of 96.3 originally projected.
The New Zealand Dollar, also known as kiwi, dropped from 82.65 to 82.42 U.S. cents in the end of Wellington trading session on Tuesday after Finance Minister Bill English comments on a current exchange rate. The kiwi appreciated 12% over last two years and was mainly driven by quantitative easing programs, but English stressed that there is little what government can do