India's Rupee was set for the first weekly advance since October as Moody's Investors Service kept a stable outlook on the country's credit rating and Goldman Sachs Group Inc. increased local shares to overweight. The Rupee rose 1.8% this week to 54.5250 per U.S. Dollar, trimming a loss in November to 1.3%. The currency climbed 0.6% today.
Japan's Yen weakened to the lowest level in seven months against the Euro as data indicated Japan's consumer prices were unchanged in October, increasing speculation the Bank of Japan will expand stimulus to boost inflation. The Yen fell to 107.30 per Euro, the lowest level since April 27, and was at 107.13 at 2:24 p.m. in Tokyo, 0.5% lower than
Canadian Dollar reached the highest level since November 7 versus the U.S. Dollar, country's main trade partner, amid concerns that the U.S. will manage to avoid fiscal cliff. Canada's currency traded at 99.26 cents per U.S. Dollar, following gain to 99.06 cents on November 27, a three-week high. Canadian Dollar appreciated 0.8% versus the U.S. counterpart this month and currently buys $1.0075.
Soybeans gained in Chicago amid bad weather conditions in South America postponed soybean planting in Brazil and Argentina, the world largest exporters, increasing demand for U.S. supply. According to the U.S. Department of Agriculture, soybeans delivery to China in 2012-2013 marketing year is estimated at 290,000 metric tons. January-delivery soybeans rose 0.6% to $14.555, following yesterday's gain to $14.5675, the
The Pound depreciated for a second day versus the Euro on the U.K. manufacturing report showed house prices didn't increase in November, proving recovery of the U.K. economy is slowing down. Sterling lost 0.2% against the Euro and traded at 81.04 pence per Euro, following decline to 81.14 pence, a one-month low, on Tuesday, and it is forecast to fell
German equities jumped on hopes that US lawmakers will manage to reach an agreement on the upcoming tax hikes and spending cuts. Moreover, positive data from the domestic economy also lifted German shares. The number of individuals applying for unemployment benefits in Germany climbed less-than-expected this month. The DAX Index advanced 0.71% and is currently trading at 7,395.45. All but
UK stocks advanced on Thursday amid optimism US policymakers will agree on budget until January 1. However, warnings from the BoE capped gains of the UK blue chips. The BoE reported that the country's banks may lack capital to set aside to limit potential market dangers due to the bank's over-optimistic risk assessment. Moreover, Nationwide house index was flat last
Hong Kong shares soared as risk appetite improved on hopes that US politicians would finally reach a budget deal. Boosting the market sentiment, experts predict China's economy to expand by 8.2% next year due to steady investment growth and changes in industrial structure. The Hang Send Index surged 1% to 21,922.9. All sectors within the index rallied, with consumer goods,
Japanese stocks rebounded from Wednesday's drop, as Goldman Sachs pledged changes in policy would contribute to share prices if the opposition wins election in December. Investors hope that the election will decrease frustration about political uncertainty. The Nikkei 225 advanced 1% to 9,400.99, recovering from its Wednesday's loss, the biggest in three weeks. All sectors climbed, with basic materials, technology
German unemployment increased by 5000 to 2.94 million in November for an eight consecutive month and jobless rate was 6.9% as the Federal Labor Agency announced today. The largest European economy's labor market shrinks as Europe's debt crisis damages companies investment and economic growth. The unemployment rate increased for the first time in three year in September, despite the fact
The Euro, 17-nation currency, advanced by 0.3% to 106.60 yen and by 0.2% to $1.2981 in the beginning of London trading session on Thursday. The Euro strengthens on speculations that Barack Obama and Congress will reach an agreement on a new U.S. budget and avoid the fiscal cliff, which most probably would drag the biggest world economy in a recession.
Brazilian governors last night kept the Selic rate unchanged at 7.25% level, ending the second-longest period of reduction in order to prevail inflation from accelerating. The Central Bank of Brazil signaled that they are planning to keep the key interest rate in the record low for the longest period, as the domestic economy slips to the worst two-year performance in
The Won, South Korea's currency, increased by 0.2% to 1,084.13 per Dollar in the end of Seoul trading session on Thursday. The Won gained on the Barack Obama's comments that he will reach an agreement with Congress on a new U.S. budget for 2013 to avoid so-called fiscal cliff. However, currency's gains were not significant as traders were cautious due
German bonds with 10-year yields were 0.01 percentage point higher to 1.38%, in early London trading session on Thursday. Bonds rise from the lowest level in last week as yesterday dropped to 1.35%. The price of the Euro area's safest assets increase before U.S. Treasury Secretary Timothy Geithner holds a meeting with congressional leaders in order to avoid so-called fiscal
The Stoxx 600 Index add 0.6% to 274.73 in early London trading session on Thursday. European equities rise in the highest level in last three weeks, as investors' optimism grows that Barack Obama, the U.S. President, will reach a settlement with Congress on a new budget for 2013 and avoid the so-called fiscal cliff. Most active stocks for this
Industrial metals apart from nickel tanked on Wednesday as market participant remained worried about Greek debt woes and looming US fiscal battles. Market sentiment was further dampened by increased caution ahead of the key US data due on Thursday. Meanwhile, softer US Dollar restricted the downswing.Aluminum slumped as stocks at global exchange warehouses remained elevated despite a recent decline in
Oil rose in New York as U.S. stockpiles unexpectedly fell and the fiscal cliff is expected to be avoided in the world's biggest oil consumer. Futures rose 0.5% after declining 0.8% yesterday to a 2-week low, while Crude for January settlement gained 40 cents to $86.89 a barrel in New York and was at $86.89 a barrel at 3:04 p.m.
US blue chips closed on the positive note on Wednesday on brighter outlook on the US economy. US President Barack Obama said that US lawmakers will agree on budget until January 1. Moreover, the Wall Street Journal reported that the Fed is likely to expand its bond-buying plan to increase Treasury purchases at next-month meeting. Capping the upswing, US new
US stocks climbed on Wednesday on progress in talks to avert US fiscal cliff. US President Barack Obama reassured investors that the deal on US budget will be done in the next four weeks. Moreover, mounting hopes that the Fed will expand its bond purchasing program at its next-month meeting boosted market sentiment. At the same time, an unexpected drop
Farm commodities were mixed on Wednesday amid weaker US Dollar and concerns over weather conditions in Brazil and Argentina. Moreover, hopes that demand for US supplies will continue to strengthen lifted farm commodities.Wheat moved higher, attaining two-week high as only about 33% of wheat was in good or excellent condition last week, the lowest level in 27 years. However the
Energy futures plunged on Wednesday despite broadly weaker US Dollar and an unexpected decline in the US crude oil inventories. The commodity group was pressurized by easing supply concerns in the Middle East and lingering worries over looming fiscal cliff in the US. Crude oil sank despite an unexpected drop in the US crude oil stockpiles last week. US crude
Precious metals except for palladium declined amid lingering concerns over the US fiscal cliff and lack of details about recently agreed Greek bailout plan. Moreover, expiration of December contract that expired on Wednesday also added to losses of the commodity group. However, slightly weaker US Dollar prevented further decline in precious metals prices.Gold slumped on heavy selling volume ahead of
Gold recovered from the biggest decline in more than 3 weeks as investors holdings increased to a record and on optimism the fiscal cliff in the U.S. will be prevented. Gold spot gained 0.2% to $1,723.70 an ounce and traded at $1,720.38 at 1:52 p.m. Singapore time. The price fell 1.3% a day earlier, the biggest decline since November 2.
Asian stocks gained on optimism the U.S. will be able to avoid the fiscal cliff and as Japan's opposition party urged unlimited monetary easing. The MSCI Asia Pacific Index rose 0.8% to 124.05, with more than 3 shares gaining for each that declined. Japan's Nikkei 225 Stock Average climbed 0.8%, while the broader Topix Index gained 0.9% .