On Friday, July 27, gold futures jumped on growing optimism for Eurozone's future and improved U.S. GDP. Gold for August delivery rose by 0.24 per cent to $1618.95 per ounce during today's New York trading session. Meanwhile, other precious metals also advanced, with September silver by 0.01% to $27.500 per ounce and copper for September settlement by 0.58 per cent to $.412 a pound.
The loonie advanced versus its U.S. counterpart to a 10-week high on Friday, as markets and oil turned green. The Canadian dollar added 0.4 per cent to C$1.0065 cents a U.S. dollar and moved closer to parity. Meanwhile, the benchmark Canadian 10-year yield increased by 6 basis points, or 0.06 percentage point, to 1.70 per cent.
European Central Bank announced its readiness to buy government debt from the Eurozone's countries, and the U.S. growth data came better-than-expected, providing a boost for European stock markets. The Stoxx Europe 600 Index jumped 1.05 per cent to 259.26, after adding 2.5% on Thursday, July 26. At the same time, the Italian FTSE MIB index rocketed 2.6% to 13,561 and Spain's IBEX 35 Index also soared
Oil futures edged higher On Friday, as European leaders pledged to save the shared currency. Crude oil for September settlement jumped 0.63%, or 20 cents to $89.59 per barrel during today's New York trading session. Meanwhile, August gasoline soared 1.52 per cent to $2.86 per gallon, heating oil for August delivery advanced by 0.76 per cent to $2.89 per gallon while August natural gas reversed gains
On Friday, July 27, U.S. stocks edged higher as Germany and France claimed their readiness to do whatever is needed to save the Eurozone. The Dow Jones Index jumped 0.7 per cent, to 12,978.14, the Standard & Poor 500 soared 0.9 per cent, to 1,371.70 and the Nasdaq Composite added 0.7 per cent, to 2,913.20.
European policymakers are trying to keep Greece in the Eurozone, while ECB and central banks are ready to accept losses in further Greek national debt restructuring. While the total Greece's National Debt is around 220-230 billion euros, second restructuring of national debt may be a last chance to keep Greece solvent. One of the options, offered by ECB is a writedown of 30 per cent
As reported by the Commerce Department, the world's biggest economy expanded by 1.5 per cent in the second quarter, as Americans are getting more cautious on spending, because of the softening job market. While major forecasts were around 1.4 per cent increase in gross domestic product, still the economy grew by 0.5 per cent less, than in the prior quarter.
Farm commodities retreated on Thursday despite potential demand increase from the Eurozone after the ECB President pledged to save the Euro by any means. Improving weather conditions in Brazil and the US sent the commodity group down. Wheat dropped more than 2% despite reports that Russia's crops fell essentially this year because of the drought. Corn moved down as recent price rally
Energy markets soared on Thursday on easing worries over the Eurozone's economic instability after Mario Draghi promised to preserve the Euro. Unexpected increase in durable goods orders and positive labour market data from the US also spurred the upward trend of the commodity group. Crude oil surged on weaker US Dollar and brighter demand prospects. However, concerns over slowing China's economy
Industry metals were slightly higher on Thursday as Mario Draghi pledged to put any efforts necessary to save the single currency. Easing Eurozone's worries restored inventors' confidence, hence sending riskier assets higher. Aluminum rose on improved risk-sentiment after Mario Draghi comments. However, high Chinese output continued to weight on the light metal. Copper prices increased as the red metal's markets remain in
German stocks moved higher on Friday amid optimism over the Eurozone after the ECB hinted on additional measures to preserve the single currency. German DAX 30 Index inched up 0.18% to trade at 6,593.80 at the time of writing. Utilities were mixed, with E.ON retreating 0.53% and RWE climbing 0.08%. Financials declined by 0.12% . Commerzbank dropped 0.5% while Deutsche
UK stocks rose 0.14% on Friday to trade at 5,582.80 at the time of writing. UK equities were spurred by hopes that the ECB is preparing to purchase bonds of indebted member states. Barclays rose 7.32% as the bank reported a EUR2.9 billion profit, excluding changes in inventories and value of its stake in Sanofi-Aventis SA. The British bank also
Hong Kong equities rallied on Friday as market participants covered short positions after the ECB raised hopes that the bank may integrate further to save the Euro. Hang Seng Index rose 2.02% to end the week at 19,275. Even drop in China's industrial profits for the third month failed to restrict stocks' rally. Financials rose 2.1% as China's government is
Japan's shares extended previous gains on Friday on positive headlines from the Eurozone. Spanish and Italy's bond yields fell from record-highs after Mario Draghi reassured investors that the Euro will be preserved. Demand for risker assets was also bolstered by expectations for easing measures worldwide. Nissan erased previous losses caused by disappointing earnings report release on Thursday. Shares of Nissan
Dow Jones Industry Average surged 1.67% on Thursday as hopes for stabilization in the single currency union boosted risk-sentiment. Moreover, positive US jobs market data lifted the US blue chips index. Oil and gas companies were among the top-performers, rising 1.86%. Exxon Mobil rose 1.5% after reporting a 49% increase in profits in Q3 due to sales of stake in
S&P 500 rallied on Thursday after the ECB President pledged to save the Euro by any means. The announcement raised demand for riskier assets as investors hope the ECB will resume its bond purchasing program. Yields on Spain's and Italy's bonds dropped sharply after Mario Draghi comments. S&P 500 posted the first gain of 1.65% after five days of losses.
The Canada's Dollar reached the highest level since May against the U.S. counterpart as Mario Draghi pledged to sustain the Euro. The Loonie rose 0.9% to C$1.0102 , touching the highest since May 16. The S&P 500 Index increased 1.7%, September delivery crude gained 1.7% to $90.47 per barrel. Changes in commodities and stocks influence Canada's currency the most.
On Friday, the U.K. currency rose versus most of its major counterparts on the optimistic promise of the ECB President, increasing demand for riskier assets. The Sterling gained 1.2% to $1.5690, after having a 1.5% rise, the highest since Dec. 31, 2010. The Pound advanced 0.1% to 78.38 per Euro.
On Friday, Spain's unemployment rate climbed to 24.6% from 24.4% in the first quarter as reported by the National Statistic Institute. The number of jobless Spaniards increased to 5.7 million, showing the record level since mid-1970s. The government announced it doesn't expect the rate to tumble below 22% until 2015 least.
On Friday, spot gold rose 0.3% to $1,620.15 per ounce, after reaching the month high of $1,622 yesterday. ECB President's promise about preserving the Euro boosted bullion 2.2% to the weeks high. December-delivery bullion gained 0.3% to $1,623.80 per ounce in New York.
The Australian Dollar gained for a third day versus the U.S. Dollar and the Yen, and the 10-year government bond yield rose to 2.94% on Mario Draghi's vow to do everything needed to sustain the Euro. The Aussie advanced to $1.0411, after 0.9% rise yesterday. The currency gained 1.7% this month versus the U.S. counterpart.
The number of the U.S. unemployment claims considerably declined last week, sinking by 35,000 to 353,000 and presenting the biggest 1-week decrease of the year. Economists expected jobless claims to fall to 378,000. The main reason is a decreased number of layoffs in the automotive industry, indicating a changing pattern in industry employment.
The U.S. economy possibly grew at its slowest pace in a year in the Q2 due to job market concerns which forced Americans to reduce their spending due to limited corporate investment caused by the deepening Eurozone debt crisis and U.S. tax policy changes. Annual growth rate of GDP was 1.4%, following a rise of 1.9% in the beginning of
ECB President Mario Draghi assured that the central bank is prepared to do everything that requires to save the Euro, indicating the bank might interfere in the bond markets as Spain's and Italy's bond yields are surging, hence threatening the existence of the monetary bloc. Following the statement financial markets surged.