German Finance Minister and Spanish Economy Minister argue that the Spanish bond yields do not correspond to the current state of Spain's economy. However, the statements of ministers have not calmed markets as Spanish securities continue to rise for 10 consecutive days. 2-year bond yield soared to 7.09%, breaking 7% level for the first time. 5-year climbed to 7.74%, while
Asian currencies tumbled, led by the South Korea's Won, on the Eurozone's crisis diminishing demand for riskier assets in emerging markets. The Won declined to a week low after a central bark had reported that local consumer confidence was at the lowest level in five month. The Bloomberg-JPMorgan Asia Dollar Index (MXAP), which follows Asian currencies, dropped to the least
Drop in oil prices has resulted in the first decline in imports since 2009 for Japan. On Wednesday, Finance Ministry in Tokyo reported that imports decreased 2.2% from a previous year, as result a trade surplus amounted to 61.7 billion Yen ($789 million). The Yen rose to 78.10 versus the U.S. Dollar after the announcement.
Concerns about China's economic downtrend and Europe's debt crisis pressured Asian stocks to drop for a fourth day. Technology shares pulled back after Apple Inc. missed expected values in profits and sales. On Wednesday, the MSCI Asia Pacific Index (MXAP) tumbled 0.8% as Japan's Nikkei 225 Stock Average dropped 1%. South Korea's three-year note and Singapore's 10-year bond yields touched
China, world's major steel producer, has raised its steel exports to the two-year high. Monthly shipments advanced to 8.7% from domestic output in June, while domestic market shows slight slowdown in prices. Chinese exports increase has direct negative impact on U.S. steel sales, for instance, Bloomberg Global Steel Producers index dropped 17%.
The U.S. dollar strengthened against the basket of major trading-partner currencies on concerns about deepening Eurozone's debt crisis. The euro declined by 0.25 per cent to $1.2087, while the ICE dollar index jumped 0.14 per cent and climbed to 83.804. Meanwhile, China's manufacturing output rocketed to a five-month high, providing a mild boost to the aussie, the Japanese yen and the British pound.
Investors' are getting more worried about Eurozone's future, as Spain's borrowing costs rose, and Catalonia region said it will need a new financial aid. Spain is to pay 3.7 per cent to place six month debt, higher than several months earlier. The yield on government's 10-year bond rocketed to almost 7.6 per cent, the highest among Eurozone's countries. Moody's added fuel into the fire, warning
Gold futures fluctuated on Tuesday as investors are getting more worried about Eurozone's economic outlook, and as the greenback moderated its early jump. August gold edged higher 20 cents to $1,577.50 per ounce, with daily high of $1,584 and daily low at $1,571 per ounce. Other precious metals were also little changed on Tuesday. Silver for September settlement declined by 0.6 per cent, to $26.89 per
China's manufacturing output jumped to a five-month high of 49.5 in July from 48.2 in the previous month. A final reading below 50 signals contraction, proving that world's second biggest economy is still under pressure. Asian stocks were little changed today. The Shanghai Composite Index rose 0.1 per cent and the MSCI Asia Pacific Index was little changed from the previous day. The
As reported by Greek Prime Minister Antonis Samaras, Greece is going to fall into a much deeper recession than it was predicted earlier. Samara expects nation's economy to shrink by 7 per cent, compared to a previous estimate of 5 per cent. Moreover, Greece may ask for a third financial aid, approximately up to 50bn euros. On the top of that, Antonis Samaras added, that after
Oil futures advanced on Tuesday as China's manufacturing data improved. Crude oil for September settlement jumped 0.5 per cent, to $88.59 per barrel during today's New York trading session. The boost in prices was provided by the series of debt downgrades by Moody's. Rating agency downgraded the outlooks on Germany, the Netherlands and Luxembourg. Moreover Moody's claimed that the possibility of Greece's exit from the Eurozone
Wall Street declined for a third day in a row as Moody's reduced ratings outlooks for Germany, the Netherlands and Luxembourg, proving that the debt crisis in the Europe is far away from the solution. The Dow Jones Industrial Average lost 0.5 per cent, to 12,655; the S&P 500 Index erased 0.4 per cent, to 1,345, and the Nasdaq Composite declined by 0.3 per cent
German stocks were mostly lower after Moody's lowered the credit outlook for the country. Larger than expected contraction of German PMI in June also added pressure on the country's stocks. German DAX 30 Index eased down 0.04% to trade at 6,411.06 at the time of writing. SAP led the technology industry higher after reporting a 12% surge in earnings in
FTSE 100 Index moved down on Tuesday amid escalating concerns over the health of the Eurozone's economy. The UK stock index edged down 0.08% to trade at 5,522.85 at the time of writing. Telecommunications and financials were sharply lower, tumbling by 1.18% and 0.20%. Vodafone Group and ITV dropped 1.09% and 0.63%. Meanwhile, shares of the largest banks followed their
Spain managed to gather all intended amount in the debt on Tuesday, but was forced to pay the second highest yield since the creation of the Euro. Spain's treasury raised EUR 3.4b, but the yield increased by 45 basis points and reached 3.69% on it's 6 month bills.
Chinese equities closed lower on Tuesday as economic turmoil in the Eurozone continued to weight down on global growth expectations. At the same time, China's stocks found some support on better than forecast fresh PMI data. Hang Seng Index ended session with 0.79% loss, approaching the lowest level in a month. CNOOC dropped 4% on news that oil firm is
Farm commodities tumbled on Monday as turmoil in the Eurozone and recent rally of grain futures started to erode demand prospects. US Dollar strength and rain forecasts in some US regions also depressed the commodity pack. Wheat suffered a significant reversal after previous jump as some US regions may face crop-boosting rains in the nearest future. Corn plunged on speculation that
Japanese stocks slid on Tuesday after Moody's cut its outlook on Germany, the Netherlands and Luxemburg. However, Nikkei pared losses after governor of BoJ, Masaaki Shirakawa, announced he is monitoring the impact on stronger Yen on the Japan's economy. Nikkei 225 Index inched down 0.24% to end the day at 8,488.09. The largest gainer was All Nippon Airways, which rose
Energy commodities apart from natural gas were sharply lower on Monday amid global demand uncertainties. Moody's outlook cuts as well as further contraction of Spain's GDP in Q2 dented energy demand prospects. Crude oil prolonged its slump as investors were worried about Eurozone's fiscal difficulties. Market participants also awaited US crude oil inventories data due on Wednesday. Inventories are expected to
Dow Jones Industry Average Index plummeted 0.79% on Monday to trade at 12,721.46. Persistent worries over the Eurozone's debt crisis and slowing China's economy weighted down on the US blue chips index. All industries within the index fell, with consumer services, technology and oil and gas companies leading the decline. Shares of McDonald's plunged 2.88% after the word largest hamburger
Industry metals were weak on Monday as risk-sentiment was dampened by spreading worries over debt crisis in the single currency union. Traders were also cautious ahead of China's PMI data release due on Tuesday. Aluminum lost 0.74% as demand may weaken following negative headlines from the Eurozone. Moreover, an increase in China's aluminum output weighted down on the light metal. Copper came
US stocks dropped on Monday amid continuous fears over the Eurozone's economic instability. News from China also added pressure on the US equities as PoBC adviser announced that China's economy is likely to slow further in the next quarters. The sell-off in risky assets was widespread, with all industries within S&P 500 posting sharp declines. S&P 500 lost 0.89% to
Precious metals started the week on the negative note amid lingering worries over Eurozone's debt crisis. Stronger US Dollar coupled with looming Fed policy meeting also weighted on the commodity group. Gold slid on Monday as demand for the precious metal weakened on the US Dollar rally. The greenback caught momentum after Moody's cut its outlook on Germany, the Netherlands and
On Tuesday, oil futures rose 0.7%, after 4% decline yesterday. HSBC Holdings Plc has reported preliminary purchasing managers' index of 49.5, which would be the top level since February. Oil for September transfer was as $88.76 per barrel in e-trading on the New York Mercantile Exchange. Prices have dropped 10% this year.