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.
Germany's manufacturing sector shrank the most in July in the last three years. Markit PMI contracted by 1.7, reached 43.3 (gauge of 50 separates contraction from expansion of economy) and indicates that Germany's economy might shrink in the third quarter this year. EUR fell to 1.2104 USD slightly above a two year low of USD 1.2067. FTSEurofirst 300 index, which contains top European shares, lost 0.2% and canceled all the previous
Cnooc Ltd. has placed all cash takeover bid of a bit more than USD 15b for Nexen Inc. This indicates that Canada is switching from the US towards China as countries oil and gas partner. Canada's crude deposits, which are the third largest in the world, were partly developed by the fund from the US. China, being worlds most energy
Home values show their first year-over-year growth since 2007, the Zillow Home Value Index increased to $149,300, a 0.2% growth from the second quarter of 2011. Record low interest rates, increase in demand and tense supply have driven the U.S. housing market despite growing unemployment rate and Eurozone recession.
The Aussie decreased almost 1% against the U.S. Dollar and 1.1% against the Japanese Yen following growing concerns about the Eurozone crisis and weaker growth of Cnina's economy. Although the Euro tumbled heavily versus the U.S. Dollar and the Yen due to the potential full-scale bailout for Spain, it increased by 0.8% against the Australian Dollar to 1.1802.
The Canadian Dollar has depreciated as oil prices declined by $3 per barrel. On Monday, Canada's currency reached its 11-day low of C$1.0188 versus U.S. Dollar, falling 0.6%. However, it has risen to the record C$1.2327 versus the Euro, while the government bond yields have declined to 1.565%, the lowest level since 1950.
On Monday, Moody's Investor Service lowered outlooks of Germany, the Netherlands and Luxemburg to the negative level. On the basis of the euro zone downturn Moody's expect those three countries to be bear main financial support and have most cash outflows.
Soon after the Chinese central bank lowered its forecast for nation's economic growth, Asian markets slipped down, already for a second day in a row. The MSCI Asia Pacific Index tumbled 1.9 per cent to 114.48; Hang Seng Index declined 3 per cent, Shanghai Composite Index erased 1.3 per cent. On the top of that Japan's Nikkei 225 Stock Average dropped by 1.9 per
Canadian markets were dragged down by grim data out of Eurozone. The S&P/TSX benchmark index erased 1.26 per cent to 11,496, with similar drop on Wall Street. Meanwhile, Canadian economic sectors also turned red on Monday, with decline in metals and mining stocks by 3.5 per cent and 2.12 drop in the materials sector. In currency news, the loonie declined against the American counterpart by 0.33
Spain's market regulator banned short-selling of shares for three months, in order to limit price moves after the markets declined dramatically on heightened worries about Spanish economy. Meanwhile, Italy has also blocked short-selling for one week period. Spain's finance minister denied the possibility that country may claim for a full bailout, but the effect was opposite. The yield on country's 10-year bonds rocketed to a
Doubts about demand for oil are raised as the outlook for Eurozone's future is getting cloudier, pushing oil prices lower. Crude oil for September settlement dropped 3.9 per cent, to $88.28 per barrel, while the ICE dollar index increased by 0.35 per cent to 83.908. Moreover other oil related products, also declined on Monday. August heating-oil tumbled 3.3 per cent, to $2.83 per gallon, gasoline
The single currency weakened to the lowest since 2010 versus the U.S. dollar as European leaders are losing control of the Eurozone's debt crisis. On the top of that, the euro declined to an 11-year low versus the Japanese yen, with 0.6 percent drop to 94.85 level, after touching 94.24. The euro tumbled 0.4 per cent to $1.2106 during New York trading session after
Precious metal dropped on Monday after a two-session rise, pressured by Spain and Greece worsening economic situation. Gold futures for August settlement erased 0.8 per cent, to $1,571 per ounce, after gaining $12 during last two sessions. At the same time, other precious metals also declined, with September silver down 1.7 per cent, to $26.85 per ounce, September copper lost 2.9 per cent, to $3.35 per
On Monday, July 23, Wall Street tumbled as Greece exit from Eurozone is getting more possible, Spain's economy is getting worse and U.S. major companies, such as McDonalds, report on lower-than-expected profit. The Dow Jones Index declined by 1.65 per cent, to 12,611.15, the S&P 500 Index dropped 1.54 per cent, to 1,341.74, while the Nasdaq Composite Index erased 2.17 per cent, to 2,861.83.
Australian quarterly PPI data was released today by the Australian Bureau of Statistics, and the latest reading (+0.5%) beat the forecast of 0.3% growth amid the previous quarter's slump of -0.3%. On overall, the reading makes up a 1.1% PPI growth through the 2012. The main contributors of the rise were agriculture (10.9%), oil refining (4.3%). Meanwhile, the growth was held back
Italian stocks are set for a historically low close due to European stock sell-off caused by re-emergence of Greek euro-exit talks and turmoil in Spanish banking sector. FTSE MIB (Milan) has lost 4.16% since the opening bell, driven by finance equities. Intensa SpA has lost 8.96% and UniCredit SpA - 4.76%, being the biggest contributors to the slump. Meanwhile, EUR/USD
World's second biggest economy is set to slowing growth in Q3, as a Central bank adviser forecasts a 7.4% growth this quarter. S. Guoqing, a member of PBC monetary committee, expressed worries that the sliding consumer and producer prices may potentially harm ROI of production companies, thus reducing the inflow of FDI in future. The economy grew 7.6% in Q2, while Beijing holds
Spain's central bank announced that countries GDP dropped 0.4% in the quarter ending June after contracting by 0.3% in the first quarter. GDP decreased by 1% in comparison to the same quarter last year. Domestic demand fell by 1.2% in the recent quarter and by 0.5% in the first quarter this year. Last week Mariano Rajoy announced fourth round of tax increase and
The U.K.GDP decreased 0.2%, indicating the U.K. economy contraction for three quarters in a row, as double-deep recession intensifies. The BOE expanded its bond-purchase programme this month and implemented measures to prop up lending. The IMF said that the recovery halted, thus the government may require easing its budget cut in case the central bank's efforts do not revive the
Greece's government plans to implement new cost-saving measures and is seeking budget cuts amounting billions of euros. Current aid agreement requires Greece to cut its budget by 11.5 billion euros. Later this week representatives from Troika will visit Athens in order to assess budget reducing progress.
European shares slid and the common currency declined to two-year low after 2 Spanish regions said that they would require financial aid, sparking fears that the country will seek a full-scale bailout. 10-year Spanish government bonds reached a euro-era high of 7.55%, while the Euro fell to $1.2095. The FTSE Eurofirst 300 index opened down 0.8%, whereas Brent declined more
American stocks dropped on Friday after a three-day rally on concerns about Spain's ability to repay government's debt, moreover, General Electric posted its quarterly report with earnings below the forecasts. The Dow Jones Index tumbled 0.54 per cent, to 12,873.51, the S&P 500 Index declined by 0.57 per cent, to 1,368.65, and the Nasdaq Composite Index dropped 0.62 per cent, to 2,947.57. Despite today's downfall