On Friday, futures for natural gas inched higher in European trading hours. On the NYMEX, July delivery contracts for natural gas were traded at USD2.603 a MMBtu, gaining 0.81% by 09:00 GMT. Earlier, futures peaked at USD2.618. The natural gas's support was likely to be found at USD2.482, and resistance was prone to be at USD2.676.
On Friday, futures for gold inched lower during Asian trading hours. On the COMEX, August delivery futures for gold were traded at USD1565.65 per troy once. Earlier, contracts for gold were traded at USD1562.35, a session low. The support was likely to be found at USD1562.36 per troy once, while resistance could be at the level of USD1634.25.
US shares tumbled on Thursday as reports over the world indicated a notable slowdown in global manufacturing. Main stock indices faced the second worst trading day of 2012. S&P 500 index tumbled 2.23% or 30.18 points finishing at 1,325.51. Dow Jones Industrial Average fell 1.96% or 250.82 points and closed 12,573.57. Nasdaq Composite slipped 2.44% or 71.36 points and ended at 2,859.09.
Canada's retail sales tumbled in April, Statistics Canada reported on Thursday. Retail sales diminished by 0.5% attaining USD 38.9 billion in April. Sales dropped by 0.8% when measured by volume. Analysts had expected a gain of 0.3%. Canadian Dollar weakened after the data release.
Europe's FMs are struggling to agree on joint strategy how to tame European debt turmoil. Parties involved in lending EUR 240 billion to Greece showed no signal of providing additional time for the recently elected government to accomplish deficit reduction targets. Moreover officials are disputing how to develop a recapitalization program of Spanish financial system maintaining investor trust.
US Dollar moved closer a weekly again on Friday on speculation data released today may indicate Ifo German business confidence fell in June. US national currency kept its largest advantage in 6 months after macro reports indicated European debt turmoil is weighing on global growth. The greenback traded at USD 1.2555 in New York session.
The Canadian Dollar depreciated versus its US peer on Thursday as disappointing Canada's retail sales boosted speculation the Bank of Canada may consider postponing additional increase in interest rates. Loonie tumbled 1.12% versus greenback to CAD 1.0297, the biggest decline since December 12. Currently USD/CAD is trading at 1.0275.
Crude oil eased up in Asian session on Friday on broadly lower US Dollar. US Dollar Index, which tracks greenback's performance against a basket of six main currencies, lost 0.14% to trade at 82.44 US Dollars. Meanwhile, light, sweet crude oil futures for delivery in August traded at 78.61 US Dollars per barrel on the New York Mercantile Exchange, advancing
The manufacturing activity in Philadelphia region fell faster than expected in June, Federal Reserve of Philadelphia said on Thursday. The index measuring production activity tumbled from minus 5.8 in May to minus 16.6 in June. Economists questioned by Marketwatch predicted an improvement to 0.0. Figure below zero indicates contraction.
Moody's cut ratings of 15 major banks, including Royal Bank of Scotland, Barclays, HSBC, Citigroup, Bank of America, Goldman Sachs and JP Morgan. Experts say that downgrades were expected and financial institutions were concerned that it would make it more difficult for banks to borrow funds commercially. Moody's attributed its decision to high banks' exposure to volatility and risk of
Sales of existing US homes declined in May indicating fluctuating trend in property market. Purchases of previously owned properties fell 1.5% to annual 4.55 million, National Association of Realtors said on Thursday. Economists questioned by Bloomberg predicted a yearly pace to diminish slower attaining 4.57 million.
Jobless claims in the US decreased by 2K, but still were at higher level than anticipated last week. Less volatile, 4 week moving average of jobless claims, increased to 386K and reached the highest level in six months. Unemployment level in the US has been above 8% for almost 3 and a half years now. In order to facilitate economic
On Thursday, the Euro erased losses versus the Greenback, however, market sentiment remained vulnerable on Eurozone's fiscal outlook. EUR/USD retreated from the the session's low of 1.2644 and hit 1.2692 in the European afternoon trade. The pair's support was likely to be found at 1.2556, while resistance was prone to be found at 1.2746.
Agricultural commodities except for coffee rose on Wednesday on unfavorable weather conditions in South and North America.Wheat soared for the third session in a row as dry weather damaged Russian crops. Russian harvest was 12% lower on June 1 as compared to the same period in 2011.Corn was higher despite potential fall in ethanol demand in the light of slowing
Energy markets plunged on Wednesday as lack of easing measures from the Fed weighted on demand prospects. Crude oil was the top-loser on absence of easing measures in the US and unexpected increase in the US crude oil inventories last week. The EIA reported that stockpiles rose by 2.86 million barrels as compared to expectations for a 1.11 million barrels
Industry metals apart from nickel slid on Wednesday after the Fed left no hopes for QE in the nearest term. Traders were also cautious ahead of HSBC China's PMI release due on Thursday.Aluminum followed bearish trend on absence of easing in the US. Meanwhile, China's production cuts approached such level that it may support weak prices due to lower supply.Copper
Precious metals tumbled on Wednesday as Fed decided not to implement QE at the moment. Gold fell after the Fed announced that it would not provide additional monetary stimulus and cut the US growth forecast from 2.9% to 2.4% 2012.Silver followed gold suit and declined by almost 1% as hopes for new round of QE faded.Platinum dropped after release of
German DAX index moved lower on Thursday following the cut of US growth forecast by the Federal Reserve. German manufacturing PMI for May dropped to 44.7 versus expected 45.3. Moreover HSBC report showed China's manufacturing kept contracting in May for an eight straight month. German car makers posted the biggest losses with Daimler AG sinking 1.4% and Volkswagen AG giving
UK FTSE 100 erased part of its previous gains and traded lower on Thursday as investors anticipated news from Federal Reserve, China and Eurozone manufacturing and service activity. Oil shares plunged as crude price fell below USD 81 a barrel. BP PLC tumbled 2.1% and Royal Dutch Shell shed 0.9%. Resource shares which heavily depend on manufacturing activity also slipped.
On Thursday, the Confederation of British Industry reported that the index that measures expectations of industrial orders gained 6.0 points and reached minus 11.0, improving from May's minus 17.0. Analysts, however, expected that the June's index would drop 3.0, reaching minus 20.0. The index reached a six-month high this month.
The Euro inched lower versus other major currencies, as Eurozone fiscal outlook weighed on market sentiment. In European morning trade, EUR was dropping versus the USD, reaching the level of 1.2666. EUR/GBP dropped 0.29%, and consolidated at 0.8060, while EUR/JPY eased up 0.18% and was traded at 101.24.
Japan's Nikkei Stock Average breached the negative trend of Asian stock markets and finished higher on Thursday. Although the Asia overall sentiment was negative on China PMI data and Fed decision, Japanese shares pared losses helped by weaker Yen which sent exporters higher. Nikkei 225 gained 0.82% or 71.76 points and finished at 8,824.07. Honda Motors surged 3.5% after Credit
Shares in Hong Kong fell sharply on Thursday after Chinese HSBC manufacturing PMI dropped to 48.1 indicating further contraction. Moreover investors did not received awaited news from Fed. Hang Seng index tumbled 1.3% or 253.78 points and closed at 19,265.07. Only two companies managed to end into positive area. Resource and financial shares declined most. Tencent Holdings fell 4.4% and
Dow Jones Industrial Average slipped on Wednesday after Reserve disappointed investors lowering growth forecast for 2012 and expanding only Operation Twist program instead of expected quantitative easing. Blue chip index dropped 0.1% or 12.94 points and closed at 12,824.39. Procter & Gamble fell 2.9% after the world's largest consumer-goods enterprise cut its earnings and revenue outlook for the second time