Crude oil futures were marginally higher during Asian trade on Tuesday, being buoyed after the Chairman of Fed, Ben Bernanke, hinted on loosening monetary policy in the US in view of weak job market. Light sweet crude oil futures for May delivery traded at 107.05 US Dollars per barrel on the New York Mercantile Exchange, gaining 0.02%.
The economy of Argentina expanded by 7.3% in Q4 on an annualized rate and by 0.8% on a quarterly basis, indicating slower growth pace than in the previous periods, according to Indec. However, the figure is still above the expectations of a 7% yearly increase. The slowdown in industrial activities and weak consumer confidence both weighted down on the GDP
US pending house sales dropped in February, signaling on uncertainty over recovery of the real estate sector, reported the National Association of Realtors. The pending homes sales index decreased by 0.5% last month as compared to a 2.0% gain in January. Experts predicted the pending home sales to advance by 1.0%. Considering yearly changes, the sales increased by 13.9% last
Gold prices increased at Asian trade on Tuesday, being supported by hints that Fed is likely to provide additional stimulus to the US economy as labour market remains weak. COMEX gold futures for delivery in June traded at 1,691.45 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.19%.
European stocks advanced on Monday driven by better than expected data on German business confidence index. Stoxx Europe 600 index surged 1%, German DAX rallied 1.2% and FTSE 100 added 0.8%. French CAC 40 index gained 0.7%. Spanish benchmark IBEX 25 index tumbled 0.7% on worries about country's fiscal outlook.
German DAX index rallied on Monday as Ifo institute reported German business confidence rose more than expected in March, reaching 8-month record high. BASF SE jumped 2% after Warburg upgraded the stock from hold to buy. On the downside Metro AG lost 2% on news Credit Suisse lowered its price target. At the moment of writing DAX index trades 1.07%
Japan's Nikkei Stock Average retreated from previous week's loss and traded close to flat on Monday after Bank of America Merrill Lynch predicted recent equity gains in Japan may last until summer. Nikkei 225 index added 0.07% or 6.77 points and settled at 10,018.24. Japanese electronics provider Kyocera climbed 1.2% after Yen depreciated against Euro. Mitsumi Electric tumbled 6.6% after
Hong Kong's Hang Seng index traded flat on Monday as banks did not allow the index to push higher. Hang Seng was almost unchanged adding only 0.06 points and closing at 20,668.86. Bank of China dropped 1.9%, HSBC Holdings declined 0.4% and Industrial & Commercial Bank of China fell 1%. China Construction Bank lost 1.2% despite reporting a 26% increase
Dow Jones Industrial Average index edged higher on Friday though the gains were limited as data showed the sales of new homes in US unexpectedly fell 1.6% in February. Blue chip index appreciated 0.27% or 34.59 points and settled at 13,080.73 with 19 of 30 shares posting gains. After long period of decline Hewlett Packard retreated and traded 2.6% up.
After three straight red sessions S&P 500 index retreated and traded slightly higher on Friday supported by financial and energy shares. US benchmark added 0.31% or 4.33 points and finished at 1,397.11. Discover Financial and Nabors Industrials each climbed 4% posting the biggest gains for the index. On the downside Micron Technology shed 3.8% after company revealed larger than expected
British FTSE 100 recovered from last week's drop and edged higher on Monday led by energy stocks. Heavyweight BG Group provided the main support for the index. Oil and gas provider surged 1.8% after company announced it discovered gas resources in its 4th well in Tanzania. Stocks of Aberdeen Asset Management rallied 3.6% after reporting a 6% increase in its
Asian markets traded mixed on Monday as investors remained cautious ahead of economic statistics from Europe and US due this week. Hong Kong's Hang Seng index was flat at 20,668.86, Shanghai Composite added 0.1% and Australian S&P/ASX 200 fell 0.2%. South Korea's Kospi tumbled 0.4% and Japan's Nikkei 225 index climbed 0.1%.
German business climate index estimated by Ifo institute unexpectedly surged to 8-month record high in March, indicating European biggest economy will recover despite struggling demand for nation's exports. The business confidence measure advanced from reviewed 109.7 in February to 109.8 in March. Analysts predicted the index would stay at initial February level of 109.6.
Rural commodities except for sugar followed an upward trend on Friday amid weaker US Dollar and risk of crop estimations downgrades in South America. Grains mostly were inspired by the soybean rally amid uncertain harvests in Brazil and Argentina after drought. Wheat also was lifted as dry weather in the EU is likely to impact the crops in the current
Energy commodities apart from heating oil ended the week on the positive note, being bolstered by supply concerns and demand hopes. From the supply side, Iran reported a drop in oil exports; such oil giants as French Oil already halted totally oil imports from Iran. Meanwhile, demand hopes continued to stimulate growth of the energy prices as traders are positive
Industry metals moved higher on Friday amid firmer equities and softer US Dollar. The commodity group took a break in its tumble caused by pessimistic manufacturing data releases from the Euro Zone and China. Moreover, lower risk-aversion after the ECB increased its bong purchases from peripheral countries of the Euro Zone added to gains of the base metals pack. Aluminium
Germany will support an increase in Euro Area funds in order to prevent debt turmoil from moving to other region's countries, Berlin officials claimed during weekend. The proposal is to maintain the EUR 440 billion EFSF functioning when the new rescue fund comes into action in the middle of 2012. It would result in total of EUR 940 billion financial
Precious metals rebounded on Friday after posting losses for the previous days. Broadly weaker US Dollar and stronger equities both created a fresh stimulus for the precious metals rally. Gold managed to climb from the 10-week low after the ECB increased its bond purchases. Moreover, slowing Indian growth that may force the government to ease monetary policy continued to lend
China Construction Bank reported a 25.5% surge in net profit for 2011. The net income for the bank approached 26.9 billion US Dollars, being lifted by higher commissions and interest rates. However, government's measures aimed at tightening the real estate market weighted down on the gains. Despite expectations that the prudent property polices would be continued, the largest lender to
China and Russia signed deals worth 1.15 billion US Dollars during the ongoing fair of agricultural machinery conducted by the two countries. The value of contracts increased by 6.9% on an annual basis. In 2010, deals worth about 790 million US Dollars were signed while in 2011 the value of contracts soared by 38.2%, attaining 1.07 billion US Dollars.
Crude oil prices were flat in Asian session on Monday, losing momentum gained after Iran reported on the lower oil export volumes. Moreover, market sentiment was not strongly exposed to the weak US housing data as investors are positive about the US economic state and await fresh manufacturing news. Light, sweet crude oil futures for May delivery traded at 106.61
17-nation currency advanced versus Japanese Yen on speculations Europe may combine two bailout funds to terminate debt crisis. Euro added 0.3% versus Yen to JPY 109.60 and traded at USD 1.3255 on Friday. Currently EUR/JPY is trading at JPY 109.48 and EUR/USD is trading at 1.3259.
Canadian Dollar weakened for a third consecutive week as the advance in higher yielding assets slowed, boosting demand for Swiss franc, Yen and US Dollar. Loonie fell 0.6% on weekly basis against its US peer reaching CAD 0.9978. Currently USD/CAD is trading at CAD 0.9978.
The New Zealand and Australian currencies ascended versus Japanese Yen ahead of US data which are expected to show consumer confidence stayed close to one-year record high. Aussie added 0.4% to JPY 86.49 while Kiwi gained 0.2% to JPY 67.52. Currently AUD/JPY is trading at JPY 86.29 and NZD/JPY is trading at JPY 67.39.