Energy markets faced mixed performance on Tuesday with Dow-Jones Energy Index falling by 1.06% over the day. Natural gas and heating oil were among the top losers as natural gas continued to face strong downward pressure from mild weather forecasts and constantly growing US inventories. At the same time, crude oil overcame psychologically significant level of $100 per barrel, ending
Agricultural commodities, except for coffee, edged up on Tuesday. Unfavorable weather forecasts in South America lifted price for corn and wheat while sugar futures managed to climb 0.16%. However, reports on large sugar crops in the EU and Russia coupled with further prospects for increase in Indian exports essentially limited the gains. Sugar may continue to be supported by weaker
Industrial metals soared on Tuesday following stronger than expected economic data from China. Aluminium and zinc were the top performers gaining 3.01% and 2.04%, respectively. At the same time, rallying copper appears to drive the upward trend of the commodity group. However, growing LME warehouses coupled with weak physical demand are likely to cap the upside of zinc. International Lead
Agricultural commodities, except for coffee, edged up on Tuesday. Unfavorable weather forecasts in South America lifted price for corn and wheat while sugar futures managed to climb 0.16%. However, reports on large sugar crops in the EU and Russia coupled with further prospects for increase in Indian exports essentially limited the gains. Sugar may continue to be supported by weaker
Energy markets faced mixed performance on Tuesday with Dow-Jones Energy Index falling by 1.06% over the day. Natural gas and heating oil were among the top losers as natural gas continued to face strong downward pressure from mild weather forecasts and constantly growing US inventories. At the same time, crude oil overcame psychologically significant level of $100 per barrel, ending
Industrial metals soared on Tuesday following stronger than expected economic data from China. Aluminium and zinc were the top performers gaining 3.01% and 2.04%, respectively. At the same time, rallying copper appears to drive the upward trend of the commodity group. However, growing LME warehouses coupled with weak physical demand are likely to cap the upside of zinc. International Lead
Precious metals rallied on Tuesday with the Dow Jones-UBS Previous Metals Index advancing by 1.64% amid improved risk appetite on lingering worries over the mass Euro Zone downgrades. Gold was also strongly supported by expectations of further easing in China and by softening US Dollar. Moreover, soaring stocks and crude oil coupled with an increase in ETF gold holdings created
FTSE 100 Index opened 0.4% down on Wednesday, after World Bank cut its global growth forecast for 2012. However, UK benchmark index recovered later gaining 0.1% 5,701.54, as IMF announced it will provide a $1 trillion loan program, and Germany successfully sold bonds. On the upside the index was supported by Essar Energy PLC which rallied 8.82% while Man Group
ASML Holdings, the largest semiconductor equipment producer expects orders to increase in the first three months this year compared to 4th quarter last year as technology producers boost the capacity for smart phones and tablets. ASML claimed their clients are demanding more advanced chips to provide crucial capacity for their products. ASML shares rallied on announcement the company predicts the revenue totalling
Japan's Nikkei Stock Average climbed on Wednesday, lifted by unexpected surge in German investor confidence and extending gains from China's GDP announcement. Nikkei 225 Index advanced 0.99% or 84.18 points and finished at 8,550.58 led by Tokyo Electric Power Co. which rocketed 7.8%, after the company said it will increase electricity prices for corporate clients in April. On the downside
European equity markets started lower on Wednesday after World Bank cut global growth forecast for 2012. World Bank reduced its growth expectations this year from 3.6% estimated in June to 2.5%. Stoxx Europe 600 Index lost 0.5% and UK FTSE 100 Index dropped 0.4%. French CAC 40 Index and German DAX each fell 0.3%.
Hong Kong's Hang Seng Index posted modest gains on Wednesday as investors upheld optimism about Chinese economic growth amid news about German investor confidence. Hang Seng index added 0.3% or 59.17 points and settled at 19,686.92. Property share rallied in Hong Kong as China Overseas Land & Investment Ltd. advanced 1.4% and Sino Land Co. jumped 1.7%. On the downside
Dow Jones Industrial Average Index advanced on Tuesday, as investors returned from Martin Luther King Day and anticipated news about positive Chinese economic growth and a surge in German investor confidence. Blue chip index added 0.48% or 60.01 points and finished at 12,482.07. 22 stocks out of 30 posted gains, led by Cisco systems which surged 1.31%. Banks performed relatively
S&P 500 Index climbed slightly higher on Tuesday, after a holiday amid mixed earnings reports from large-cap companies and data from China and Germany. US benchmark index gained 0.36% or 4.58 points and closed at 1,293.67. Citigroup shares tumbled 2%, after the company reported a decline in profits in 4th quarter. In contrast, Wells Fargo surged 0.74% after posting increase for
US stock market indexes ended modestly higher on Tuesday amid mixed earnings reports and positive Chinese GDP data. S&P 500 Index gained 0.4% or 4.58 points and closed at 1,293.6, Dow Jones Industrial Average Index climbed 0.5% or 60.01 points to 12,482.07, while Nasdaq Composite surged 0.6% or 17.41 points to 2,728.08.
Australian Dollar appreciated sharply against greenback on Wednesday, fluctuating close to 1.5 month record-high before country's jobs report due tomorrow. Analysts expect the hiring increased in December. Aussie gained 0.2% against US Dollar to $1.0401 on Sydney trade while Kiwi surged 0.4% to $0.8037. Currently AUD/USD is trading at $1.0380 and NZD/USD is trading at $0.8023.
Canada's Dollar reached two-week record high against its US peer as higher-than-expected GDP expansion in China improved demand for riskier assets. Canadian currency climbed 0.3% against US Dollar to C$1.0151 on Toronto evening trade. Currently USD/CAD is trading at C$1.0152.
US Dollar depreciated against its major counterparts on Tuesday before US data on industrial production output and home-builder confidence. Economists questioned by Bloomberg expect US industrial output surged 0.5% in December, while home-builder sentiment increased to 22 in January. Dollar fell 0.3% against Euro to $1.2777 in Tokyo yesterday. Currently EUR/USD is trading at $1.2756.
The EC took a legal action against the government of Hungary for violations of the EU treaty law and violations of democracy. Hungary has no opportunity to secure necessary funding from the IMF and the EU until the conflict is settled. Hungary's premier, Viktor Orbán, has to decide either to meet EU requirements or let the country fell into bankruptcy.
Internet sites protest against the US anti-privacy law. Wikipedia took offline its English-language site; users accessing the site can see black screen with political statement: "Imagine a world without free knowledge." Meanwhile, Twitter refused to join the protest and to shut down its site.
Recent economic news from China clearly indicated that country's economy is cooling. New house prices in 52 out of 70 cities tumbled in December on a monthly basis, reported the National Bureau of Statistics. Considering yearly changes, home prices added 1% in Beijing, signaling lower increase than November's reading. FDI also slumped for the second consecutive month in December, contacting
Germany's economic sentiment increased essentially more than expected this month, hitting the highest level over the last half a year. ZEW index added 32.2 points to minus 21.6 this month as compared to minus 53.8 in the preceding month, reported the ZEW Centre for Economic Research. Analysts projected the index to gain 4.6 points to minus 49.2 in January.
The Bank of Canada left its core interest rate at 1% for the eleventh month in line in January. The bank cited bleak economic outlook and global uncertainty as the main reasons for unchanged rate. The announcement is in compliance with expectations. According to bank estimations, Canada's economy expanded by 2.4 this year and is likely to expand by 2.0%
Crude oil futures continued yesterday's rally in electronic session ahead of the US inventory report release due later today. Crude oil for delivery in February traded at $101.26 a barrel during Asian session, on the New York Mercantile Exchange, advancing 0.6% or 55 cents.