German blue chips index sank on Thursday as German unemployment rose for the fifth consecutive month in August amid spreading Eurozone's crisis. The seasonally adjusted unemployment rate stood at 6.8% in August. However, yields on 10-year sovereign bunds approached four-year low on Thursday, indicating that German economy is still perceived as stable. The German DAX Index retreated by 0.83% to
UK stocks are trading in the red territory on Thursday on pessimistic news from Japan and South Korea. Japan's retail sales dropped more than expected in July while South Korea's PPI missed forecasts last month. Moreover, speculation that the Fed president will not announce easing measures on Friday added pressure on UK equities. The FTSE 100 Index inched down by
Treasuries advanced on Thursday after U.S. data posting first-time unemployment claims held unchanged at 374,000 in week ended at Aug. 24, while consumer spending increased. 10-year note yield tumbled to 1.62%. 30-year note rate declined to 2.72%. 5-year debt yield slipped to 0.67%.
Australia's business investment posted more-than-estimated rise in Q2 as investment increase in mining set off decrease in the manufacturing and other areas. Total new capital growth rose 3.4% on quarter in Q2, the Australian Bureau of Statistics said on Thursday. Business investment also posted a 27.4% climb on year in Q2.
New Zealand business confidence advanced in August amid strong residential investment intentions, the National Bank of New Zealand said on Thursday. The business sentiment surged to 19.5, compared to 15.1 in July. Meanwhile, firms' activity expectations rose to 26.4 from 24 in previous month. Inflation expectations showed optimism, down to 2.3%, the least since November 1999.
German unemployment rose in August for the fifth straight month as companies increased firing rate amid euro area's recession concerns. The number of jobless Germans surged adjusted 9,000 on month to 2.9 million in August. Economists expected a rise of 7,000, after July's increase of 9,000. Meanwhile, the unemployment rate held unchanged at adjusted 6.8% in August.
Euro area's economic confidence slid more than expected in August as European leaders failed to curb region's recession and the crisis worsened. Executive and consumer sentiment index in the Eurozone slipped to 86.1 from 87.9 in previous month, the European Commission announced on Thursday. The reading was the weakest since August 2009, and fell behind economists' estimate of 87.5.
Oil slipped for a second day after U.S. inventories increased unexpectedly and Hurricane Isaac weakened. Futures tumbled 0.6%, after a 0.9% drop yesterday. October-delivery oil fell to $94.91 per barrel in New York. October-settlement Brent oil advanced 11 cents to $112.65 per barrel in London.
European stocks declined for a third day on data from Asia to Europe adding signs of global growth slowdown, while speculation weakened that Fed Chairman Ben Bernanke will declare further stimulus. The Stoxx Europe 600 Index tumbled 0.5% to 265.57, increasing this weeks fall to 0.9%.
Chinese equities plunged on Thursday amid fading hopes for monetary easing in the country. On Wednesday, Xinhua News Agency reported that China may slow easing measures because of inflation concerns. The Hang Seng Index sank 1.19% to end Thursday's session at 19,552.91. All sectors included in the index slumped. The top-losers were technology and industrial stocks. Tencent Holdings and Citic
The Nikkei 225 Index tumbled by 0.95% to close at 8,983.78 on Thursday. Easing hopes that the Fed will loosen its monetary policy as well as bigger-than-expected slump in Japan's retail sales in July created heavy pressure on the Japanese equities. Concerns that China will not embark on monetary easing because of high inflation rate also weighed on Nikkei average.
US blue chips were slightly higher despite escalated worries that the Fed will not ease its monetary policy further amid positive economic data. On Wednesday, the Fed released its Beige Book, stating that the US economy faced gradual expansion over July and August. Meanwhile, traders were cautious ahead of Jackson Hole Symposium due to start on Friday. The Dow Jones
US stocks edged up on Wednesday on upbeat data from the US property market and upward revision of the Q2 GDP growth. However, reports that the US economy expanded gradually in the last two months weighted down on hopes for QE3, sending US stocks lower. The S&P 500 Index inched up by 0.08% to close at 1,410.49. Seven out of
Agricultural commodities were mixed on Wednesday, with grains advancing and coffee and sugar falling. Market players continued to monitor weather forecasts in Brazil, India, Russia and the US as harvest conditions remained the main driver for farm commodities. Wheat soared on news that Russia's exportable wheat surplus is likely to run out by the end of autumn if the county maintains
Energy commodities except for natural gas moved lower on Wednesday after US inventory data. Removing supply risk premium, the US National Hurricane Center downgraded Isaac to a tropical storm. Broadly stronger US Dollar also pressurized the commodity group. Crude oil was the worst-performer after the EIA reported that US crude oil stockpiles climbed by 3.8 million barrels last week compared to
Base metals apart from nickel slumped on Wednesday as hopes for additional monetary stimulus in China started to vanish. Xinhua News Agency announced that China may slow easing measures as inflationary pressure remains high. Aluminum extended previous slump on continuous oversupply in the market and stronger US Dollar. However, a slight decline in LME inventories lent support for the light metal. Copper
Precious metals dropped on Wednesday amid upbeat US data releases. US GDP expanded by 1.7% in Q2 compared to initial reading of 1.5% while pending home sales advanced 2.4% in July, better than forecast of a 1.1% increase. Positive data weighted down on hopes for easing in the US, pushing the commodity group lower. Gold slumped as expectation for QE3 in
Asian stocks erased monthly gain as data on South Korean business confidence and Japanese retail sales added to concern of economic slowdown and investors weighed whether the Fed will signal a new round of bond-buying. The MSCI Asia Pacific Index dropped 0.1% to 118.16. Both Japan's Nikkei 225 Stock Average and Australia's S&P/ASX 200 Index declined 1%.
The Canadian Dollar strengthened versus the most of its major counterparts as the U.S. economy grew more than economists estimated in the Q2. The Loonie lost 0.1% to 98.84 cents per U.S counterpart, following a 0.2% gain earlier. However, advance in the currency was limited as crude oil futures declined. Oil fell 1.2% to $95.18 per barrel.
The Australian Dollar declined versus all of the major counterparts, while the government bonds increased as building approvals dropped more than expected in July. The Aussie and Kiwi Dollars depreciated to 1-month low as the U.S economy is recovering, thus dimming prospects the Fed Chairman Ben Bernanke will announce further stimulus.
The U.S Dollar remained higher against the Japanese Yen after yesterday's appreciation before U.S data to show consumer spending increased the most since February. The greenback climbed against the Euro as investors await whether the Fed Chairman Ben Bernanke will signal further asset-purchase programme at Jackson Hole. The Dollar was at 78.64 Yen, following a 0.3% advance to 78.71. The Euro traded
The Philippine economy growth beat economists' expectations and grew more than estimated as higher consumption and public spending boosted the strongest 6-month performance since 2010. The GDP rose 5.9% in the second quarter from a year earlier, the National Statistical Coordination Board reported. The Philippine Peso gained 0.1% to 42.295 versus the U.S. Dollar.
U.S. pending home sales surged in July to a highest level since April 2010. The National Association of Realtors reported on Wednesday that seasonally adjusted index for pending sales of existing U.S. homes rose by 2.4 per cent in July from a month earlier to a reading of 101.7. In June, data had dropped by -1.4 per cent.
Asian shares fell on Wednesday as a result of week steel outputs, while Japanese market went up on deal speculation. Japan's Nikkei Stock Average inched higher 0.2 per cent and South Korea's Kospi rose 0.6 per cent. Hong Kong's Hang Seng Index and the Shanghai Composite Index declined by 0.1 per cent and 1 per cent, respectively.