The Aussie Dollar advanced as the RBA minutes indicated that the central bank regarded the nation's economic growth overshadowed a fragile global outlook. The Aussie rose versus most of the major peers as the RBA did not mention it would intervene to curb the Dollar's strength. The Aussie gained 0.5% to $1.0499.
The Italian and Spanish stock markets tumbled on Monday, as Bundesbank opposed ECB decision to resume massive bond-buying program. The Spanish IBEX 35 Index inched 2.00% lower to 7,411.80, while Italian FTSE MIB Index lost 2.29% to 14,778.86. In the meanwhile, the European Stoxx 600 Index fell 0.76% to 270.75.
Oil futures turned lower as investors are waiting for fresh news from policy makers during this week. Bullion for December settlement turned lower by 0.2 per cent, to $1,616.40 per ounce. Among other metals, copper for September delivery erased 1% to $3.38 per pound, and September palladium lost 0.9% to $599.95 per ounce. Silver with September contract and platinum for same month resisted the trend and
China's new-home costs surged in the biggest number of cities in fourteen months in July amid interest-rate cuts, challenging the government's efforts to boost economic growth while constraining housing speculation. Prices rose in 49 of the 70 cities from preceding month, the most since May 2011, the National Bureau of Statistics reported on Monday.
Copper tumbled amid disappointment over stagnation in solving the euro area debt crisis and worries that China, the world's major commodities consumer, will start a campaign to ease inflation in the metals-intensive property sector. On Monday, three-month copper traded at $7,423 per tonne in London, after advancing 1.2% to $7,539 on Friday.
Home sales and durable goods orders probably surged in July, showing the U.S. is rebounding from a second-quarter slowdown, analysts said ahead of upcoming reports. Combined purchases of existing and new homes are estimated to rise to a 4.89 million annual rate, compared to 4.72 million in June. Orders for long-lasting goods are expected to increase the most in 2012.
The Euro pared its gain versus the U.S. Dollar and fell against the Yen as Germany's Bundesbank announced government bond buying "entail significant stability risks." Europe's shared currency declined 0.1% to $1.2318, after a 0.3% gain. It dropped 0.2% to Y97.92, after an earlier 0.2% rise.
Canada's currency traded near a three-month high against the U.S. counterpart on better U.S. economic expansion prospects and belief ECB is moving towards cutting the sovereign-debt recession. On Monday, the Loonie was stable at 98.90 cents per U.S. Dollar, after touching 98.60 cents on Aug. 16, the strongest since May 3. One Loonie buys $1.011.
Spain's 10-year bond yields tumbled to a seven-week low amid speculation ECB will create a plan limiting indebted nation's bond yields to stabilize the Eurozone's debt crisis. The 10-year yields declined to 6.23% on Monday, after trading at 6.16%, the least since July 2. The two-year yields fell to 3.36%, the lowest since May 8. German Bunds dropped for the
Greece's current account deficit declined dramatically on year in June, Bank of Greece said on Monday. The current account shortfall dropped to EUR 274.3 million from EUR 1.598 billion in previous year. The income account deficit fell to EUR 243.4 million in June, compared to EUR 1.233 billion in 2011. Meanwhile, current transfers deficit declined to EUR 11.3 billion from
The German economy is expected to expand slower during the second half of the year, pressured by the decreasing demand from Eurozone, the Finance Ministry announced on Monday. The most recent data showed the GDP gained 0.3% on quarter in the Q2. Tax revenue surged 5% on year through July, supported by the rise in employment and wages.
U.K. gross lending rose 8% on month to 12.7 billion pounds in July, reported by Council of Mortgage Lenders on Monday. Gross mortgage lending surged 2% on year-on-year basis. Analysts are waiting for the September figures, largely influenced by the bias effects of the Olympics and the Diamond Jubilee.
Euro area's construction output fell for the third straight month in June, as Eurostat reported on Monday. A seasonally adjusted output declined 0.5% from May, when it dropped 0.2%. Building construction tumbled 0.1%, compared to stagnation in preceding month. On yearly basis, output slid 2.8%, compared to a 8.1% decrease in May.
U.S. Treasuries dropped, prolonging a four-week slid, as Der Spiegel magazine showed ECB is planning to put limits on Eurozone bond yields to sustain the area's debt crisis. On Monday, benchmark 10-year yields climbed to a three-month high of 1.84% before U.S. data this week, expected to post durable goods orders and home sales rose last month.
German blue chips jumped on Monday ahead of talks between EU leaders regarding Greece's request. Greece asked EU officials to prolong the period of its budget adjustment reforms by two years. The German DAX Index gained 0.30% to trade at 7,049.64 at GMT 12:00. All industries included in the index climbed. The top-gainers were technology and industrial stocks. SAP and
UK shares were mostly lower on escalating worries over the Eurozone's debt crisis as Greece requested a two-year extension to the country's fiscal adjustment plan. Meanwhile, a sharp fall in Lonmin stock price amid persistent violence at its South African mine dragged UK miners lower. The FTSE 100 Index lost 0.28% to trade at 5,830.10 at GMT 12:00. Five out
U.K. home sellers decreased asking prices by a record in August after the London Olympic Games and an unstable economic outlook confused potential buyers. Benchmark asking prices in England and Wales dropped 2.4% to 236,260 Pound from July, after a 1.7% slid, as reported on Monday. Costs tumbled 1.2% in London.
The U.S. CB leading economic index unexpectedly rose to 0.4% in July, after a 0.4 per cent drop in the month earlier, proving that the world's biggest economy is growing sustainably. Despite positive economic data during last month, the unemployment rate remains above 8% level since February 2009. In the meanwhile, the U.S. economy grew by a tepid 1.5% in the second quarter, after expanding at
The Hang Seng Index inched down by 0.06% to close at 20,104.27 on Monday amid concerns that the PBOC will not implement stimulus measures as real estate prices started to rise again. In July, new house prices jumped in 50 out of 70 large and medium Chinese cities. Only four sectors in nine included in the index moved higher. On
Japanese stocks climbed on Monday amid rising optimism over the Eurozone's and US economies. However, speculation that China will not ease its monetary policy on alarming signs from its property market capped the upswing. New home prices jumped in 50 out of 70 big and medium China's cities in July. The Nikkei 225 Index gained 0.10% to trade at 9,171.16.
The Dow Jones Industrial Average Index gained 0.19% to end the week at 13,275.20. Positive consumer confidence data and signs of recovery from the US property market boosted market sentiment. Optimism over the Eurozone's debt crisis after Angela Merkel's comments also added to gains of the US blue chips index. Four in nine sectors included in the index jumped. The
US stocks rose slightly on Friday on upbeat consumer confidence data. The Thomson Reuters/University of Michigan consumer sentiment index jumped to a three-month high of 73.6 in August. Strong earnings reports from the retail sector as well as signs of recovery of the US real estate market spurred rally of the US equities. The S&P 500 Index added 0.19% to
Farm commodities, excluding corn, rose on Friday amid adverse weather conditions in Russia and US. However, better weather in Brazil and India capped the upswing. Meanwhile, upbeat US consumer sentiment data improved demand prospects for rural commodities. Wheat jumped for the third session in a row on hopes that declining supplies from Russia will boost demand for US grains. Corn was slightly
Energy commodities apart from crude oil slid on Friday amid profit-taking after previous rally. However, inspiring US economic data limited the downswing of the commodity group. Moreover, persistent violence in Syria and escalating tensions between Iran and the West pushed energy prices higher. Crude oil was the only gainer on brighter demand prospects amid better-than-expected US economic data. Supply uncertainty from