Soybean and corn futures decreased amid forecasts that weather will cultivate crop conditions in the U.S. A report showed that low temperatures and rain will moisturize soil that will benefit harvest. Corn futures for December settlement decreased 1.2% to $4.945 per bushel as of 10:03 a.m. on the Chicago board of Trade. Soybeans futures for November settlement fell 0.1% to
European stocks declined slightly at the closing on Friday as major companies reported weaker-than-expected earnings in the second quarter. The Euro Stoxx 50 fell 0.05% to 2,716.50. The French CAC 40 gauge lost 0.04% to 3,926.30, while Germany's DAX was 0.04% down at 8,333.8. The U.K. FTSE 100 dropped 0.07% to 6,629.80.
Gold prices climbed for a second consecutive day after Federal Reserve Chairman Ben Bernanke's speech confirmed further stimulus. Gold futures increased 0.67% to $1,292.70 an ounce as of 2:43 p.m. GMT. Silver gained 0.26% to $19.440 an ounce. While metals rose, the greenback weakened. The U.S. Dollar Index lost 0.2% to 82.659.
Italian bonds climbed for a second consecutive day after the Interior Minister A. Alfano survived a confidence vote in the Senate, muting investor concern about the nation's ruling coalition coming apart. Yield on Italian 10-year bonds declined one basis point to 4.4% as of 2:07 p.m. in London, after hitting 4.36%, the lowest rate since July 11.
U.K. stocks dropped from a 7-week high after Microsoft Corp. and Google Inc. showed worse-than-expected earnings in the second quarter. ARM Holdings Plc that designs chips for Google's software devices fell 2.7% to 896.5 pence. The company's half-year earnings will be published on July 24. The FTSE 100 gauge slipped 0.5% to 6,604.06 as of 1:55 p.m. London time.
Canadian Dollar was little affected by the country's inflation data released today. The Consumer Price Index climbed 1.2% from year ago following a 0.7% increase in May, according to Statistics Canada report. The loonie rose 0.05% to C$1.0381 versus the greenback after the report was published. Against the Euro, the Dollar declined 0.11% to C$1.3620.
The Pound appreciated versus the Greenback for a fourth straight day before a GDP report to be released next Friday, which analysts expect to show that the country's GDP grew faster than expected in the second quarter. The currency advanced 0.2% to $1.5257 as of 1:40 p.m. London time, adding to this week's gain to 1%. Against the common currency
U.S. stock-index futures decreased, indicating benchmark equities gauges may decline from records, after Microsoft Corp and Google Inc. earnings were against expectations. Microsoft fell 6.3% in early session and Google slipped 4%. Standard & Poor's 500 Index futures maturing in September dropped 0.1% to 1,678.3 and the Dow Jones Industrial Average futures plummeted 0.2% to 15,452.
U.S. shares increased, with benchmark indexes set to records, after earnings from Morgan Stanley and UnitedHealth Group Inc. overshoot expectations and jobless claims declined amid speech from the Federal Reserve Chairman Ben Bernanke. The Standard & Poor's 500 Index added 0.5% to 1,689.37 and the Dow Jones Industrial Average jumped to a record of 15,548.54.
Hong Kong stocks dropped, led by developers and utilities, as concerns mounted that more cities will take measures to cool the overheating property market. The Hang Seng Composite gauge slid 0.1%, decreasing gains of this week to 0.3%. The Hang Seng Index jumped 0.1% to 21,362.42 after losing 0.6% earlier, while gauge's future contracts decreased 0.1% to 21,334.
Stocks in Switzerland dropped for the 3rd time in 4 days this week and was poised for the first weekly loss after 3 weeks of consecutive gains as Roche Holding AG dropped 1.3% today and 4.6% this week. The SMI slid 0.5% to 7,893.72 today and lost 1.1% of its value so far this week. The Swiss Performance Index decreased
German shares retreated from the highest level in more than two months and the benchmark DAX Index snapped five-day advance as technology stocks slipped on disappointing earnings from Google Inc. to Microsoft Corp. The benchmark DAX Index slid 0.6% to 8,289.49 as of 9:53 a.m. Frankfurt time, halting its climb to 0.9% weekly, while the HDAX Index fell 0.6% today.
U.K. government gilts were steady, with 10-year bonds set for a second weekly advance, ahead of data analysts said will indicate Britain's budget deficit decreased in June from a year earlier. Benchmark 10-year notes yielded 2.26% and the price of the 1.75% security expiring in 2022 was 95.815, and two-year bond yields were at 0.29%.
Stocks in the U.K. declined after worse-than-expected earnings from Microsoft and Google, decreasing fourth consecutive weekly gain. The FTSE 100 dropped 0.4% to 6,607.19 so far today, however, the index is still poised for a 1% rise this week. The FTSE All-Share Index and ISEQ Index lost 0.4% and 0.5% respectively.
Stocks around the world slowed on Friday, but are still heading towards a forth consecutive week of gains after better-than-expected earnings announcements and Fed's comments on its stimulus. The FTSE Eurofirst 300 index dropped 0.3%, but was poised for a rise this week. The same was true for MSCI's 45-country all world index.
Moody's Investors Service improved the outlook for the U.S. credit rating to stable as there has been economic growth in the U.S. and the budget deficit has narrowed. The federal deficit is estimated to drop to 4% of U.S. GDP this year, for comparison, it was 7% previous year, according to Congressional Budget Office. The deficit has reached $509.8 billion
After Ben Bernanke's speech did not provide any guidance or clear signs on QE, currency traders brought the Dollar lower versus the Euro, while markets expect the start of G-20 meeting in Moscow. The common currency advanced 0.17% to $1.3131 against the greenback and gained 0.15% to 0.8622 versus the Sterling.
Japanese stocks declined before the parliament elections this weekend, paring a four straight day climb in the Topix index, as the non-ferrous metal companies led declines. The Topix slipped 0.8% to 1,211.98 Tokyo time at the close, after adding 0.8% and the equity-benchmark has gained 0.8% weekly. The Nikkei 225 Stock Average fell 1.5% to 14,589.91.
Corn prices decreased for a third consecutive day on indications that weather in the U.S. might boost crop yield. Contracts for commodity's delivery in December dropped 0.6% to $4.98. Futures dropped 1.9% so far this week, while corn prices slid 28% this year as the U.S. expands its production after last year's drought. Crop of 13.95 billion bushels is expected.
European shares retreated, snapping the four week streak of gains for the Benchmark Stoxx Europe 600 Index, as investors speculated on worse than expected earnings from Google Inc. to Microsoft Corp. The Stoxx 600 fell 0.3% to 298.96 as of 8:10 a.m. London time; however, the equity-benchmark is set for 0.9% five-day advance.
The British currency is set for a second consecutive five-day rise versus the U.S. Dollar ahead of data that are predicted to show Britain's budget deficit narrowed last month compared to previous year. The Sterling traded at $1.5224 at 7:45 a.m. London time; however, it has climbed 0.8% weekly. The Pound depreciated 0.2% to 86.26 pence per Euro, reversing this
Asian shares declined, with the regional benchmark index heading towards a fall for the third day, as Advantest Corp. and Taiwan Semiconductor Manufacturing Corporation pushed technology shares lower. Advantest retreated 7% and TSMC plummeted 6.9%. The MSCI Asia Pacific Index decreased 0.4% to 135.01
The Australian currency is headed for its first one-week climb in approximately a month ahead of inflation data that will be released next week. The Aussie slid 0.1% to 91.64 U.S. cents at 4:43 p.m. Sydney time and is set for 1.3% gain weekly. New Zealand's currency added 0.1% to 79.05 U.S. cents and is headed for 1.7% rise; however,
German government securities were virtually unchanged after data release showed that country's producer prices stagnated in June, while experts predicted a decline of 0.1%. 10-year government bunds were poised for a third consecutive week of gains after Bernanke's claim that the Fed will not decrease its stimulus. Germany's 10-year securities traded at the yield of 1.51%, falling 5 basis points