Farm commodities were mixed on Friday, with softs climbing and grains retreating. Broadly stronger US Dollar created pressure on rural commodities. At the same time, mounting uncertainty over crop conditions in Brazil lifted coffee and sugar futures.Wheat moved lower despite strong support from worries over global supply disruption. Ukraine's agriculture minister announced on October 24 that the country would ban
Energy futures were bearish on Friday as refineries at the US East Coast resumed operations after being shut down in wake of Hurricane Sandy. Moreover, looming US elections and stronger greenback created additional pressure on the commodity group. Crude oil plunged on mixed signals from the supply side. US refineries are restarting operations after Hurricane Sandy while US crude oil
The 17-nation currency fell to the lowest level in one month on concern Greece will not secure bailout funds, putting its future in the Eurozone at peril. The Euro touched $1.2815, the lowest level since October 1, ahead of trading at $1.2827. The common currency lost 0.1% to 103.10 yen after a 0.5% drop on November 2.
Base metals dropped on Friday despite positive data from the eurozone. Manufacturing activity across the single currency union contracted at a slower pace last month. However, increased caution among traders ahead of the US presidential elections due on November 6 weighted down on industrial metals.Aluminum fell as global inventories remained elevated. However, recent encouraging news from China limited a downward
The Group of Twenty global finance chiefs and central bank governors urged the U.S. to avoid the "fiscal cliff" that could undermine economic growth in the world's largest economy. The officials also discussed the risks arising from a delay in solving the Euro debt crisis. The G20 thinks that the global growth is still modest and risks are elevated, according
Asian shares dropped as South Korean carmakers Hyundai Motor Co. and KIA Motors Corp. tumbled, and the trading volume plunged on the upcoming presidential election tomorrow. The MSCI Asia Pacific (MXAP) index eased 0.3% to 122.26. Japan's Nikkei 225 Stock Average fell 0.5%, while South Korean Kospi slumped 0.6%. The experts say the Asian equities market will improve as soon as the political issues in
Precious metals ended the week in the red territory as US Dollar's appeal, traditional precious metals' hedge, rose ahead of the US presidential elections. Mixed data from the US labour market also pushed the commodity group lower.Gold plunged as strong greenback created heavy selling pressure on the yellow metal. Moreover, increased caution before the US elections due next week weighted
Oil futures lost more than 2% on Friday session as U.S. dollar climbed on better-than-expected unemployment data, and energy markets remained crippled by super-storm Sandy. In addition, crude oil for December delivery dropped 2.5% today already, around 1% for the week; December deliver natural gas futures plummeted by almost 4% today; December gasoline shed around 2%; December heating oil dropped as well losing 2.6% today. Specialist stated that market is waiting
U.S. Dollar reached 80.68 versus Japanese Yen around 1:30 pm. New York time today after recent unemployment claims reports showed stronger U.S. labor market. Yen demonstrated third consecutive weekly decline against dollar as economic proneness and weak corporate earnings ignited guesses that Bank of Japan might strengthen monetary stimulus.
Better than expected payrolls made US commodity and technology shares slide, reversing a yesterday's 1.1% gain by US shares. The decline was led by First Solar Inc., which decreased by 8.5%. It was followed by Newmont Mining Corp. and American International Group Inc., which slid by fell 5.8% and 5.6%, respectively. Although the report gave good numbers, market specialists remained sceptical due
Commodities tumbled amid expectations on the upcoming U.S. unemployment data. The Standard & Poor's GSCI reading tracking 24 commodities plunged 0.4%, keeping its falling trend for the third consecutive week. Copper eased 0.5% to $7,789.75 per metric ton on the London Metal Exchange, while the on the spot platinum slid 0.7% to 1,559.50 an ounce.
Indian shares opened higher as economic reports on China and the U.S. showed economic recovery and IT major Wipro posted earnings above expectations. The BSE India Sensex 30 Index gained 1.04%, or 193.75 points, to 18,755.45 on surging stocks within the IT, capital goods, banking and auto sectors. The rupee also appreciated and bolstered investor sentiment. IT major Wipro edged 0.3 per cent higher, whereas its competitors
Futures on European shares dropped on expectations for U.S. jobless data prior to presidential elections. Futures on Euro Stoxx 50 Index due December plummeted 0.3% to 2,523, while FTSE 100 Index's futures lost 0.2%. The Standard & Poor's 500 Index futures fell 0.1%. However, the Stoxx Europe 600 index surged after data on U.S. economy, published by ADP institute, raised hopes on global economic recovery.
On Friday, crude oil was traded lower as 2 U.S. refineries have not resumed operations after Hurricane Sandy. On the Comex division of NYMEX, December delivery futures for light sweet crude were traded at $86.67, which was a fall of 0.48% during European morning trading hours. Yesterday, prices rallied more than 1%, following a report that showed a significant drop
Markit Financial Information Services reported on Friday that activity in Spanish manufacturing sector experienced a steeper fall than expected last month. Spanish manufacturing PMI decreased to a level of 43.5 compared to a reading of 44.6 in the preceding month. Economists, however, expected a figure of 44.0 in October.
On Friday, gold continued to fall for the second day, as the U.S. Dollar appreciated on optimistic manufacturing, employment, and consumer confidence data. Spot prices for gold decreased by 0.5%, hitting a session low of $1,706.31 per troy ounce, and subsequently consolidated at $1,710.25 by 3:20 p.m. Singaporean time.
On Friday, Chinese stocks advanced on speculation that the economy is rebounding, after the release of yesterday's optimistic data. The Shanghai Composite Index was increasing for the fourth consecutive day, adding 0.6%, and closed at the level of 2,117.05. The index experienced a 2.5% rally this week, which was the biggest weekly gain since September 28.
Markit, a market research group, reported on Friday that manufacturing purchasing managers' index in France increased unexpectedly in October. French manufacturing PMI grew to a level of 43.7 on seasonally adjusted basis compared to a preceding month's figure of 43.5. While economists expected that the index would be equal to 43.5 last month.
Markit Economics reported on Friday Friday that German manufacturing purchasing managers' index increased unexpectedly in October. German manufacturing PMI climbed to a level of 46.0 on a seasonally adjusted basis from a reading of 45.7 in September. Whereas economists expected that the index would remain unchanged.
A market research group, Markit, reported on Friday that manufacturing PMI of Eurozone added unexpectedly in October. Eurozone manufacturing purchasing managers' index grew to 45.4, compared to a reading of 45.3 in September. Analysts, however, expected that the index would experience no change last month.
On Friday, the Australian Dollar touched a more than 1-month high versus the U.S. counterpart, amid speculation that an upcoming report will show a decrease in U.S. unemployment, which underpinned demand for risky assets. Aussie touched $1.0420, the highest since September 28, and subsequently consolidated at $1.0396 by 4:25 p.m. Sydney time.
German shares are trading flat on Friday after dismal PMI releases from Spain and Italy. Moreover, traders are cautious ahead of the US key job numbers due later in the day. The DAX Index inched up 0.02% and is currently trading at 7,337.30. Only three in nine sectors included in the index rose. Industrials and consumer goods advanced the most.
UK stocks are trading slightly lower on Friday after weak PMI readings in Spain and Italy. However, stronger US and Asian stocks were supportive for UK blue chips. Moreover, better-than-expected UK construction PMI release, indicating that the country's construction industry swung to expansion last month sent the UK shares higher. The FTSE 100 Index shed 0.04% to trade at 5,859.50.
On Friday, the 17-nation currency was traded lower versus the U.S. counterpart, following a release of disappointing data on manufacturing activity in Italy and Spain. EUR/USD hit a session low of 1.2889 and later consolidated at 1.2893, losing 0.37% for the European morning trade. The pair's support was likely to be at 1.2824, whereas resistance could be at 1.2982.