US equities ended the week on the positive note, restricting weekly losses, amid progress in the US budget talks. US lawmakers from both sides expressed confidence they will reach a compromise over proposed tax increases and spending cuts due to start on January 1. However, an unexpected drop in the US industrial production last month capped gains. The S&P 500
The Japanese Yen fell to a seven-month low on the BOJ's two-day meeting amid prospects Japan's opposition party, which favours more aggressive monetary easing, will win the elections in December. The Yen fetched 81.25 per U.S. Dollar from 81.32 on November 16, after earlier touching the lowest level since April 25. The currency traded at 103.67 per Euro from 103.60.
Rural commodities were mixed on Friday, with corn and sugar advancing and wheat and coffee declining. Broadly stronger US Dollar and weak demand for riskier assets pressurized farm commodities. At the same time, poor condition of the US winter crops lifted the commodity group.Wheat extended losses on weak demand for US exports. US farmers sold 314,500 tonnes of wheat last
Energy futures moved higher as escalated tensions in the Middle East created a supply risk premium for the commodity complex. An International Atomic Energy Agency reported that Iran has installed centrifuges to enrich uranium. Meanwhile, a fire in one of the US oil platforms coupled with clashes between Israeli and Hamas lifted energy prices as well.Crude oil surged on supply-side
Industrial metals except for nickel retreated on Friday on global growth concerns. Persistent uncertainty over Greek bailout as well as escalated tensions in the Middle East dampened demand for riskier assets. Meanwhile, traders remained cautious ahead of the Japanese monetary statement due on Tuesday.Aluminum shed 0.66% as support from increased demand from China appeared to be short-lived. Moreover, aluminum surplus
Precious metals dropped on Friday amid broadly stronger US Dollar and fears over looming US fiscal cliff. Moreover, growing geopolitical tensions in the Middle East prompted traders to turn to more safe-haven assets such as greenback. At the same time, the commodity group continued to draw support from speculation that the Fed will stick to loose monetary policy next year.Gold
The Australian Dollar, so called Aussie, increased by 0.3% to $1.0369 in late Sydney trading session on Monday. The Aussie advanced against most of its major peers, as the U.S. President Barack Obama showed confidence, that the U.S. will be able to avoid the fiscal cliff. The President said that he is confident about solutions of the fiscal situation and
The MSCI Asia Pacific Index was 1.1% higher to 121.18 points in the second part of Tokyo trading hours on Monday. Asian equities increased for a second day, setting the regional benchmark for the biggest advance in last two months, as Barack Obama, the President of the U.S., expressed his confidence regarding the fiscal cliff solutions and agreement with Congress
The Ruble dropped for the first time since Tuesday on forecasts that budget deficits in the U.S and the euro region will postpone the world economic recovery made investors take away money from riskier assets. The Russian currency decreased 0.3% against the Dollar and traded at 31.7452 per dollar spreading its fourth week decline to 0.4%. The rubble was little
Futures on U.S. stocks stayed little changed, after yesterday's low of Dow Jones Industrial Average, as the President said he would talk to Republican lawmakers to find a solution on the so-called fiscal cliff. Contracts on Standard & Poor's index due December gained less than 0.1% to 1,351.8, whereas Dow Jones futures lost 0.1%, to 12,515. Dell Inc. slumped 2% to $ 9.37, after company
On Friday, Spanish bonds were traded higher as bailout speculation prevented the yields from an increase, despite weakening economy dragged into the fifth quarter of recession. The yield on benchmark ten-year government debt decreased by 4 basis points, reaching a level of 5.86% at 9:57 a.m. in London.
On Friday, chairman of the Swiss National Bank, Thomas Jordan, said in his speech that the Swiss Franc was still high, weighing on the country's economy. He also reaffirmed that the minimum exchanged rate would be left, since the reasons behind its introduction were still valid. Furthermore, he said that the bank attempted to minimize the risks by suitable diversification.
On Friday, treasuries were traded higher and headed towards the fourth weekly gain, as an upcoming report is widely expected to show a decrease in U.S. industrial output, amid increased demand for safer assets on fiscal cliff. The yield on benchmark 10-year government bonds declined by 1 basis points, reaching a level of 1.59% by 8:52 a.m. in London.
On Friday, gold was traded lower, as the demand for the precious metal was undermined by a growing uncertainty over upcoming U.S. fiscal cliff and overall global economy. Spot prices for gold declined by 0.1% to trade at $1,713.19 per troy ounce at 7:50 a.m. London time. The commodity was likely to end the week with a 1% weekly loss.
The Census and Statistics Department revealed on Friday that the Hong Kong's economy expanded at a faster pace but below the analyst forecast in Q3. Year over year, Hong Kong's GDP grew by 1.3%, which was faster than a 1.2% growth in the preceding quarter. Economists, however, expected a more significant increase of 1.7%.
The European Central Bank reported on Friday that the current account surplus of the eurozone declined to 0.8 billion Euros in September compared to a reading of 10.9 billion Euros in the preceding month. The surplus of trade in goods decreased to 4.5 billion Euros from 8.4 billion, while services trade surplus fall to 6.4 billion Euros from a reading
Natural gas futures dropped after reaching the highest level in 2012 as the U.S. government report showed supply dwindled. Gas lost 1.5%, the first loss this week. According to the Energy Department report prices rose 3.8% and stockpiles declined from 3.929 trillion cubic feet to 3.911 trillion last week, following a record gain on the week ended on November 2.
Following first weekly gain since the week ended on October 26, palm oil went down on Friday amid analysts' forecasts for increasing soybean yield in South America reduced concerns that the world palm oil supply will decline. January-delivery palm oil fell 2.1% and the contract was settled at 2,384 ringgit ($777) a metric ton in Kuala Lumpur.This week palm oil
European shares gained after Barack Obama said we would talk to Republican lawmakers about possible ways to resolve the so-called fiscal cliff. Today trading might be flat, as investors wait for the solution on fiscal cliff. The Stoxx 600 advanced 0.1% to 265.9, yet the index has lost 3.2% since the U.S. president's reelection. The index was mostly boosted up
Italy's trade balance moved to a 408 million Euros surplus in September, comparing with a 483 million Euros deficit in August, as the statistical office Istat announced on Friday. Exports decreased by 2% compared with the previous month, reflecting a sales drop in all European markets. Imports shrunk by 4.2%. Annual data shows export's decrease by 4.2% in September and
Industrial production fell unexpectedly on power disturbances caused by hurricane Sandy. Factory output tumbled 0.4% in October after advancing 0.2%, lower than expected, the prior month. The U.S. factories suffer from euro-area's recession, and economic growth slowdown in Asia. The industry might be also hit by $ 607 billion automatic tax increases and spending cuts throughout the year 2013. Manufacturing,
UK stocks slumped on Friday, prolonging a decline as the eurozone's economy re-entered recession. The market sentiment was also dampened by igniting concerns over the US fiscal cliff. Weak US data released late on Thursday also weighted down on the UK blue chips. The FTSE 100 Index plunged 0.7% to trade at 5,638.22. Only two in ten sectors within the
Hong Kong equities were slightly higher, outperforming mainland Chinese shares amid uncertainty over what the leadership change will bring. Some experts claim that new leadership is unlikely to result in drastic actions needed to revive Chinese economy. Moreover, mounting concerns over the US fiscal cliff and renewed recession in the eurozone added pressure on Hong Kong stocks. Six out of
German equities plunged on Friday as risk appetite remained weak after the data indicated that the eurozone's economy fell back into recession. Moreover, looming US fiscal cliff and uncertainty over what the leadership change in China will bring created heavy pressure on German blue chips. The DAX index lost 0.69% and is currently trading at 6,994.94. All but one sector