On Monday, the Cable was traded lower versus the greenback, as trader sentiment was driven by worries over Spain and Greece. GBP/USD hit a session low of 1.6031, and later consolidated at 1.6036, which was a 0.42% fall for the European afternoon trade. The pair's support was likely to be at 1.5989, while the resistance was prone to be at
The German Federal Statistics Bureau reported on Monday that German consumer price index grew in compliance with expectations in October. The cost of living in Germany increased by 2% during the year prior to October 2012. The reading was unchanged from a September's figure. Month over month, the index was also flat and in compliance with expectations at the level
On Monday, Italy's borrowing costs fell sharply, as it was selling 6-month government bonds. The Italian Treasury managed to sell 6-month notes worth EUR8 billion at the average yield of 1.347%, which was a decline compared to a yield of 1.503%, which was at the similar auction in the previous month. The today's yield was the lowest since March.
The Bureau of Economic Analysis reported on Monday the U.S. personal consumption expenditure price index was unchanged in September. Month over month, prices of goods purchased by consumers, excluding food and energy, increased by 0.1% last month, unchanged from a preceding month's reading and in compliance with expectations. Consumer spending, which accounts for about 70% of the U.S. GDP, climbed
The Stoxx Europe 600 index decreased by 0.4% to 269.45 on early London trading session. The European equity benchmark still holds a 15% gain from 4th of June, as the European Central bank announced an unlimited asset-purchasing program. Investors are concerned on Asia stocks decrease and Hurricane Sandy warnings, which forced to cancel today's U.S. trading hours.
The Bank of England announced on Monday that the amount of mortgage approvals rose more than expected in September, since the bank's credit-easing plan raised accessibility of home loans. The number of mortgage approvals grew to 50,024 last month from a revised down reading of 47,921 for the preceding month. The figure rose more than expected, since analysts predict that
On Monday, treasuries were holding gains, as market sentiment was driven by an upcoming job report later this week, which is widely expected to show an increase in U.S. unemployment, amid Hurricane Sandy. The yield on benchmark 10-year government notes fell by 1 basis point to 1.73$ by 6:47 a.m. London time.
On Monday, copper prices were little changed, hovering above a 7-week low, as the commodity was supported by the sign of a recovery in the U.S. economy, but gains were capped by global growth concerns. On the London Metal Exchange, three-month copper grew by 0.13% and reached a settlement level of $7,826 per metric tonne by 3:43 a.m. in London
On Monday, Asian stocks turned lower in the late Asian trading hours, as disappointing corporate earnings continued to weigh. Hong Kong's Hang Send index decreased by 0.4% during the session. Elsewhere, in Tokyo, the Nikkei was little changed, following a decline from earlier highs as Honda cut its earnings outlook.
On Monday, German 10-year bunds were traded higher for the second day, as trader sentiment was determined by an upcoming report on German inflation, which is widely expected to show a decrease in it. The yield on 10-year bunds lost 3 basis points to 1.50% by 7:13 a.m. in London, which was the lowest since October 16.
On Monday, gold was traded higher, following the release of the data that showed that Japanese retail sales added less than expected, which boosted speculation about another monetary stimulus. Spot prices for gold grew by 0.3% to trade at $1,716.05 per ounce, and later consolidated at $1,715.26 by 1:54 p.m. Singapore time.
On Monday, prices for oil were falling, ending a 2-day streak of gains, while gasoline prices were advancing, since refineries stopped their operations before Hurricane Sandy. On the NYMEX, December delivery futures fell by $0.50, hitting a session low of $85.78 per barrel, and subsequently consolidated at $85.95 by 2:47 p.m. in Singapore.
National Institute for Statistics reported on Monday that Spain's retail sales decreased more than expected last month. Retail sales fell by 10.9% on a seasonally adjusted basis, compared to a decline of 2.0% in the month before. Economists, however, expected that the last month's reading would be equal to minus 6.2%.
Farm commodities plunged on Friday as demand for US supplies continued to shrink. Stronger US Dollar as well as concerns over a slowdown in Asia and eurozone also weighted down on rural commodities. Meanwhile, traders continued to monitor weather forecasts in the top-growing regions to gauge global supplies.Wheat futures declined as demand for US exports dropped sharply due to availability
Energy futures except for natural gas advanced on Friday as positive US GDP reading boosted demand hopes. However, stronger US Dollar and on-going concerns over Spain and Greece capped the upswing of the commodity group.Crude oil moved higher on anticipation that signs of economic recovery in the US will stimulate energy demand.Brent oil added almost 1% on upbeat US data
The Security and Exchange Commission announced that U.S. trading on all types of markets on 29th of October is cancelled, as Hurricane Sandy runs with a 70-mile-per-hour wind into the eastern coast, between Washington DC and New York. The market shutdown might be extended till October 30 in order to secure market participants and ensure stability and investors confidence.
Industrial metals apart from copper slid on Friday despite encouraging US data. US GDP expended more than expected last quarter, boosted by sharp increase in consumer spending. Meanwhile, larger-than-expected decline in the US UoM consumer sentiment sent base metals lower.Aluminum extended previous losses, dropping by 0.83%. The metal continued to remain under heavy pressure after China reported that its output
The Won, South Korea's currency, climbed by 0.1% to 1,095.90 against the Dollar in the end of Asia trading hours. The Won is around a 1,094.50 resistance level, which holds since September 14, 2011. According to traders, the Won's gains are mainly caused by South Korean exporters, who sell the Dollar to convert currency before the Japan's central bank meeting.
Precious metals traded lower on Friday amid broadly stronger greenback after upbeat US GDP data. Adding to the negative mood of the commodity group, Jeffrey Lacker, president of the Richmond Fed stated that the monetary stimulus is not likely to provide a sufficient boost for the US economy. Jeffrey Lacker's comments raised uncertainty over the future of easing measures in
German stocks went higher on Friday on upbeat data from the US. US GDP expanded by annualized 2% in Q3 compared with forecasts of a 1.9% increase. The DAX Index added 0.46% and is currently trading at 7,233.55. All but one sectors included in the index jumped. The top-performers were telecommunications and technology companies. Deutsche Telecom and SAP gained 1.53%
UK shares retreated on Friday after news that US economy grew more than expected in Q3. However, persistent concerns that companies' profits deteriorated last quarter created heavy pressure on the UK equities. The FTSE 100 Index gained 0.07% to trade at 5,809.12. Five out of ten sectors within the index advanced. The top-performers were basic materials and oil and gas
Hong Kong shares sank on Friday on weak quarterly results of the Hang Seng majors. However, positive US data releases limited losses of the Hong Kong blue chips. The Hang Seng Index lost 1.21% to close at 21,545.57. All sectors included in the index declined. The top-losers were basic materials. Aluminum Corp of China (CHALCO) slumped 5.05% on news that
Japanese equities dropped from four-week high on Friday on concerns that companies will continue to disappoint investors reporting dismal quarterly results. An increased cautiousness ahead of the US GDP data release also pushed the Japanese stocks lower. The Nikkei 225 Index shed 1.45% to end the week at 8,933.06. Only one in ten sectors included in the index eased up.
US blue chips halted their slump on Thursday as upbeat US data boosted market sentiment. However, uncertainty over Spain's bailout and mixed quarterly results weighted down on the blue chips. Moreover, investors were cautious ahead of the US quarterly GDP reading due on Friday. The Dow Jones Industrial Average Index added 0.20% to end the session at 13,103.68. Five out