On Friday, the Euro was traded higher versus the U.S. Dollar on speculation that Spain will soon request for bailout, starting ECB bond purchasing program. The 17-nation currency grew by 0.3% versus the greenback, reaching $1.2964 by 10:10 a.m. in London. Earlier in the week, it fell to $1.2826 on Thursday, which was the lowest since October 1.
On Friday, oil edged higher and was likely to end the week with gains for the first time in a month, as OPEC production declined to the lowest in eight months, and on increased tensions in Middle East. On the NYMEX, November delivery futures for light sweet crude eased $0.21, being traded at $91.86 in electronic trading. November delivery for Brent fell $0.72, reaching $144.98
On Friday, gold prices edged higher for the second day in a row, as demand for the metal was supported by the weaker U.S. Dollar. Spot prices for gold increased by 0.1%, and reached $1,769.25 per ounce at 9:35 a.m. London time. On the NYMEX, December delivery contracts for gold were little changed to trade at $1,770.90 per ounce.
On Friday, copper was traded lower, witnessing the biggest fall in two months, on global growth concerns. On the London Metal Exchange, three-month copper declined by 0.5%, reaching $8,196.25 per metric tonne at 08:03 a.m. in London, trimming small gains for the preceding session, when prices retreated from a 2-month low of $8,105 per tonne.
Eurostat reported in Friday that industrial production in Eurozone increased unexpectedly in September. Eurozone's industrial production grew to 0.6% on a seasonally adjusted basis, compared to a 0.6% growth in August. Analysts, however, expected that industrial production in Eurozone would fall by 0.4% last month.
Asian stocks increased as jobless claims in the U.S. declined more than expected and Japan and China agreed to resolve a territorial dispute, which has impacted trade. The MSCI Asia Pacific Index rose 0.4% to 120.83. Hong Kong's Hang Seng gained 0.6%, China's Shanghai Composite Index and Australia's S&P/ASX 200 Index advanced 0.1%.
European stocks fell on concerns world economic growth remains weak and before a data that may indicate industrial output in Eurozone declined in August. The Stoxx Europe 600 Index lost 0.3% to 270.05, falling 1.5% this week as the IMF lowered its world growth forecast and EU officials met to discuss the crisis in the Euro bloc.
South Korea's Won rose and government bonds fell for a second straight day as data indicated the U.S. unemployment claims declined to the lowest level in four years, boosting demand for riskier assets. The won gained 0.3% to 1,111.30 per U.S. Dollar. The Bank of Korea cut its benchmark interest rate to 2.75% yesterday and lowered its forecast for economic
Greece unemployment rate reached a record high of 25.1% in July, while the jobless rate among young people hit 54.2%. According to Greece's statistical authority, 1.26 million Greeks were unemployed in July, with roughly 1000 jobs lost daily over the past year. With further austerity measures and another year of recession, the jobless rate may increase further.
The Australian Dollar strengthened, trading 0.1% from one-week high as commodity price gains increased demand for the nation's currency. The Aussie Dollar gained 0.2% to $1.0283 from $ 1.0264 yesterday, when the currency touched $1.0294, the highest level since October 2. It rose 0.4% to 80.69 Yen. The New Zealand Dollar added 0.3% to 82 U.S. cents and it bought
The Japanese Yen weakened versus the major peers amid signs that the U.S. economy is gaining momentum curtailed demand for haven assets. The Yen lost 0.1% to 78.40 per U.S. Dollar from 78.34 yesterday, when the Yen fell 0.2%. Japan's currency declined 0.1% to 101.37 per Euro, after falling 0.6% to 101.27.
On Thursday, October 11, oil futures edged higher despite the fact the U.S. Energy Information Administration reported oil supplies rose more than expected in the week ended October 5. Crude for November delivery soared 1.1% to $92.43 per barrel. At the same time, crude stockpiles rose by 1.7 million barrels, above analyst's expectations of a 0.78 million barrel increase.
A sharper-than-expected fall in the U.S. unemployment claims sent European stocks higher on Thursday. The Stoxx Europe 600 Index gained 0.9% to 271.01. Germany's DAX Index edged higher 1.2% to 7,289.56 and France's CAC 40 Index rose 1.3% to 3,407.77
On Thursday, October 11, U.S. stocks extended gains after data showed jobless claims fell to a four-year low. The Dow Jones Industrial Average advanced 0.4%, to 13,401.9; the Standard & Poor 500 Index jumped 0.7%,, to stand at 1,441.95, while Nasdaq 100 futures added 0.8%, to 3,074.86. The total number of Initial applications for jobless benefits declined 30,000 to 339,000, above analysts' expectations for a
German equities rallied on Thursday after encouraging data from the US labour market. Restricting the upswing, the S&P cut Spanish debt rating to one level above ‘junk' status. However, Spanish concerns eased after the IMF head Christine Lagarde stated that indebted eurozone's nations should be granted more time to lower their budget deficit. The DAX Index surged 1.16% and is
UK shares moved higher on Thursday after US jobless claims fell more than expected last week. However, UK equities were depressed by unexpected Spain's debt rating cut by the S&P. Moreover, global growth concerns continued to weight on the riskier assets. The FTSE 100 Index soared 0.79% to trade at 5,822.46. Seven out of ten sectors within the index gained.
Hong Kong shares rebounded on Thursday amid rising hopes that the POBC will ease its prudent monetary policy to stimulate faltering economy. However, Hong Kong equities came under heavy pressure after S&P downgraded Spanish debt rating to one level above ‘junk' status. The Hang Seng Index gained 0.38% to end the session at 20,999.05. Five out of nine sectors included
Japanese equities prolonged their slump on Thursday amid mounting concerns that the firms will report weaker than expected results in the last quarter. Moreover, persistent global growth fears continued to weight down on the Japanese shares. The Nikkei 225 Index dropped 0.58% to close at 8,546.78. Only three in ten sectors within the index climbed. The top-gainers were technology firms
Number of first-time claims for jobless benefits dropped more than expected last week. According to Labour Department, applications for unemployment benefits decreased 30 000 to 339 000, the fewest since 2008, while economists projected 370 000 claims. The report "is consistent with a labour market that is gradually getting better,"Guy Berger, a U.S. Economist at RBS Securities Inc. "Layoffs are at
The U.S. trade deficit expanded in August due to weakening global economic growth, which decreased demand for U.S. exports. According to Commerce Department, the gap increased 4.1% from $42.5 billion in July to $44.2 billion. Exports fell to the lowest since February. Debt-stricken Europe, China's and other emerging economies' slower growth may curb demand for U.S. products. "For the first
The Dow Jones Industrial Average Index plunged 0.95% to close at 13,344.97 on Wednesday. US blue chips came under continuous pressure after the UMF cut its global growth forecast. Pushing the Dow Jones index lower, companies within the index are expected to report weaker than expected results as global economic problems hit sales. Only two in nine sectors included in
US equities extended previous losses on Wednesday as global growth concerns continued to dampen market sentiment. Moreover, disappointing reports from Alcoa and Chevron spurred speculation that US companies will announce losses for Q3. Meanwhile, traders remained cautious ahead of US unemployment claims numbers scheduled for Thursday. The S&P 500 Index tumbled 0.63% to close at 1,432.56. All but one sector
Rural commodities apart from wheat fell on Wednesday amid speculation that favorable weather conditions in Brazil and US may boost crops. At the same time, broadly stronger US Dollar created heavy pressure on farm commodities. Meanwhile, market players awaited the USDA global crops report due on Thursday. Wheat was the only gainer on speculation that lower crops worldwide will boost demand
Energy futures were mixed on Wednesday, with heating oil and natural gas climbing and crude and Brent oil falling. Escalated tensions between Turkey and Syria and a possibility that Iran will support Syria in the dispute sent energy prices higher. However, stronger US Dollar weighted down on the commodity group. Crude oil dropped in a volatile trade as investors attempted to