German equities inched up on Wednesday despite persistent global economic concerns and pessimistic comments of Mario Draghi. On Tuesday, Mario Draghi stated that the EU economy was still facing difficulties. Uncertainty over Spain and Greece also added pressure on German blue chips. The DAX Index gained 0.04% and is currently trading at 7,237.35. Five out of nine sectors included in
UK stocks dropped on Wednesday as market participants claim that global economic weakness is not reflected by stock valuations that are close to their two-year highs. UK equities also remained under additional pressure after the IMF cut global growth forecast. Moreover, market sentiment was further dampened by uncertainty over when Spain will officially apply for a bailout. The FTSE 100
Hong Kong equities eased down on Wednesday as global growth worries outweighed hopes that the POBC will embark on extra stimulus measures to boost economy. Pushing China's shares lower, US and Japanese companies are likely to have incurred losses in Q3. The Hang Seng Index inched down 0.08% to end the session at 20,919.60. Five out of nine sectors included
Japanese shares plunged on Wednesday amid lingering global growth concerns and persistent territorial dispute with China. Speculation that Japan's companies will report disappointing profits in Q3 also weighted down on the Japanese stock index. However, hopes that weakening economic outlook will force China's government to provide additional stimulus capped the downswing. The Nikkei 225 Index sank 1.98% to close at
US blue chips sank during risk-off trade on Tuesday after the IMF lowered its global growth estimate. Adding to the negative mood of the US blue chips, the ECB president Mario Draghi said that eurozone was facing downside risks. The Dow Jones Industrial Average Index lost 0.81% to close at 13,473.53. All sectors included in the index dropped. The worst-performers
US stocks tumbled on Tuesday as market sentiment was dampened after the IMF cut global growth forecast. Weighting down on the US equities, S&P 500 companies are expected to post annualized losses in Q3, for the first time in three years. Disappointing comments by Mario Draghi also pressurized US shares. The S&P 500 Index plunged 0.99% to close at 1,441.48.
The Australian Dollar stopped its 2-day strengthening before unemployment data, which may indicate that jobless rate rose to the highest level in 3 months. The Aussie Dollar traded at $1.0201 after gaining 0.2% in previous 2 days. Australia's currency stayed unchanged at 79.86 yen, whereas New Zealand's Dollar fell 0.3% to 81.59 U.S. cents.
Precious metals tumbled on global growth concerns. Moreover, disappointing news from Eurozone sent the greenback higher thus pushing the precious metals down. Mario Draghi stated that the region's economy faces difficult times. Gold lost its safe-haven appeal, falling 0.58% on high risk-aversion amid global economic challenges. Solid greenback also weighted down on the yellow metal. Silver declined on weak global equities
Industrial metals plunged on Tuesday as recent global growth forecast cut continued to weight down on the commodity group. Dismal manufacturing reports from the US coupled with disappointing Mario Draghi comments also sent the base metals lower. Aluminum was the top-loser as high inventory levels at the LME warehouses were exacerbated by potential dip in demand amid weak manufacturing g activity
Energy futures rallied on Tuesday as tensions between Turkey and Syria escalated thus threatening to disrupt supplies from the Middle East. On Tuesday, NATO announced that it is ready to help Turkey to defend itself from Syria's attacks if Turkey asks. However, the upside was capped as demand may weaken amid global slowdown. Crude oil rallied on strong supply-side support. Rising
Rural commodities were mixed, with wheat and sugar climbing and coffee retreating. Solid greenback created heavy selling pressure on the commodity group. Meanwhile, market participants remained cautious ahead of the USDA crop forecasts report due on Thursday. Wheat was the top-gainer on speculation that the US government may cut its global production estimate as drought damaged crops in Russia and Australia.
Germany's Wholesale Price Inflation accelerated in September at the highest pace since Nov. 2011, Destatis said on Wednesday. WPI increased at a faster-than-expected pace of 4.2% on year from a 3.1% growth in August. Economists had estimated a rise of 3.3%. On month-on-month basis, WPI added 1.3%, compared to 1.1% advance in the previous month, while economists expected a 0.5%
Australian consumer sentiment advanced marginally in October, Westpac and Melbourne Institute reported on Wednesday. However pessimists outnumbered optimists even after an unexpected quarter-point cut in the cash rate by the RBA early this month. The headline consumer sentiment index added 1% to 99.2, compared to 98.2 in September.
Oil slipped from a one-week high on Wednesday amid belief that U.S. crude inventories soared 1.5 million barrels last week, the world's major user of the fuel. Futures fell 0.7% after gaining 3.4% on Tuesday amid higher tension in the Middle East. November-delivery oil slid 68 cents to $91.71 per barrel in New York, while the same month Brent crude
The 17-nation currency declined for a third straight day on speculation French and Italian data will show that Eurozone's failure to solve the debt crisis is increasing pressure on the currency–bloc's economy. The Euro lost 0.3% to $1.2850, after earlier falling to $1.2835, the weakest level since October 1. The common currency dropped to 100.44 yen.
The U.S. Dollar Index increased on Wednesday to rebound to over the 80 mark for the first time in a month as traders once again expressed preference for safe-haven assets. The ICE dollar Index advanced to 80.140, compared to 79.973 yesterday. The rise was lead by yesterday's gains, as well as a decline of the Euro. On Wednesday, the common
Asia stocks inched mostly lower on Wednesday, lead by a sharp decline in Japanese stocks, with technology and steel industries slipping due to rising concerns over global growth and earnings. The Nikkei slid 1.8% to prolong a 2.8% fall this week. The Kospi dropped 1.1%, while the S&P/ASX 200 slipped 0.3%. The Hang Seng retreated 0.2%, but the Shanghai Composite
Canada's currency gained against its U.S. peer as commodity prices rose, boosting risk sentiment. The Loonie climbed 0.2% to 97.51 cents per U.S. counterpart, rising for four consecutive days, the longest winning streak since September 11. One Canada's Dollar bought $1.0255.
The 17-nation currency fell versus most of the major peers as the ECB President Mario Draghi said the Euro region faces risk from financial instability. The Euro lost 0.4% to 101.17 yen and dropped 0.4% to $1.2916. The common currency extended losses following a meeting of German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras in Athens.
Wall Street turned red on Tuesday as the International Monetary Fund said the global economy is expected to grow only 3.3% in 2012, compared to the previous estimate of 3.5%. The Dow Jones Industrial Average fell 0.1%, to 13,575.97; the Standard & Poor 500 Index declined 0.15%, to stand at 1,453.69, while Nasdaq 100 futures lost 0.3%, to 3,102.40
On Tuesday, October 9, European stocks extended losses as the International Monetary Fund cut its global growth forecast, and investors are waiting for highly anticipated meeting of EU finance ministers on Thursday. The Stoxx Europe 600 Index erased 0.1% to 271.04. Germany's DAX Index gave up 0.4% to 7,259.27 and France's CAC 40 Index inched lower 0.1% to 3,402.73.
German stocks tumbled on Tuesday on risk-off trade as the EU officials' met in Luxembourg while the IMF lowered its global growth forecast. An uncertainty over Greece and weakness of the US and Japanese shares also weighted down on German equities. The DAX Index declined by 0.40% and is currently trading at 7,262.36. All sectors included in the index plunged.
UK equities were slightly lower amid increased cautiousness as the EU officials met in Luxembourg to discuss spreading debt crisis in the region. Adding pressure on the UK stocks, Dow Jones reported that Greece's creditors have not reached an agreement on how to combat crisis in the country yet. Moreover, manufacturing output in the UK dropped more than expected while
Hong Kong shares rose on Tuesday as market sentiment was boosted by reports that the POBC pumped 265 billion Yuan into money market in an attempt to ease liquidity pressure. Moreover, recent China growth forecast' cut by the World Bank fuelled speculation that the government will embark on additional easing measures to boost growth. The Hang Seng Index gained 0.54%