Iran discovered one of the largest oil fields in southern province, reported Mehr. According to preliminary estimations, the oil field has the largest reserves of the high quality crude oil. Officials from the Oil Ministry has not yet provided any comments about discovery. Currently, light, sweet crude oil futures for April delivery traded at 107.17 US Dollars per barrel on
Canadian currency appreciated against US Dollar reaching the highest value since January as investors expected the improving global growth will stimulated Canada's exports and cause the increase in key interest rate. Loonie gained 1% versus its US peer to CAD 0.9893. Currently USD/CAD is trading at CAD 0.9901.
Consumer prices increased slightly in February on the considerably lower costs due to holidays. The TD Securities-Melbourne Institute gauge of inflation increased by 0.1% last month after growing by 0.2% in January. Taken yearly changes, the gauge of inflation increased by 2.0% in February, being in compliance with the RBA target of inflation rate being between 2% and 3%.
17-nation currency weakened versus Japanese Yen for a fourth straight day as analysts predicted retail sales in Europe may have declined for a third consecutive month. Euro slipped 0.6% versus Japanese currency to JPY 107.29 and traded almost flat against its US peer at USD 1.3195. Currently EUR/JPY is trading at JPY 107.32 while EUR/USD is trading at USD 1.3202.
The successful outcome of Greek debt deal now depends on the number of private creditors who will agree on write off before deadline due March 8. Investors are expected to write down 53.5% of their principal amount and exchange the remaining securities for new Greece's sovereign bonds and bills from EFSF. Euro Zone FMs will participate in teleconference on March 9
Canada's GDP raised more than expected last month, according to Statistics Canada. The GDP expanded by 0.4% on a seasonally adjusted basis, after falling by 0.1% in January. Experts predicted the GDP to grow by 0.3% in February. Consumer spending and exports were the most significant contributors to the GDP growth.
Australian Dollar weakened, falling from 9-month high versus Japanese Yen as Asian equity markets moved down on Monday, lowering demand for higher yielding assets. Aussie plunged 0.9% against Japanese currency to JPY 87.05 and gave up 0.3% against US Dollar to USD 1.0704. Meanwhile Kiwi slipped 0.8% versus Yen to JPY 67.30 and lost 0.2% versus its US peer to
China lowered its GDP target for 2012 from 8% to 7.5% citing slowing exports as the main reason that hampers economic expansion. Lawmakers left inflation rate target unchanged from 2011 at about 4%. PM Wen Jiabao claimed the country will stick to precautious monetary and proactive fiscal policy. Asian shares traded lower on the announcement.
Vladimir Putin won presidential elections in Russia, after being a PM for the last four years. Preliminary results indicated that he received more than 60% of the votes. Proponents of Vladimir Putin said that he won in an honest and open way. However, opponents claimed that many citizens cheated on the elections. They plan mass demonstrations in Moscow on Monday.
Rural commodities were mostly lower on Thursday after volatile trades ahead of March contract expiration. Stronger US Dollar also weighted down on the commodity group. Sugar lost 0.64% over the day despite news of the four-year low Brazilian crops. Moreover, cut of the Russian sugar exports by 250,000 metric tons limited the losses. However, a 13% expected increase in Indian
Energy commodities, except for natural gas, posted firm gains on Thursday amid expected tightening of the supply and hopes for stronger demand due to improved manufacturing activity of the world's largest economies. The main stimulating factor for oil price increase was a report on the explosion of the major pipeline in Saudi Arabia. However, many officials have denied the report
Base metals apart from zinc caught momentum on Thursday amid better than expected PMI data worldwide. Copper, the top-performer, gained additional stimulus from supply disruption at Canada's First Quantum Minerals mine due to strike. The red metal also was bolstered by the two and a half-year low inventory at the LME warehouses. Nickel also was among the top gainers, rallying
Precious metals rallied on Thursday amid positive economic data releases and stronger demand. Large investors increased their gold and silver holdings on the dip buying as well as central banks of Sweden, Kazakhstan and Belarus raised their gold reserves. Coupled with this is that persistent geopolitical tensions and eased hopes on the stable economic recovery provided a spree for precious
German DAX index modestly declined on Friday, led by consumer service and telecommunication sectors. Metro AG slumped 2.8% while Deutsche Telekom gave up 0.9%. Car makers showed mixed performance as Daimler AG and Volkswagen AG added 0.4% and 0.3% respectively while BMW AG dropped 1%. Commerzbank supported the index on the upside climbing 1.5%. At the moment of writing German
British FTSE 100 index traded lower on Friday, pushed down by mining and telecommunication shares. Kazakhmys PLC tumbled 4% after Societe Generale lowered miners stock rating from buy to hold, citing cost inflation and metals grade decline as threatening factors for the company. Vodafone Group slipped 1% amid talks about potential buyer of Cable & Wireless Worldwide. Unilever PLC lost
Barclay's the third largest UK bank by assets reported it took EUR 8.2 billion from ECB to secure funding safety for its divisions in Portugal and Spain. Lloyds Banking Group Plc said it borrowed GBP 11.4 billion of three-year debt while Banco de Espana posted it got EUR 6.2 billion. HSBC Holdings Plc last month said it would apply for EUR 350 million.
Japan's Nikkei Stock Average closed higher on Friday as US unemployment claims dropped to 4-year low and EU officials decided to accelerate the capital injection into permanent bailout fund. Nikkei 225 index surged 0.72% or 69.66 points to 9,777.03 with energy and financial stocks contributing most. Credit Saison rallied 5.6% and Daiwa Securities Group improved 2.7%. Inpex Corp added 1.4%
Hong Kong's Hang Seng index advanced on Friday with financials and oil equities providing the main upside contribution as Asian investors anticipated rather positive developments from US and Europe. Hang Seng index gained 0.82% or 174.30 points and closed at 21,562.26. HSBC Holdings soared 1.6% and Bank of China Ltd edged up 1.2%. China Petroleum & Chemical Corp climbed 1.8%
According to State data the number of unemployed in Spain increased to 4.7% million in February or by 112,269 from January. On yearly basis the unemployment level has surged by 412,835. With current monthly jobless rate of 23.3% Spain is maintaining the unemployment record high among 27 EU member countries.
Dow Jones Industrial Average index traded higher on Thursday lifted by positive US jobs data. Nevertheless gains were limited as spending and income rose at slower pace than expected and ISM manufacturing index declined. Blue chip index added 0.22% or 28.23 points and settled at 12,980.30 with financial sector posting a total gain of 1.5%. JPMorgan Chase and Bank of
S&P 500 index finished higher on Thursday, supported by financials on news Greek plan to restructure its debt should not affect any bond insurance payments yet. US index gained 0.62% or 8.41 points and closed at 1,374.09. Goldman Sachs rallied 5.2% after lender agreed to buy Ariel Holdings Ltd insurance business. Morgan Stanley gained 3.5% and Citigroup Inc added 2.4%.
Asian stock markets rallied on Friday, driven by banks as investors digested positive macroeconomic data from US. Hong Kong's Hang Seng Index added 0.8%, Shanghai Composite Index jumped 1.4% and Japan's Nikkei Stock Average climbed 0.7%. South Korea's Kospi improved by 0.2% and Australia's S&P/ASX 200 index gained 0.4%.
European officials agreed to supply the capital faster to the permanent Euro firewall in order to strengthen region against debt woe. Euro governments are likely to provide first two yearly installments into rescue fund in 2012 and finish the capital injection in 2015 or a year earlier than was planned. The decision comes as a response to IMF and world leaders' pressure
US stock markets traded higher on Thursday as investors anticipated overall positive economic statistics and took into account Fed's chairman testimony. S&P 500 index gained 0.62% or 8.41 points and closed at 1,374.09, Dow Jones Industrial Average index climbed 0.22% or 28.23 points to 12,980.30 while Nasdaq Composite added 0.74% or 22.08 points and finished at 2,988.97.