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.
Retail sales in Germany unexpectedly dropped in January as surging crude prices boosted inflation. Inflation adjusted retail sales lost 1.6% compared to December, said Federal Statistics Office on Friday. Economists predicted an improvement of 0.5%. Rising energy costs bolstered German January inflation to 2.5%. Nevertheless the country faces 20-year record low unemployment level and consumer confidence keeps climbing.
Canadian currency advanced to highest value against is US peer since September on speculation improving economic outlook will spur demand for commodities. Canadian Dollar added 0.5% to CAD 98.55, posting gains for a fourth consecutive session. Currently USD/CAD is trading at CAD 98.69.
Australian currency extended its gains against Japanese Yen on speculation improving global economic outlook would encourage RBA to leave its benchmark interest rate unchanged. Aussie appreciated 0.2% versus Yen to JPY 87.89 while Kiwi added 0.1% to JPY 68.16. Australian Dollar slipped 0.2% to USD 1.0787 while its New Zealand peer lost 0.3% to USD 0.8368. Currently USD/JPY is trading at JPY
Asian employment markets are remaining strong despite European debt crisis, limiting scope for region's central banks for monetary easing. About 66% of Asian employers said they are planning to increase salaries by 3% in 2012 while 54% of those questioned are considering to provide bonuses to at least 50% of their employees.
Manufacturing in US expanded less than expected last month as number of orders fell. The ISM index of US production declined from 54.1 in the first month of 2012 to 52.4 in February. Economists predicted the index to climb to 54.6. Although there are clear signs the economy is growing, the data are anxious as consumers have endured concerns regarding job
European shares ended Thursday session on positive note as banks kept collecting gains from ECB second loan program implemented on Wednesday. However improvement was limited as data showed US manufacturing expanded slower than expected. Stoxx Europe 600 index and FTSE 100 index each added 1%, while German DAX and French CAC 40 index each surged 1.3%.
US spending added 0.2% in January after remaining flat in December while personal income climbed 0.3% compared to 0.5% in last month of 2011, said Commerce Department on Thursday. Economists questioned by Marketwatch predicted both indicators to advance 0.4%. Spending on durable goods surged 0.9% while that on non durable items soared 0.4%. Spending on services stayed flat.
The number of submitted jobless benefit applications decreased by 2000 in previous week to 351 000, reported Labor Department on Thursday. Economists questioned by Marketwatch predicted the number of unemployment claims to reach 350 000. The four week mean figure of applications declined by 5500 to 354 000 maintaining the lowest reading in four years.
Rural commodities were mixed on Wednesday with advancing wheat and corn and falling sugar and coffee. Sugar manly continued Tuesday's decline as traders tended to cash out from the market on the four month high sugar price before switching to April contracts. However, investors attempt to keep an eye on the Brazilian crop conditions. Coffee also was among losers as
Energy commodities, excluding heating oil, faced firm gains on Wednesday despite broadly higher US Dollar and weaker equities. Strong manufacturing data releases managed to offset the impact of Fed Chairman's speech. At the same time, EIA report provoked fluctuations as it indicated a 4000 million barrels increase in the US crude oil inventories last week while it also said that