Dow moved higher on Wednesday on mixed signals from the national economy. US preliminary PMI data showed that manufacturing activity expanded more than expected this month. However, positive numbers were partly offset by a downward revision on the UoM consumer sentiment index. Capping gains of the US blue chips index, the eurozone's finance ministers again failed to agree on the
US stocks closed higher ahead of Thanksgiving day on mixed data from domestic economy. US flash PMI rose more than expected in November, while UoM consumer sentiment was revised down. Meanwhile, the number of jobless claims in the US declined to 410,000, in line with market consensus. At the same time, the US stock index came under heavy pressure after
European shares rose for the fourth consecutive day as recent report showed Chinese manufacturing expanded. The Stoxx Europe 600 Index gained 0.3% to 270.79. The reading has surged 16% from its lowest level in June 4 when the ECB and Federal Reserve launched their asset-purchasing programmes. SABMiller added 4.6% to 2,755, whereas EasyJet Plc advanced 0.7% to 686.5 pence, as Barclays
China's manufacturing sector expanded for the first time in more than a year, signalling that economic growth in the world's second-largest economy is rebounding following a 7-quarter slowdown. The preliminary reading of PMI was 50.4 released today by Markit Economics and HSBC Holdings Plc compared to 49.5, a final level in October.
Oil was trading close to its highest level in three days as Chinese manufacturing expanded and stockpiles dropped unexpectedly in the U.S. The inventory of crude fell 1.47 million barrels the last week. Contracts on oil were slightly changed after yesterday's advance of 0.7%. Futures on Crude for January were at $ 87.54 a barrel, soaring 16 cents on the
The 17-nation currency advanced versus most of the major peers before European officials resume talks on bailout for Greece next week. The Euro rose versus the U.S. Dollar and Yen as Eurozone's leaders meet today for budget discussions. The common currency gained 0.1% to $1.2846 after earlier fetching $ 1.2868, the strongest level since November 7. It touched 105.95 yen
South Korea's Won weakened for a second day as Deputy Finance Minister Choi Jong Ku said measures should be undertaken to curb fluctuations in the exchange rate. The won lost 0.2% to 1,085.73 per U.S. Dollar, after earlier touching 1,080.05, the highest level since September 9, 2011. One-month implied volatility declined 10 basis points to 5.70%.
Farm commodities apart from coffee retreated on Wednesday on weak risk appetite on the market amid lack on Greek bailout decision and concerns over the US fiscal cliff. Moreover, stronger US Dollar and favorable weather conditions in South America added pressure on the commodity group.Wheat was almost flat after Deere & Co revised down its wheat price forecast for 2012-2013
Gold advanced after banks joined to investors in enhancing the holdings and the common currency appreciated against the dollar. Spot gold gained 0.2% to $ 1,730.65 an ounce. The U.S. Mint sales of gold coins inched higher to 67,000 ounces in November from 59,000 the prior month. Futures on gold for December increased 0.2% to $1,730.80 an ounce on the
Asian shares advanced to their highest level in two weeks on positive U.S. unemployment and Chinese manufacturing data. The MSCI Asia Pacific Index (MXAP) surged to 0.8%, while the Nikkei 225 Stock Average gained 1.1%, touching its six-month high. China's manufacturing index showed first expansion in more than year, and U.S. jobless claims data indicated a decrease in the number
The common currency appreciated versus majority of its major counterparts amid growing optimism that the eurozone's finance ministers will finally agree on Greek debt-reduction plan. The euro was at $ 1.2818, after reaching the highest level since November 7 of $ 1.2833. The Japanese yen fell 0.8% to 105.58 per euro, down to its six-month low, as Japan's exports tumbled
U.S. consumer confidence dropped in November on concerns over federal tax increase and government spending cut programs in the year 2013. The index tracking consumer sentiment slightly increased to 82.7, up from 82.6 in October; yet lower than the initial forecast of 84.5. The drop in the reading was also triggered by political uncertainty that disturbed in reaching a consensus
The National Bank of Belgium reported Belgian consumer confidence dropped in November, touching its lowest level in three years. The consumer sentiment indicator fell to -24 from -17 the prior month, showing the biggest month-on-month decline since November 2011. The consumer's confidence index was dragged down mainly by consumers' negative view on the nation's current economy and growing concerns over rising employment paring with companies' restructuring
German equities inched up on Wednesday despite escalated uncertainty over Greece after the Eurogroup meeting ended with no decision. The eurozone's finance ministers agreed to meet again on Monday to continue discussions. The DAX Index gained 0.06% and is currently trading at 7,177.28. Six out of ten sectors rose. The top-performers were technology and telecommunication sectors. SAP and Infineon Technologies
UK shares moved lower as the eurozone's finance ministers failed to agree on the next Greek bailout tranche, thus fuelling concerns over the economic instability in the region. However, losses were capped as the BoE voted in favour of maintaining its asset-purchasing program at GBP375 billion. The FTSE 100 Index eased down 0.08% to trade at 5,743.69. Five out of
Hong Kong stocks soared on Wednesday despite lingering concerns over the US fiscal cliff after Ben Bernanke warned that tax increases and spending cuts may result in recession. Meanwhile, market sentiment remained under pressure after FDI posted a 10th consecutive decline in October. The Hang Seng Index surged 1.39% to close at 21,524.36. All sectors within the index climbed. The
Japanese shares jumped on Wednesday, boosted by exporters and basic materials. Moreover, hopes that new government will push the BoJ to cut interest rates to record low also lifted Japanese equities. However, weak national numbers restricted an upward trend. Japan's trade balance climbed less-than-expected last month in wake of falling exports to China. The Nikkei 225 Index soared 0.87% to
Dow eased down on Tuesday as market players were cautious after Ben Bernanke warned that fiscal cliff may result in recession. However, hopes that the eurozone's finance ministers will reach a consensus on Greek bailout terms as well as positive data from the US real estate market lent support for US blue chips. The Dow Jones Industrial Average Index lost
Wall Street closed higher on Tuesday on upbeat US October new-home sales data. However, the upswing was limited as Ben Bernanke pointed out that fiscal cliff may lead to recession. Adding to the negative mood of the equities, investors are cautious ahead of the Greek bailout decision. The S&P 500 Index gained 0.07% to close at 1,387.82. Four in ten
Farm commodities were mixed on Tuesday, with grains moving higher and softs easing down. Poor condition of the US winter wheat as well as upcoming rains in Brazil pushed rural commodities higher. At the same time, a rebound in the greenback coupled with on-going concerns over demand for US supplies created heavy pressure on the commodity group.Wheat climbed for the
The number of jobless claims dropped last week, yet staying elevated on hurricane Sandy that disrupted the U.S. labor market. The initial applications for unemployment benefits lost 41,000 to 410,000 on seasonally adjusted basis, the Labor Department reported. The decline in the number of claims only partially compensates the last week's rally of 90,000 applicants for jobless benefits. Continuing unemployment
The U.K. borrowed more than expected last month, causing challenges to finance minister George Osborne, who pledged to drag down the deficit and avert the economy from potential recession. He set a goal of declining the full-year public sector net borrowing to 120 billion pounds.According to the Office for National Statistics the public sector net borrowing surged 5.937 billion pounds
Energy futures apart from natural gas erased previous gains on Tuesday as investors turned to demand concerns after Moody's downgraded France's debt rating from Aaa to Aa1. However, on-going violence in the Middle East restricted the downswing. Meanwhile, market players anticipate closely-watched EIA report due on Wednesday.Crude oil fell on global demand concerns and solid greenback. At the same time,
Industrial metals except for nickel slumped on Tuesday on renewed worries over the US fiscal cliff after Ben Bernanke stated that an end of tax breaks and spending cuts may lead to recession. However, upbeat US housing data as well as optimism over Greek bailout talks limited the downswing. Meanwhile, traders remained on the sidelines ahead of the key PMI