Precious metals rallied on Friday amid broadly weaker US Dollar and optimism over the situation in the Eurozone after the EU leaders agreed on measures to combat crisis in the region.Gold gained 2.88% on weaker US Dollar after the EU policymakers agreed to ease lending conditions for Spain and Italy.Silver was the top-gainer amid solid global equities and depreciating US
Unemployment rate in Eurozone increased by 0.1% or 88,000 people in May . Jobless rate attained 11.1%, the highest level since 1995. European companies are forced to reduce staff. Europe's largest transport operator, Air France-KLM Group, announced it is going to eliminate 5,000 positions. Meanwhile,the highest jobless rate of 24.5% remained in Spain.
The Russian Ruble depreciated by 0.4% against the US Dollar on 02.06.2012 in Moscow. Total Ruble loss for this year is 1.3% and it is currently trading at 32.5650 RUB per USD. Such fall may be attributed to a decrease in oil price, which currently is 83.88 USD per barrel in New York, and slowdown of Russian manufacturing growth. However,
Manufacturing PMI of Eurozone remained unchanged at 45.1 in June compared with previous month. Manufacturing activity in region has been fluctuating below 50 almost for a year indicating persisting slowdown in the economy.
EU leaders required an aid from ECB officials to strengthen attempts in mitigating markets and forcing the currency bloc`s unification. ECB based in Frankfurt is likely to respond on July 5, implementing series of necessary actions including purchasing bailout program bonds. Economists predict the Central Bank to decrease its benchmark interest rate by 25 basis points.
The PMI in the Euro zone has been fluctuating below 50 since 2009. A recent survey showed that in Germany and France, factories were worse off influenced by the recession in the south of Europe. The hiring index decreased to 46.7 in June 2012 from 47.1 in May this year, indicating a notable rate of job losses. Although the factory
Citi and Credit Suisse anticipate that during ECB's meeting on July 5, the interest rate will drop from 1% to 0.75%, and by December 2012 it will reach 0.5%. It is predicted that the Bank of England will continue expanding their assets by introducing an acquirement arrangement of 75 billion Pounds. During 2012, the Pound has added 0.9% versus the
Apple finished a legal two-year battle with Proview International Holdings Ltd. concerning the rights to the iPad name in the Chinese market. The agreement was reached in The Higher People`s Court of Guangdong Province, where Apple was asked to pay $60m. This case harmed Apple`s sales as far as Proview blocked iPad consignments in and out of the country forcing
The EU has requested WTO to negotiate and consider the matter of limitations on China's rare earths minerals' exports as 97 % of all rare earth reserves of are produced there. The request was initiated because China is breaching the WTO's commitment. Country's surging exports and lowered export quotas disturbs the other markets by supporting local companies. This issue will be discussed
Japan's Nikkei 225 stock average breached a 3 day gains and finished into red area as appreciating Yen sent exporters lower. Nikkei 225 index slipped 0.04% or 3.3 points closing at 9,003.48. Nippon Yusen surged 2.4% on news it plans to double earnings from the shipping line's logistics operations. Nissan Motors and Honda Motors gave up 0.7% as Yen strengthened
Dow Jones Industrial Average sharply appreciated on Friday as shares rallied on European leaders proposed plan for bank rescue and relived rules for indebted governments. Blue chip index jumped 2.20% or 277.83 points and closed at 12,880.09 posting the best monthly advance since October. 29 stocks out of 30 posted gains for the Dow. The main winning company was Bank
The house prices in China, Australia and Singapore advanced in June, as demand for real estate was boosted by low interest rates. In China, the home values added 0.1% to $ 1,369 per square meter last month. In Australia, the average price of a residence rose to $ 471,000 in June 2012 and in Singapore the medium size of units offered decreased
Crude prices jumped and duress on Iran to stop its nuclear-enrichment program intensified following EU sanctions on Iran came into effect yesterday, July 1. International Energy Agency reported that the remedies undertaken by European Union may lead to the biggest loss for one of the OPEC members since the defiance in Libya the year before. As a consequence, Brent crude
Two world export leaders China and Japan faced a rapid decline in overseas shipments in June as factory activity faded. A private purchasing managers' index (PMI) for China dropped from 48.4 in May to 48.2 in June. Meanwhile the similar gauge in Japan for respective period slipped below 50 to 49.9.
Spain, the country that for years underestimated its lenders' losses, may overestimate the future earnings as economy moves deeper into recession. One of bank stress tests estimated the losses could amount to EUR 274 billion over next three years while the profit may reach around EUR 23 billion per year prior to loss provisions. Although Spanish two biggest lenders gain
The 17-nation currency depreciated against most of its counterparts on Monday ahead of data releases that are predicted to show Eurozone manufacturing contracted while the unemployment rate climbed to region's all time high to 11.1%. Data are expected to add pressure on ECB to lower interest rates. Euro fell 0.3% versus US Dollar to USD 1.2628. Currently EUR/USD is trading at
Australian inflation rate has declined to the lowest level since the world's financial crisis, boosting hopes that the central bank may reduce the interest rates further. The inflation gauge measured by TD-Securities-Melbourne Institute dropped by 1.6% in June on an annual basis, the lowest mark since 2009. The figure spurred speculation that the Reserve Bank of Australia, which has inflation
China's manufacturing sector expansion slowed to seven-month low in June, lingering concerns over the health of the country's economy. China's PMI dropped from 50.4 to 50.2 in June on a monthly basis, boosting hopes for fresh measures from the government to stimulate domestic consumption. Experts claimed that slowdown in the EU and US was hurting demand for the country's exports
Gold futures inched down in Asian session on Monday, erasing previous gains on news that the EU leaders managed to agree on measures to combat crisis in the area. Comex gold futures for delivery in August traded at 1,591.15 US Dollars per troy ounce on the New York Mercantile Exchange, sliding 0.81%.
Crude oil prices declined in Asian session on Monday as traders started to cash out from the market to lock gains after last week's rally. Even a start of a full Iranian oil embargo on July 1 failed to support the commodity. Light, sweet crude oil futures for August delivery traded at 84.25 US Dollars per barrel on the New
Australian manufacturing sector continued to shrink last month; however, the pace of contraction slowed, reported Australian Industry Group. The country's PMI added 4.8 points on a seasonally adjusted basis in June to approach 47.2. The survey also indicated that manufacturers are the most concerned about appreciating Australian Dollar, tough competition and the start of carbon tax.
China's GDP grew at a pace between 7.5% and 7.6% in the first half of this year, according to Chen Dongqi, researcher at the National Development and Reform Commission. He urged the government to design more proactive policies such as tax reductions to stimulate domestic consumption and support exports. Moreover, a reasonable amount of investments in infrastructure has to be
Japan's manufacturing sentiment rose unexpectedly in the last quarter, according to the latest Tankan survey. Tankan manufacturing index rose to minus 1 from minus 4 on a quarterly basis. Experts predicted Japan's manufacturing sentiment to stay unchanged at minus 4 in Q1. The survey also indicated that manufacturers are planning to increase capital spending in 2012.
China disclosed details about planning USD 45 billion project, a business zone in southern Shenzhen similar to New York and London. China will provide investors and entrepreneurs with favorable business conditions, such as preferential tax rates and growth opportunities. The area will be developed during the following 8 years and mainly serve offshore Yuan dealings. China seeks internationalization of Yuan accomplished by