Australia's construction industry continued contracting in April, according to Australian Industry Group. The country's construction index declined by 1.3 points last month to 34.9, indicating a spread of the global slowdown. Apartment construction was the largest component to decline in the index while house and commercial building also weighed on the index.
The IMF has warned Greece to halt Greek bailout funding after the preliminary results of the Greece parliamentary elections. The IMF announced that in case the country does not meet agreed austerity measures, the bailout funding will be suspended starting from June, according to the official IMF statement.
France has elected new president, Francois Hollande who polled about 52% of the votes. Mr Hollande said that he is proud to return hope to people again. He also announced that he would attempt to rework deal regarding sovereign debt in the Euro Zone countries to promote economic expansion.
Australia's business confidence improved last month amid anticipation of the further rate reduction by the Australia's central bank. However, actual economic situation remained weak. Business confidence index added four points last month after gaining three points in March. At the same time, business conditions declined by three points, attaining zero in April.
Rural commodities rebounded after previous losses as adverse weather in the EU planting regions is likely to increase demand for US supplies.Wheat managed to climb by 0.21% as worse weather may curb global wheat supplies. Global grain supplies are expected to fall by 3.6% this year.Corn was top-performer despite record high crops expected this year as US farmers intended to
Energy markets were mixed after EIA report on the US stockpiles and negative services PMI releases.Crude oil was the top loser after Genscape reported on the record high increase in crude oil inventories at Cushing, the delivery point for the US oil futures.Brent oil extended previous losses as five members of the UN Security Council expect talks with Iran to
Industry metals followed a downward trend on Thursday after pessimistic non-manufacturing PMI releases from the US and China.Aluminum decreased after Rio Tinto announced it plans to sell four Aluminum plants by September because of low profits and growing energy costs. Copper declined as new orders index in the service sector fell from 58.8 to 53.5. Moreover, traders are cautious as
Precious metals were weak on Thursday amid broadly softer equities and stronger US Dollar. Fading hopes for more accommodative policies from the ECB also pressured the commodity group.Gold tumbled after US reported on the record weekly drop in the jobless claims thus decreasing hopes for the next round of quantitative easing in the US.Silver was the top-loser along with weak
German DAX index edged lower on Friday as investors awaited for US jobs data amid dropping commodity prices. Moreover European investors stayed cautious ahead of elections in Germany, Italy, France and Greece this weekend. Metro AG dropped 1.5%, as UBS lowered its target price on the stock to and maintained its sell recommendation. On the upside banks partly recovered with
FTSE 100 index approached weekly drop on Friday as energy and mining shares tumbled on falling commodity prices. Antofagasta lost 3.3% and Kazakhmys declined 4% as metal prices deteriorated. Oil producers BP and BG Group slipped 1.5% and 3% respectively. Royal Bank of Scotland Group breached the negative trend and climbed 2.6%. Although bank said its loss widened in 1st
Asian stocks dropped on Friday, following a sharp decline in energy prices. Moreover investors awaited the US non farm payroll data. South Korea's Kospi lost 0.3%, while Australian S&P/ASX 200 and Hang Seng indices each shed 0.8%. Shanghai Composite Index managed to breach downward trend and climbed 0.5%. Japanese markets remained closed for holidays.
Royal Bank of Scotland Group said on Friday its loss for the first three months of 2012 advanced, citing slowdown and tougher regulations. RBS loss for the first quarter reached to GBP 1.52 billion (USD 2.46 billion) compared to a GBP 528 million shortfall in similar period last year. RBS also said it will repay next week the last portion
Euro Area production and services output declined more than predicted in April, indicating the region continues to deteriorate. The composite index estimating both sectors fell from 49.1 in March to 46.7 in April, Markit Economics reported today. The latest drop is the fastest since October 2011. Euro stayed lower after the news.
Australian shares declined further on Friday, pushed down by miners and energy firms as commodity markets weakened. Australia's benchmark index fell 0.75% or 33 points and closed at 4,396.00. Woodside Petroleum dropped 2.2%, Origin Energy deteriorated 2.2% and Santos lost 3%. Caltex Australia slipped 1% after the Australian Competition and Consumer Commission said it has started an investigation into the
Hong Kong's shares prolonged downward trend on Friday weighed down by energy firms as US oil futures and metal prices tumbled. Asian investors remained cautious ahead of upcoming US nonfarm payroll report. Hang Seng index dropped 0.78% or 164.79 points and settled at 21,084.74 with technology sector fading most. Cnooc Ltd sank 1.3% and PetroChina Co fell 1.6%. Aluminium Corp.
Dow Jones Industrial Average index traded lower on Thursday as US service PMI gauge fell more than expected in April to 53.5. Blue chip index shed 0.47% or 61.98 points and finished at 13,206.59 with basic material and industrial sectors posting the biggest losses. 23 of 30 shares ended in the red area on Thursday. Hewlett Packard dropped 3.1%, the
S&P 500 index prolonged losses on Thursday as weaker non-manufacturing PMI data offset gains from better than expected drop in jobless claims. US benchmark index fell 0.77% or 10.74 points and closed at 1,391.57. Prudential Financial plunged 10%, the most in the S&P 500 after the second largest nation's insurance company posted a loss in the 1st-quarter as the value
The RBA reduced Australia's growth forecast, citing stagnation in the non-mining industries. The bank downgraded expansion forecast for this year from 3.5% to 3%. The decision came after the central bank unexpectedly cut the core interest rate to 3.75%, citing global fiscal difficulties and deteriorating domestic markets.
China's auto imports slowed down in Q1, according to customs statistics. The country imported 284,000 vehicles in Q1, posting a 21.7% gain as compared to about a 30% increase in Q1 of 2011. Wang Yanxue, an auto analyst, said that the growth rate is normal and the auto imports are likely to increase by 20% this year.
US services sector performance deteriorated more than initially projected in April, but still remained at the expansion level for the 28th month in line. Non-manufacturing PMI dropped by 2.5 points, attaining 53.5 in April as compared to a March reading of 56.0, according to the Institute of Supply Management. Experts predicted services PMI to lose 0.5 points to 55.5 in
Spain sold 2.52 billion Euros of its debt with higher interest rates during its debt auction on Thursday. The Bank of Spain sold its three-year bonds at yields of 4.04% as compared to the last bond auction when the costs of borrowing were at 2.6%. The bank also added that the amount of debt sold exceeded its expectations. The rise
Natural gas futures extended previous gains during the US afternoon session on Thursday after the EIA reported on slightly lower than expected increase in the natural gas stockpiles. Natural gas futures for June delivery traded at 2.365 US Dollars per Btu on the New York Mercantile Exchange, appreciating by 4.06% since opening.
China has denied that its currency is undervalued and urged the Washington to ease its policies in regards to high-tech goods exports. The announcement came after Timothy Geithner pressed China to allow the Yuan appreciate further and to ease market control. At the same time, Chen Deming, China's Trade Minister, announced that China's foreign trade is mostly balanced, indicating that
Gold prices increased during Asian trade on Friday ahead of the key labour data from the US later today. Broadly lower US Dollar also provided a lift for the yellow metal. COMEX gold futures for delivery in June traded at 1,636.80 US Dollars per troy ounce on the New York Mercantile Exchange, rising by 0.1% since opening.