Industry metals closed mixed on Monday after staedy China's manufacturing PMI data that indicated a rise to 53.3, missing expectations of an increase to 53.6.Aluminum gained 0.52 due to robust demand from Asia and persistently growing smelting costs as energy prices continue to soar.Copper retreated from previous sessions' highs as more negative fiscal outlook on Spain and steady expansion of
Precious metals were mixed in choppy Monday trade, being impacted by softer US Dollar and steady global equities.Gold balanced between inspiring personal income data from the US and price downgrade by HSBC. Personal income in the US rose by 0.4% in March, beating forecasts of a 0.3% gain while HSBC cut its average gold price forecast for 2012 from USD1,850
HSBC reduced its average gold price forecast for 2012 and 2013, citing the weakness of India's jewelry sector and fading hopes for the third round of quantitative easing in the US. The bank projects the gold price to average near 1,760 US Dollars per troy ounce in 2012 and near 1,775 US Dollars per troy ounce in 2013 as compared
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts predicted the PMI to decrease to 51.4 in April.
Nigeria is expected to almost double its oil output by 2020, according to Diezani Alison-Madueke, Nigeria's Petroleum Minister. By expanding the current capacity by 1 million barrels per day, Nigeria will be capable to contribute significantly to world's oil supply, he stated. The minister also suggested increasing current oil reserves from 37 billion barrels to 40 billion barrels.
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
Japanese zinc exports declined by 35% in March, reported the Ministry of Finance. Meanwhile, China's zinc imports soared by more than 100% on an annualized rate in March while domestic zinc demand is likely to approach four year high this year, reported Mitsui. Experts attributed the fall in exports to earthquake in March 2011.
Crude oil prices dropped at Asian trading hours on Tuesday as global demand concerns were fueled by weak manufacturing data from the US and high risk of new round of recession in Spain. Light, sweet crude oil futures for June delivery traded at 104.84 US Dollars per barrel on the New York Mercantile Exchange, declining by 0.03% from the previous
Australian S&P ASX 200 index rallied on Tuesday after Reserve Bank of Australia unexpectedly cut the key interest rate from 4.25% to 3.75%. Australian benchmark advanced 0.75% or 32.90 points and closed at 4,429.50 lifted by surprised investors who predicted a 0.25 percentage point reduction. Woodside Petroleum jumped 3.7% on news it will sell its stake in Browse gas-export project
Gold futures increased during Asian trade on Tuesday amid disappointing reports that Spain is falling back into crisis coupled with poor manufacturing performance in the US. COMEX gold June contract traded at 1,669.95 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.17% since opening.
Japan's Nikkei Stock Average fell on Tuesday pushed by appreciating Yen which strengthened on Spain's recession amid several disappointing earnings reports. Nikkei 225 index fell 1.78% or 169.94 points and settled at 9,350.95. Crystal display manufacturer Sharp tumbled 9.3% after predicting a bigger than expected loss. Tokyo Electron fell 8.3% after the chip-equipment producer announced its net income dropped more
Dow Jones Industrial Average index slipped on Monday as the drop in Chicago PMI boosted worries the overall manufacturing gauge on Tuesday also may show slow down. Blue chip index gave up 0.11% or 14.68 points and closed at 13,213.63. Merck & Co posted the biggest gains for the Dow as court ruled company's patent cholesterol drugs Zetia and Vytorin
S&P 500 index closed slightly lower on Monday as data showed Chicago PMI dropped more than expected in April. US index lost 0.39% or 5.45 points and finished at 1,397.91. Humana tumbled 8.1% on news its profit fell 21%. The owner of the New York Stock Exchange NYSE Euronext, faded 5% after reporting that its revenue sharply declined in the
Indonesia's inflation reached 7-month high in April, adding pressure on the Indonesia's central bank to refuse from further interest rate cuts. Country's CPI surged in 4.5% previous month compared to last year, Statistic's Central Bureau reported on Tuesday. In March CPI accelerated by 3.97%. Nation's exports gained 5.5% in March compared to similar period a year before.
Canadian economy unexpectedly contracted in February, driven by several temporary closures in industry sector. Real GDP dropped 0.2% in February, Statistics Canada said on Monday. The main contributor to decline were weaker extraction of oil, gas and other raw materials. Analysts predicted a growth of 0.2%.
Canadian currency depreciated to one-month record low against its US peer on Monday as data showed nation's GDP unexpectedly contracted in February, reducing room for the central bank to raise key rate. Loonie weakened 0.7% to CAD 0.9872 in Toronto session. Currently USD/CAD is trading at CAD 0.9884.
South Korean inflation slowed and exports dropped in April adding pressure on the Bank of Korea to keep benchmark interest rate unchanged. Country's exports tumbled 4.7% on annual basis following a 1.4% drop in March while inflation slowed to annual 2.5%. Analysts predicted the CPI to climb to 2.8% after a 2.6% gain in March.
US stock markets finished Monday modestly down as Chicago PMI dropped slowed more than expected in April, boosting fears the overall manufacturing gauge on Tuesday also may show worsening. S&P 500 index lost 0.39% or 5.45 points and closed at 1,397.91, Dow Jones Industrial Average shed 0.11% or 14.68 points to 13,213.63 and Nasdaq Composite fell 0.74% or 22.84 points
The indicator measuring Chicago area manufacturing activity slowed last month, reaching the 29-record low growth. Chicago PMI declined from 62.2 in March to 56.2 in April, ISM- Chicago reported on Monday. Economists expected a drop only to 60.8. Lower Chicago PMI may signal weakness in ISM manufacturing index which will be released on Tuesday.
European shares finished Monday in red area as Spanish banks faced additional pressure amid weak macroeconomic data and Chicago PMI slowed in April. Stoxx Europe 600 index dropped 0.7%, IBEX 35 tumbled 1.9% and FTSE 100 slipped 0.7%. French CAC 40 index fell 1.6% and German DAX gave up 0.6%.
Chinese manufacturing activity expanded in April for the fifth consecutive month, reducing pressure on officials to boost monetary accommodation. China's PMI climbed from 53.1 in March to 53.3 in April, official data showed on Tuesday. Economists questioned by Bloomberg predicted the index to reach 53.6. HSCB Holdings preliminary index, released last week, showed production activity may have declined for a sixth straight month.
The 17-nation currency traded close to two-week record low versus Japanese Yen ahead of Spanish debt auction due this week as investors remain worried about uncertainty in Europe. Shared currency traded at JPY 105.78 in Asian trade. Currently EUR/JPY is trading at 105.63
Reserve Bank of Australia (RBA) unexpectedly decreased its key interest rate by 0.5 percentage points, citing slower inflation in 13 years as a main driver of the decision. Australian benchmark rate was cut from 4.25% to 3.75%. The domestic currency weakened and 10-year borrowing costs dropped on the announcement.
US consumer spending surged in March, adding to the previous gains as incomes increased. Household purchases that account about 70% of the US economy surged by 0.3%, following a 0.9% increase in February. Experts projected consumer spending to rise by 0.4%. Meanwhile, incomes eased up 0.4%, indicating the largest increase in the last three months.