Chinese shares declined for the second consecutive trading session and toward bear territory, as investors were disappointed that the Chinese government has not added further stimulus to the financial system and amid continued worries about overpriced startup stocks. The Shanghai Composite Index dropped 7.4% to 4,192.87 points, while the Shenzhen market plummeted 7.9%.
August crude futures rose to $63.65 a barrel, however, the July WTI futures declined 0.4% to $60.97, as investors prepare for the June 30th deadline of the nuclear negotiations between Iran and the West. Meanwhile, US domestic oil inventories declined by 4.9 million barrels last week, which was more than expected. Substantial contraction in oil inventories is usually a signal
New Zealand Dollar strengthened against the Greenback on hopes for a breakthrough in talks between Greece and its creditors. NZD/USD added 0.1% to 0.6897, which is the pair's highest level since June 22. The US Dollar was supported after the report that the US GDP contracted in line with expectations by 0.2% during the Q1 of 2015. In the meantime, the
Two-year bonds of the Japanese government were well received in an auction on Thursday, performing a bid-to-cover ratio at a level of 3.71, thus indicating a firm demand. The yield on these securities stayed unchanged at 0% amid Japan's QE programme, which is driving borrowing costs down. Meanwhile, the 10-year yield grew 2 basis points to 0.475%, while investors pulled
UK automobile output climbed 2.3% last month, due to stronger demand from British customers. In May 2015, 119,338 cars were manufactured, compared with the 116,655 cars a year earlier. Domestic demand grew by 13%, as 24,792 cars from the total output was produced for the local market. In the meantime, the number of cars for outbound shipments declined 0.2% to
Crude oil futures fell significantly on Wednesday, despite a continued drop in US crude inventories. The US Energy Information Administration reported a 4.9 million barrels' decline in US oil inventories last week. Meanwhile, gold futures sank to the lowest level in over two weeks due a relatively flat US Dollar and revised forecasts of the GDP growth in Q1, while
For the first time in ten weeks the People's Bank of China offered 35 billion yuan or $5.6 billion worth of reverse repos to commercial lenders in order to drive money market rates lower. On Thursday, the Chinese central bank auctioned surplus repurchase agreements at a 2.7% interest. According to analysts, PBOC wishes to see the short-term interest rates at
Asian shares retreated on Thursday, while watching Greece in its last-minute efforts to avoid a default. Nikkei Index closed down about 0.5% after reaching its highest point since 1996 on Wednesday. Japan's stock index diminished its losses today, after the US Senate adopted legislation, which would help to close the Trans-Pacific Partnership agreement, in which Japan would be the second
Europe's equity markets slipped into negative territory on Thursday, as Eurozone's finance ministers came up with no agreement during a key meeting on Greece's reform policies. The Stoxx Europe 600 Index fell 0.2% to 396.49 points, the Athex Composite Index declined 1.36% to 770.28 points, while the FTSE 100 Index slipped 0.3% to 6,825.31 points. However, the DAX 30 Index
South Korea's government announced that it cut its 2015 GDP growth forecast by 0.7% to 3.1%, while the inflation is expected to average 0.7% from the 2% previously projected. Consumer sentiment index declined to 99 in June from 105 in May, as MERS virus outbreak has severely depleted consumer confidence. In addition, the South Korean government disclosed a $14 billion
The July GfK forward-looking consumer sentiment index is to decline 0.1 points to 10.1 points from the 10.2 point expectation from surveyed economists, as the Greek debt crisis weighs on the German economy. GfK stated that currently Greece's default on its debt and exit from the Eurozone seems a genuine scenario, as talks continue between Greece and its debtors and the deadline
The Shanghai Composite Index gained 2.2% on the day and closed at 4576.49 points after it declined 4.8% intraday. The Chinese stocks have been hurt by high volatility and lower liquidity, as investors withdrew their stakes in existing equities and bought shares in recently listed companies. Declining investors' worries surrounding overvalued Chinese market fuelled a rebound from early day's losses.
European equities extended their gains on expectations that a deal between Greece and its creditors was taking shape. The Stoxx Europe 600 Index advanced 0.9% to 397.6 points, the DAX 30 gained 0.9% to 11,557.92 points, while the French benchmark CAC 40 increased 0.8% to 5,037.5 points. Moreover, the Athex Composite Index which jumped 9% during the previous trading session,
Oil price gained in early Monday morning, as investors have positive expectations about Greek debt negotiations, although the excess oil output proceeded to constrain oil prices. On NYMEX, WTI futures for July climbed 1% to $60.30 a barrel, while Brent crude for August delivery grew 0.7%, reaching $63.47 per barrel.
On Monday European equities soared, as investors anticipated that a deal between creditors and Greece could be reached soon. The Athex Composite Index jumped 8.3% to 730.55 points, the Stoxx Europe 600 went up to 392.39 points, by gaining 1.9%, while the German DAX Index increased 3.1% to 11,381.46 points. The French benchmark CAC 40 Index in turn gained 2.8%.
During the trading session in Asia, oil futures inched higher as investors' concerns decreased over Greece's debt negotiations. August crude futures nudged 8 cents to $63.1 a barrel from $62.58 when the markets opened. On Friday, oil prices declined almost 2% or $1.24 on worries of Greece's future in the Eurozone. In addition, analysts are concerned over international oil oversupply,
Majority of the markets in the Asia-Pacific region increased marginally, as investors waited for the results surrounding Greece's debt talks with its creditors. Nikkei 225 Index rose 0.8%, while Hang Seng Index increased 0.7% and Australia's S&P ASX 200 was up 0.2%, even though it was down 0.4% earlier in the trading session. Last week, the Shanghai Composite Index slumped 13%,
Saudi Arabia's crude oil outbound shipments slipped to 7.737 million bpd in April, which is 161,000 bpd lower than in March. Crude exports dropped slightly, as local refineries refined 315,000 bpd more than in previous month, when they processed 1.909 million bpd. In addition, in April, Saudi Arabia's oil production marginally increased to the highest output level to date, up
The Reserve Bank of India will issue government bonds linked to the gold price with ensured interest rate of at least 2%, in order to decrease the annual demand for physical gold coins and bars. The main reason is to lower the national trade deficit, since this precious metal adds up to the second biggest expense in imports after oil.
The positive UK's Retail Sales data raised the Pound through 1.59 against the US Dollar, which is the highest level since November 2014. The shared currency was sold off in the light of the Greece's negotiation issues with the creditors and therefore surpassed the level of 1.40 against the Sterling on Friday. GBP/AUD reached 2.0442, which is close to the
The benchmark Shanghai Composite Index closed Friday's trading session at 4,478.36 points, down 6.42% or 306.99 points from the previous close. A sharp sell-off occurred, as investors were alerted by worries about a possible bubble in China's equity markets. Investors and analysts believe that as a result of steep losses, the odds increase that the Chinese government will add further
UK retail sales grew 0.2% in May, better than the expectations of no change at all, but this is a slowdown following 0.9% in the prior month. April in Britain was unexpectedly warm, and this was a positive factor for clothing demand. On the contrary, in May the temperature was lower than normal, which has the opposite effect. Nevertheless, when
The Swiss National Bank held its interest rate at -0.75%, a record low, and emphasized readiness for further activity to diminish impact of the strong Franc. The Swiss currency rose 15% since the central bank abandoned the cap of 1.20 per euro in January. The economy is on the edge of the first recession in the last six years, and,
The Euro Zone escaped deflation as consumer prices rose in May 0.2% on a monthly basis and 0.3% year-on-year, confirming flash release. More expensive services, tobacco and food helped to offset the force of lower energies' prices. The European Central Bank expects inflation in the euro-sharing countries to increase to 1.5% in 2016 and to 1.8%, coming close to its