U.S. shares went down on Thursday after previous improvement as investors confidence about avoiding spending cuts and tax hikes declined. Earlier this week, the U.S. President Barack Obama said he might veto the plan of Republicans which extends Bush-era tax cuts. The Dow Jones industrial average slipped 0.14% to 13,233.23, the S&P 500 Index declined 0.06% to 1,434.97 and the
Outlook of U.S. economy growth in the third quarter improved as consumer spending rose more than originally estimated, the Commerce Department reported on Thursday. Final estimate of gross domestic product expansion by the Commerce Department shows the growth of 3.1% in the Q3 compared to previously forecast 2.7%, while economists expected upward revision to 2.8%.
Following an unexpected fall to the lowest level in two months in the previous week, number of claims for U.S. unemployment benefits rose in the week ended December 15, according to the Labor Department on Thursday. Initial jobless claims increased 17,000 to 361,000, while economists expected 360,000 claims."This number gets us back into the range we've been in really since
German shares are swinging between gains and losses on Thursday as market players are increasingly concerned about uncertainty surrounding US budget talks. The DAX Index is trading 0.03% higher at 7,671.58. Five out of nine industries included in the index were bullish. The top gainers were industrials and utilities. Among industrials, Deutsche Post and Volkswagen jumped 0.39% and 0.73%. Meanwhile,
The Commerce Department reported today that the U.S. economy expanded at a revised 3.1% annually in the Q3, more than it was estimated, after previously reported 2.7%, indicating a smaller trade gap and more consumer spending. However, economists expect the economy will shrink to a 1.4% pace in the current three-month period. The world's largest economy will struggle to keep
UK stocks are trading higher on Thursday ahead of the key US data releases due later in the day. However, persistent concerns over the lack of progress in the US budget negotiations put heavy pressure on the UK equities. Depressing the UK stock index, the country's retail sales were steady in November, confronting expectations for a mild increase of 0.3%.
The Bank of Japan added monetary stimulus for the first time in 4 months and will reconsider its inflation target as incoming Prime Minister Shinzo Abe calls for more action to halt price declines. The nation's central bank expanded the asset-purchase fund from 66 trillion yen to 76 trillion yen."The BOJ showed caution by failing to respond to Abe's request
The U.K. retail sales were flat in November indicating a weak consumer confidence and increasing possibility that the economy will shrink in the last quarter of 2012. According to the Office for National Statistics, retail sales including automotive fuel edged up 0.9% on annual basis, missing economists' expectations of a 1.5% increase. The Bank of England warned that the U.K.
According to the Federal Customs Administration, Swiss trade surplus rose to CHF 2.95 billion in November, while the surplus was expected to decline to CHF2.23 billion. Exports from Switzerland grew 6% month-on-month as strong sales to the U.S. and Asia offset sluggish growth in Europe, the biggest trading partner. Sales to Asia increased by 8.7% and to the U.S. by
Hong Kong shares climbed on Thursday despite speculation that PoBC is likely to raise interest rates in H2 of 2013 due to brighter economic outlook. The Hang Seng Index inched up 0.16% to end the session at 22,659.78. Four in nine sectors moved higher. The top-performers were oil and gas firms as well as financials. Sinopec and PetroChina jumped 0.80%
Japanese equities moved lower after the BoJ announced the third dose of monetary stimulus that disappointed investors. The BoJ expanded its asset-purchasing and lending programme to JPY10 trillion, a widely expected decision. The Nikkei 225 Index tumbled 1.19% to close at 10,039.33. Only two out of ten sectors within the index witnessed mild gains. The top-performers were utilities and financials,
US blue chips tanked on Wednesday, snapping two-day winning streak as US budget standoff created pressure on demand for riskier assets. However, slightly better-than-expected building permits figure coupled with positive Eurozone's data limited the downswing. Meanwhile, market players also awaited the BoJ meeting outcome due on Thursday. The Dow Jones Industrial Average Index lost 0.74% to close at 13,251.97. All
US stocks finished sharply lower on Wednesday amid mounting uncertainty over the US budget deal. House Speaker John Boehner stated that Republicans will insist on their version of 2013 budget while President Barack Obama said he would not support Republicans' budget proposal. The S&P 500 Index shed 0.76% to close at 1,435.81. All sectors within the index posted losses. The
Rural commodities, excluding coffee, dropped on Wednesday amid signs of weak demand for US supplies. Meanwhile, upward revisions of Brazilian crop estimates created heavy pressure on softs. Strong greenback coupled with improved weather conditions in the US also weighed on the commodity group.Wheat declined on speculation that snow and rains in the US Great Plains and Midwest will improve prospects
Energy futures apart from natural gas moved higher on Wednesday as risk appetite improved amid mounting hopes that US officials will agree on the next year's budget. Speculation that Japan will witness stimulus measures as well as positive Eurozone's numbers also pushed the energy prices higher.Crude oil jumped on hopes of US budget resolution. A drop in the US stockpiles
Most Asian shares fell, with the MSCI Asia Pacific Index dropping from the highest level since August 2011, on concern U.S. lawmakers are deadlocked on a deal to prevent the ‘fiscal cliff' and as the Yen weighed on Japan's stocks. Nikkei 225 Stock Average lost 1.2% and the broader Topix Index declined 0.1%. South Korea's Kospi Index gained 0.3% and
Industrial metals tanked on Wednesday as traders continued to monitor elevated stocks at LME warehouses. At the same time, hopes for easing in Japan as well as expectations that US lawmakers will reach a budget deal limited losses of the base metals. Aluminum noted a decline, following softness in copper prices. Bloated LME inventories also added pressure on the light
The Australian Dollar held a 3-day loss, while the country's bonds rose, on concern U.S. ‘fiscal cliff' deal is deadlocked, curbing demand for risky assets. Australia's currency traded at $1.0477 at 4:25 p.m. Sydney time after declining 0.8% in the previous 3 days. The Aussie lost 0.5% to 88.03 yen. The New Zealand Dollar fetched 83.31 U.S. cents, the weakest
Japan's currency rose versus all of the major counterparts as the nation's central bank kept its 1% inflation target after incoming Prime Minister Shinzo Abe urged to double the goal. The Japanese Yen gained 0.6% to 111.02 per Euro at 6:33 London time from the close a day earlier, when it fetched 112.50, the lowest since August 2011. The Yen
Precious metals except for palladium tumbled on Wednesday as hopes that US will manage to avert fiscal cliff continued to weight on the safe-haven assets. Solid US Dollar also added pressure on the commodity group. However, expectations that the BoJ will ease its monetary policy at its meeting due on Thursday restricted the downswing of the precious metals.Gold reached flesh
German Ifo business sentiments index increased to 102.4 points in December, according to Ifo Institute survey. The business confidence improved in Germany more than expected, comparing with a forecast, which range is 101.4 to 102 points. The Purchasing Managers' survey indicated that Germany's private sector expanded in December after eight consecutive months of contraction."Recent survey evidence suggests sentiment is bottoming
The British Pound gains by 0.2% to $1.6287 in London trading session on Wednesday. The Pound increased for a fourth consecutive trading session and is in the highest level since 21st of September. Market is driven by speculation that the Bank of England will announce that economic recovery is sufficient not to make additional quantitative easing and will keep 375
Wheat futures for March settlement were higher by 0.7% to $8.16 a bushel on the Chicago Board of Trade on Wednesday. The price of wheat advanced by 25% this year and is the best performer of S&P GSCI Commodity Index from 24 raw materials, but, however, it has dropped by 14% since July, the highest point in four years. Wheat
The MSCI Emerging Market Index increased by 0.4% to 1,050.28 points in Hong Kong trading session on Wednesday. That was the highest close point since April, 2012. Emerging markets advance on the World Bank positive growth perspective for East Asia - the region will probably grow by 7.5%. Also, investors traded positive on speculations that India will cut the key