The National Institute of Statistics and Economic Studies reported on Wednesday that spending of French consumers rose less than it was expected in September. French consumer spending increased by 0.1% on a seasonally adjusted basis, compared to a 0.4% growth in the preceding month. Economists, however, expected a reading of 0.2%.
Energy futures except for crude oil dropped on Tuesday on weaker greenback and easing measures from the BoJ. Uncertainty over damages caused by Hurricane Sandy created heavy selling pressure on the energy futures. Crude oil was the only gainer on broadly weaker greenback. Meanwhile, investors were cautious as the EIA postponed its US inventory report to Thursday.Brent oil moved lower
Industrial metals gained as risk sentiment improved after the BoJ eased its monetary policy. Moreover, Spanish economy contracted slightly less than expected, thus lending support for the base metals. Adding to a jump in base metals prices, US home prices rose slightly in August.Aluminum rose after the International Aluminum Institute announced that global aluminum inventories slumped by 63,000 in September.Copper
Precious metals traded slightly higher on Tuesday amid broadly weaker US Dollar and mixed global equities. The commodity group was supported by widely anticipated monetary stimulus from the BoJ. However, investors were disappointed as the BoJ may have embarked on more aggressive measures.Gold was flat amid uncertainty over easing measures in the US and rising gold holdings in central banks
The National Institute of Statistics and Economic Studies reported on Wednesday that producer price inflation in France decreased less than expected last month. INSEE said that nation's PPI grew by 0.3% on a seasonally adjusted basis, compared to a reading of 1.3% in August. Analysts predicted a figure of 0.1%.
The Australian Bureau of Statistics reported on Wednesday that approvals to build new houses in Australia declined less than it was expected last week. Australian building approvals grew by 7.8% on a seasonally adjusted basis, compared to a revised upwards reading of 8.8% in the week before. Economists, however, expected a 1.0% growth.
On Wednesday, copper prices were edging higher for the second session, pushing away from a 2-month low, but the commodity is likely to finish the month with a biggest monthly decline since May. On the London Metal Exchange, three-month copper grew by 0.94% to trade at $7,792.25 per metric ton at 7:16 a.m. London time.
Asian currencies are higher for a fifth month with the South Korea's won in a lead. Investors pay more attention to Asian currencies as the first signs of China's recovery appeared. Industrial output, investments and retails sales data shows positive development prospects and improves risk sentiments. The Won increased the most this month - 1.9%.
The Japan's Ministry of Land, Infrastructure, Transport and Tourism reported on Wednesday that housing starts in the country recovered strongly last month, ending a 3-month long streak of contraction; which was possible partly due to post-quake rebuilding needs. Year on year, housing starts increased by 15.5%, following a reading of minus 5.5% in the last month of the summer. Economists,
Gold spot price increased by 0.2% to $1,713.12 an ounce in Asia trading hours on Wednesday. However, in October gold price has decreased by 3.4% and that was a first negative price performance since May, as traders' reserves in bullion-backed products reached a record level. According to analysts, market has little bit overpriced gold with quantity easing expectations and now
The Shanghai Composite Index gained 0.3% to 2,068.88 in the end of Asia trading session on Wednesday. That was the biggest gain since 18th of October, however, the market changed movement trend at least 10 times during today's trading hours. Investors' bullish sentiments were based on Industrial & Commercial Bank of China Ltd financial results, which were better than estimations.
Germany's, the biggest European member, 10-year bund yields were 1.48% in very early morning London time, comparing with 1.44% yesterday, which was the lowest yield since 4th of October. Bunds' traders look forward to the European labor and inflation data, which will be announced today. According to Bloomberg survey, unemployment rate in 17 Euro nations will increase by 0.1% to 11.5% in September and the
The Japanese currency reached its one-week high against the greenback as the risk appetite rose and the BOJ increased its assets purchase by 11 trillion yen, still embittering the markets as the amount is considered to be insufficient for bringing down the yen. The dollar stayed at 79.95 yen advancing from 79.28 yen after BOJ's easing, yet staying far below the last week's record of
On Wednesday, prices for oil trimmed the strongest monthly decline since the last month of spring, as refineries resumed their operations on the Eastern coast of the U.S. On the Comex division of the NYMEX, December delivery futures for light sweet crude gained $0.34 to trade at $86.02 per barrel by 2:22 p.m. in Singapore.
On Wednesday, European stocks were rising during European morning trading hours, extending yesterday's rally, after the release of data which showed an increase in German retail sales. The Euro Stoxx 50 climbed by 0.64%, French CAC 40 gained 0.58%, while German Dax 30 added 0.63%.
The euro rebounded from its last week's lows on successful Italian debt sale, resulting in a higher risk appetite and falling borrowing costs, and lower than expected contraction in Spain's economy. The common currency found a good support and was at $1.2963, staying within its range since mid-September between $1.2800 and $1.3200.
The U.S. Treasuries dropped on enhancements in the real-estate market and the market reopening after Hurricane Sandy hit the states. The 10-year bond rates gained 0.02 per cent to 1.74 percent, while the price for the 1.625 note maturing in August 2022 tumbled $1.25 per $1000, or 1/8, to 99. According to Bank of America's estimates, ten-year rates will advance to 2.04 per cent by June
The New Zealand and Australian Dollar stayed higher following data that showed better-than-anticipated building approvals for the countries. The Aussie Dollar gained 0.1% to $1.0375 from yesterday and added 0.1% to 82.60 yen. The kiwi bought 82.10 U.S. cents from 82.08, set for a 1.1% drop in October.
The Hong Kong Monetary Authority sold its currency for the fifth time in two weeks to keep the peg to the greenback. The central bank added $350 million to the banking system yesterday following a $603 million intervention on October 19, as the Hong Kong Dollar touched the upper limit of the trading band. Hong Kong's currency traded at HK$7.7501
Foreign direct investment in India fell by 20% to $2.26 billion in August from $2.83 a year earlier. During April-August period the FDI inflows slipped by 60% to $8.16 from $20.63 billion in the preceding year, according to the Department of Industrial Policy and Promotion. Fall in foreign investment increases pressure on India's balance of payments and could also have
The Canadian Dollar rose versus its U.S. counterpart, snapping its 5-day losing streak as manufacturers' prices increased for the first time since April due to Hurricane Sandy that forced to close U.S. stock and bond markets for 2 days. Canada's Dollar gained 0.2% to 99.92 per U.S. Dollar cents. The loonie advanced along with oil and global stocks on rising
The U.S. Dollar fell against the major counterparts on speculation reports probably will show Chinese manufacturing is improving, sapping demand for safe haven assets. The U.S. Dollar bought 79.62 yen following a 0.2% decline yesterday. The greenback reached $1.2957 per euro after falling 0.4%, the biggest decline since October 17.
Asian stocks gained, rebounding from their monthly loss as industrial output of South Korea advanced, and home prices in the U.S. added up. The South Korean industrial production rallied on improved cars' and electronics' sales. The MSCI Asia Pacific index increased 0.8 per cent by 1:17 p.m.in Tokyo. The Nikkei 225 Stock Average index climbed 1.5 per cent. Chinese PMI is forecasted to increase to 50.2 in October from
On Tuesday, natural gas was falling in the U.S. morning trade, as nuclear reactors on the Eastern coast of the U.S. scaled back operations because of Hurricane Sandy. On the NYMEX, December delivery futures for natural gas were traded at $3.701 per million Btu, which was a 2.7% during the session.