As reported by Greek Prime Minister Antonis Samaras, Greece is going to fall into a much deeper recession than it was predicted earlier. Samara expects nation's economy to shrink by 7 per cent, compared to a previous estimate of 5 per cent. Moreover, Greece may ask for a third financial aid, approximately up to 50bn euros. On the top of that, Antonis Samaras added, that after
Oil futures advanced on Tuesday as China's manufacturing data improved. Crude oil for September settlement jumped 0.5 per cent, to $88.59 per barrel during today's New York trading session. The boost in prices was provided by the series of debt downgrades by Moody's. Rating agency downgraded the outlooks on Germany, the Netherlands and Luxembourg. Moreover Moody's claimed that the possibility of Greece's exit from the Eurozone
Wall Street declined for a third day in a row as Moody's reduced ratings outlooks for Germany, the Netherlands and Luxembourg, proving that the debt crisis in the Europe is far away from the solution. The Dow Jones Industrial Average lost 0.5 per cent, to 12,655; the S&P 500 Index erased 0.4 per cent, to 1,345, and the Nasdaq Composite declined by 0.3 per cent
German stocks were mostly lower after Moody's lowered the credit outlook for the country. Larger than expected contraction of German PMI in June also added pressure on the country's stocks. German DAX 30 Index eased down 0.04% to trade at 6,411.06 at the time of writing. SAP led the technology industry higher after reporting a 12% surge in earnings in
FTSE 100 Index moved down on Tuesday amid escalating concerns over the health of the Eurozone's economy. The UK stock index edged down 0.08% to trade at 5,522.85 at the time of writing. Telecommunications and financials were sharply lower, tumbling by 1.18% and 0.20%. Vodafone Group and ITV dropped 1.09% and 0.63%. Meanwhile, shares of the largest banks followed their
Spain managed to gather all intended amount in the debt on Tuesday, but was forced to pay the second highest yield since the creation of the Euro. Spain's treasury raised EUR 3.4b, but the yield increased by 45 basis points and reached 3.69% on it's 6 month bills.
Chinese equities closed lower on Tuesday as economic turmoil in the Eurozone continued to weight down on global growth expectations. At the same time, China's stocks found some support on better than forecast fresh PMI data. Hang Seng Index ended session with 0.79% loss, approaching the lowest level in a month. CNOOC dropped 4% on news that oil firm is
Farm commodities tumbled on Monday as turmoil in the Eurozone and recent rally of grain futures started to erode demand prospects. US Dollar strength and rain forecasts in some US regions also depressed the commodity pack. Wheat suffered a significant reversal after previous jump as some US regions may face crop-boosting rains in the nearest future. Corn plunged on speculation that
Japanese stocks slid on Tuesday after Moody's cut its outlook on Germany, the Netherlands and Luxemburg. However, Nikkei pared losses after governor of BoJ, Masaaki Shirakawa, announced he is monitoring the impact on stronger Yen on the Japan's economy. Nikkei 225 Index inched down 0.24% to end the day at 8,488.09. The largest gainer was All Nippon Airways, which rose
Energy commodities apart from natural gas were sharply lower on Monday amid global demand uncertainties. Moody's outlook cuts as well as further contraction of Spain's GDP in Q2 dented energy demand prospects. Crude oil prolonged its slump as investors were worried about Eurozone's fiscal difficulties. Market participants also awaited US crude oil inventories data due on Wednesday. Inventories are expected to
Dow Jones Industry Average Index plummeted 0.79% on Monday to trade at 12,721.46. Persistent worries over the Eurozone's debt crisis and slowing China's economy weighted down on the US blue chips index. All industries within the index fell, with consumer services, technology and oil and gas companies leading the decline. Shares of McDonald's plunged 2.88% after the word largest hamburger
Industry metals were weak on Monday as risk-sentiment was dampened by spreading worries over debt crisis in the single currency union. Traders were also cautious ahead of China's PMI data release due on Tuesday. Aluminum lost 0.74% as demand may weaken following negative headlines from the Eurozone. Moreover, an increase in China's aluminum output weighted down on the light metal. Copper came
US stocks dropped on Monday amid continuous fears over the Eurozone's economic instability. News from China also added pressure on the US equities as PoBC adviser announced that China's economy is likely to slow further in the next quarters. The sell-off in risky assets was widespread, with all industries within S&P 500 posting sharp declines. S&P 500 lost 0.89% to
Precious metals started the week on the negative note amid lingering worries over Eurozone's debt crisis. Stronger US Dollar coupled with looming Fed policy meeting also weighted on the commodity group. Gold slid on Monday as demand for the precious metal weakened on the US Dollar rally. The greenback caught momentum after Moody's cut its outlook on Germany, the Netherlands and
On Tuesday, oil futures rose 0.7%, after 4% decline yesterday. HSBC Holdings Plc has reported preliminary purchasing managers' index of 49.5, which would be the top level since February. Oil for September transfer was as $88.76 per barrel in e-trading on the New York Mercantile Exchange. Prices have dropped 10% this year.
Germany's manufacturing sector shrank the most in July in the last three years. Markit PMI contracted by 1.7, reached 43.3 (gauge of 50 separates contraction from expansion of economy) and indicates that Germany's economy might shrink in the third quarter this year. EUR fell to 1.2104 USD slightly above a two year low of USD 1.2067. FTSEurofirst 300 index, which contains top European shares, lost 0.2% and canceled all the previous
Cnooc Ltd. has placed all cash takeover bid of a bit more than USD 15b for Nexen Inc. This indicates that Canada is switching from the US towards China as countries oil and gas partner. Canada's crude deposits, which are the third largest in the world, were partly developed by the fund from the US. China, being worlds most energy
Home values show their first year-over-year growth since 2007, the Zillow Home Value Index increased to $149,300, a 0.2% growth from the second quarter of 2011. Record low interest rates, increase in demand and tense supply have driven the U.S. housing market despite growing unemployment rate and Eurozone recession.
The Aussie decreased almost 1% against the U.S. Dollar and 1.1% against the Japanese Yen following growing concerns about the Eurozone crisis and weaker growth of Cnina's economy. Although the Euro tumbled heavily versus the U.S. Dollar and the Yen due to the potential full-scale bailout for Spain, it increased by 0.8% against the Australian Dollar to 1.1802.
The Canadian Dollar has depreciated as oil prices declined by $3 per barrel. On Monday, Canada's currency reached its 11-day low of C$1.0188 versus U.S. Dollar, falling 0.6%. However, it has risen to the record C$1.2327 versus the Euro, while the government bond yields have declined to 1.565%, the lowest level since 1950.
On Monday, Moody's Investor Service lowered outlooks of Germany, the Netherlands and Luxemburg to the negative level. On the basis of the euro zone downturn Moody's expect those three countries to be bear main financial support and have most cash outflows.
Soon after the Chinese central bank lowered its forecast for nation's economic growth, Asian markets slipped down, already for a second day in a row. The MSCI Asia Pacific Index tumbled 1.9 per cent to 114.48; Hang Seng Index declined 3 per cent, Shanghai Composite Index erased 1.3 per cent. On the top of that Japan's Nikkei 225 Stock Average dropped by 1.9 per
Canadian markets were dragged down by grim data out of Eurozone. The S&P/TSX benchmark index erased 1.26 per cent to 11,496, with similar drop on Wall Street. Meanwhile, Canadian economic sectors also turned red on Monday, with decline in metals and mining stocks by 3.5 per cent and 2.12 drop in the materials sector. In currency news, the loonie declined against the American counterpart by 0.33
Spain's market regulator banned short-selling of shares for three months, in order to limit price moves after the markets declined dramatically on heightened worries about Spanish economy. Meanwhile, Italy has also blocked short-selling for one week period. Spain's finance minister denied the possibility that country may claim for a full bailout, but the effect was opposite. The yield on country's 10-year bonds rocketed to a