Industry metals apart from aluminum rose despite weak industry data from the US. US factory production shank last month and consumer confidence data missed expectations.Aluminum was the only loser as global economic instability and weak demand continued to force aluminum producers to reduce output capacity.Copper rose despite more negative outlook on the metal's prices as money managers increased bearish cooper
Precious metals were mixed on Friday ahead of Greek elections. The commodity group was also exposed to broadly weaker US Dollar and stronger global equities.Gold was the top-gainer as negative US industry data raised hopes for the next round of quantitative easing in the country. Silver followed gold's suit, rising by 0.17% on speculation that the Fed and ECB will
On Monday, crude was advancing in the European morning trading session, but it went off the highs, since investors remained cautious about the ability of winning party to form a coalition and increasing borrowing costs for Spain and Italy. On the NYMEX, July delivery futures for crude were traded at USD84.41 per barrel, which was a loss of 0.4% during the morning session.
Statistics Canada reported on Monday that the amount of acquisitions made by foreign investors in Canada increased to CAD10.16 billion on a seasonally adjusted basis, exceeding expectations of a significantly lower CAD5.0 billion increase. The figure for March was revised up to CAD2.40 billion of net investment from initially reported CAD2.08 billion.
German DAX index fell back from sharp gains on morning as the investors turned their attention from Greek election to surging borrowing costs in Spain which hit 7.13% on Monday, an Eurozone all time record high. Meanwhile Euro fell again back to USD 1.26. Car makers still supported the index on the upside. BMW AG and Daimler AG each surged
UK FTSE 100 accelerated in the Monday morning session boosted by initial Greek election results. However, index retreated during session the victory of pro-austerity forces failed to provide sustainable rally in the European markets. Banks posted losses after Spanish yields surpassed 7% level. Lloyds Banking Group fell 2.8% and Royal Bank of Scotland Group tumbled 4%. Rolls-Royce Holdings climbed 1.5%
Spanish 10 year yield has reached 7.13% - the euro era record. Spanish sovereign debt securities are the worst performing amongst 26 markets after June 9, when Spain asked for around EUR 100b loan for a banking sector bailout. Such loan would increase Spains debt to around 90% of it's GDP. Specialists state that after such developments Spain most likely will be the
Gold futures dropped in Asian trade on Monday after Greek elections that resulted in pro-bailout party victory, meaning that Greece is likely to keep the Euro. COMEX gold August contract traded at 1,627.65 US Dollars per troy ounce on the New York Mercantile Exchange, falling by 0.03%. Meanwhile, COMEX silver for delivery in July traded at 28.745 US Dollars per
The average home price in the UK advanced by 1% in June on a monthly basis, attaining 246,235 British Pounds. However, prices remained below their peak in 2007. Meanwhile, about 30,000 new sellers appeared in the market three weeks before the Diamond Jubilee. Experts consider that turmoil in the Eurozone is likely to impact home prices further in the next
The Westpac McDermott Miller Consumer Confidence Index lost 2.5 points, approaching 99.9 in June as compared to May's figure of 102.4. People are more worried about global economic instability as households' expectations worsened for both personal financial state and broader economic situation. However, consumers feel better than in February, said Dominick Stephens, Westpac Chief Economist.
Japan's Nikkei Stock Average jumped on Monday lifted by positive outcome in Sunday's Greek parliamentary elections which indicate pro-austerity parties are likely to form the new government. Mover Yen depreciated as Euro advanced sending export shares higher. Nikkei 225 index surged 1.77% or 151.70 points and settled at 8,721.02. Sharp rallied 5.6% after Reuters reported Hon Hai Precision Industry considers
Hong Kong's stocks edged higher on Monday as preliminary results of the Greece's parliamentary elections suggested pro-austerity forces will be able to form a coalition and receive next bailout package from EU. Hang Seng index soared 0.97% or 187.24 points and finished at 19,421.18. Financial shares cheered the results. China Life Insurance rallied 2.1% and heavyweight HSBC Holdings appreciated 1.3%.
Crude oil prices increased in Asian session on Monday as pro-bailout party won elections in Greece, implying that the country is likely to stay within the Eurozone. Light, sweet crude oil futures for delivery in July traded at 85.80 US Dollars per barrel on the New York Mercantile Exchange, rising by 77 cents from the previous session's low.
Dow Jones Industrial Average rallied on Friday on as investors continued to prize global central banks' pledge to support slowing economy. Blue chip index advanced 0.91% or 115.26 points and closed at 12,767.17. Microsoft rose added 2.3%, after reports that the firm is in talks to acquire Yammer, a developer of social networks within enterprises. Bank of America posted a
S&P 500 index posted a strong gains on Friday as investors bet on a positive outcome in Greek elections and awaited further actions regarding stimulus from global central banks. S&P 500 index added 1.03% or 13.74 points and finished at 1,342.84, the highest value since May 11. Energy shares climbed most. Wpx Energy soared 5.9% and Chesapeake Energy rallied 4.4%.
The board of the Reserve Bank of India decided to keep its key interest rate unchanged as the record high inflation rate across emerging nations reduces the room for the central bank to support slowing economy. The central bank maintained the interest rate at 8.0% instead of predicted cut by 0.25 percentage point.
US equity markets ended higher on Friday as investors hoped for a positive outcome in Greek elections and awaited further actions regarding stimulus from global central banks. S&P 500 index added 1.03% or 13.74 points and finished at 1,342.84. Dow Jones Industrial Average advanced 0.91% or 115.26 points and closed at 12,767.17. Nasdaq Composite soared 1.29% or 36.47 points and
The New Zealand and Australian Dollar strengthened against US Dollar and Yen on Monday as worries over Greek exit from the Eurozone eased as pro-austerity parties are likely to form a new coalition. Aussie advanced 0.6% versus greenback to USD 1.0117 while Kiwi climbed to USD 0.7924. Currently AUD/USD is trading at USD 1.0102 and NZD/USD is trading at USD
The prices of homes declined in 54 of 70 China's city in May, government report showed on Monday. Chinese developers have reduced the prices to stimulate sales, analysts suggest. Prices fell most in Wenzhou posting a 14% drop. Shanghai and Beijing reported a slump of 1.6%. China maintains housing market curbs despite slowing economy pushing PBOC cut the interest rate
The 17-nation currency appreciated sharply reaching almost a monthly record high after preliminary election results showed parties supporting austerity got enough votes to lead Greek parliament. Euro climbed 0.5% versus US Dollar to USD 1.2705 in Asian trade, the highest value since May 22. Currently EUR/USD is trading at 1.2712.
French President's Hollande's Social Party got the vast majority in parliamentary elections, exit polls indicated on Sunday. The Socialist party took 314 out of 577 seats while its main competitor Sarkozy's Popular Movement gained 228 places. The victory provides Socialists with a control over almost all French political institutions starting from presidency to lower and upper houses of parliament.
Greece's two historically competing parties are rushing to build a coalition as the nation's cash reserves fade, bank deposits leave the country and EU requires re-introducing austerity measures before providing more bailout financing. Greece may run out of cash in the middle of July. EU political officials demand Greece to renew spending cuts in order to receive next portion of USD 305 billion rescue
Greek voters elected a pro-austerity parties on Sunday, easing concerns about short term future of Euro Area and sending financial markets higher. Preliminary results show that pro-austerity force New Democracy has won with 29.7%. The anti-austerity party is likely to end second with a 26.9% gain. Currently ruling Pasok party gained 12.3%. Analysts expect that pro-austerity coalition consisting of New Democracy
The United Kingdom and the France increased their holdings of the US treasury securities by more than 26% in April. U.K.'s holding increased by 26.5% and reached USD 154b. France's holdings increased by almost 30% and reached USD 59.4b. The biggest buyer of US securities remained China which holds USD 1.15T as by now. Specialist state that US treasuries ares till considered safe