Precious metals declined on Tuesday amid broadly stronger US Dollar after unexpected surge in the US existing home sales in April.Gold was the top-loser as exit from the Euro Zone still is an option for Greece. Additionally, inaction of the Bank of Japan pushed the yellow metal lower.Silver tumbled, following weakness of the global equities after Fitch Ratings downgraded Japan
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when
Today the minutes of the Monetary Policy Committee's meeting, which took place on May 9-10, were published. During the meeting 2 votings were carried out. The Committee voted unanimously regarding the proposition to maintain Bank Rate at 0.5%. The second proposition to keep the stock of asset purchases at GBP 325 billion was supported by 8 members out of 9, since David Miles was in
Retail sales in UK decreased by 1.1% in April compared to the same period last year and fell by 2.3% in comparison with March. This is the biggest yearly fall since the August of 2011, when retail sales volume dropped 1.2% compared to August 2010. Retail sales volume grew 0.4%, the slowest pace in 2012, compared to the same period
A day after Fitch ratings agency downgraded Japan's debt rating, the country reported smaller then anticipated exports and bigger than expected trade deficit. Exports rose 7.9% with comparison to the same period last year. This underscored estimations of specialists by 3.9%. Trade deficit increased from JPY 84.5b to JPY 520.3b (USD 6.5b) in one month. Specialists state that all major
European stocks dropped earlier today, following the comments from Greece's ex-Prime Minister Lucas Papademos and in anticipation of the EU summit. Papademos mentioned that preparations to exit the single currency area are under consideration. Resources and banks, which were leading yesterday, are falling today. At the time of writing the Stoxx Europe 600 index dropped 1.03% to 242.25 points, the CAC 40 index lost 1.30%
According to Dun & Bradstreet, Australia is among top 5 safest places to invest, together with Canada, Norway, Germany and Sweden. Australia's attractiveness to investors comes from its relatively limited dependence on European markets and its economic strength supported by the mining sector. Solid GDP growth, low unemployment rate and inflation, which remains within the target range, contribute to Australia's image of one of the
The New Zealand and Australian dollars tumbled to this year lows on worries that European leaders would not be able to make progress in solving the euro zone debt crisis during tonight's European summit. Aussie weakened against 15 of its 16 major peers. It slid 0.5 percent versus the U.S. dollar to 97.42 U.S. cents and lost 1 percent to the Japanese yen, reaching 77.65 yen.
On Wednesday, at around 8:30 GMT, Euro sank to the lowest level against the dollar since the end of August 2010. This continued the losses of European stocks before the European leaders meeting. The pair hit USD 1.2613 level today after decreasing to USD 1.264 from USD 1.269 on two previous trading sessions this week.
The EU has agreed on pilot program worth 230 million Euros aimed at boosting economic expansion in the region without increasing the level of debt of the member states. The program, called project bonds, was approved by 27 member states. It provides easier capital access for companies that are engaged in multinational infrastructure projects. This is a significant incentive that
Asian stocks were sharply lower on Wednesday trading after former Greek PM, Lucas Papademos, reported that there is still a possibility that Greece will exit the single currency union. Adding to the negative mood of Asian shares, a World Bank reduced China's expansion forecast to 8.2% as compared to 8.4% previously expected. Hong Kong's Hang Seng Index lost 1.35% while
The Bank of Japan left the key interest rate unchanged in the range from 0 to 1% and did not announce expansion of asset-purchasing program. The bank stressed that the country's economy is moving towards stage of faster growth pace as public investments and private consumption both rose. However, attention has to be paid to Euro Zone's uncertainty and fluctuations
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
The IMF reported that persistent weakness of the UK's economy means that officials have to consider more QE measures and further reduction of the interest rates. In case currently implemented budget cutting plan slows growth essentially, the country has to delay it, the IMF added. The easing measures may create inflationary pressure but the IMF suggestion came after UK inflation
Gold declined during Asian trade on Wednesday as recent announcement of Lucas Papademos, former Greece's PM, that the possibility of Greece leaving the Euro Zone still remains weighted on the risk-appetite among investors. COMEX gold June contract traded at 1,566.35 US Dollars per troy ounce on the New York Mercantile Exchange, losing 0.64%.
Japanese exports increased less than initially expected in April, being impacted by significant decline in shipments to the EU and China. Exports eased up by 7.9% in April on an annualized rate, confronting expectations for a 12% rise. Shipments to the largest consumer of Japan's goods, China, declined by more than 7% last month. Meanwhile experts urged that slowdowns in
The stock of the United States loses its gains on Tuesday, because investors were looking to a European leaders' meeting the following day, with a worry that Europe will override cheer, which came at the same time with an optimistic housing data.Andrew Fitzpatrick, an investment director at Hinsdale Associates, has stated that they are still dealing with the descending pressure
Gold futures has shown a lower result this Tuesday, increasing the fall during the second day due to the coming pressure from the dollar and a small demand from the side of the major investors. Gold needed for June's delivery has retreated $12.10 to $1,576.60 oz. (of ounces) on the Comex separation of the Mercantile Exchange of the NYC. The concerns
Canadian stocks has risen this Tuesday, with the Toronto rate having a growth in the global markets just a day before the meeting of the European Union's leaders. The Encompass Fund cooperative governor, Malcolm Gissen, has stated that there is a positive mood in Canada about the European Union announcing a plan of solving the debt crises situation during the upcoming gathering, which will
Oil lost 1 percent following the announcement of Iran's agreement to let a nuclear inspection into the country. This will probably ease concerns over Iran's atomic energy programme. June contract for crude oil fell 91 cents to end at USD 91.66. Oil for July delivery tumbled 1.01 percent, to USD 91.85 a barrel. July contract for brent oil lost 53 cents to USD
Sales of existing homes in the U.S. increased by 3.4% in April. Now the annual rate of purchases is 4.62 million. The median price advanced by 10% year-to-year to USD 177,400. The recovery of real estate market has been slow. In 2008 sales amounted to 4.11 million, the lowest level since 1995. Realtors group predicts that this year sales of existing homes may be
Today the Organization for Economic Cooperation and Development forecasted lower growth in the euro area and encouraged policymakers to consider the issuance of Eurobonds. The OECD's latest economic outlook predicts the Euro zone GPD to shrink by 0.1 percent in 2012 and expand by 0.9 percent in 2013. The organization said that fiscal consolidation and structural measures have to be focused on growth in the
U.S. stock futures edged higher on today, as Best Buy, No. 1 consumer electronics chain, shares rose after the company outperformed revenues expectations. Best Buy announced earnings of 72 cents per share. This is by 7 cents more than last year and by 13 cents higher than Wall Street's expectation. This news moved the stock up by 7% to a preopening price of USD 19.39.
On Tuesday Fitch Ratings downgraded Japan's sovereign rating by two notches to A+ from AA. This weakened the Japanese yen and strengthened the U.S. dollar. The ICE dollar index that weighs dollar against a set of six major currencies advanced by 0.41%, to 81.266. The dollar bought 79.91 yen, up 0.75%. The euro gained 0.3% and reached 101.94 yen. However, Adam Cole of RBC Capital