Worlds third largest economy, which used to derive almost one third of its energy from nuclear sources, stopped its last nuclear reactor on saturday evening. Japan's government admits it won't manage to keep up with increasing demand for fossil fuel and promises to present clear energy policy this year.
Euro weakens for sixth consecutive day after French elected Socialist Francois Hollande for their new president and Greeks chose three new parties into their parliament. Single European currency lost value against 15 major pairs and EUR/USD dropped below 1.30 for the first time after mid-April.
The US Treasury Department plans to sell about 5 billion US Dollars of the AIG stock. The Treasury plans to sell 163.9 million shares priced at 30.50 US dollars each as compared to a Friday's close of 32.83 US Dollars per share. The stake of the Treasury Department thus falls from 70% to 63%, according to the e-mail statement of
Republicans support legislation aimed at cutting 380 billion US Dollars of social programs, such as food stamps, children tax credits and health care to protect military spending. Republicans are likely to increase defense spending by 8 billion US Dollars to 554 billion US Dollars next year. The move is considered to be a part of the looming elections due in
German DAX index traded lower on Monday as investors anticipated news about French and Greek elections where voters favoured anti-austerity political forces. Losses were limited as German factory orders expanded more than expected in March. On the upside Commerzbank and BMW AG added 1.8% and 1.3% respectively. The main negative contributors were Deutsche Lufthansa and Linde AG dropping 2.7% and
CAC 40 index slipped on Monday morning after France elected new president Francois Hollande, the first socialist president in 17 years. Additionally Greek voters elected anti-bailout parties on Sunday fuelling worries about Europe's ability to curb debt crisis through austerity measures. Index however, recovered during session and moved into green area. French banks advanced with BNP Paribas adding 1.2% and
Hong Kong's Hang Seng tumbled along with other Asian indices on Monday after Francois Hollande the French Socialist was elected President and US hiring climbed less than predicted. Hang Seng index fell 2.61% or 549.35 points and finished at 20,536.65 showing the weakest performance since November 2011. Finance related stocks contributed most severely to the Hang Seng. Heavyweight HSBC Holdings
Europe's biggest economy's factory orders accelerated more than estimated in March as the demand from countries outside Euro region relieved the negative effect from debt turmoil. Adjusted factory orders climbed 2.2% in March compared to previous month. Economists questioned by Bloomberg expected only a 0.5% gain. On yearly basis, however, factory orders have declined 1.3%.
Agricultural commodities were mixed on Friday as negative headlines from the Euro Zone and US lingered concerns that global demand may weaken.Wheat continued to be pressured by stronger greenback and favorable weather forecasts in the US. However, robust demand from the EU and China may lift the price in the medium-term.Corn advanced on strong US sales, especially to Mexico and
Energy commodities tumbled on Friday, being pressured by stronger US Dollar and weak economic data releases.Crude oil declined amid elevating US inventories that hit the highest level since 1990 last week.Brent oil extended previous losses as high likelihood of positive outcome from Iran's meeting with world six major powers on May 23 removed risk-premium for the commodity.Natural gas decreased as
Industry metals were impacted by the global growth worries after disappointing services PMI releases as well as sluggish recovery of the US labour market.Aluminum was the top loser amid broadly stronger greenback and weaker world's equities. However, the light metal may seek support in the improved spot demand and higher smelting costs.Copper dropped by 0.66% as spot demand remained weak
Precious metals were mixed on Friday amid broadly stronger US Dollar despite disappointing US labour market data. Meanwhile, traders were cautious ahead of key elections in Greece and France. Gold rallied as dismal US job data revived hopes for more accommodative policies from the Fed.Silver was the top-gainer despite slump of the global equities and weak services sector performance in
Australian retail sales surged more than expected in April, according to Australian Bureau of Statistics. Retail sales in the country soared by 0.9% on a seasonally adjusted basis as compared to a 0.3% increase in March. Experts predicted the retail sales to appreciate by 0.2% in April. After the data release, the Australian Dollar was lower against its US counterpart
US trade deficit is expected to have expanded in March due to record-high surge in imports. The trade gap widened to 50 billion US Dollars in the period, according to Bloomberg's survey of 62 economists. US businesses may have bought more foreign goods as shipments from China surged after the Lunar New Year holiday. Meanwhile, exports may have failed to
Japan's Nikkei Stock Average tumbled sharply on Monday as French socialist leader Francois Hollande was elected President, adding to fears austerity measures would face resistance in Europe. Nikkei 225 lost 2.78% or 261.11 points and closed at 9,119.14. Export shares fell on worries depreciating Euro may curb the value of Japanese trading in the region. Sony fell 4.5% and Sharp
Dow Jones Industrial Average index fell on Friday as disappointing data from European and American labour markets fuelled fears that world wide economy might be on the track for another slowdown. Government report showed US added only 115 000 new jobs in April compared to estimated 173 000. Blue chop index plunged 1.27% or 168.32 points and closed at 13,038.27
S&P 500 index dropped sharply on Friday after data showed that hiring slowed rapidly in April. The report confirmed investor concerns that the US economic recovery is struggling. S&P 500 fell 1.61% or 22.47 points and closed at 1,369.10, marking the biggest weekly drop for this year. Southwestern Energy tumbled 7% and Peabody Energy sank 3.5% as crude prices in
Natural gas futures declined after the previous rally on Friday as traders started to cash out from the market. Natural gas price gained more than 10% over the last five sessions. Natural gas futures for June delivery closed at 2.282 US Dollars per Btu on the New York Mercantile Exchange on Friday.
Australia's construction industry continued contracting in April, according to Australian Industry Group. The country's construction index declined by 1.3 points last month to 34.9, indicating a spread of the global slowdown. Apartment construction was the largest component to decline in the index while house and commercial building also weighed on the index.
The IMF has warned Greece to halt Greek bailout funding after the preliminary results of the Greece parliamentary elections. The IMF announced that in case the country does not meet agreed austerity measures, the bailout funding will be suspended starting from June, according to the official IMF statement.
France has elected new president, Francois Hollande who polled about 52% of the votes. Mr Hollande said that he is proud to return hope to people again. He also announced that he would attempt to rework deal regarding sovereign debt in the Euro Zone countries to promote economic expansion.
Australia's business confidence improved last month amid anticipation of the further rate reduction by the Australia's central bank. However, actual economic situation remained weak. Business confidence index added four points last month after gaining three points in March. At the same time, business conditions declined by three points, attaining zero in April.
Rural commodities rebounded after previous losses as adverse weather in the EU planting regions is likely to increase demand for US supplies.Wheat managed to climb by 0.21% as worse weather may curb global wheat supplies. Global grain supplies are expected to fall by 3.6% this year.Corn was top-performer despite record high crops expected this year as US farmers intended to
Energy markets were mixed after EIA report on the US stockpiles and negative services PMI releases.Crude oil was the top loser after Genscape reported on the record high increase in crude oil inventories at Cushing, the delivery point for the US oil futures.Brent oil extended previous losses as five members of the UN Security Council expect talks with Iran to