Energy commodities except for natural gas moved higher on Thursday amid weaker greenback and strong US economic data. Brighter demand prospects and tightening supplies also boosted energy prices. Crude oil was higher after Angela Merkel backed up the ECB steps aimed at tackling debt crisis in the Eurozone. Hopes for easing in China also sent crude oil futures up. Brent oil advanced
Base metals apart from zinc advanced on positive data from the US real estate market. US building permits reached four-year high in July. Moreover, eased worries over the Eurozone's crisis and hopes for easing in China supported the industrial metal's pack. Aluminum rebounded on optimism over the Eurozone as Spanish banks will soon be bailed out. Moreover, Angela Merkel pledged to
The Ruble strengthened against the U.S. Dollar as crude, nation's main export, traded at three-month high. The Ruble gained 0.2% to 31.8900 per U.S. Dollar, the highest since August 6. Crude climbed for a third day, rising as much as 0.8% to $95.14 per barrel, the highest close in three months. Natural gas and oil make up 50% of Russia's
Precious metals rallied on Thursday after Angela Merkel announced that Germany will do everything possible to preserve the Euro. Angela's Merkel comments boosted market sentiment and sent US Dollar lower, thus supporting precious metals. Gold jumped on the greenback's weakness and optimism over the Eurozone's debt crisis. However, the rally was capped after the WGC reported that global gold consumption tumbled
German Chancellor Angela Merkel supported the ECB's approach to decrease borrowing costs in ailing economies. Merkel,returning to the crisis fight after summer vacation, used her trip to Canada to make first comments on the European troubles in a month. Chancellor recognized Canada's debt and budget discipline as a role model for Eurozone.
The Euro almost touched 6-week high against the Japanese Yen as Germany endorsed the ECB's approach to address the sovereign debt crisis. The Euro traded at 97.99 yen from 98.04 the day before, when it reached 98.18, the highest since July 6. The Euro is set to climb 0.5% against the U.S. Dollar this week, the most since July 27.
German Producer Price Inflation weakened to 0.9% in July from 1.6% in preceding month, the Federal Statistics Office reported on Friday. Analysts predicted a reading of 1.2%. In 2011 the rate was 2.1%. On monthly basis, the PPI held unchanged despite forecast for a 0.3% increase. In June, the index dropped 0.4%.
Oil dropped after a three-day rally, cutting a third weekly rise in New York amid speculation its climb to a three-month high was not reasonable. On Friday, futures declined 0.7%, after a 1.4% gain yesterday to $95.60 per barrel, the highest since May11. September-delivery oil slid to $94.98 per barrel. Brent October-settlement crude slipped 1.2% to $113.90 per barrel in
As reported by the Fed Bank of Philadelphia, region's manufacturing Index contracted for the fourth month in a row, and reached minus 7.1 level in August. The experts had predicted the Index to add 7.9 points. Meanwhile, the Index added only 5.8 points, after falling to minus 12.9 in the previous month. Any reading below zero indicates worsening conditions.
On Thursday, August 16, crude oil futures jumped 0.5%, to $94.80 per barrel and reached a three-month high. The boost was provided by optimistic U.S. housing data and worsening geopolitical concerns. Other oil-related products were mixed, with September gasoline declining by 0.6%, to $3.07 per gallon, while heating oil for September delivery and natural gas for the same month both added 0.3% and 0.8% respectively.
Wall Street turned green on Thursday, August 16, as tech sector companies reported better-than-expected earnings. The Dow Jones Industrial Average jumped 0.2%, to 13,196.45; the Standard & Poor 500 Index rose by 0.3%, to 1,409.34, while the Nasdaq Composite Index added 0.5%, at 3,045.40. Shares of Cisco Systems Inc, a worldwide leader in networking, soared by 8.30%, as the company reported improved financial results and announced
Gold futures edged higher by 0.72 per cent to $1,618.10 per ounce, as investors optimism was fueled by positive economic data from the U.S. Other precious metals followed gold, with copper, silver and palladium all for September delivery rising by 0.43%, 1.13% and 0.71%, respectively. Even though the prices are increasing, the global demand for gold dropped 7% in the second quarter.
The latest figures, provided by the Labor Department, showed that the number of initial jobless claims in the world's biggest economy was little changed in the week ended August 11. Claims for unemployment benefits added 2,000 to 366,000, from the previous week's revised figure of 364,000. Meanwhile, employers hired 163,000 workers during last month. The overall unemployment rate is remaining above 8% level since February 2009.
German shares rose slightly on Thursday on positive news from the US and UK. Speculation that China is preparing to ease its prudent monetary policy also boosted German shares. However, fading hopes for QE3 in the US capped the upswing of the equities. The DAX Index added 0.15% to trade at 6,952.63 at GMT 12:00. Seven out of nine sectors
UK stocks extended slump on Thursday ahead of the key US data release due later in the day. Meanwhile, easing expectations weakened amid optimistic US industrial production data released on Wednesday. At the same time, an unexpected increase in the UK retail sales in July provided slight support for the stock index. The FTSE 100 Index sank 0.11% to trade
Hong Kong equities fell after news that China's FDI declined by annualized 8.7%, attaining two-year low in July. Downside risks and slower inflation created a room for monetary stimulus, according to Wen Jiabao, China's PM. Hints regarding monetary stimulus eased pressure on the China's stocks. The Hang Seng Index slumped by 0.45% to trade at 19,962.95. Only two in ten
Agricultural commodities were mixed on Wednesday as weather conditions in Brazil and India are expected to remain favorable while US crops may be worse than estimated. At the same time, broadly stronger US Dollar weighted down on the farm commodities. Wheat halted its slump on speculation that US government may have underestimated harvest damage from the most severe drought since 1936. Corn
Japan's equities rallied on Thursday after Wen Jiabao, China's PM, announced than easing inflationary pressure in China will allow the government to fine-tune its monetary policy further. Moreover, slowing CPI growth in the US also spurred speculation that the Fed may implement more stimulus measures. Nikkei surged 1.88%, approaching a six-week high of 9,092.76. Nine out of ten industries included
Energy commodities apart from natural gas moved higher on Wednesday despite disappointing US data. Meanwhile, dismal Eurozone's GDP data created notable pressure on the commodity group. Crude oil climbed after US inventory data. US crude oil stockpiles dropped by 3.7 million barrels last week compared to a forecast of a 1.73 million barrel decline. Brent oil advanced amid lower US inventories and
US blue chips stock index posted mild loss on Wednesday on mixed signals from the US economy. US industrial production was slightly above expectations in July while New York region's manufacturing activity deteriorated much more than forecast in August. The Dow Jones Industrial Average Index lost 0.06% to close at 13,164.78. Only four in nine industries included in the index
Industrial metals tumbled on Wednesday on signs that US manufacturing activity continued to deteriorate this month. Adding pressure on the base metals, Eurozone's data showed that region's GDP shank 0.8% last month. Aluminum dropped on global growth fears. However, slightly better industrial production data from the US limited the downward trend of the light metal. Copper retreated amid buildup in inventories at
US equities were mostly higher on Wednesday amid mixed US data. US CPI remained unchanged while industrial output increased slightly more than expected last month. At the same time, traders were weighting all recent US data on whether the Fed will embark on stimulus measures. The S&P 500 Index climbed by 0.11% to trade at 1,405.53. Eight out of then
Precious metals were mixed on Wednesday amid speculation that weak US CPI and manufacturing data created a room for easing measures from the Fed. However, stronger US Dollar weighted down on the commodity group. Gold rebounded after Tuesday's slump on hopes for additional stimulus measures in the US and Eurozone. At the same time, weakening physical demand from India continued
U.K. car manufacturing rose for a 13th straight month in July, reported by the Society of Motor Manufacturers on Thursday. Production climbed 22.2% on year to 119,882 units, compared to a 15.1% rise in January-June period. Meanwhile, manufacturing of commercial vehicles dropped 1.3% on year in July, from 7.7% decline in preceding month of 2012.