Wall Street turned red on Wednesday, with the Dow Jones Industrial Average tumbling 0.18 per cent, the S&P 500 Index erasing 0.23 per cent, and the Nasdaq Composite Index falling 0.27 per cent. A day earlier, the Fed claimed that it is ready to intervene in the economy, and start bond-buying program in order to support the world's biggest economy.
European stocks ended three-day rally, as Standard & Poor's Ratings Services cut Greece's credit rating and traders took profits after three days of gains. The Stoxx Europe 600 Index tumbled 0.2 per cent to 268.01, after adding 0.8 per cent on Tuesday. Meanwhile, U.K.'s FTSE 100 Index dropped 0.4% to 5,818.38, Spanish IBEX 35 Index declined by 1.5% to 7,104.20; French CAC 40 Index erased
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
Chinese stocks rallied for fifth day in a line on Thursday on expectations that the POBC will ease its prudent monetary policy in view of deteriorating economic state. On Thursday, markets faced a flow of negative headlines from China. China's factory production unexpectedly slowed in July while home and car sales dropped more than expected last month. Adding to easing
Agricultural commodities were mixed on Wednesday amid broadly stronger US Dollar and better weather conditions in Brazil and India. Meanwhile, continuous drought in Russia sent grain futures higher. Wheat rebounded after USDA reported that Australia's wheat output is likely to drop by 11% in 12 months starting from October 1. At the same time, a 8% increase in Indian production in
Japanese equities surged on hopes for easing in China. China's inflation dropped to 30-month low in July, thus creating a room for further monetary policy loosening. However, disappointing Japan's core machinery orders and consumer confidence data capped the upward trend of the stocks. Nikkei 225 Index rallied 1.1% to trade at 8,978.60. All industries in the index soared. The largest
Energy commodities were mixed on Wednesday, with heating and Brent oil moving higher and natural gas and crude oil retreating. A larger than expected decline in the US crude oil stockpiles boosted energy commodities in the early US trade. Meanwhile, supply concerns also pushed energy prices up. Crude oil erased previous gains on profit-taking after the commodity hit three-month high. US
Dow Jones Industrial Average was steady on Wednesday despite negative news from the Eurozone. Hopes that the ECB, POBC and Fed will implement growth-boosting measures lifted US blue chips index. Dow Jones Industrial Average Index advanced by 0.05% to end the session at 13,175.64. Financials and energy companies provided the strongest support for the index. Among financials, American Express rose
Base metals apart from aluminum posted mild losses on Wednesday after Germany's export data weighted on market sentiment. In June, Germany's exports declined by 1.5% while industrial production of the country dropped by 0.9%. Aluminum was the only gainer on building hopes for easing in the Eurozone. At the same time, elevating US wholesale inventories and strong US Dollar capped the
S&P 500 was flat on Wednesday amid building expectations for easing measures from the ECB and Fed. However, profit warnings from several large companies coupled with negative news from the Eurozone pressurized US equities. S&P 500 closed with mild gain of 0.06% at 1,402.22. Health care and consumer goods were the top-gainers in the index. Pfizer and Johnson & Johnson
Precious metals were weak on Wednesday as soft physical demand from India weighted down on the commodity group. However, speculation that the ECB and Fed will loosen their monetary policies limited losses of the precious metals. Gold inched up despite weak demand from India. A hot and dry weather in India curbed crops, thus weighting on household revenues. Silver was the
The international food price index, that estimates the monthly change in the global prices of major food commodities, surged 6%, rebounding from preceding three months decline, Food and Agriculture Organization said on Thursday. The reverse was lead by a 12% rise in sugar prices and increase in grain prices. Maize gained 23% in price. Global wheat prices rose 19%. International
The Sterling posted mixed trading versus its major peers as U.K.'s trade deficit expanded to GBP4.3 billion, exceeding economists' expectations of GBP3.1 billion deficit. The Pound traded at 0.7883 versus the Euro, 1.5245 versus the Swiss Franc, 1.5655 versus the U.S. Dollar and 122.86 versus the Yen.
China's industrial-output rise unexpectedly eased to the lowest in three years in July while retail sales and investment missed estimates, boosting weight on Premier Wen Jiabao to act to support growth. Factory production rose 9.2% in previous month from July 2011, below analysts' estimates, the National Bureau of Statistics reported on Thursday.
China's car sales added 11% in July despite downtrend elsewhere in the economy. Passenger vehicle sales increased to 1.12 million in July, as reported by China Association of Automobile Manufacturers on Thursday. The rise is bigger than that of the U.S. and Europe but has declined since a boom in 2010.
The U.K.'s trade balance decreased to a seasonally-adjusted -10.1 billion in July, from -8.4 billion in the previous month, as reported by the National Statistics on Thursday. Analysts had awaited U.K.'s trade balance to tumble -8.6 billion last month.
Italy's excess of exports over imports advanced to a seasonally-adjusted 2.52 billion in July, from 1.01 billion in the previous month, according to Istat's industry report published on Thursday. Analysts had estimated Italian trade balance surplus to gain 0.37 billion last month.
U.S. 10-year bond yields rose to the highest level in five weeks as a $24 billion auction of the notes created the least demand in three years, making the Wall Street required to appear at government auction with their biggest volume of the offering since October. On Thursday, the Fed's 21 dealers purchased 54.2% of offering, the biggest share since
German bonds slipped, with 10-year yields climbing to a one-month high, on belief central banks may act to boost growth after China's industrial production and inflation slowed. On Thursday, the 10-year yield gained to 1.45%. The 1.75% bond due date July 2022 dropped 0.275 to 102.735. The 2-year yield advanced to -0.4%. German debt returned 3.3% in 2012 through yesterday.
Hong Kong stocks advanced, lead by the city's benchmark index expected to reach the strongest close since May, amid a four-month long slowdown in Chinese inflation providing a room for additional stimulus. The Hang Seng Index rose 1.1% to 20,277.21. The Hang Seng China Enterprise Index gained 1.2% to 9,970.42.
Japan's stocks prolonged a three-day rise after China's inflation eased a fourth month, expanding the scope for slowdown in Japan's major export market amid increasing expectations for global monetary stimulus. The Nikkei 225 Stock Average gained 1.1% to 8,978.60, the strongest since July 6.