S&P 500 index experienced a second worst trading session this year as manufacturing data from all world regions indicated contraction. S&P 500 index tumbled 2.23% or 30.18 points finishing at 1,325.51. Celgene Corp plunged 11% after it cancelled its application in Europe to use Revlimid as a first option and maintenance therapy for patients with a deadly blood cancer. Micron
Rural commodities apart from coffee decreased on Thursday on long-awaited rains in the US and expected demand fall as global economy slows.Wheat futures retreated from four-week high on speculation that wetter weather in the US Great Plants will boost harvest.Corn was the top-loser as large harvest in Brazil is likely to add to global surplus while stagnating US growth weights
Energy markets except for natural gas dipped on Tuesday on global demand concerns and sell-off of riskier assets.Crude oil was top-loser amid high output levels from OPEC and potential demand slump in view of slowing economic expansion in the US and persistent financial woes in the Eurozone.Brent oil posted losses as negative headlines from the US, China and the Eurozone
Industry metals moved lower on Thursday on bleak global economic outlook. Weak manufacturing data also weighed on the base metals pack. Aluminum dropped despite large production cuts that may result in scarcity in the market. Primary aluminum production contracted to 67,900 tonnes from 69,900 as weak prices led to closure of smelting facilities worldwide.Copper continued its slump caused by deteriorating
Precious metals extended previous losses on Thursday on growing rick-aversion among investors as global data releases indicated economic weakness.Gold followed bearish trend on low risk-appetite among traders. The yellow metal continued to move in tandem with riskier assets, being pressured by fiscal instability in the Eurozone and slowing growth in China.Silver fell amid weakness of the global equities and broadly
The Euro improved versus the Greenback as market was focused on U.S. manufacturing slowdown more than on the index of German business sentiment. EUR/USD was traded at 1.2550, gaining 0.11%. The Eurо was also higher versus the British Pound and the Japanese Yen. EUR/GBP reached 0.8043 gaining 0.01%, while EUR/JPY rose by 0.02%, hitting 100.70.
On Friday, futures for gold inched higher during European trading hours. On the NYMEX, contracts for August delivery of gold were traded at USD1569.75 per troy once, adding 0.27% by 10:30 GMT. Earlier during the session, futures for gold peaked at USD1572.85 per troy once. The gold's support could be found at USD1560.45, while resistance was likely to be at USD1634.25.
On Friday, Statistics Canada reported that consumer price inflation in May was 1.2%, following the April's 2.0% increase in consumer prices. Canadian year-over-year CPI is lower than expected, since initial forecast was that the figure would be 2.0%. Core CPI decreased by 0.1% on a m-o-m basis, which was also lower than a predicted 0.2% increase.
On Friday, the Greenback was mainly lower versus other major currencies on weak U.S. data and pessimistic German business sentiment. EUR/USD gained 0.09% and reached 1.2551 in U.S. morning trade. Cable increased by 0.04% and hit the 1.5601 level. USD/CHF lost 0.10%, consolidating at 0.9569. However, USD/JPY advanced 0.02% and reached 80.30.
According to the two firms hired by Spains government, Spain's banks might need up to EUR 62b to survive worst case scenario. Oliver Wyman Ltd. calculated that Spain's banking sector might need from 50 to 62 billion Euros. Roland Berger Strategy Consultants stated that 52 billion Euros might be needed. Consultants used 6.5% decrease in GDP in period of 3 years
On Friday, futures for natural gas inched higher in European trading hours. On the NYMEX, July delivery contracts for natural gas were traded at USD2.603 a MMBtu, gaining 0.81% by 09:00 GMT. Earlier, futures peaked at USD2.618. The natural gas's support was likely to be found at USD2.482, and resistance was prone to be at USD2.676.
On Friday, futures for gold inched lower during Asian trading hours. On the COMEX, August delivery futures for gold were traded at USD1565.65 per troy once. Earlier, contracts for gold were traded at USD1562.35, a session low. The support was likely to be found at USD1562.36 per troy once, while resistance could be at the level of USD1634.25.
US shares tumbled on Thursday as reports over the world indicated a notable slowdown in global manufacturing. Main stock indices faced the second worst trading day of 2012. S&P 500 index tumbled 2.23% or 30.18 points finishing at 1,325.51. Dow Jones Industrial Average fell 1.96% or 250.82 points and closed 12,573.57. Nasdaq Composite slipped 2.44% or 71.36 points and ended at 2,859.09.
Canada's retail sales tumbled in April, Statistics Canada reported on Thursday. Retail sales diminished by 0.5% attaining USD 38.9 billion in April. Sales dropped by 0.8% when measured by volume. Analysts had expected a gain of 0.3%. Canadian Dollar weakened after the data release.
Europe's FMs are struggling to agree on joint strategy how to tame European debt turmoil. Parties involved in lending EUR 240 billion to Greece showed no signal of providing additional time for the recently elected government to accomplish deficit reduction targets. Moreover officials are disputing how to develop a recapitalization program of Spanish financial system maintaining investor trust.
US Dollar moved closer a weekly again on Friday on speculation data released today may indicate Ifo German business confidence fell in June. US national currency kept its largest advantage in 6 months after macro reports indicated European debt turmoil is weighing on global growth. The greenback traded at USD 1.2555 in New York session.
The Canadian Dollar depreciated versus its US peer on Thursday as disappointing Canada's retail sales boosted speculation the Bank of Canada may consider postponing additional increase in interest rates. Loonie tumbled 1.12% versus greenback to CAD 1.0297, the biggest decline since December 12. Currently USD/CAD is trading at 1.0275.
Crude oil eased up in Asian session on Friday on broadly lower US Dollar. US Dollar Index, which tracks greenback's performance against a basket of six main currencies, lost 0.14% to trade at 82.44 US Dollars. Meanwhile, light, sweet crude oil futures for delivery in August traded at 78.61 US Dollars per barrel on the New York Mercantile Exchange, advancing
The manufacturing activity in Philadelphia region fell faster than expected in June, Federal Reserve of Philadelphia said on Thursday. The index measuring production activity tumbled from minus 5.8 in May to minus 16.6 in June. Economists questioned by Marketwatch predicted an improvement to 0.0. Figure below zero indicates contraction.
Moody's cut ratings of 15 major banks, including Royal Bank of Scotland, Barclays, HSBC, Citigroup, Bank of America, Goldman Sachs and JP Morgan. Experts say that downgrades were expected and financial institutions were concerned that it would make it more difficult for banks to borrow funds commercially. Moody's attributed its decision to high banks' exposure to volatility and risk of
Sales of existing US homes declined in May indicating fluctuating trend in property market. Purchases of previously owned properties fell 1.5% to annual 4.55 million, National Association of Realtors said on Thursday. Economists questioned by Bloomberg predicted a yearly pace to diminish slower attaining 4.57 million.
Jobless claims in the US decreased by 2K, but still were at higher level than anticipated last week. Less volatile, 4 week moving average of jobless claims, increased to 386K and reached the highest level in six months. Unemployment level in the US has been above 8% for almost 3 and a half years now. In order to facilitate economic
On Thursday, the Euro erased losses versus the Greenback, however, market sentiment remained vulnerable on Eurozone's fiscal outlook. EUR/USD retreated from the the session's low of 1.2644 and hit 1.2692 in the European afternoon trade. The pair's support was likely to be found at 1.2556, while resistance was prone to be found at 1.2746.
Agricultural commodities except for coffee rose on Wednesday on unfavorable weather conditions in South and North America.Wheat soared for the third session in a row as dry weather damaged Russian crops. Russian harvest was 12% lower on June 1 as compared to the same period in 2011.Corn was higher despite potential fall in ethanol demand in the light of slowing