European markets mostly recovered and closed higher on Monday after erasing early loss. Banks and miners rallied, though election results kept negative pressure on Greek shares. Stoxx Europe 600 gained 0.7% while French CAC 40 jumped 1.7%. German DAX finished 0.12% higher while Spanish IBEX 35 rallied 2.6%. Greek ASE Composite index, however, plunged 6.7%. UK markets were closed for
Australian Dollar depreciated versus most of its peers on Tuesday after data showed country's trade deficit widened more than expected in March. Aussie dropped 0.2% versus greenback to USD 1.0176 while Kiwi declined for a seventh consecutive day, giving up 0.2% to USD 0.7929. Currently AUD/USD is trading at USD 1.0192 and NZD/USD is trading at USD 0.7937.
Switzerland's consumer prices fell for a seventh consecutive month in April as the appreciation of Swiss franc cut the costs of imports. Consumer prices faded annual 1.0% last month after dropping at the same pace in March, Federal Statistics Office said on Monday. On monthly basis prices have added 0.1%. The yearly fall in consumer prices was more than analysts
The 17-nation currency fluctuated 0.6% from a 3-month record low on Tuesday as Greek policy makers attempt to create a new government amid worries the leading forces might be anti-austerity oriented. Euro slipped 0.2% versus US Dollar to USD 1.3030 in Asian trade and gave up 0.1% versus Japanese Yen to JPY 104.23. Currently EUR/USD is trading at USD 1.3031 and EUR/JPY
Canada's building permits increased unexpectedly in March, extending previous month's rise. The number of newly issued building permits advanced by 4.7% on a seasonally adjusted basis in March, confronting expectations for 1.5% fall. Considering yearly changes, Canada's building permits declined by 0.2% in March, after soaring by 11.9% in February.
The Indian currency, the Rupee, appreciated, following the government decision to postpone new tax avoidance rule till next year. The new legislation implies that authorities are allowed to examine deals where tax avoidance might have taken place by transferring investments through other countries. However, experts claim that new legislation may put off foreign investors. After the data release, the Rupee
Australia's trade deficit widened more than initially expected in April, according to Australian Bureau of Statistics. The country's trade deficit approached 1.59 billion Australian Dollars on a seasonally adjusted basis as compared to a March reading of a deficit of 0.48 billion Australian Dollars. Experts predicted the trade balance to drop to minus 1.40 billion Australian Dollars.
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