U.S. Treasuries stayed below a level of 2 percentage points for a third straight session on Tuesday before the Federal Reserve two-day meeting starting today will answer the question whether it will keep its stimulus program in order to boost the economy or not. The 10-year yields fell 0.01% to 1.95% earlier on Tuesday following a 7 ½ basis point
Farm commodities apart from corn retreated on Monday on weak demand for risky assets after Cyrus decided to tax bank deposits. Moreover, expectations of an increase in output in Russia and Canada pressured the commodity group. Wheat tumbled the most in more than a week as farmers in Russia and Canada may boost output. Russia is likely to harvest as much
Energy futures were mixed on Monday amid concerns over stability in the Eurozone as Cyprus is set to impose taxes on deposits. At the same time, speculation that Saudi Arabia will not increase output in the nearest term supported the commodity sector. Crude oil moved higher after Saudi Arabian oil minister Ali al-Naimi said that current oil prices should not
Industrial metals slumped on Monday as market players shunned risky assets after Cyprus said it plans to levy taxes on bank deposits to meet bailout requirements. The move raised worries over financial stability of the single currency union thus weighing on industrial demand prospects of the commodity complex. Aluminum dived amid elevated inventories in China. Stocks at Shanghai Futures Exchange climbed
Precious metals were mixed on Monday amid broadly weaker US Dollar and safe-haven demand after Cyprus said it would levy bank deposit taxes. Meanwhile, market players remained cautious ahead of a two-day Fed policy meeting scheduled to start on Wednesday. Gold hit almost a two-week high amid concerns that bailout conditions for Cyprus will impact smaller depositors and push the Eurozone
Most U.S. blue chips declined on Monday, as a gauge tracking U.S. corporate credit risk climbed the most in almost a month as decision to impose tax levy on Cypriot bank deposits might spark the Euro-area's debt crisis. The Dow Jones Index slipped 0.6% to 14,456.06 after trading at its record high the last week. All but one sector posted
The Japanese Yen dropped by 0.4% to 95.60 per the U.S. Dollar and slipped by 0.4% to 123.85 per Euro by the midday Tokyo trading session on Tuesday. The Japanese currency fell, as Asian equity markets erased yesterday's losses reducing demand for haven assets. Also, a change in leadership of the Bank of Japan tomorrow affects the price amid expectations of policy
U.S. equities declined on Monday on a tax levy imposed by the Eurozone's policy makers on customer deposits held in Cypriot banks. The decision raised concerns over the area's debt crisis sharpening once again. The S&P 500 retreated 0.6% to 1,552.10. All but one sectors in the index inched lower. Helmerich & Payne Inc. posted biggest decrease in the gauge,
U.K. shares decreased on fears that Cyprus financial problems can reignite the Eurozone's debt crisis. The FTSE 100 lost 0.46%, or 33.51 points, to 6,459.67. Seven out of ten sectors included in the index posted losses. Meanwhile, telecommunications sector gained 0.98%, while consumer services group was 0.1% up. Marks & Spencer Group Plc surged 7.4% to 400 pence, as Qatar
European equities slumped on Monday amid decision made by European policy makers on the bailout plan for Cyprus. Investors raised concerns over the Eurozone's economy after announcement on the tax levy for bank customers in return for a EUR10 billion bailout. The DAX Index declined 0.7% to 7,984.53 at 5:09 p.m. in Frankfurt. All but two groups inched lower. Consumer
Raw sugar, cocoa and Arabica coffee declined on Monday, with sugar declining to its lowest level in almost a 7-day period after speculators reduced their bets on smaller prices by 62%, the U.S. Commodity Futures Trading Commission reported Monday. May raw sugar futures slid 1.7% to 18.56 cents a pound, cocoa for delivery in the same month dropped 0.8% to
U.S. Treasuries increased on Monday pushing 10-year note yields below 2 percentage points after the euro-area finance ministers made an agreement on financing a 10 billion bailout program for Cyprus by taxing bank savings in the country. The U.S. 10-year note yields dropped 0.04% to 1.95% earlier on Monday session in New York, whereas Treasuries have fallen 0.9% so far
International lending by banks grew at the slowest rate in a thirteen-month period in the Q3 as an increase of loans to non-bank lending was offset by drops in claims on banks, the Bank for International Settlement reported on Monday. The report showed the international lending by banks added 0.1%, when lending to non-banks grew 1.4%, while lending to banks
Unemployment in Hong Kong stayed flat matching a forecast in the three months ended in February, the Census and Statistics Department reported on Monday. The report showed that the unemployment rate stayed unchanged at seasonally adjusted 3.4% in the December-February period from the previous three months, with the total number of unemployed people at 123,100.
The Norges bank is likely to keep its interest rates unchanged and continue with its monetary policy at least until late-2014, as the strong Norwegian currency is preventing the government from increasing rates to weaken a housing boom, James Howat from the Capital Economics said on Monday. The Norwegian central bank maintained its benchmark rate stable as expected at 1.5%.
Commodities from oil to copper declined in Monday's session after demand prospects for raw material were weakened by the Eurozone finance ministers' agreement about taxing Cypriot banks depositors' in order to share costs of the latest bailout. June copper futures fell 2.7% to $7,545.75 a metric ton, zinc lost 1.4%, lead dropped 1.8% and aluminium shrank 1.1%.
The first estimate for the Eurozone's international trade in goods balance in January 2013 was a deficit of 3.9 billion Euros compared to a 9.1 billion deficit in January 2012, while in December 2012 the balance was +10.8 billion compared to +8.0 billion in December 2011, the Eurostat reported on Monday. The first estimate for the European Union's international trade
The Swiss economy is expected to grow at a faster pace than preliminary estimated due to signs of recovery in the global economy and an upbeat situation on foreign financial markets, the State Secretariat for Economic Affairs reported on Monday. The country's economy is forecast to accelerate 2.1% next year compared to a 2% expansion initially expected, while it is
Hong Kong stocks plummeted amid concerns that introduction of a tax levy on bank deposits in Cyprus can throw European economy back into recession. Hang Seng plunged 2%, or 449.75 points, to 22,083.36 and hit its lowest level since December 4, 2012. China Resources Power Holdings Co Ltd, a Chinese state power generating company, surged 3.7% to HK$20.950, pacing gains
Japanese equities dropped, sending down the Nikkei 225 Stock Average to cap its biggest decline in almost one year, as the Yen strengthened against its major peers after European policy makers decided to impose a 6.75% levy on all deposits under 100,000 euros in Cyprus. The finance ministers' agreement reached on March 16th raised concerns over deepening crisis in the
Total sales of new motor vehicle in Australia stayed flat in the month of February, when it recorded a total number of 95,708 units, just 41 units less than in January, the Australian Bureau of Statistics reported on Monday, while in January it dropped 2.2%. Year-on-year, sales of new motor vehicles increased by 9.4% in February following a 10.9% gain
West Texas Intermediate oil declined on Monday falling from its highest level in three weeks after the Eurozone's finance ministers decided to raise 5.8 billion euros by putting a levy on Cyprus bank savings, which brought worries about recovery in Europe. April WTI oil futures decreased $1.31 to $92.14 a barrel on the NYME after climbing to $93.45 on March
The National Institute of Statistics reported on Monday that the Italian trade deficit declined to a non-seasonally adjusted level of 1.62 billion euros in the first month of the year, compared to a figure of 2.10 billion in the preceding month. Analysts, however, expected a reading of 2.11 billion euros in January,
The survey by Rightmove showed on Monday that the average asking price in the UK hit the highest since the beginning of the crisis in March. The average price of a house reached a reading of 239,710 pounds this month. However, housing analysts of Rightmove warn that the growth could be slower because of high volatility and pessimistic sentiment.