Precious metals climbed in post-holiday session, being boosted by weaker US Dollar. However, safe-haven appeal of the commodity group was dampened by mounting hopes that US lawmakers will manage to avert so-called fiscal cliff. US President Barack Obama is expected to return to Washington on Thursday to participate in fiscal talks.Gold added 0.10% despite softer demand for safe-haven assets amid
Oil traded near a two-month high as U.S. lawmakers were ready to resume negotiations to avoid ‘fiscal cliff'. Brent for February delivery declined 19 cents to $110.88 a barrel, while prices yesterday rose $2.27, or 2.1%. WTI for February settlement traded at $90.94 a barrel, and futures climbed $2.37 to $90.98 yesterday.
Asian stocks rose on caution as U.S. officials were ready to resume talks on how to avoid spending cuts and tax increases. The MSCI's broadest index of Asia-Pacific stocks excluding Japan rose 0.3%, with Australian stocks gaining also 0.3%. Hong Kong shares climbed 0.4% to near the highest level in 17 months, while Shanghai steadied after rising to the highest
The Australian Dollar weakened against all 16 major peers as US lawmakers were ready to resume ‘fiscal cliff' talks. The Aussie dollar lost 0.3% to $1.0349 at 4:07 p.m. in Sydney, set for a 0.8% drop this month. The currency bought 88.81 yen from 88.87 a day earlier. The New Zealand Dollar remained unchanged at 81.98 U.S. cents from yesterday.
Taiwan's dollar advanced to the highest level in December as overseas investors increased their holdings of the nation's assets. The Taiwan dollar gained 0.3% to NT$29.040 versus the greenback at 10:14 a.m. Taipei time. The currency fetched NT$29.019 on December 3, the highest level since November 13, and has appreciated 4.3% this year.
Japan's currency fell to the lowest level in 16 months versus the Euro ahead of data, which may show Japan's consumer prices decline, fanning speculation Shinzo Abe will push the BPJ to boost cash injections. The Yen fetched 113.65 per Euro, the lowest since August 4, 2011, before being at 113.60, down 0.3% from yesterdays close. It dropped 0.3% to
Most Russian equities edged higher on Wednesday on soaring crude oil. However, the gains were capped by Consumer goods and services that stayed unchanged on concerns the U.S. lawmakers will fail to reach a budget deal until the deadline. The Micex Index advanced 0.2% to 1,475.79 by 3:45 p.m. in Moscow. The index has advanced 5.3% so far this year.
Most emerging-market equities advanced today on better earnings prospects for Chinese companies, yet investors are concerned over whether the U.S. lawmakers will compromise on resolving "fiscal cliff" before the deadline. Indian shares also slightly increased amid investors adding to their domestic shares' holdings. Meanwhile, India, having one of the worst performing currencies, faces inflation and economic slowdown that the nation
South Korean Stocks stayed flat on Wednesday, while data indicated the nation's consumer confidence failed to improve in December. The KOSPI index increased 0.02%, or 0.43 points, to 1,982.25, advancing from its previous close at 1,981.82. The KOSPI's turnover was at 3.5 trillion Korean won that was only 80% of its 30-session daily weighted average. Five out of nine sectors
Japanese equities gained on speculation the nation's new prime minister would launch more aggressive fiscal and monetary policies. The new prime minister Shinzo Abe pledged for more monetary easing and big government spending to recover the Japanese economy from its fourth recession. Meanwhile, the yen weakened to its lowest level since April 2011, boosting up the shares of exporting companies.
Most emerging-market equities advanced today on better earnings prospects for Chinese companies, yet investors are concerned over whether the U.S. lawmakers will compromise on resolving "fiscal cliff" before the deadline. Indian shares also slightly increased amid investors adding to their domestic shares' holdings. In addition, India, having one of the worst performing currencies, faces inflation and economic slowdown that the
South Korean equities stayed flat on Wednesday, while data indicated the nation's consumer confidence failed to improve in South Korean equities stayed flat on Wednesday, while data indicated the nation's consumer confidence failed to improve in December. The KOSPI index increased 0.02%, or 0.43 points, to 1,982.25, advancing from its previous close at 1,981.82. The KOSPI's turnover was at 3.5
Japanese equities gained on speculation the nation's new prime minister would launch more aggressive fiscal and monetary policies. The new prime minister Shinzo Abe pledged for more monetary easing and big government spending to recover the Japanese economy from its fourth recession. Meanwhile, the yen weakened to its lowest level since April 2011, boosting up the shares of exporting companies.
Farm commodities except for sugar jumped in holiday-thinned Monday's session despite weak risk-appetite among traders amid US fiscal concerns. Short-covering as well as drier-than-normal weather in Brazil created an upward trend for rural commodities. Wheat climbed on speculation that rains and snow in the US Great Plains will not be sufficient to boost crops that are struggling with drought. However,
Energy futures moved lower in pre-Christmas Monday trade amid growing likelihood that US lawmakers will not manage to agree on the next year's budget until January 1. Meanwhile, lower trading activity and lack of fundamentals may result in elevated volatility in the next sessions. The EIA weekly inventory report will be released on Friday instead of Wednesday due to Christmas
Industrial metals tumbled in short Monday's session as market participants shunned riskier assets amid growing uncertainty over US fiscal agreement. Strong US Dollar as well as weak global equities also added pressure on the base metals pack. However, recent positive US data restricted the downswing. Aluminum came under heavy pressure following elevated LME stockpiles. LME inventories surged to a record
Precious metals were mixed in quiet pre-holiday Monday trade amid broadly stronger US Dollar. However, rising pessimism over the US budget deal to avert so-called fiscal cliff was supportive for the commodity group. Potential recession in the US is likely to increase demand for safe-haven assets, especially for precious metals. Meanwhile, lower-than-normal activity during holidays is expected to spur volatility
UK stocks are trading higher in thin Monday's session despite weak sentiment as US lawmakers have not agreed on budget yet. Adding pressure on the UK blue chips, national home prices tumbled for the sixth month in a row in December amid soft demand for loans. The FTSE 100 Index added 0.22% to trade at 5,951.70. All but one sector
Russian shares are trading in the red area on Monday as worries over the US fiscal standoff continued to weight on global stock markets. Additionally, weak crude oil prices created heavy pressure on energy stocks, key drivers of the Russian stock index. Micex Index dropped 0.09% to trade at 1,476.15. Only two in nine industries included in the index were
Hong Kong stocks traded mostly higher on Monday after state-owned media announced more fund allocations of China's social security fund, raising hopes for more investment flow in the banking sector. Moreover, recently China's government has removed limitations on investments made by insurance firms into Chinese banks. The move spurred rally in financial stocks. However, the upswing remained capped by mounting
South Korean shares ended Monday's session on the positive note despite lack of progress in the US fiscal talks weighting on riskier assets across the globe. However, upbeat US data and results of recent South Korean presidential elections capped losses of Korean equities. The Kospi 100 Index edged up 0.10% to finish at 1,988.39. However, only two in ten sectors
US blue chips were bearish on Friday as market players shunned risky assets amid lingering concerns that US lawmakers will not agree on next year's budget timely. At the same time, upbeat readings of core durable goods orders and personal spending for November restricted the downswing. The Dow Jones Industrial Average Index retreated 0.91% to end the session at 13,190.84.
Rural commodities apart from sugar surged on Friday despite soft demand for riskier assets amid US fiscal uncertainty. Short-covering and signals that farm commodities entered into oversold territory pushed the commodity group higher. However, weak US exports, upgrades of Brazilian crop estimates and firm US Dollar created notable pressure on rural commodities.Wheat inched higher despite year-end liquidation and preparations for
US stocks ended pre-holiday week in the red territory as risk sentiment was dampened by mounting concerns over the US fiscal impasse. Negative figures from the Eurozone also pushed US stocks lower. However, positive US data releases limited losses of US shares. The S&P 500 Index dipped 0.94% to close at 1,430.15. All sectors within the index tumbled. The top-losers