Energy futures were bearish on weak appetite for riskier assets amid fading hopes that US officials will agree on the budget before January 1. Solid greenback also pressurized the commodity group. However, recent positive US data readings as well as lower US inventories limited the downswing.Crude oil tumbled on worries over the US budget impasse. Solid US Dollar and uncertainty
Base metals except for nickel moved higher on Friday as a recent slump in prices provoked short-covering among market players. Positive US data releases also were supportive for industrial metals. However, persistent pressure from concerns over the next year's US budget continued to weight on the commodity group. Aluminum rebounded from previous lows despite elevated LME inventories. LME stocks climbed
Precious metals were mixed on Friday amid mounting uncertainty over the US fiscal standoff. Meanwhile, technical selling as well as stronger greenback created heavy pressure on the commodity group. Recent positive data releases from the US also sent precious metals lower.Gold climbed on short-covering after the yellow metal plunged to the lowest mark since August. However, solid greenback and signs
German equities dropped from a five-week high after US House Republicans cancelled vote on a tax hike for wealthy individuals, raising concerns that US lawmakers will not manage to agree on the next year's budget. Negative data from the UK and weakness of Asian equities also weighed on German shares. The DAX Index lost 0.53% to trade at 7,627.94 at
UK stocks are trading sharply lower on Friday after the UK GDP growth for Q3 for revised down from 1% to 0.9%. Moreover, the national deficit widened to GBP17.5 billion, excluding government's aid for banks, while experts predicted the deficit to reach GBP16 billion in Q3. Adding to the negative mood of the index, UK consumer confidence retreated from 18-month
Hong Kong equities ended the week in the red territory as lack of progress in the US budget talks weighted on the risk sentiment. However, strong gains of US counterparts capped losses of Hong Kong stocks. The Hang Seng Index dropped 0.68% to close at 22,506.29. Eight out of nine sectors plunged. The only gainer was utility industry, with Power
The Australian Dollar dropped to the lowest level in more than 2 weeks as U.S. lawmakers cancelled tax vote. The Aussie Dollar weakened 0.3% to $1.0453 from yesterday, after earlier fetching $1.0438, the weakest level since December 4. Australia's Dollar is set for a 1.1% weakly decline, the biggest since 5 trading days ended October 5.
Japanese shares tumbled on Friday amid fading hopes that US officials will manage to resolve a budget dispute timely. Moreover, investors were locking in gains before a three-day Christmas weekend. Depressing Japanese equities further, BoJ announced only modest easing on Thursday. However, sharp gains of the US equities as well as upbeat US data limited the downswing. The Nikkei 225
Dow climbed, being supported by upbeat US data. US economy grew faster than initially estimated in the last quarter. Moreover, manufacturing activity as well as real estate market showed positive signals. However, market participants remained cautious as US lawmakers seem to be running out of time to agree on the fiscal policy. The Dow Jones Industrials Average Index jumped 0.45%
US stocks rose on Thursday amid better-than-expected US figures. US GDP for the last quarter was revised up to 3.1% from 2.8%, while Philadelphia-region manufacturing activity expanded at the fastest pace in eight months in December. US housing market also showed signs of recovery. However, persistent uncertainty over the US budget agreement continued to weight on the US equities. The
Oil fell the most in two weeks on increasing concern U.S. lawmakers might fail to avert looming ‘fiscal cliff', which threatens to drag the world's largest economy into recession. Crude for February settlement was at $88.93 a barrel, down $1.20, after climbing 15 cents to %90.13 a day earlier, the highest close since October 18. Brent for February delivery slid
The U.S. Dollar and the Japanese Yen advanced on demand for haven assets as U.S. delayed budget vote, increasing concern the ‘fiscal cliff' will drag the U.S. economy into recession. The Yen rose versus all the major counterparts, gaining 0.4% to 84.03 per greenback. The Dollar climbed 0.3% to $1.3208 per Euro, snapping a weakly loss to 0.4%.
Asian stocks declined after U.S. Republicans cancelled a planned tax vote. The MSCI Asia Pacific Index fell 0.6% to 128.39, reversing a 0.6% advance driven by positive data that added to signs the world's largest economy is recovering. Japan's Nikkei 225 Stock Average lost 0.7% and South Korea's Kospi Index slid 1%. Australia's S&P/ASX 200 dropped 0.2% and New Zealand's
The 17-nation currency dropped as U.S. Republican plan failed to gain enough support, increasing uncertainty over chances of an agreement by the end of the year. The Euro lost 0.3% to $1.3210, falling from the highest level in eight months at $1.33085 that it touched on Wednesday. The common currency fell 0.6% versus the Yen to 111.06 yen.
The Philly Fed index of regional manufacturing activity recovering after negative effects of Hurricane Sandy, the Federal Reserve Bank of Philadelphia unveiled on Thursday. The headline index increased more than economists expected, when it rose to 8.1 after a negative figure from November of -10.7.
U.S. shares went down on Thursday after previous improvement as investors confidence about avoiding spending cuts and tax hikes declined. Earlier this week, the U.S. President Barack Obama said he might veto the plan of Republicans which extends Bush-era tax cuts. The Dow Jones industrial average slipped 0.14% to 13,233.23, the S&P 500 Index declined 0.06% to 1,434.97 and the
Outlook of U.S. economy growth in the third quarter improved as consumer spending rose more than originally estimated, the Commerce Department reported on Thursday. Final estimate of gross domestic product expansion by the Commerce Department shows the growth of 3.1% in the Q3 compared to previously forecast 2.7%, while economists expected upward revision to 2.8%.
Following an unexpected fall to the lowest level in two months in the previous week, number of claims for U.S. unemployment benefits rose in the week ended December 15, according to the Labor Department on Thursday. Initial jobless claims increased 17,000 to 361,000, while economists expected 360,000 claims."This number gets us back into the range we've been in really since
German shares are swinging between gains and losses on Thursday as market players are increasingly concerned about uncertainty surrounding US budget talks. The DAX Index is trading 0.03% higher at 7,671.58. Five out of nine industries included in the index were bullish. The top gainers were industrials and utilities. Among industrials, Deutsche Post and Volkswagen jumped 0.39% and 0.73%. Meanwhile,
The Commerce Department reported today that the U.S. economy expanded at a revised 3.1% annually in the Q3, more than it was estimated, after previously reported 2.7%, indicating a smaller trade gap and more consumer spending. However, economists expect the economy will shrink to a 1.4% pace in the current three-month period. The world's largest economy will struggle to keep
UK stocks are trading higher on Thursday ahead of the key US data releases due later in the day. However, persistent concerns over the lack of progress in the US budget negotiations put heavy pressure on the UK equities. Depressing the UK stock index, the country's retail sales were steady in November, confronting expectations for a mild increase of 0.3%.
The Bank of Japan added monetary stimulus for the first time in 4 months and will reconsider its inflation target as incoming Prime Minister Shinzo Abe calls for more action to halt price declines. The nation's central bank expanded the asset-purchase fund from 66 trillion yen to 76 trillion yen."The BOJ showed caution by failing to respond to Abe's request
The U.K. retail sales were flat in November indicating a weak consumer confidence and increasing possibility that the economy will shrink in the last quarter of 2012. According to the Office for National Statistics, retail sales including automotive fuel edged up 0.9% on annual basis, missing economists' expectations of a 1.5% increase. The Bank of England warned that the U.K.
According to the Federal Customs Administration, Swiss trade surplus rose to CHF 2.95 billion in November, while the surplus was expected to decline to CHF2.23 billion. Exports from Switzerland grew 6% month-on-month as strong sales to the U.S. and Asia offset sluggish growth in Europe, the biggest trading partner. Sales to Asia increased by 8.7% and to the U.S. by