Most Asian stocks declined as U.S. manufacturing unexpectedly contracted. The MSCI Asia Pacific Index lost 0.1% to 124.53 at 2:40 p.m. in Tokyo, with almost 5 shares declining for every 4 that gained. Australia's S&P/ASX 200 Index fell 0.6%, with the country's home-building approvals declining more than expected in October. South Korea's Kospi Index and Japan's Nikkei 225 Stock Average
The Australian Dollar strengthened versus all its major peers after the RBA cut the key interest rate from 3.25% to 3%, which was widely expected by economists. The Aussie Dollar gained 0.3% to $1.0449 at 2:57 p.m. Sydney time after falling 0.5% during the previous 3 sessions. The New Zealand Dollar rose 0.3% to 82.31 U.S. cents.
Australia's central bank cut the key interest rate to the lowest level in 50 years set during the global recession in 2009 as hiring slows and a strong currency hurts manufacturing and tourism. The RBA Governor Glenn Stevens and the board cut its benchmark interest rate by 0.25 percentage point to 3% on Tuesday, according to the statement of the
German shares rose on signs of growth in Chinese economy and better economic data on Europe that boosted up demand. The data on Euro-area's PMI indicated the manufacturing sector was shrinking at a slower-than-expected pace in November and adding to signs of Eurozone's recovery. However, concerns over the U.S. unsolved budget keep rising. The DAX index advanced 0.72% to 7,458.55.
UK equities are trading higher on Monday, favored by energy shares and heavyweight mining. The latter sector improved after Chinese manufacturing sector expanded in November the first time in more than year. Data on UK's manufacturing also shrank less-than-expected. However, mixed views have appeared over whether the UK equity market is going to further improve, as the uncertainty on the
Regardless of Chinese economy accelerating its pace of growth in November and the Chinese vice-premier's attempts to motivate investors, onshore Chinese equities dropped on Monday. The Hang Seng Index lost 1.19% to 21,767.85, after opening at 22,070.44 and rallying to its high of 22,162.47 earlier. All sectors within the index posted losses with Technology, Basic Materials and Oil and Gas
Japanese shares rose on Monday amid improved manufacturing numbers in China and weak Yen. However, capital spending by Japan's businesses dipped more-than-expected in Q3, capping gains of Nikkei stock average. Moreover, disappointing consumer spending reading in the US last week added pressure on Japanese equities. The Nikkei 225 Index climbed 0.13% to end the session at 9,458.18. Only four in
Bonds, stocks, commodities and the U.S. Dollar showed monthly gains for the second time in 2012 on central banks' monetary stimuli that lead to growth of the global economy. The Dollar Index, that trades the currency versus basket of six main counterparts, rose 0.29% for the first time in six months. The world economy reached the highest level in 1.5
US blue chips ended the week in green territory despite disappointing numbers from domestic economy. The data showed that US consumers spent less in October as personal spending posted an unexpected drop of 0.2%. Dismal consumer spending figure resulted in US growth estimates cuts for Q4. However, the market received a boost from another side of the Atlantics. The ECB
US stocks ended last November's session with mild gains despite lingering concerns over lack of progress in the US budget talks. Adding pressure on the US equities, Chicago PMI attained 50.4 in November, missing estimates of an expansion to 50.5. Moreover, personal spending unexpectedly declined in October, edging down 0.2% after a 0.8% increase in September. Weak data on consumer
After four-month rally Italian bonds are at risk of decline as Silvio Berlusconi, former Prime Minister of Italy, plans to return which will change political landscape ahead of elections in 2013. After Berlusconi's announcement of a possible comeback investors demand to keep Italian bonds maturing in 30 years vice German bonds of the same maturity dropped to the lowest in
The U.S. Dollar declined to the lowest since October 23 versus the Euro on the Chinese data showed Manufacturing PMI increased to 50.6 in November, seven-month high. The Dollar depreciated 0.3% and traded at $1.3026 per Euro after reaching $1.3047, a six-week low. The Dollar Index dropped to the lowest in a month ahead of the report that will show
The Markit purchases managers' index (PMI) was 46.2, comparing with 45.4 in October, indicating the contraction of the 17-nation euro zone contraction for a 16th consecutive month. Although the pace of decrease slowed, but the downturn remains severe, suggesting that the region's recession deepened in the last quarter of the year, according to Chris Williamson, chief Markit's economist.
The Stoxx Europe 600 index climbed by 0.4% to 276.75 points in early London trading session on Monday. European stocks advanced, following the longest series of gains in last six years, as economic data showed China's manufacturing expansion: China official Purchasing Managers' Index was 50.6 in November, the highest value in 7 months. Also, markets trade on news from Greece,
Japanese capital spending, except software, increased by 2.4% on yearly basis, after a 6.6% gain in the previous quarter, as the Ministry of Finance announced on Monday. The actual number exceeded economists prediction, which was 1% gain, indicating that the third largest world economy may experience just a short-lived contraction. Also, October production unexpectedly increased supporting the expectations that Japanese
Farm commodities were mostly lower on Friday on weak demand for US supplies and upgrades of Chinese crops. Rising exports from Ukraine and Russia dragged gains lower, while expectations for higher production in South America weighted on softs. However, broadly weaker US Dollar restricted the downswing of rural commodities.Wheat tanked as demand for US exports continued to deteriorate. South Korea
Energy futures apart from natural gas moved higher on Friday amid on-going geopolitical tensions in the Middle East. Investors continued to eye protests in Egypt against an extension of President Mohammed Morsi powers. Crude oil climbed on better demand prospects in China as the country's PMI probably have climbed further in November. Moreover, escalated tensions in the Middle East coupled
Industrial metals extended previous gains on Friday despite weak data releases from the US and Eurozone. Fading optimism over Greece also weighted. Moody's believes that the debt burden of Greece is unsustainable even after the country's bailout terms were eased. Base metals found support on expectations that Chinese PMI expanded more than forecast last month.Aluminum gained 1.45% amid rising energy
Precious metals dipped on Friday amid broadly stronger US Dollar and uncertainty over the US fiscal cliff. However, the downswing was restricted due to weak US data releases. US consumer spending slumped unexpectedly in October, thus raising hopes that the Fed will ease its monetary policy further. Meanwhile, market players continued to monitor key US data to gauge the strength
European stock futures on the Euro Stoxx 50 Index, the benchmark for the all Euro area, advanced by 0.1% to 2,582 points in early London trading session on Monday. European futures were higher as two measures of China manufacturing industry increased tempting that sector managed to stay on expansionary territory. Also, Greece prepared to open bids for repurchasing its bonds.
Swedish seasonally adjusted purchasing managers' index for the manufacturing sector was 43.2 in November, indicating the contraction of manufacturing industry, according to the Swedbank announcement on Monday. The rate of fall stays unchanged from the previous month and sets the fourth consecutive month of decrease. The indicator of firms' planing output in the next six months also indicates pessimism.
The NEVI Purchasing Managers' index was 48.2 in November comparing with 48.9 in the previous month, according to Markit Economics announcement on Monday. The value of PMI was the lowest since June and that was a six consecutive month of manufacturing sector contraction. Orders were hurt by a weak global and domestic demand and clients' efforts to reduce stock.
Spanish seasonally adjusted purchasing managers' index was 45.3 in November, comparing with 43.5 in the previous month, according to Markit Economics announcement on Monday. The Spanish manufacturing sector contracted for the 19th month and the business conditions have deteriorated in each of the last 19 months. The amount of new orders also sharply declined, however slower than in October, due
Turkey annual inflation eased to 6.37% in November, comparing with 7.8% in October, the Turkish Statistical Institute announced on Monday. Consumer price index advanced by 0.38% in November, comparing with the previous month. More detailed report shows that housing made the biggest increase of 11.69% on yearly basis, followed by restaurants, cafes and hotels 9.44% increase.