Hong Kong equities moved lower on Wednesday amid lingering concerns over looming US fiscal cliff and expectations for increase in share supply. About 10 billion yuan of new shares will be eligible for sale next month in the mainland. Moreover, a sharp drop in real estate projects in Shanghai dragged property developer lower. The Hang Seng Index lost 0.62% to
Japan's stocks were mostly lower on Wednesday as investors have become increasingly concerned about lack of progress in the US fiscal talks. Meanwhile, stronger national currency and profit taking hit exporters that witnessed a sharp increase during last sessions. However, mounting hopes that BoJ will ease its monetary policy after December's election and positive news from the Eurozone limited the
US stocks slipped on Tuesday, as Harry Reid, Senate Majority leader, announced that little progress has been made in averting the fiscal cliff. However, the decline in equities was capped by consumer confidence data, reaching the highest level in four years. Dow Jones fell to 12,878.13 on Tuesday, down 89.24 points or 0.7%. All but one sector tumbled. The only
US stocks tumbled for the second consecutive day as concerns on the U.S. budged talks in Washington rose, curtaining better-than-expected data on core durable goods, which surged 1.7% last month. Moreover, Eurozone's finance ministers finally reached agreement on the Greek debt-aid package, thus boosting market sentiment. The S&P 500 index dropped 0.5% to 1,398.94. The index has slid 2.1% since
On Wednesday, treasuries were traded higher, extending a 3-day long streak of gains, on speculations that fiscal cliff talks are making little progress, which increased demand for safer assets. The yield on benchmark 10-year government bonds declined by 2 basis points a reached a level of 1.62% by 6:24 a.m. New York time.
On Wednesday, copper was decreasing during European morning trading hours, as the market sentiment was determined by an upcoming fiscal cliff concerns. On the Comex, March delivery futures for the metal were traded at $3.543 per pound, which was a 0.2% daily gain. Earlier, prices hit a session low of $3.552.
The statistical office of Spain revealed on Wednesday that the country's retail sales continued to decrease last month. Year over year, Spanish retail sales declined by 9.7% compared to a 11% fall in the preceding month. Economists' forecast, however, was that sales would experience a 9.4% decrease.
On Wednesday, futures for gold were traded lower, extending a three-day long streak of losses, on stronger U.S. Dollar, which is known to be negatively correlated with the commodity. On the Comex, February delivery futures for the precious metal were traded at $1,742.25 per troy ounce, which was a 0.15% daily fall.
The European Central Bank reported on Wednesday that the amount of broad money increased at a faster speed in October. Broad money M3 grew at a rate of 3.9%, while the figure for the preceding month was 2.6%. Analysts, however, expected that the October's figure will show a more moderate growth of 2.8%.
Oil traded close to a one-week low in New York as an industry-funded report indicated increasing stockpiles in the U.S., with inventories gaining 1.96 million barrels last week, according to the American Petroleum Institute. Crude for January settlement traded down 20 cents at $86.98 a barrel, while Brent January delivery slipped 9 cents to $109.78 a barrel.
Asian stocks dropped as the OECD said failure to avoid the fiscal cliff would increase risks of global recession. The MSCI Asia Pacific Index lost 0.5% to 123.12. Japan's Nikkei 225 Stock Average declined 0.8% and South Korea's Kospi Index slid 0.9%. Australia's S&P/ASX 200 Index fell 0.8%, the Shanghai Composite Index slipped 0.7% and Hong Kong's Hang Seng dropped
Farm commodities climbed on Tuesday on concerns over South American crop conditions. Telvent DTN, weather services provider, reported that storms are expected later this week that may delay corn harvesting in Argentina and Brazil. However, solid greenback capped gains of the commodity group.Wheat soared the most in eight weeks after the USDA announced that conditions of winter varieties deteriorated further
Energy futures apart from natural gas slumped ahead of the US inventory report due on Wednesday. Broadly stronger US Dollar and mounting worries over forthcoming fiscal battles in the US weighted on the commodity group. However, better-than-expected figures from the US and Eurozone limited the downward trend.Crude oil tanked as long-waited Greek bailout deal was outweighed by renewed concerns over
The Australian Dollar stayed lower after a decline yesterday on speculation data tomorrow will reveal a stagnant capital expenditure growth, clouding the outlook for the nation's economy and the Aussie. Australia's Dollar bought $1.0447 after dropping 0.2% yesterday to $1.0446. It fell 0.4% to 85.50 yen. The New Zealand Dollar touched 82.10 U.S. cents from 82.03 and traded at 67.19
Industrial metals were bullish on Tuesday after Eurozone's finance ministers and the IMF agreed to release urgently needed Greek bailout tranche. Positive economic data from the Eurozone and US also spurred a rally of base metals. Capping the upswing, the US Dollar appreciated against its major counterparts despite renewed concerns over looming fiscal cliff in the US.Aluminum advanced for the
Precious metals except for palladium dipped on Tuesday amid solid greenback and mixed global equities. Adding pressure on the commodity group, optimism over Greece was offset by lingering worries over the US fiscal cliff. Upbeat US data and fading stimulus hopes in China also weighed on precious metals.Gold was the top-loser on broadly stronger US Dollar. However, gold may seek
The Japanese Yen strengthened versus its major counterparts as Asian stocks fell and U.S. officials struggle to reach agreement on the U.S. budget, boosting demand for haven assets. The Yen reached 81.72 per U.S. Dollar, the highest level since November 21, before trading at 81.82. The Euro fell 0.6% to 105.71 yen and has dropped 1.1% this week.
Tiff Macklem, Senior Deputy Governor of the Bank of Canada is considered to be the main candidate to succeed Mark Carney, current head of Canadian central bank, as the latter was appointed as a head of the Bank of England. Carney will take the office in July, more than 1.5 year before the end of his seven-year term, and will
German stocks advanced on Tuesday, boosted by long-awaited decision to release the next tranche of Greek bailout. Moreover, positive data from the US supported German blue chips. The DAX Index rose 0.29% and is currently trading at 7,312.91. Six out of nine sectors within the index moved higher. Health care and financial sectors were the top-performers. Fresenius SE and Fresenius
UK equities moved higher on stronger demand for riskier assets after Eurozone's finance ministers and the IMF agreed to release the next part of Greek bailout. Meanwhile, market sentiment was also supported by news that the UK GDP expanded by 1% in Q3, unchanged from the initial estimate. Positive data from the US also lifted UK blue chips. US durable
Soybeans advanced to the highest in two weeks in Chicago amid speculation that bad weather conditions in South America will restrain production. Brazil's planted soybean crop is 7% less than in 2011, while in Argentina only 37% of the crop was planted, 14% less than last year. The contract for January-delivery soybeans gained 0.7% and was settled at $14.3525 a
The Pound strengthened against the Euro for the first time since Friday amid concerns that European Union finance ministers' decision to ease Greece bailout terms will not solve debt crisis. The U.K. currency appreciated 0.1% and traded at 80.84 pence per Euro, following a decline to 81.14 pence, a five-week low. The Pound also gained against 14 of its 16
Hong Kong stocks fell on Tuesday despite growing optimism over the Eurozone after finance ministers and the IMF reached a consensus over urgently needed Greek bailout tranche. Moreover, China's industrial profits soared by annualized 20.5% in October, lifting Chinese stocks. However, fading hopes that China will ease its prudent monetary policy weighted on Hong Kong blue chips. Only three in
Japanese shares advanced on Tuesday on optimism over the Eurozone. Eurozone's finance ministers and the IMF agreed on releasing the next Greek bailout installment to keep the country afloat. Moreover, Japan's stocks found support on mounting hopes that opposition party, which is in favor of more aggressive monetary measures, will win next month election. The Nikkei 225 Index climbed 0.37%