According to the Ministry of Finance, Japan's current account surplus widened in August from the previous year, making the first expansion in a year and a half. The current account surplus was 454.7 billion yen in August, up 4.2% from a year earlier, surpassing economists' expectations of a 423.8 billion yen surplus. Economists expect Japan to continue to have a
Rural commodities were mixed on Monday amid escalated worries that spreading debt crisis in eurozone will dent demand for farm commodities. Broadly stronger US Dollar added pressure on the commodity group. Meanwhile, traders are cautious ahead of the USDA supplies report due on Thursday. Wheat gained for the first time in three sessions on speculation that the USDA may cut global
Energy futures apart from natural gas slumped on Monday amid global growth fears. The World Bank lowered its growth estimate for China for 2012 while the IMF cut global expansion forecast for 2012 and 2013. Crude oil was the worst performer, dipping 0.61% as demand prospects deteriorated after the IMF lowered its global growth outlook. Broadly stronger greenback also pushed
Industrial metals tumbled on Monday amid lingering global growth concerns. The IMF cut its global growth estimates while the Word Bank lowered China's economic expansion forecast and feared that downside risks would persist. Meanwhile, market participants awaited the EU officials meeting due later in the week. Aluminum extended its losses as industrial production in Germany fell 0.5% in August compared to
Precious metals moved lower on Monday amid broadly stronger US Dollar and global economic concerns. The IMF lowered its global growth forecast for 2012 and 2013 to 3.3% and 3.6% from 3.5% and 3.9%, respectively. At the same time, rising unrest in South Africa limited losses of the commodity group. Gold slid on solid greenback. However, growth forecasts' cuts fuelled speculation
According to the International Monetary Fund, the global recovery is slowing as government policies failed to increase confidence. Moreover, the risk of further worsening in the economic outlook is considerable. The IMF cut its projection for global growth to 3.6% in 2013 from its projection of 3.9% in July. The U.K. economic outlook is expected to shrink by 0.4% in
Australia's Dollar rose from the lowest level in three months as European finance ministers announced the aid fund operational as well as gains in commodities increased demand for the Aussie Dollar. Australia's currency rose 0.4% to $ 1.0233 after falling to $1.0149 yesterday, the weakest level since July 13. The Aussie Dollar lost 1.8 last week, the biggest decline since
The Euro stayed lower after a drop yesterday as the IMF revised its forecast for the Euro bloc downward and European officials struggle to tame the Eurozone's debt crisis. The 17-nation currency traded at $1.2984 after falling 0.6% yesterday to $1.2968. The Euro bought 101.81 Yen after a 1% decline. The region's economy will grow 0.2% in 2013, down from
According to the International Monetary Fund, Indian economic growth is likely to weaken this year to the lowest level in a decade after investment decreased. The IMF urged India's government to keep its interest rates unchanged until country's high inflation rate eases. The GDP will increase 4.9% in 2012, less than a forecast of 6.1% in July.
Wall Street turned red on Monday as investors are worried about Europe's debt crisis amid a gathering of eurozone finance ministers. The Dow Jones Industrial Average fell 0.2%, to 13,578.02; the Standard & Poor 500 Index declined 0.4%, to stand at 1,454.55, while Nasdaq 100 futures lost 0.8%, to 3,111.61.
On Monday, October 8, European stocks extended losses as investors are cautious about global growth and are waiting for the eurozone finance ministers meeting later this week. The Stoxx Europe 600 Index erased 0.98 per cent to 271.43. Germany's DAX Index inched lower 1.44 per cent to 7,291.21 and France's CAC 40 Index lost 1.46 per cent to 3,406.53.
German industrial output fell as consumption and demand weakened, adding to concerns that the country was hit by the global economic slowdown. The Federal Statistical Office (Destatis) said on Monday that nation's industrial production contracted by 0.5% after jumping 1.2% in July. Analysts had predicted German industrial production to decline by -0.8% in August.
German shares started the week on the negative note amid increased cautiousness in the market ahead of the EU finance ministers' meeting due later in the day. Disappointing news from Asia also weighted down on German stocks. The World Bank downgraded its growth forecast for China, citing weak exports and slowing investment growth. However, smaller than expected fall in the
UK equities slumped on Monday amid persistent concerns over debt pressure in Spain and Greece ahead of the key meeting between European finance ministers due later in the day. Adding to the risk-aversion among investors, the Word Bank lowered its growth forecast for China for this year. The FTSE 100 index dropped 0.63% and is currently trading at 5,834.11. All
Hong Kong shares retreated on Monday on escalated worries that the national economy is slowing down. The World Bank cut its growth forecast for China, citing soft exports and weak growth in investments. The bank predicts the country's economy to grow by 7.7% in 2012 compared to a previous forecast of a 8.2% expansion. The Hang Seng Index lost 0.89%
Australian stocks moved lower on Monday despite mounting hopes that the Reserve Bank of Australia will lower its benchmark interest rate amid speculation that unemployment rate rose last month. The Aussie weakened to three-month low on Monday, thus lifting exporters. Market participants also were cautious ahead of the EU finance ministers' meeting due later in the day. The S&P/ASX 200
US blue chips advanced on Friday as US jobless rate unexpectedly dropped under 8% last month. However, mixed data from the single currency union capped the upswing of the US blue chips index. The Dow Jones Industrial Average added 0.26% to end the week at 13,610.15. Six out of nine sectors included in the index gained. Basic materials and consumer
US stocks ended last week on the negative note despite encouraging data from the national labour market. US unemployment rate tumbled to 7.8% last month, beating expectations of a rise to 8.1%. The S&P 500 Index inched down 0.03% to close at 1,460.93. Six out of ten sectors within the index rose. The top-gainers were industrials and basic materials. Shares
On Monday, the U.S. Dollar edged lower versus the Japanese Yen, as traders were locking in profits after U.S. employment rally. USD/JPY hit a session high of 78.25, and consolidated at 78.33, which was a 0.42% fall for the European morning trading session. The pair's support was likely to be at 78.12, while the resistance was prone to be 78.76.
Japan's Honda Motor, Nissan Motor and Toyota Motor plan to cut their production in China by half, as territorial disputes between Asia's trading partners decrease sales of Japan's cars in the world's biggest car market. Toyota's China Sales declined 40% in September from the previous year to 50 000 cars.
On Monday, Sentix reported that its investors confidence index decreased more than expected. Sentix Eurozone investor confidence index fell to minus 22.2 on a seasonally adjusted basis in September, compared to the reading of minus 23.3 in August. Analysts, however, expected that investor confidence would decline at a more modest pace, with the index equal to minus 20.8."There were plenty of reasons for this: the
Precious metals slumped on Friday amid positive data releases from the US labour market. US unemployment rate dropped to 7.8% last month while experts predicted the jobless rate to rise to 8.2%. At the same time, broadly weaker greenback limited losses of the commodity group. Gold started Asian session on the positive note on Friday; however, unexpected rise in the US
Swiss Federal Statistical Office reported on Monday that consumer prices in Switzerland were growing in September. Consumer price index added 0.3% last month, compared to no change in August. The data is in line with expectations, since analysts also expected that Swiss prices would grow by 0.3%.Swiss consumer prices in September declined 0.4% year-on-year, following a 0.5% decrease in August. Economists projected a 0.6%
Farm commodities dropped on Friday despite softer US Dollar. Weakening demand for US supplies coupled with favorable weather forecasts in the country created heavy selling pressure on grains. Meanwhile, renewed oversupply concerns sent sugar and coffee futures lower. Wheat prolonged its slump on worries that demand for US supplies is weakening due to availability of cheaper grains from Russia. Corn followed