Farm commodities except for sugar followed downward trend on Monday as US harvesting accelerated due to favorable weather conditions. Meanwhile, recent surge in sugar and coffee prices motivated producers to sell inventories. Wheat slumped the most since January on accelerated US planting. USDA reported that winter-wheat crop was 11% planted compared 4% in the preceding week. Corn tumbled as dry weather
Energy commodities plunged on Monday as rally on easing in the US paused amid increasing profit booking and concerns over spreading debt crisis in Eurozone. However, escalated tensions in the Middle East continued to create supply risk-premium for the commodity group. Crude oil sank on stronger US Dollar and fading impact of the Fed easing measures. Meanwhile, market players await fresh
US blue chips slid n Monday on weak manufacturing activity in the US. The New York manufacturing index dropped further in September while industrial and factory production contracted last month. Moreover, China growth concerns created additional pressure on the US blue chips index. The Dow Jones Industrial Average Index lost 0.30% to close at 13,553.10. Only three out of ten
Industrial metals apart from nickel retreated on profit booking after last week's rally. Moreover, growth concerns in Eurozone and China created heavy selling pressure on the base metals' pack. Aluminum went lower on rising cautiousness among investors amid uncertainty over Spain's bailout. Over the weekend thousands of people in Spain protested over budget spending cuts. Copper slid almost one per cent on
US stocks retreated on Monday on signs of deepening recession in the US. The New York manufacturing index continued to dip this month. Moreover, a boost created by long-awaited easing measures in the US started to fade. The S&P 500 Index lost 0.31% to close at 1,461.19. Four in ten sectors within the index climbed. The top-gainers were telecommunication and
Precious metals halted their rally on Monday as markets already priced in Fed stimulus measures announced last Thursday. Stronger US Dollar also added pressure on the commodity group. Meanwhile, lingering worries over instability in Spain after thousands of people protested against austerity measures over the weekend also pressurized precious metals. Gold slumped on profit-taking after recent soar on long-awaited Fed easing
On Tuesday, European stocks fell the most for the last two weeks amid concerns that borrowing costs for Spain will rise, if it does not seek for bailout. The Stoxx Europe 600 Index declined by 0.8% to 272.69 at 9:36 a.m. London time, which was the sharpest fall since September 4. Renault SA pulled a gauge of automakers in Europe down after reported slump of
On Tuesday, ZEW reported that its index, which measures economic expectations for Eurozone, has improved significantly in September. ZEW economic sentiment climbed to minus 3.8, from the figure of minus 21.2 in the preceding month. Analysts expected a more modest increase to the level of minus 16.5 in September.
ZEW reported on Tuesday that its index of economic sentiment added 7.3 points this month. The index was equal to minus 18.2 points in September, up from the August's figure of minus 25.5. The gain is more significant than it was expected by analysts, since their prediction was that it would be equal to minus 19.2.
Australian currency prolonged earlier decline versus the U.S. counterpart on Tuesday. The Aussie touched 1.0429 versus the greenback, the lowest level in six days, after reaching 1.0478 on Monday. The pair posted a double-top reversal composition on Tuesday, signaling further trading with a 1.0320 most likely support level.
On Tuesday, treasuries were higher for the second day in a row on concerns that the biggest economy in the world will struggle to expand even after the Fed's stimulus. Yields on benchmark 10-year notes lost 3 basis points and were equal to 1.81 at 7:56 a.m. London time. The rate is higher than the record low of 1.38% in July, however still way to
Swiss Franc trimmed some of earlier losses versus its major counterparts before the European session on Tuesday. The Franc advanced to 0.9262 versus the U.S. Dollar and surged to 84.96 versus the Yen. It also gained to 1.2138 versus the common currency and to 1.6053 versus the Sterling.
On Tuesday, the greenback was broadly higher versus its major counterparts amid renewed concerns about Spanish ability to cope with its debt problems. The U.S. Dollar gained versus the Euro, EUR/USD at 1.3084, which was a 0.24% decline for the European morning trading session. GBP/USD also edged down to 1.6236, losing 0.08%, and USD/CAD added 0.04% to trade at 0.9752.
Office for National Statistics reported on Tuesday that the Retail Price Index, which measures the difference in prices for goods that consumers buy for the purpose of consumption, declined but less than expected. In the year that preceded August, retail prices grew by 2.9%, compared to a July's reading of 3.2%, and defying the expectations of a 3.1% growth.
Office for National Statistics reported on Tuesday that consumer prices in the U.K. grew in August. Consumer price index declined to 2.5% for the year prior to August from the figure of 2.6% in the preceding month. The data is in line with expectations, since analysts predicted that the U.K. CPI would be equal to 2.5% last month.
Most Asian stocks slipped on Tuesday as worries about the outcome of a territorial conflict between China and Japan pulled further on investor sentiment. The Shanghai Composite Index fell 0.9%, while Nikkei Stock Average tumbled 0.4%. The Hang Seng Index dropped 0.3% and Australia's S&P declined 0.2%, while Kospi rose 0.1%.
India's CPI rose in August as the central bank held its policy rate unchanged noting inflation fears. CPI accelerated to 10.3% from 9.86% in July, Central Statistics Office posted preliminary data on Tuesday. Total inflation for rural regions surged to 9.9% in August, from 9.76% in previous month. The Reserve Bank of India retained its lending rate at 8% and
Australia's imports of widgets tumbled seasonally adjusted A$373 million to A$21.24 billion in August, Australian Bureau of Statistics said on Tuesday. Intermediate and other goods for sale slipped 4%, lead by the fuels and lubricants content. While, consumption goods advanced A$107 million and capital goods added A$10 million.
Oil extended its slid after a two-month biggest decline amid belief that a slowdown in U.S. economy may hold back demand for fuel. On Tuesday, futures slipped 0.7% in New York, adding to a 2.4% fall before. October-delivery oil tumbled 64 cents to $95.98 per barrel and traded at $96.05. November-settlement Brent oil slid 29 cents to $113.50 per barrel
The Eurozone's trade surplus expanded in July due to decreased imports, whereas wages rose in the Q2, adding to signs the Euro bloc's economy is unlikely to contract dramatically this quarter. According to Eurostat, exports exceeded imports by as much as EUR 15.6 billion, up from EUR 13.6 billion surplus in June.
Barclays revised its forecast for China's GDP growth downward from the original of 7.9% to 7.5% amid weak data in August, the bank reported on Monday. In addition, the bank cut GDP growth forecast for 2013 from 8.4% to 7.6%. Economists of Barclays stressed that current slowdown is a combination of cyclical and structural changes.
Asian stocks ex-Japan declined on concern the U.S. economy is weakening and the Eurozone's debt crisis remains unsolved. The MSCI Asia Pacific ex-Japan Index fell 0.3% to 440.46. Japanese markets reopened on Tuesday after a public holiday. The MSCI Asia Pacific Index increased more than 8% this year, while the S7P 500 rose 16% and Stoxx Europe 600 Index gained
The Euro lost against its major counterparts, while falling from a four-month high versus the Japanese Yen before German data, which might add to signs the Eurozone crisis weighs on growth. The 17-nation currency weakened 0.3% to 102.93 Yen. The Euro fell 0.1% to $1.3099. Germany's Zew Center for European Economic Research is expected to say the index of investor
Bank of America Merill Lynch reported France's 1.07 trillion Euro of debt due in one year or longer enlarged by 7.4% since S&P downgraded its rating from AAA to AA+, more than twice the gains of the other global government note market, outpacing AAA rated Germany, U.K. and Australia. IN the meantime, French 10-year yields slid faster than those of