Precious metals ended the week on the positive note, drawing strength from long-awaited QE3 announcement made on Thursday. Adding to the positive mood of the commodity group, the greenback continued to depreciate on dismal industrial production data from the US. Gold approached almost seven-month high, being strongly supported by stimulus program in the US and weak US Dollar. Silver was flat after
Asian ex-Japanese stocks fluctuated on speculation that the Fed's stimulus announced on September 13 may increase inflation concerns for Asian countries. The MSCI Asia Pacific ex-Japan Index rose 0.2% to 442.71, setting for the highest close since May 2. Australia's S&P/ASX 200 Index gained 0.3%, while the Kospi index slid 0.3%. The Shanghai Composite Index fell 1.5%, whereas Hong Kong's
The Japanese Yen strengthened versus most of the major counterparts before the BOJ's 2-day meeting as investors weigh whether the central bank will expand its monetary easing. Japan's currency advanced 0.2% to 102.75 per Euro after a sharp fall of 3.1% in the past 4 days. It rose 0.2% to 78.25 per U.S. Dollar after fetching 77.13 on September 13,
The Australian Dollar fell from near six-months high on concern European officials struggle to find agreement to solve the debt crisis, thus curtailing demand for riskier assets. The Aussie Dollar declined against most of 16 major peers before Spanish Prime Minister Mariano Rajoy meets Italian Prime Minister Mario Monti in Rome. The Aussie Lost 0.2% to $1.0533 from $1.0551 on
US industrial output contracted the most in three years in August amid oil production cuts and slowing factory production. National industrial production slumped 1.2% last month while factory output slid 0.7%, indicating retailers' reluctance to purchase inventories during global economic uncertainty. Meanwhile, retail sales climbed for the second consecutive month on increasing spending on fuel. However, experts claim that positive retail sales data were a result
U.S. consumer sentiment surprisingly rose in early September, reaching four-month peak, as Americans were more optimistic about nation's economic and job prospects, the University of Michigan said on Friday. September consumer sentiment index jumped to 79.2, up from 74.3 in the prior month.
As reported by the Federal Reserve, industrial production in the U.S. fell most since 2009. Industrial production fell to -1.2%, down from 0.5% in the preceding month, while experts had predicted a 0.2% rise. At the same time, manufacturing output lost 0.7% last month.
German stocks surged on Friday as market sentiment was boosted by Fed's announcement about the new round of QE. The Fed reported that it will spend USD40 billion monthly to purchase mortgage-backed securities to stimulate faltering economic growth. The German DAX Index added 1.50% to trade at 7,414.47. Eight out of nine business sectors included in the index advanced. The
UK equities soared on Friday as the Fed announced new round of asset-purchases on Thursday. Meanwhile, investors focused on talks between Eurozone's finance ministers in Cyprus about whether Spain has to ask for financial backup after recent ECB decision sent borrowing costs sharply lower. The FTSE 100 Index surged 1.68% to trade at 5,914.40. Seven out of ten sectors within
U.S. retail sales grew to a seasonally adjusted 0.9% in August, up from 0.8% in the previous month, as demand for autos and gasoline rose sharply, the Commerce Department said Friday. Gas stations rose 5.5% last month, while auto sales jumped 1.3%.
The Aussie rose to a month-high against the U.S. counterpart as Fed's decision for a third quantitative easing round weakened demand for the greenback. The Aussie traded at $1.0580, after reaching $1.0588, the highest since Aug.9, poised for a 1.9% weekly climb. It also advanced 0.4% to 82.06 Yen. The Kiwi surged 0.4% to 83.43 U.S. cents, after earlier hitting
Consumer prices in the world's biggest economy rose more than expected in August, as gasoline prices soared by 9%, the Labor Department said Friday. U.S. CPI jumped to 0.6%, up from 0.0% in the prior month. Analysts had expected U.S. inflation rate to rise 0.5% last month.
India's annual Wholesale Price Index accelerated in August, outdoing economists' estimates, the Central Statistics Office posted preliminary data on Friday. The WPI advanced 7.55% on year in August, compared to a 6.87% rise in the previous month and exceeding a forecast of 7.1% growth. On monthly basis, the index increased 1.09%.
Hong Kong stocks skyrocketed on Friday after the Fed decision to start the next round of QE. China's stocks also continued to drew strength from hopes that China's government in addition to recent increase in infrastructural subsidies will loosen its monetary policy. The Hang Seng Index surged 2.90% to end the week at 20,629.78. All sectors included in the index
Japanese stocks jumped on Friday as Fed announced stimulus program to boost US economy. Adding to the optimistic mood of the Japan's equities, the national industrial production dropped less-than-expected in August. However, stronger Yen against the US Dollar continued to hit exporters. The Nikkei 225 climbed 1.83% to move above 9,000 and consolidate at 9,159.39. All but two sectors within
US blue chips index rallied on Thursday after the Fed stated that it will embark on stimulus measures to boost US economy. Larger-than-expected increase in the US PPI last month also lifted the Dow Jones index. On Friday, market players are likely to focus on the US CPI and retail sales data. The Dow Jones Industrial Average Index jumped 1.55%
US stocks surged on Thursday after the Fed announced a fresh round of QE in form of buying mortgage-backed securities. The Fed will inject USD40 billion in the economy each month until situation in the labour market improves significantly. Meanwhile, market participants also awaited US CPI data and retail sales figures due on Friday. The S&P 500 Index soared 1.63%
On Friday, Italian 10-year bonds gained for the fourth consecutive day, pushing the yields below 5% for the first time in half a year on Fed's decision to stimulate the economy. Benchmark 10-year yields eased 5 basis points and reached 4.96% at 12.55 a.m. in London. Earlier in the day the yields dropped 6 basis points, reaching 4.95 percent.
On Friday, treasuries declined on inflation expectations after Fed's decision to buy debt in attempts to boost the economy. Benchmark yields on 10-year treasuries grew by 9 basis points and reached 1.82 at 7:39 am New York time. 30-year yields were pushed to the level of more than 3% for the first time in four months, and were are equal to 3.04%, which was a
U.S. stock futures rose on Friday, after reaching multi-year highs on Fed's decision. Dow Jones futures climbed 0.4% to 13,499. Futures on the S&P 500 Index gained 6 points to 1,456.4, while those on the Nasdaq 100 climbed 13.5 points to 2,834.5. On Friday, the ICE Dollar Index declined to 78.847 from 79.2254 yesterday.
Futures for crude oil were higher on Friday on another round of Fed's monetary stimulus in the world's largest consumer of oil, and amid political tension in the Middle East. On the NYMEX, October delivery futures for light sweet crude were traded at USD100.26 per barrel, which was a 1.98% gain in the European trading hours.
The Euro continued rally against weaker U.S. Dollar on Friday, after the Fed decided to create a new round of easing in order to support the U.S. economy. Extra stimulus cuts interest rates, which has a negative impact on the greenback. The Euro climbed to $1.3121, getting above $1.31 for the first time since May, and was at $1.3108.
Eurostat reported on Friday that the level of employment remained unchanged in Eurozone in the second quarter of 2012, confounding expectations of a 0.2% decline. However, the employment level declined by 0.6%, compared to the second quarter of 2011. In Q1, employment declined by 0.3% from the preceding quarter.
Eurostat reported on Friday that the consumer price index in Eurozone was 2.6% on a seasonally adjusted basis in August, unchanged from the July's reading. Analysts also expected that the inflation would hold steady in the previous month. Core CPI, however, grew less than expected and reached 1.5%, while economists predicted that it would be 1.7%, unchanged from the preceding month's figure.