On Wednesday, at around 8:30 GMT, Euro sank to the lowest level against the dollar since the end of August 2010. This continued the losses of European stocks before the European leaders meeting. The pair hit USD 1.2613 level today after decreasing to USD 1.264 from USD 1.269 on two previous trading sessions this week.
The EU has agreed on pilot program worth 230 million Euros aimed at boosting economic expansion in the region without increasing the level of debt of the member states. The program, called project bonds, was approved by 27 member states. It provides easier capital access for companies that are engaged in multinational infrastructure projects. This is a significant incentive that
Asian stocks were sharply lower on Wednesday trading after former Greek PM, Lucas Papademos, reported that there is still a possibility that Greece will exit the single currency union. Adding to the negative mood of Asian shares, a World Bank reduced China's expansion forecast to 8.2% as compared to 8.4% previously expected. Hong Kong's Hang Seng Index lost 1.35% while
The Bank of Japan left the key interest rate unchanged in the range from 0 to 1% and did not announce expansion of asset-purchasing program. The bank stressed that the country's economy is moving towards stage of faster growth pace as public investments and private consumption both rose. However, attention has to be paid to Euro Zone's uncertainty and fluctuations
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
The IMF reported that persistent weakness of the UK's economy means that officials have to consider more QE measures and further reduction of the interest rates. In case currently implemented budget cutting plan slows growth essentially, the country has to delay it, the IMF added. The easing measures may create inflationary pressure but the IMF suggestion came after UK inflation
Gold declined during Asian trade on Wednesday as recent announcement of Lucas Papademos, former Greece's PM, that the possibility of Greece leaving the Euro Zone still remains weighted on the risk-appetite among investors. COMEX gold June contract traded at 1,566.35 US Dollars per troy ounce on the New York Mercantile Exchange, losing 0.64%.
Japanese exports increased less than initially expected in April, being impacted by significant decline in shipments to the EU and China. Exports eased up by 7.9% in April on an annualized rate, confronting expectations for a 12% rise. Shipments to the largest consumer of Japan's goods, China, declined by more than 7% last month. Meanwhile experts urged that slowdowns in
The stock of the United States loses its gains on Tuesday, because investors were looking to a European leaders' meeting the following day, with a worry that Europe will override cheer, which came at the same time with an optimistic housing data.Andrew Fitzpatrick, an investment director at Hinsdale Associates, has stated that they are still dealing with the descending pressure
Gold futures has shown a lower result this Tuesday, increasing the fall during the second day due to the coming pressure from the dollar and a small demand from the side of the major investors. Gold needed for June's delivery has retreated $12.10 to $1,576.60 oz. (of ounces) on the Comex separation of the Mercantile Exchange of the NYC. The concerns
Canadian stocks has risen this Tuesday, with the Toronto rate having a growth in the global markets just a day before the meeting of the European Union's leaders. The Encompass Fund cooperative governor, Malcolm Gissen, has stated that there is a positive mood in Canada about the European Union announcing a plan of solving the debt crises situation during the upcoming gathering, which will
Oil lost 1 percent following the announcement of Iran's agreement to let a nuclear inspection into the country. This will probably ease concerns over Iran's atomic energy programme. June contract for crude oil fell 91 cents to end at USD 91.66. Oil for July delivery tumbled 1.01 percent, to USD 91.85 a barrel. July contract for brent oil lost 53 cents to USD
Sales of existing homes in the U.S. increased by 3.4% in April. Now the annual rate of purchases is 4.62 million. The median price advanced by 10% year-to-year to USD 177,400. The recovery of real estate market has been slow. In 2008 sales amounted to 4.11 million, the lowest level since 1995. Realtors group predicts that this year sales of existing homes may be
Today the Organization for Economic Cooperation and Development forecasted lower growth in the euro area and encouraged policymakers to consider the issuance of Eurobonds. The OECD's latest economic outlook predicts the Euro zone GPD to shrink by 0.1 percent in 2012 and expand by 0.9 percent in 2013. The organization said that fiscal consolidation and structural measures have to be focused on growth in the
U.S. stock futures edged higher on today, as Best Buy, No. 1 consumer electronics chain, shares rose after the company outperformed revenues expectations. Best Buy announced earnings of 72 cents per share. This is by 7 cents more than last year and by 13 cents higher than Wall Street's expectation. This news moved the stock up by 7% to a preopening price of USD 19.39.
On Tuesday Fitch Ratings downgraded Japan's sovereign rating by two notches to A+ from AA. This weakened the Japanese yen and strengthened the U.S. dollar. The ICE dollar index that weighs dollar against a set of six major currencies advanced by 0.41%, to 81.266. The dollar bought 79.91 yen, up 0.75%. The euro gained 0.3% and reached 101.94 yen. However, Adam Cole of RBC Capital
Stocks of the United States have risen, with the S&P's 500 showing the highest rally in a two-month period, after China announced it plans to support economic expansion and officials from France and Germany reassured their commitment to do their best to retain Greece in the Euro zone. Shares, which have risen the most among organisations within S&P 500, are mainly technological and industrial companies;
The US Dollar recommenced appreciation on Tuesday during Asian trading session. The currency is continuing its recent bullish tendency after an unexpected fall on Monday during North American trading hours. The U.S. currency's ICE index, value of the Greenback relative to the basket of its six main counterparts, has risen to the level of 81.07, as Fitch credit rating agency
The Euro zone's currency has appreciated on Monday rebounding from its lowest rate comparing to the US Dollar since the beginning of the year. It was predicted by strategists that more pressure can be expected because of the suspense over Greece's future as a member the Euro zone and worries with respect to the region's banking system. The US Dollar index, which
Brazilian stocks increased this Monday; the gains are helping to compensate the sharp decrease, which occurred last week and was the worst in the period of nine months. Brazil's Ibovespa appreciated by 3 per cent to the level of 56,169, as the consequence of positive tendency in steel, energy, finance and retail stocks. During the previous week the index has fallen from 68
Rural commodities were mostly lower despite persistent worries about impact of adverse weather on grain crops.Wheat was the only gainer along with unfavorable weather conditions in the US, Australia and Russia. Speculation that Russia may impose ban on wheat exports as it did after severe drought in 2010 spurred wheat's rally.Corn retreated from recent highs as traders started to cash
Energy commodities advanced on Monday ahead of key negotiations between Iran and six major economies regarding Iran's nuclear program.Crude oil surged after China's Premier called for more stimulus for the country's economy in view of recent GDP growth forecast cuts.Brent oil moved up ahead of Iran's negotiations as there are no clear indications of the probable outcome. However, rising OPEC
Industry metals followed bullish trend on Monday after China's Premier Wen Jiabo announced that the country needs additional stimulus to boost growth.Aluminum was the only loser despite improved Japan's demand. The metal continued to be affected by global economic uncertainty.Copper managed to climb by more than 1% despite recent slump in China copper purchases caused by elevated inventory levels at
Precious metals were mostly higher on Monday as eased concerns over the Euro Zone's debt crisis bolstered prices. At G8 summit leaders of world's largest economies stated that the EU has to do whatever it takes to keep Greece in the Euro Zone.Gold was slightly higher as hints of more accommodative policy from the Fed and stronger Euro provided fresh