Greece will call new elections as coalition's talks aimed at forming a new government failed, Evangelos Venizelos from Socialist Pasok party reported . The president of Greece will appoint interim government on Wednesday. Following the news, the Euro tumbled against its US counterpart and EUR/USD traded at 1.2771, falling by 0.55%.
Sugar prices erased some of the previous losses due to eased concerns over ample global supplies. International Sugar Organization reported it expects the global sweetener's surplus to narrow to 3 million tons in 2012-13 season as compared to an oversupply of 6.5 million tons in the current marketing year. Meanwhile, sugar futures for delivery in July traded at 0.2007 US
The Euro Zone reported zero expansion in Q1, signaling that the region managed to avoid recession. Germany was the top-performer reporting a 0.5% expansion while Italy's economy shrank by 0.8% in Q1. Meanwhile, Greece's economy contracted by 6.2% in the period as the county implements rigid austerity measures to decrease the deficit.
U.S. Commerce department announced that growth of business inventories in March was 0.3%; 0.2% lower than expected. Results were lower mainly due to reported inventories for furniture manufacturing and building activities. Inventories are one of main components for GDP calculation and due to March results government will have to lower GDP growth estimations for first quarter down to 2.2%.
Gold prices declined in the early US trade after news that Greek parties failed to agree on new government, implying that the country will call new elections. COMEX gold June contract traded at 1,553.25 US dollars per troy ounce on the New York Mercantile Exchange, falling by 0.5%.
UK trade deficit narrowed to seasonally adjusted 2.7 billion Pounds in March as compared to a February reading of 2.9 billion Pounds, according to the Office for National Statistics. Meanwhile, deficit of goods stood at 8.6 billion Pounds while deficit of services widened to 5.8 billion Pounds in March. The figures indicate the impact of financial crisis in the Euro
April's U.S. consumer price index remained unchanged, but core consumer price index, which excludes more unstable energy and food prices, paired forecasts and was 0.2%. Change in core consumer price index in last 12 months also matched forecasts, index showed 2.3% increase in core prices since March 2011. According to specialists, slowing inflation would support views of some federal officials, that
Empire State Manufacturing Index rose by almost 11 points and reached 17.1 in April. From current indicators, shipments and inventories rose fourfold, to 24 and 4.8 respectfully. Average employee workweek indicator doubled from 6 to 12. Future oriented indicators were mostly positive, but looked less optimistic. General and new orders indicators, both decreased by one third, to 29 and 30 respectfully.
The drop of Australian and New Zealand Dollars which started in December 2011 was caused by the spill-overs of negative sentiments and high risk aversion as the Eurozone debt crisis stayed unresolved. Since technical indicators pointed that the recent fall in South Pacific dollars was excessive, the traders have revised their valuation of these currencies up. Earlier today Australian dollar
Facebook has increased its floating price to a range between 34 and 38 US Dollars from a range between 28 and 35 US Dollars, citing stronger demand for its shares. The company's value is estimated at above 100 billion US Dollars, implying that Facebook worth more than Ford, Disney and Kraft Foods. The company plans to start selling its shares
U.S. homebuilder confidence increased more than expected in May and reached the highest level since mid 2007. Index rose to 29, exceeding median estimation by 3 and highest estimation by 2 points. Future expectation index increased by 4, to 34. Geographically index increased in 3 out of 4 regions. The single decrease was registered in western part of the U.S.;
After five consecutive months of improvement ZEW Economic Sentiment for 6-month economic outlook for the Eurozone plummets by 15.5 points and enters a negative zone at -2.4. Investors and analysts' expectations of German economy's health are still positive, but aren't so optimistic any more sliding down from 23.4 to 10.8 points.
Agricultural commodities eased up on Monday as weather conditions in the US deteriorated. However, concerns over Greek political deadlock restricted gains.Wheat advanced on speculation that dry weather in Kansas may curb crops. Moreover, low wheat prices are likely to attract more buyers in future.Corn was unchanged as commodity balanced on improved Asian demand and expected ample supplies due to record
Energy markets continued to slump on Monday along with worries about slowdown in China's economy and turmoil in the Euro Zone.Crude oil dropped as China's and Euro Zone's industrial production data missed forecasts. Meanwhile, increased risk-aversion in the light of the Euro Zone's political instability also pushed crude oil down.Brent oil followed crude oil's suit and declined by 0.62% as
Industry metals moved down on Monday after China cut its RRR, signaling that the country's economy needs additional stimulus to expand. Weaker than expected Euro Zone's industry data also weighed on the commodity pack.Aluminum lost almost 1%, being pressured by global financial instability. However, the downswing was limited as Tajikistan's Aluminum reported a 11.6% fall in output.Copper attained four-month low
Precious metals extended previous losses on Monday as uncertainty over Greece's exit from the single currency union continued to lend support to the greenback.Gold approached more than four-month low amid fears that Euro Zone's recession will not be as mild as anticipated. Moreover, US Dollar Index gained 0.45% on Greek woes thus weighting on the yellow metal.Silver was the top-loser
China's currency weakened for the fifth consecutive session, singling that the country' government makes attempts to revive stagnating export sector. During over-the-counter trade on Tuesday the US Dollar appreciated to 6.3231 Yuan as compared to Monday's level of 6.3215 Yuan. Experts said that China is likely to continue to depreciate its currency to boost exports in view of global economic
China's FDI declined by annualized 2.4% in the period from January to April. China's obtained 37.9 million US Dollars in FDI in the period from January to April 2012 as compared to 38.8 billion US Dollars in 2011. April's FDI approached 8.4 billion US Dollars while in April 2011 the overseas investments hit 8.5 billion US Dollars. The negative trend
Crude oil prices tumbled during Asian trade on Tuesday, approaching five-month low as worries that Greece may exit the single currency union increased concerns about weaker demand for energy. Light, sweet crude oil futures for June delivery traded at 94.28 US Dollars per barrel on the New York Mercantile Exchange, falling by 0.53% from the last session's high of 94.36
Asian shares declined as Greece's political uncertainty dampened risk sentiment among investors. Japan's Nikkei 225 Index lost 1.2% whereas South Korea's Kospi declined by 1.4%. Meanwhile, Greece's leaders meet on Tuesday in an attempt to form strong coalition. Experts claim that in case Greece does not repay its debts, the country is likely to leave the Euro Zone that will
Gold futures dropped in Asian hours on Tuesday as political instability in Greece continued to lend support for the US Dollar. COMEX gold for delivery in June traded at 1,557.25 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.24%. Meanwhile, COMEX silver July contract attained 28.173 US Dollars per troy ounce, tumbling by 0.63%.
Japan's consumer confidence was little changed last month, indicating that the country's economic recovery is stable, reported Cabinet Office. Its sentiment index that tracks opinion on jobs and income eased down to 40.0 last month as compared to 40.3 in the preceding month. However, consumers still are not confident in robust economic growth as reading below 50.0 indicates pessimism.
Mood's has lowered the credit rating of 26 Italian banks, citing that the county's financial sector is becoming more vulnerable to crisis and impacts of the budget reductions. The largest Italian banks as Unicredit and Intesa Sanpaolo were also downgraded from A2 to A3. Ten banks were downgraded to junk status. All banks were put on negative watch, implying that
Portugal is taking drastic measures in order to meet its bailout requirements, but the initiatives do not ensure the country's presence on markets next year, the Bank of Portugal reported on Monday. The central bank acknowledged that the government significantly consolidated the budget last year, bringing the budget deficit to 4.2 % of GDP. Portugal is determined to meet a deficit target of 4.5