German DAX index edged lower on Tuesday as worries intensified over the inability of Greek parties to form a new government. The losses were limited as data showed industrial output in Germany accelerated three times as much as economists predicted in March. BMW retreated from previous gains and dropped 1.8%. On the upside Deutsche Telekom climbed 1.7% and Fresenius Medical
UK FTSE 100 index moved lower on Tuesday after investors returned from holiday and priced the French election results and Greek inability to form government. Miners and oil providers weighed on British main index. Vedanta Resources fell 4.4% and Randgold Resources tumbled 3.1%. Negative trend was bucked by Tullow Oil which announced it has found more oil in its Ngamia
Rural commodities advanced on Monday on the expectation for stronger demand for US supplies. However, solid US Dollar limited the gains.Wheat rose as demand for US supplies is likely to be boosted as winter crops in the EU were damaged by unfavorable weather conditions.Corn eased up despite expectation for record-high production in Ukraine and Brazil. Increased risk-aversion among investors also
Energy commodities declined amid turmoil in the Euro Zone after recent elections in Greece and France provoked worries about the region's debt crisis.Crude oil tumbled as anxiety about energy demand dented risk-appetite among investors. Meanwhile, traders are cautions ahead of the IEA report on the US energy stockpiles due later today.Brent oil continued its downward trend as dialogue between Iran
Industry metals were mixed in choppy trade on Monday as LME was closed for holiday. Base metals came under additional pressure after elections in Greece and France.Aluminum declined amid weak European equities and deteriorated outlook on the Euro Zone's recovery. Broadly stronger US dollar also weighed on the light metal.Copper closed slightly higher as spot market in China tightened after
Precious metals were strongly pressured by weaker Euro after elections in Greece and France.Gold tumbled amid broadly stronger US Dollar as elections' results hinted that the Euro Zone is far away from resolution of its financial difficulties. However, strong China's demand may revive gold prices in the nearest term.Silver was the top-loser, following the EU equities and weak Euro that
Japan's Nikkei Stock Average recovered on Tuesday though gains were limited by persisting uncertainty over Europe. Nikkei 225 index climbed 0.69% or 62.51 point and settled at 9,181.65. Toshiba Corp added 2.9% before its earnings report. Honda Motor gained 2.2% after Credit Suisse raised the stocks to outperform and lifted its price target. Toyota Motor surged 1.1% on news it
Hong Kong's shares followed their Chinese peers on Tuesday and traded lower after Sany Heavy Industry announced it may lower its sales estimate for 2012, fuelling worries a slowing real estate market will curb revenues in the construction industry. Hang Seng index dropped 0.25% or 51.90 points and closed at 20,484.75, marking loss for a sixth straight session. Aluminum Corp
Dow Jones Industrial Average index traded edged lower on Monday as the victory of anti-bailout forces in Greece and socialist President in France weighed on investor sentiment. Blue chip index fell 0.23% or 27.74 points and closed at 13,008.53. Walt Disney jumped 2% after its movie The Avengers earned $80.5 million in its local debut on Friday. Bank of America
S&P 500 index traded nearly flat on Tuesday as investors attempted to incorporate into share prices the outcomes of French and Greek elections. US benchmark added 0.04% or 0.48 points and closed at 1,369.58. Cognizant Technology Solutions tumbled 19% as the IT services firm cut its estimate for the full year citing low demand. Frontier Communications lost 7% after telecommunications
Gold slid at Asian trade on Tuesday as traders turned to the traditional Euro Zone's uncertainty hedge, the US Dollar, after results of the weekend's elections raised risk of the region falling back into recession. COMEX gold June contract traded at 1,637.85 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.08%.
Australian government plans to finish this year with budget surplus after four consecutive years of deficit. Wayne Swan, treasurer, is expected to report on large budget cuts as surplus would enable the central bank to reduce the interest rates further. Meanwhile, Australia has managed to tackle the global financial crisis better than many developed countries due to strong demand for
China, being the second largest economy, now accounts for about 15% of the world's trade volume, according to Chen Deming, Minister of Commerce. The country's trade is more balanced this year as compared to 2011, he added. The minister also expects soft landing for China as shift to slower pace of development without significant challenges is highly possible.
Crude oil prices decreased during Asian trading hours on Tuesday as traders started to sell off the commodity after recent elections in France and Greece lingered concerns over the Euro Zone's inability to resolve its financial difficulties. Light, sweet crude oil futures for June delivery traded at 97.75 US Dollars per barrel on the New York Mercantile Exchange, dropping by
US shares fluctuated between gains and losses on Monday as investors priced the outcome of French and Greek elections. Dow Jones Industrial Average fell 0.23% or 27.74 points to 13,008.53, S&P 500 index added 0.04% or 0.48 points and closed at 1,369.58 and Nasdaq Composite index gained 0.05% or 1.42 points and finished at 2,957.76.
European markets mostly recovered and closed higher on Monday after erasing early loss. Banks and miners rallied, though election results kept negative pressure on Greek shares. Stoxx Europe 600 gained 0.7% while French CAC 40 jumped 1.7%. German DAX finished 0.12% higher while Spanish IBEX 35 rallied 2.6%. Greek ASE Composite index, however, plunged 6.7%. UK markets were closed for
Australian Dollar depreciated versus most of its peers on Tuesday after data showed country's trade deficit widened more than expected in March. Aussie dropped 0.2% versus greenback to USD 1.0176 while Kiwi declined for a seventh consecutive day, giving up 0.2% to USD 0.7929. Currently AUD/USD is trading at USD 1.0192 and NZD/USD is trading at USD 0.7937.
Switzerland's consumer prices fell for a seventh consecutive month in April as the appreciation of Swiss franc cut the costs of imports. Consumer prices faded annual 1.0% last month after dropping at the same pace in March, Federal Statistics Office said on Monday. On monthly basis prices have added 0.1%. The yearly fall in consumer prices was more than analysts
The 17-nation currency fluctuated 0.6% from a 3-month record low on Tuesday as Greek policy makers attempt to create a new government amid worries the leading forces might be anti-austerity oriented. Euro slipped 0.2% versus US Dollar to USD 1.3030 in Asian trade and gave up 0.1% versus Japanese Yen to JPY 104.23. Currently EUR/USD is trading at USD 1.3031 and EUR/JPY
Canada's building permits increased unexpectedly in March, extending previous month's rise. The number of newly issued building permits advanced by 4.7% on a seasonally adjusted basis in March, confronting expectations for 1.5% fall. Considering yearly changes, Canada's building permits declined by 0.2% in March, after soaring by 11.9% in February.
The Indian currency, the Rupee, appreciated, following the government decision to postpone new tax avoidance rule till next year. The new legislation implies that authorities are allowed to examine deals where tax avoidance might have taken place by transferring investments through other countries. However, experts claim that new legislation may put off foreign investors. After the data release, the Rupee
Australia's trade deficit widened more than initially expected in April, according to Australian Bureau of Statistics. The country's trade deficit approached 1.59 billion Australian Dollars on a seasonally adjusted basis as compared to a March reading of a deficit of 0.48 billion Australian Dollars. Experts predicted the trade balance to drop to minus 1.40 billion Australian Dollars.
Worlds third largest economy, which used to derive almost one third of its energy from nuclear sources, stopped its last nuclear reactor on saturday evening. Japan's government admits it won't manage to keep up with increasing demand for fossil fuel and promises to present clear energy policy this year.
Euro weakens for sixth consecutive day after French elected Socialist Francois Hollande for their new president and Greeks chose three new parties into their parliament. Single European currency lost value against 15 major pairs and EUR/USD dropped below 1.30 for the first time after mid-April.