Asian stocks dropped on Friday, following a sharp decline in energy prices. Moreover investors awaited the US non farm payroll data. South Korea's Kospi lost 0.3%, while Australian S&P/ASX 200 and Hang Seng indices each shed 0.8%. Shanghai Composite Index managed to breach downward trend and climbed 0.5%. Japanese markets remained closed for holidays.
Royal Bank of Scotland Group said on Friday its loss for the first three months of 2012 advanced, citing slowdown and tougher regulations. RBS loss for the first quarter reached to GBP 1.52 billion (USD 2.46 billion) compared to a GBP 528 million shortfall in similar period last year. RBS also said it will repay next week the last portion
Euro Area production and services output declined more than predicted in April, indicating the region continues to deteriorate. The composite index estimating both sectors fell from 49.1 in March to 46.7 in April, Markit Economics reported today. The latest drop is the fastest since October 2011. Euro stayed lower after the news.
Australian shares declined further on Friday, pushed down by miners and energy firms as commodity markets weakened. Australia's benchmark index fell 0.75% or 33 points and closed at 4,396.00. Woodside Petroleum dropped 2.2%, Origin Energy deteriorated 2.2% and Santos lost 3%. Caltex Australia slipped 1% after the Australian Competition and Consumer Commission said it has started an investigation into the
Hong Kong's shares prolonged downward trend on Friday weighed down by energy firms as US oil futures and metal prices tumbled. Asian investors remained cautious ahead of upcoming US nonfarm payroll report. Hang Seng index dropped 0.78% or 164.79 points and settled at 21,084.74 with technology sector fading most. Cnooc Ltd sank 1.3% and PetroChina Co fell 1.6%. Aluminium Corp.
Dow Jones Industrial Average index traded lower on Thursday as US service PMI gauge fell more than expected in April to 53.5. Blue chip index shed 0.47% or 61.98 points and finished at 13,206.59 with basic material and industrial sectors posting the biggest losses. 23 of 30 shares ended in the red area on Thursday. Hewlett Packard dropped 3.1%, the
S&P 500 index prolonged losses on Thursday as weaker non-manufacturing PMI data offset gains from better than expected drop in jobless claims. US benchmark index fell 0.77% or 10.74 points and closed at 1,391.57. Prudential Financial plunged 10%, the most in the S&P 500 after the second largest nation's insurance company posted a loss in the 1st-quarter as the value
The RBA reduced Australia's growth forecast, citing stagnation in the non-mining industries. The bank downgraded expansion forecast for this year from 3.5% to 3%. The decision came after the central bank unexpectedly cut the core interest rate to 3.75%, citing global fiscal difficulties and deteriorating domestic markets.
China's auto imports slowed down in Q1, according to customs statistics. The country imported 284,000 vehicles in Q1, posting a 21.7% gain as compared to about a 30% increase in Q1 of 2011. Wang Yanxue, an auto analyst, said that the growth rate is normal and the auto imports are likely to increase by 20% this year.
US services sector performance deteriorated more than initially projected in April, but still remained at the expansion level for the 28th month in line. Non-manufacturing PMI dropped by 2.5 points, attaining 53.5 in April as compared to a March reading of 56.0, according to the Institute of Supply Management. Experts predicted services PMI to lose 0.5 points to 55.5 in
Spain sold 2.52 billion Euros of its debt with higher interest rates during its debt auction on Thursday. The Bank of Spain sold its three-year bonds at yields of 4.04% as compared to the last bond auction when the costs of borrowing were at 2.6%. The bank also added that the amount of debt sold exceeded its expectations. The rise
Natural gas futures extended previous gains during the US afternoon session on Thursday after the EIA reported on slightly lower than expected increase in the natural gas stockpiles. Natural gas futures for June delivery traded at 2.365 US Dollars per Btu on the New York Mercantile Exchange, appreciating by 4.06% since opening.
China has denied that its currency is undervalued and urged the Washington to ease its policies in regards to high-tech goods exports. The announcement came after Timothy Geithner pressed China to allow the Yuan appreciate further and to ease market control. At the same time, Chen Deming, China's Trade Minister, announced that China's foreign trade is mostly balanced, indicating that
Gold prices increased during Asian trade on Friday ahead of the key labour data from the US later today. Broadly lower US Dollar also provided a lift for the yellow metal. COMEX gold futures for delivery in June traded at 1,636.80 US Dollars per troy ounce on the New York Mercantile Exchange, rising by 0.1% since opening.
Facebook determined the price for its share for its IPO at between 28 US Dollars and 35 US Dollars per share thus valuing Facebook at between 85 billion US Dollars and 95 billion US Dollars. The IPO is expected to be the biggest for the internet company, even larger than valuation of Google's of about 23 billion US Dollars in
The ECB left the core interest rate unchanged at record low level of 1% for the fifth month in a row in May. The bank also left deposit facility and marginal lending unchanged at 0.25% and 1.75%, respectively. The decision was widely expected. Traders await fresh comments from Mario Draghi regarding policies of the ECB aimed at struggling with persisting
China's services activity swung from contraction to expansion in April. HSBC reported that its services PMI index rose from 49.9 to 51.4 in April. Experts said that stronger growth in the serves sector may be attributed to the larger number of newly created businesses as well as to general improvement of the economic conditions in the country.
Crude oil futures moved higher during Asian session on Friday amid broadly weaker US Dollar. The greenback's index that measures its performance against six main currencies declined by 0.05% to 79.24 US Dollars. Meanwhile, light, sweet crude oil futures for delivery in June traded at 102.67 Us Dollars per barrel on the New York Mercantile Exchange, advancing by 0.13%.
US jobless claims posted the biggest weekly fall in almost one year last week. The number of people applying for unemployment benefits decreased by 27,000 last week, approaching 365,000. Experts projected the number of jobless claims to ease down by 12,000 to 380,000. After the release of data, the greenback added to gains against the Euro and EUR/USD traded at
Agricultural commodities were mostly lower on Wednesday along with stronger US dollar and favorable weather conditions in the US.Wheat continued its tumble as wet and warm weather conditions in the US are likely to bolster harvest prospects and may result in oversupply in the market.Corn dropped after the USDA reported that Brazilian corn crops are expected to be higher by
Energy markets were mixed on Wednesday after the EIA report on the US stockpiles. Moreover, easing tensions between Iran and the West removed supply-risk premium for crude and Brent oil.Crude oil was almost unchanged despite negative labour data releases from the Euro Zone and US. Elevating US inventories, which rose by 2.84 million barrels last week, failed to push crude
Industry metals slumped on Wednesday after the Euro Zone's PMI showed contraction from 47.7 to 45.9 in April. Moreover, rocketing unemployment in the region that rose to 15-year high of 10.9% dampened risk-sentiment and sent base metals down.Aluminum fell as China's demand is likely to slide this year. Meanwhile, the light metal may be bolstered by growing smelting prices.Copper lost
Precious metals tumbled on Wednesday amid stronger US Dollar against the Euro as the Euro Zone's debt woes continued to weight on the common currency.Gold started to move closer with riskier assets and fell after disappointing labour data from the both sides of the Atlantic. However, the yellow metal may seek support on the expectations for further monetary easing in
German DAX index climbed on Thursday lifted as ECB decided to keep its benchmark rate unchanged and Spain successfully auctioned bonds. Index was supported with positive news from US as data showed jobless claims fell more than expected last week. BMW AG rallied 2.72% after German car maker reported its EBIT jumped 19% in 1st quarter. HeidelbergCement tumbled 2.8% after