S&P 500 index managed to gain on Friday despite disappointing US quarterly GDP figure. US benchmark climbed 0.24% or 3.38 points to 1,403.36 with consumer service sector contributing most. Expedia rocketed 24% on better than expected net income from its hotel-booking unit. Amazon rallied 16%, after the internet retailer posted a big jump in shipments. Starbucks fell 5% after the
Inflation rate in Italy hit six-month high this month, being elevated by growing energy costs and austerity measures such as tax increases. Italy's inflation rate remained unchanged at 3.8%, reported Istat. The figure is higher than Bloomberg's forecast of 3.6%. Meanwhile, consumer confidence dropped to the lowest level since 1996, indicating that the country's economic state has been deteriorating.
Japan's oil imports increased by 11.3% in March on a yearly basis, reported METI. Total crude oil imports attained 130.52 million barrels, with Saudi Arabia remaining the largest supplier. Meanwhile, oil purchases from Iran tumbled by 36.4% year-to-year, signaling that Japan attempts to align its crude oil buying with the US sanctions.
Euro Zone's CPI was flat in April, approaching 2.6% on a seasonally adjusted basis. Experts predicted the prices to increase to 2.5% while the ECB target for the CPI is below 2%. After the release of data, the Euro stayed lower against its US counterpart and EUR/USD traded at 1.3239, retreating by 0.11%.
India's steel demand is likely to strengthen in 2012 and is projected to accelerate faster than world's demand for the metal, announced the World Steel Association. India's steel consumption is projected to rise by 6.9% to attain 72.5 million tons in 2012 while the demand is likely to expand by 9.4% next year amid soaring investments in infrastructural projects. At
Rural commodities rallied on the expectation for stronger China's demand while weaker US Dollar also bolstered the prices.Wheat and corn were the top-gainers amid strong China's demand. Moreover, advancing soybean futures after Argentina's crops downgrade also crated the stimulus for grain futures.Sugar declined due to delay in increasing permitted exports in India.Coffee managed to gain 0.37% amid record high Brazilian
Energy markets were mixed as the commodity group balanced between hopes for the next round of the quantitative easing and global demand concerns.Crude oil found support on the disrupted production in Yemen, Sudan and North Sea coupled with uncertainty over oil output in Nigeria. Brent oil retreated slightly as sluggish US demand and elevated US stockpiles restricted the gains of
Industry metals rallied on Friday on hopes for the third round of quantitative easing in the US after dismal growth data.Aluminum followed copper's trend as spot demand indicated improvement. However, China's demand is expected to decline by 11% in 2012, reported Rusal.Copper was the top-gainer on the record low red metal's inventories at the LME and Shanghai warehouses.Nickel was the
Precious metals caught momentum on Friday amid broadly weaker US Dollar and anticipation of more accommodative policies from the Fed after disappointing US growth data release.Gold was the driver for the commodity group on the increased safe-haven appeal along with growing global uncertainty as US economic expansion slows while cost of borrowing in Italy rises.Silver found fresh support on softer
Australian consumer prices accelerated at slower pace than predicted in the 1st quarter of 2012, creating an additional pressure on Reserve Bank of Australia to lower benchmark rate. Australia's CPI climbed only 0.1% in first three months this year, compared to median estimate of 0.6% growth. On yearly basis quarterly CPI gained 1.6% compared to last quarter's 3.1%
The Spain's economy declined in the first three months this year, a second consecutive contraction which officially indicates recession. Spanish GDP dropped 0.3%, following a 0.3% contraction in the last quarter of 2011, national statistics office reported on Monday. Although government's target is a 0.2% growth in 2013, it predicts a 1.7% slump this year.
Germany's retail sales recovered in March due to dropping unemployment and higher salaries which stimulated consumers' purchasing power. Adjusted sales climbed 0.8% in March, following a 0.9% drop in February. Economists questioned by Bloomberg predicted a gain of 1%. On yearly basis retail sales have accelerated 2.3%.
US shares edged higher on Friday boosted by strong earnings reports which managed to offset disappointment about weaker quarterly GDP data. S&P 500 index gained 0.24% or 3.38 points and closed at 1,403.36, Dow Jones Industrial Average index added 0.18% or 23.69 points to 13,228.31, while Nasdaq Composite climbed 0.61% or 18.59 points and finished at 3,069.20.
UK home value accelerated in April, the second straight month, Hometrack Ltd said on Monday. The home prices added 0.1%, following a 0.2% gain in March. UK housing market received a short-term stimulation from tax holidays for first-time home buyers. Hometrack predicts the advance is not likely to prolong as demand does not meet supply.
Agricultural Bank of China Ltd. reported that its net profit for the first quarter of 2012 soared by 28% on a yearly basis, being driven by essential growth in fee income and net interest. The total profit for the quarter approached 6.92 billion US Dollars whereas the acceleration of profit growth slowed as the bank posted a 36% increase in
South Sudan reported that China agreed to provide the country with 8 billion US Dollars loan for main development programmes. The funds are aimed at building roads, telecommunication networks and development of agriculture. However, the parties have not provided any indication of plans to develop new pipeline to transport oil from South Sudan to China.
Singapore's inflation rate is expected to remain high over the next months and ease in the last months of this year, reported the national bank of Singapore. The central bank announced that the inflation rate is likely to fall in range between 3.5% and 4.5% while the economic growth is expected to average between 1% and 3% in 2012.
Gold prices were steady during choppy Monday trade amid increased global uncertainty after weaker than expected US economic growth data and Spain's debt downgrade. COMEX gold futures for delivery in June traded at 1,664.25 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.03% since opening.
Crude oil prices declined during Asian trading hours on Monday as slower than expected US growth and Spanish debt downgrade both continued to affect the markets. Light, sweet crude oil futures for June delivery traded at 104.69 US Dollars per barrel on the New York Mercantile Exchange, falling by 0.225% from the previous session's high of 104.95 US Dollars per
China's return on FDI soared by 32% on an annual basis since 2004, approaching 128 billion US Dollars, reported Guan Tao, head of BOP at the State Administration of Foreign Exchange (SAFE). Ha also added that SAFE is putting a lot of efforts in stimulating the Yuan's convertibility as well as the administration supports individuals and institutions in conducting overseas
Inflation rate in Australia slowed down in April thus increasing the likelihood of more accommodative measures of the Reserve Bank. The inflation rate rose by 0.3% this month as compared to a 0.5% increase in March. The main contributors to the slowdown in the inflation rate were falling prices on footwear, clothing and travel. The Reserve Bank is expected to
Trade balance of New Zealand advanced less than expected in March, reported Statistics New Zealand. Trade balance indicated a surplus of 134 million New Zealand Dollars in March as compared to a surplus of 161 million New Zealand Dollars in February. Experts predicted New Zealand's trade balance to hit 455 million New Zealand Dollars in March.
Unemployment in Spain approached a new record of 5.64 million in March while the jobless rate topped 24.4%, reported the national statistics office. Analysts expect the Spain's officials to confirm that the country is falling into recession. Meanwhile, retail sales in the country declined by 3.7% in March on an annual basis.
France's consumer spending decreased more than expected in March, INSEE reported. Consumer spending dropped by 2.9% as compared to the previous month's expansion of 2.9%. Experts predicted the consumer spending in the country to lose 1.9% in March.