US shares fell on Friday after China posted disappointing GDP growth data and US consumer sentiment gauge unexpectedly declined. S&P 500 index lost 1.25% or 17.31 points and finished at 1,370.26, Dow Jones Industrial Average shed 1.05% or 136.99 points to 12,849.59 while Nasdaq Composite index tumbled 1.45% or 44.22 points to 3,011.33.
UK managed to maintain its top AAA grading with an outlook defined as stable at Standard & Poor's as the rating agency countered with Fitch Ratings and Moody's Investors Service on the uncertainty regarding nation's ability to handle its debt. S&P claims confidence UK's PM David Cameron and his government will be able to lower country's budged deficit. In contrast Fitch and Moody's threatened to
Great Britain's producer prices advanced more than predicted in March, indicating inflation pressures linger in the nation's economy. The value of goods at factories added 0.6% compared to February, Office for National Statistics reported today. Economists questioned by Bloomberg expected a 0.5% gain. The costs of raw materials surged 1.9% instead of projected estimate of 1.4%.
Euro Area officials are going to Washington this week in order to demand larger war chest from overseas partners to prevent debt crisis as Spanish government struggles with surging borrowing costs. US though insists Europe can tackle crisis by its own financial firewall while Euro Zone representatives claim they already have done enough and deserve global help.
Temasek Holdings is preparing to buy a part of Goldman Sachs Group's stake of Industrial & Commercial Bank of China (ICBC). Goldman Sachs is going to sell 3.55 billion of ICBC shares valued at USD 2.5 billion or about 4% of total amount traded in Hong Kong. ICBC shares lost 0.8% in Hong Kong on the news. Temasek has been raising holdings in
European stock markets closed down on Friday pushed by worries over Spain and weaker than expected China's GDP. Unexpected drop in US consumer sentiment index also contributed to the negative side. Stoxx Europe 600 index fell 1.5%, Spanish IBEX 35 tumbled 3.6% and Italian FTSE MIB index plunged 3.4%. Meanwhile French CAC 40 index slipped 2.5%, UK's FTSE 100 gave
House sales in New Zealand soared by unadjusted 25% in Mach on an annual basis, indicating the best performance in more than five years, according to Real Estate Institute. Recovery of the property market coupled with record low interest rates are likely to stimulate consumer confidence and boost economic activity later in 2012.
Gold futures added to Friday's losses during Asian trading hours on Monday as rising yields of the Spanish sovereign bonds escalated global economic concerns and boosted demand for the greenback. COMEX gold for delivery in June traded at 1,650.65 US Dollars per troy ounce on the New York Mercantile Exchange, sliding by 0.58%.
The US is expected to profit from providing financial aid to the largest banks and large car producers during the peak of global crisis, according to the Treasury Department. The bailouts of the banks are likely to provide a return of 2 billion US Dollars. The Treasury also added that despite improving economic outlook the country still has to put
Crude oil futures retreated during the Asian session on Monday following the progress of the Iranian negotiations with Western economies regarding its nuclear programme. The negotiations are likely to result in consensus and will be continued in May. Light, sweet crude oil futures for May delivery traded at 102.83 US Dollars per barrel on the New York Mercantile Exchange, falling
Consumer sentiment in the US declined in the beginning of April as it continued to balance between soaring petrol prices and improved economic outlook. The Thomson Reuters/University of Michigan's reading of its consumer sentiment index dropped from 76.2 in March to 75.7 this month. Experts predicted the index to stay unchanged from March's figure.
China has eased its currency control measures that is likely to result in more gains of the Yuan value. Starting from Monday, China's currency is allowed to swing to 1% during the trading session against its US counterpart from fixed value determined by the China's central bank, PBOC announced. The previous limit was 0.5%. The move is expected to contribute
The 17-nation currency depreciated against the Dollar, reaching one-month record low before Spain's bond auction due on April 17. Euro declined 0.4% to USD 1.3023 in Asian trade. It slipped also 0.4% versus Japanese Yen to JPY 105.36. Euro is vulnerable to more severe drop in short term future if Spanish borrowing costs continue to climb, suggests Imre Speizer, Westpac
The Bank of Korea cut its economic expansion forecast for year 2012 citing surging Spanish borrowing costs European austerity measures as factors that are likely to hamper demand for South Korean exports. The central bank lowered growth forecast from 3.7% to 3.5%. Bank of Korea's representatives also expect a 0.3% contraction across Euro Zone this year.
Agricultural commodities advanced on Thursday on the weaker US Dollar and anticipation of new easing measures from the Fed. Grains were mostly bolstered by speculation that the US demand for livestock feeders will be stronger. Moreover overseas consumption is also likely to improve. However, wheat's rally was limited as Ukraine expected higher export volumes than predicted. Corn as well was
Energy commodities apart from natural gas surged on Thursday following Fed indication on likelihood of more easing measures in the US. However, the commodity group is likely to lose the supply risk premium as talks between Iran and world's largest economies will resume on Saturday. Moreover, OPEC reported that oil markets were sufficiently supplied and the reason for high energy
Industry metals soared on Thursday, being supported by promising Fed comments about weak state of the US economy. However, pessimistic outlook on the Euro Zone's economy after surging interest rates on Italy's and Span's debt limited the upward trend of the base metals pack. At the same time, traders were cautious ahead of key China's economic data release. Aluminum was
Precious metals rallied on Thursday amid softer US Dollar and solid equities. Weak US labour market data spurred speculation on further monetary easing in the country thus pushing precious metals up. At the same time uncertainty over the Euro Zone's stability grew after Italian and Spanish yields increased thus limiting the gains of the commodity pack. Meanwhile, from the supply
Japan's Nikkei Stock Average kept appreciating on Friday lifted by earnings reports and depreciating Yen. Nikkei 225 index gained 1.19% or 113.20 points and finished at 9,637.99. Heavyweight Fast Retailing rallied 8.6% after company reviewed up its fiscal year earnings forecast and reported an increase in provisional profits. Exporters Canon and Casio climbed 1.3% and 2.4% respectively. On the downside
Dow Jones Industrial Average index surged on Thursday as Fed's announcement offset higher than expected jobless claims effect. Blue chip index soared 1.41% or 181.19 points and closed at 12,986.58 mainly supported by Hewlett Packard which rallied 7.2% after Gartner reported the global PC industry advanced by nearly 2% in the 1st quarter and Hewlett Packard remained a market leader.
S&P 500 index extended gains on Thursday lifted by Fed's officials confirmation the interest rates will stay low. US benchmark index advanced 1.38% or 18.86 points and finished at 1,387.57 with basic materials creating the biggest gains. Google jumped 2.4% as the company reported higher than expected EPS for the 1st quarter. Drug distributor McKesson gained 3.9% after the firm
Australian Dollar declined after China reported its GDP slowed more than expected in the first quarter. Aussie dropped 0.4% vesrus greenback to USD 1.0392. In contrast Kiwi gained 0.3% against its US peer to USD 0.8300. Currently AUD/USD is trading at USD 1.0388 and NZD/USD is trading at 0.8292.
Crude oil futures retreated during the Asian trade on Friday amid firmer US Dollar and growing crude oil stockpiles in the US. Light, sweet crude oil futures for delivery in May traded at 103.31 US Dollars per barrel on the New York Mercantile Exchange, decreasing by 0.31%.
Canadian currency jumped to a highest level this year as Federal Reserve signalled interest rates will stay low to boost the economic growth. Canada's Dollar strengthened 1% to CAD 0.9943 on Thursday evening trade, marking the biggest one-session advance since November 30. Currently USD/CAD is trading at CAD 0.9958.