Precious metals rallied on Friday after the Euro Zone's finance ministers agreed on boosting the lending facility to 700 billion Euros. Broadly weaker US Dollar after lower than expected Chicago PMI data and stronger equities also lifted the precious metals group. Gold was the driver for the commodity group. However, the upside of the yellow metal was capped as India
Industry metals were mixed on Friday with soaring nickel and copper and falling zinc and aluminium. Weaker US Dollar and firm European and US equities lent some support to the base metals pack. However, softer than expected German retail sales and Chicago PMI data limited the upswing. Traders also were cautious ahead of China's PMI data release that was due
US shares mostly gained on Friday supported by better than predicted consumer confidence data in March and closed the first quarter of 2012 with a substantial gains. S&P 500 added 0.37% or 5.19 points and finished at 1,408.47, gaining 12% for the quarter. Dow Jones Industrial Average climbed 0.5% or 66.22 points and closed at 13,212.04, advancing 8.1% on quarterly
Ben Bernanke, chairman of Fed, hinted that the central bank of the US is likely to continue its economy-stimulating measures, citing overall weakness of the US job market despite increased hiring in the last three months. He also claimed that Fed has to 'remain cautious', which was interpreted by many analysts as a sign of maintaining record low interest rates
Moody's has upgraded the credit rating of South Korea from stable to positive, announced South Korea's finance ministry. The credit agency has revised its outlook on the country's economy to A1 due to healthy external liquidity and fiscal balance as well as positive prospects of further economic growth. The move followed Fitch's revision of South Korea's credit rating from stable
Weaker inflation rate in March are likely to inspire the Reserve Bank to reduce the interest rates in the nearest future. The inflation rate accelerated by 1.8% on an annualized rate last month as compared to 2% in February. The March reading indicated that the inflation rate falls into the 2-3% range targeted by the RBA for determining further monetary
Crude oil futures climbed during Asian session on Monday, being supported by China's factory data, which showed expansion last month. Light, sweet crude oil futures for May delivery traded at 103.40 US Dollars per barrel on the New York Mercantile Exchange, appreciating by 0.37% from the last session's low of 103.27 US Dollars per barrel.
US car sales are likely to have remained strong last month, say auto producers. The sales are likely to have climbed at the fastest pace in the last four years in the March quarter amid improved outlook on the US economy. Strong US sales are likely to have offset weak demand from the Euro Zone, the auto makers added.
European stocks markets faced a strong session on Friday after finance ministers supported the increase of Euro Zone firewall. Stoxx Europe 600 index added 1% on Friday and closed the quarter with a 7.7% gain. German DAX also climbed 1% on daily basis and has advanced quarterly 17.8%. British FTSE 100 gained 0.5% on Friday and 3.5% for the quarter
Gold futures advanced during Asian session on Monday as traders turned to alternative investment options apart from the US Dollar after upbeat China's manufacturing news spurred the optimism over the world largest producer. COMEX gold futures for delivery in June traded at 1,674.55 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.16%.
Canadian GDP expanded by 0.1% in January on a seasonally adjusted basis as compared to a 0.5% rise in December, reported Statistics Canada. The figure is in line with expectations. After the data release, Canadian Dollar remained moderately lower against its US counterpart and the pair USD/CAD ended the last week at 0.9983, gaining 0.15%.
China will import oil from Iran due to strong demand and will not be impacted by sanctions of ‘some country', said Zhang Guobao head of Chinese National Energy Administration. The attempt to halt Iranian oil imports has already created global economic difficulties while the planned release of the strategic oil reserves will ease energy's inflationary pressure only in the short
The index measuring US consumer confidence attained a 13-month record high in March lifted by optimism about income and labour market. A gauge climbed from 75.3 in February to 76.2 in March. The reading surpassed the analyst expectations who predicted the index to be at 74.7. Most stocks appreciated on Friday.
Australian manufacturing activity contracted in March amid firm Australian Dollar and weak global demand. The PMI declined by 1.8 points, attaining 49.5 last month on a seasonally adjusted basis. The major contracting industries were clothing, wood products, furniture and footwear. At the same time transport equipment and machinery indicated expansion.
An improvement in Chinese manufacturing activity in March weakened the probability the government will apply policy easing despite HSBC report which showed exporters are facing difficulties. The official PMI reached 53.1 in March or a one-year record high, said government on Sunday. In contrast HSBC and Markit Economics PMI gauge suggested manufacturing activity contracted previous month.
USD/CHF tested support level around 0.9026 creating a Channel Up pattern on the 4H Chart. The pattern has 49% quality along with 62% magnitude within 174-bar period.The pair bounced off the resistance level at 0.9334 and fell to the support at 0.9002/16. Stochastic reached its oversold area, showing that the pair is oversold, increasing the probability of a price recovery.
Energy commodities fell on Thursday amid stronger US Dollar and softer global equities. The major contributor to the decline of crude and Brent oil remained the speculation about the possible release of the oil resources in the US and the Euro Zone. However, positive economic data from the US limited the tumble, indicating prospects of stronger demand in view of
Industry metals were mixed on Thursday, being pressured by the US Dollar strength and disappointing Euro Zone consumer confidence data. Uncertainty over China's demand also continued to dampen market sentiment. However, positive headlines about the US labour market and consumer income limited the losses of the base metals pack. Aluminium remained potentially weak because of expected oversupply in the market
Precious metals except for silver moved higher on Thursday amid stronger US Dollar and weaker equities. Gold was the driver for the commodity group, falling by 0.13%. The yellow metal came under additional pressure caused by weak spot demand as strikes against the recent gold import duty hike in India have continued for the 12th day. Silver was the only
Japan's Nikkei Stock Average edged down on Friday as data showed Japan's industrial production declined by 1.2% in February. Losses were limited as other report showed Japan's housing starts soared by 7.5% in February while unemployment fell. Nikkei 225 index fell 0.31% or 31.23 points and finished at 10,083.56. Heiwa Real Estate rallied 4.2% and Kawasaki Kisen advanced 2.25%. Financial
Hong Kong's Hang Seng index traded lower on Friday, pushed down by property shares as investors gathered news that two of the city's influential property magnates have been arrested. Hang Seng index dropped 0.26% or 53.81 points to 20,555.58. Sun Hung Kai Properties fell 13.1%, Henderson Land Development tumbled 2.5% and Wharf Holdings lost 2.9%. On the upside Bank of
German DAX index partly erased previous losses on Friday as euro-region finance ministers determined the total ceiling for the bailout of the area's debt troubled countries at USD 1.1 trillion. Daimler AG gained 2.3% after Bank of America put status recommend to buy on car maker. HeidelbergCement AG rallied 5.5% after HSBC Holdings Plc lifted its rating on the shares.
FTSE 100 recovered on Friday despite a drop in UK consumer confidence in March. Banks and miners led the gains as metal prices surged. Antofagasta PLC added 2.9%, Vedanta Resources PLC gained 2.7% and Rio Tinto PLC soared 3%. On the downside Tate & Lyle PLC slipped 0.2% after sweeteners producer said it will have to raise its net debt.
Rural commodities apart from sugar declined on Thursday on the firmer US Dollar and uncertainty over China's demand. Grains came under pressure after Brazil reported it plans to boost wheat and corn production. Indian announcement that wheat output is likely to exceed the latest estimate of record-high crops pushed down wheat's price. Sugar also is expected to face ample global