US Dollar traded close to its lowest value against 17-nation currency on Tuesday Asian session on expectations Fed will keep loosen monetary policy to maintain expansion in the country. The greenback traded at USD 1.3344 per Euro in Tokyo. On year-to-day basis USD has given up 3% versus Euro. Currently EUR/USD is trading at USD 1.3351.
Australia's and New Zealand's Dollars dropped versus all of their counterparts on worries the world second biggest economy's growth may halt. Aussie fell 0.2% versus greenback to USD 1.0515 and gave up 0.1% against Yen to JPY 87.13. Kiwi slipped 0.2% against its US peer to USD 0.8218 and lost 0.1% versus Japanese currency to JPY 68.10. Currently AUD/USD is
China's manufacturing companies experienced their first fall in profit in three years as lower amounts of exports and government's property curbs harmed earnings. The net income for period January-February declined annual 5.2% or CHY 606 billion (USD 96 billion). In contrast Chinese industrial firms' profits rallied 34.3% in the corresponding two-month period last year.
Ben Bernake, Federal Reserve Chairman pointed out on Monday that further upturn in labour market may lag. Although job market may self-recover, there are not enough persuasive evidence of that, Bernake claimed. Therefore central bank will keep monitoring upcoming developments in US economy, he added. Investors anticipated Bernake's announcement as a signal Fed is likely to maintain its loosen monetary policy.
US leading stock indices offset last week's losses on Monday after FED chairman Ben Bernake indicated that central bank is likely to stick to loose monetary policy in order to maintain improvements in labour market. S&P 500 index gained 1.39% or 19.40 points and closed at 1,416.51, Dow Jones Industrial Average jumped 1.23% or 160.90 points and settled at 13,241.63. Nasdaq Composite advanced
The gold's price is likely to surpass 2,000 US Dollars per ounce in 2012 amid strong demand from emerging economies as India and China, said Mark Cutifani, CEO of AngloGold Ashanti Ltd. The average price for the yellow metal is expected to fall in range between 1,700 US Dollars and 1,800 US Dollars per ounce, he added. He also admitted
US businesses project slower pace of revenue growth in China in 2012 amid rising operation costs and worries over global stagnation, according to survey of American Chamber of Commerce. About 43% of the firms surveyed expect increase in sales to approach 11% this year as compared to a 15% increase in 2011. The major contributors to more pessimistic outlook on
Rio Tinto is reviewing its diamond operations and is looking for the options to cease its activities in three mines in Canada, Australia and Zimbabwe. The diamond business contributes below 5% of the total company's revenues, confronting to the company's strategy that implies investing heavily in expandable and long-life assets, said Harry Kenyon-Slaney, chief executive of diamonds and minerals division
Crude oil futures were marginally higher during Asian trade on Tuesday, being buoyed after the Chairman of Fed, Ben Bernanke, hinted on loosening monetary policy in the US in view of weak job market. Light sweet crude oil futures for May delivery traded at 107.05 US Dollars per barrel on the New York Mercantile Exchange, gaining 0.02%.
The economy of Argentina expanded by 7.3% in Q4 on an annualized rate and by 0.8% on a quarterly basis, indicating slower growth pace than in the previous periods, according to Indec. However, the figure is still above the expectations of a 7% yearly increase. The slowdown in industrial activities and weak consumer confidence both weighted down on the GDP
US pending house sales dropped in February, signaling on uncertainty over recovery of the real estate sector, reported the National Association of Realtors. The pending homes sales index decreased by 0.5% last month as compared to a 2.0% gain in January. Experts predicted the pending home sales to advance by 1.0%. Considering yearly changes, the sales increased by 13.9% last
Gold prices increased at Asian trade on Tuesday, being supported by hints that Fed is likely to provide additional stimulus to the US economy as labour market remains weak. COMEX gold futures for delivery in June traded at 1,691.45 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.19%.
European stocks advanced on Monday driven by better than expected data on German business confidence index. Stoxx Europe 600 index surged 1%, German DAX rallied 1.2% and FTSE 100 added 0.8%. French CAC 40 index gained 0.7%. Spanish benchmark IBEX 25 index tumbled 0.7% on worries about country's fiscal outlook.
German DAX index rallied on Monday as Ifo institute reported German business confidence rose more than expected in March, reaching 8-month record high. BASF SE jumped 2% after Warburg upgraded the stock from hold to buy. On the downside Metro AG lost 2% on news Credit Suisse lowered its price target. At the moment of writing DAX index trades 1.07%
Japan's Nikkei Stock Average retreated from previous week's loss and traded close to flat on Monday after Bank of America Merrill Lynch predicted recent equity gains in Japan may last until summer. Nikkei 225 index added 0.07% or 6.77 points and settled at 10,018.24. Japanese electronics provider Kyocera climbed 1.2% after Yen depreciated against Euro. Mitsumi Electric tumbled 6.6% after
Hong Kong's Hang Seng index traded flat on Monday as banks did not allow the index to push higher. Hang Seng was almost unchanged adding only 0.06 points and closing at 20,668.86. Bank of China dropped 1.9%, HSBC Holdings declined 0.4% and Industrial & Commercial Bank of China fell 1%. China Construction Bank lost 1.2% despite reporting a 26% increase
Dow Jones Industrial Average index edged higher on Friday though the gains were limited as data showed the sales of new homes in US unexpectedly fell 1.6% in February. Blue chip index appreciated 0.27% or 34.59 points and settled at 13,080.73 with 19 of 30 shares posting gains. After long period of decline Hewlett Packard retreated and traded 2.6% up.
After three straight red sessions S&P 500 index retreated and traded slightly higher on Friday supported by financial and energy shares. US benchmark added 0.31% or 4.33 points and finished at 1,397.11. Discover Financial and Nabors Industrials each climbed 4% posting the biggest gains for the index. On the downside Micron Technology shed 3.8% after company revealed larger than expected
British FTSE 100 recovered from last week's drop and edged higher on Monday led by energy stocks. Heavyweight BG Group provided the main support for the index. Oil and gas provider surged 1.8% after company announced it discovered gas resources in its 4th well in Tanzania. Stocks of Aberdeen Asset Management rallied 3.6% after reporting a 6% increase in its
Asian markets traded mixed on Monday as investors remained cautious ahead of economic statistics from Europe and US due this week. Hong Kong's Hang Seng index was flat at 20,668.86, Shanghai Composite added 0.1% and Australian S&P/ASX 200 fell 0.2%. South Korea's Kospi tumbled 0.4% and Japan's Nikkei 225 index climbed 0.1%.
German business climate index estimated by Ifo institute unexpectedly surged to 8-month record high in March, indicating European biggest economy will recover despite struggling demand for nation's exports. The business confidence measure advanced from reviewed 109.7 in February to 109.8 in March. Analysts predicted the index would stay at initial February level of 109.6.
Rural commodities except for sugar followed an upward trend on Friday amid weaker US Dollar and risk of crop estimations downgrades in South America. Grains mostly were inspired by the soybean rally amid uncertain harvests in Brazil and Argentina after drought. Wheat also was lifted as dry weather in the EU is likely to impact the crops in the current
Energy commodities apart from heating oil ended the week on the positive note, being bolstered by supply concerns and demand hopes. From the supply side, Iran reported a drop in oil exports; such oil giants as French Oil already halted totally oil imports from Iran. Meanwhile, demand hopes continued to stimulate growth of the energy prices as traders are positive
Industry metals moved higher on Friday amid firmer equities and softer US Dollar. The commodity group took a break in its tumble caused by pessimistic manufacturing data releases from the Euro Zone and China. Moreover, lower risk-aversion after the ECB increased its bong purchases from peripheral countries of the Euro Zone added to gains of the base metals pack. Aluminium