Crude futures extended losses on Wednesday after a government report posted an unexpected 3.8 million barrels climb in stockpiles for the week through Aug. 24. Analysts estimated inventories to decline by 2 million barrels. October-delivery oil tumbled 1% to $95.36 per barrel in New York.
Italian retail sales gained in June, while the result was unexpected, as the Eurozone's third biggest economy is in a recession. The economists had anticipated a drop of 0.2 per cent, while Italian retail sales rose by a seasonally adjusted 0.4 per cent in June. In the meanwhile, Italy entered a recession in the end of 2011, and nation's economy shrank by 0.7 per cent
The world's biggest economy expanded 1.7% in the second quarter from a reading of 1.5% in the first quarter, meeting analysts' estimates. Also in the report, made by the Bureau of Economic Analysis, personal consumption rose 1.7% instead of a prior reading of 1.5%, while imports added 2.9%, versus an initial estimate of 6.0%.
Gold futures were little changed on Wednesday, August 29, after data indicated that the U.S. economy expanded more than expected in the second quarter. Bullion inched 0.01 per cent lower to $1,667.55 per troy ounce. Other precious metals also were flat, with silver and copper for December settlement losing 0.01 per cent and 0.35 per cent, respectively.
Germany's HICP inflation rose more-than-expected in August, Destatis posted preliminary data on Wednesday. The Harmonized Index of Consumer Prices surged 2.2% on year, after a 1.9% rise in July. Analysts forecast an increase of 2%. The HICP posted 0.3% advance on month-on-month basis. The Consumer Price Index rose 2% on year in August, from 1.7% in previous month.
Treasuries declined on Wednesday, after GDP rose more than preliminary data showed and before the release of the Fed's Beige Book, influencing further monetary policies. 10-year treasury yield advanced to 1.65%. 30-year note yields tumbled to 2.74%, while 5-year rate deteriorated to 0.67%.
U.S. stock futures climbed on Wednesday after the government revised upwardly nation's economic growth in Q2. Dow Jones Industrial Average futures gained 15 points to 13,101. Futures for the S&P 500 Index rose 2.2 points to 1,410, while those for Nasdaq 100 Index added 6 points to 2,786.75.
European stocks advanced after U.S. economy expanded more than estimated in Q2. U.S. GDP increased 1.7% on quarter, exceeding earlier estimates and matching economists' forecasts. The Stoxx Europe 600 Index added 0.21% to 267.54. The DAX 30 Index gained 0.1% to 7,010.1. The CAC 40 Index slid 0.1% to 3,425.08 and the FTSE 100 Index dropped 0.2% to 5,765.61.
Oil dropped from a one-week high and gasoline continued yesterday's fall as Hurricane Isaac struck a coast of Louisiana and the G-7 announced prices are likely to pressure the global economic recovery. Oil futures slid 0.9% and gasoline declined 1.3%. October-delivery crude slipped to $95.44 per barrel and traded at $95.62. October-settlement Brent oil fell 0.9% to $111.85 per barrel.
French industrial confidence stayed near its two-year low in August, increasing weight on President Francois Hollande's government to rebound economic growth. Business sentiment index increased to 90, compared to downwardly revised reading of 89 in July, Insee reported on Wednesday. The reading matched economists' forecast.
The euro cut earlier gains versus the U.S. Dollar as German Chancellor Angela Merkel and Italian Prime Minister Mario Monti meet in Berlin on Wednesday to discuss ways to curb the debt crisis. The Euro depreciated 0.2% to $1.2542, after touching $1.2574. It slid 0.2% to 79.23 U.K. pence and was stable at 98.57 Yen.
German stocks declined further on Wednesday ahead of the US GDP data due later in the day. Investors also are cautious as Angela Merkel is meeting Mario Monti on Wednesday, before holding an official press conference in Berlin. The German DAX retreated 0.43% to trade at 6,969.67. Only one industry included in the index rose. Health care companies posted mild
UK shares prolonged slump on Wednesday amid lack of actions from the ECB regarding anti-crisis measures. On Tuesday, Mario Draghi canceled the trip to Jackson Hole, weighting down of speculation that the ECB plans will be announced at the symposium. The FTSE 100 Index sank 0.45% to trade at 5,748.72. Only two sectors within the index climbed. The top-performers were
Hong Kong shares edged down on Wednesday amid increased cautiousness in the markets ahead of the Jackson Hole Symposium due on Friday. Market participants continued to await Ben Bernanke's speech at the symposium as his comments may indicate further actions of the Fed. At the same time, positive data from the US property market supported Hong Kong shares. The Hang
Japanese stocks halted their decline on Wednesday on positive data from the US house market. US home prices rose more than forecast in June. However, recent Japan's growth outlook downgrade continued to cap the upward movement of the equities. The Nikkei 225 Index added 0.40% to close at 9,069.81. Seven out of ten sectors within the index surged. Technology and
The Dow Jones Industrial Average Index slid 0.17% to close at 13,102.99 on Tuesday. Mounting uncertainty over further Fed actions in view of positive US data releases created pressure on the US blue chips. Moreover, lack of progress in the ECB bond-purchasing program also weighted down on the Dow Jones Index. Only one in nine economic sectors included in the
US equities inched down on Tuesday amid mixed signals from the US economy. US CB consumer confidence fell more than expected while US home prices beat forecasts in June. Meanwhile, traders are cautious ahead of the Jackson Hole Symposium due on Friday. The S&P 500 Index eased down 0.08% to end the session at 1,409.30. Only three in ten sectors
Rural commodities were mixed on Tuesday, with grains extending previous losses and coffee and wheat posting mild gains. Weakening demand for US exports coupled with uncertainty over Fed actions created heavy selling pressure on grains. At the same time, supply threats caused by storm in the Gulf of Mexico supported coffee and sugar futures. Wheat faced the longest decline in 11
Energy commodities were mixed on Tuesday amid fading hopes for QE3 in the US and increasing tropical storm activity in the Gulf of Mexico. Mixed US data also impacted the commodity group. Meanwhile, continuous tensions in the Middle East lent support for energy prices. Crude oil edged higher as Hurricane Isaac is approaching the Gulf of Mexico. Currently, about 78% of
Industrial metals sank on Tuesday after Italy's and Spain's borrowing costs dropped at short-term debt sale, weighting down on hopes that the ECB will soon take a decisive action to ease debt pressure in the region. Aluminum inched down amid persistent supply glut and mounting uncertainty over stimulus measures from the Fed. However, lower inventories at LME warehouses as well
Precious metals except for silver prolonged their slump on Tuesday as US home prices beat expectations in June thus fuelling hopes for upward revisions of the Q2 GDP. Recent positive data releases from the US weighted down on the commodity group as speculation over QE3 started to fade. Gold slid despite slightly weaker US Dollar after US CB consumer confidence missed
Most Asian stocks rose before the Fed Chairman Ben Bernanke's speech at Jackson Hole on monetary policy and data on U.S. economic growth. The MSCI Asia Pacific Index gained 0.2% to 119.42, following a 0.1 decline earlier. Japan's Nikkei 225 Stock Average climbed 0.2% and Australia's S&P/ASX 200 Index declined 0.2%.
The Canadian Dollar appreciated for the third consecutive day against the U.S. Dollar as crude oil, the country's largest export, gains. The Loonie rose 0.3% to 98.82 cents per U.S counterpart. It reached 98.43 cents, the highest since May 3. Canada's Dollar buys $ 1.0119. Government bonds increased for a second day, with the nation's benchmark 10-year security yield falling
Before Italy sells debt, the Euro trades at the highest level in 8 weeks on speculation the ECB is discussing a bond-purchase programme, which may cap European countries' borrowing costs. The common currency appreciated versus most of its major peers after yields of Spanish bills declined yesterday. The Euro traded at $1.2556 from $1.2565.