Farm commodities, excluding corn, rose on Friday amid adverse weather conditions in Russia and US. However, better weather in Brazil and India capped the upswing. Meanwhile, upbeat US consumer sentiment data improved demand prospects for rural commodities. Wheat jumped for the third session in a row on hopes that declining supplies from Russia will boost demand for US grains. Corn was slightly
Energy commodities apart from crude oil slid on Friday amid profit-taking after previous rally. However, inspiring US economic data limited the downswing of the commodity group. Moreover, persistent violence in Syria and escalating tensions between Iran and the West pushed energy prices higher. Crude oil was the only gainer on brighter demand prospects amid better-than-expected US economic data. Supply uncertainty from
Industrial metals advanced on positive data from the US and Europe. Moreover, hopes for easing in the Eurozone and China sent base metals higher. However, stronger US Dollar weighted down on the commodity group. Aluminum went up despite high output levels from China due to governmental programs that provide strong support for the aluminum industry. Copper rose amid expectations that copper
Precious metals except for silver moved higher on Friday despite fading hopes for stimulus measures from the Fed after upbeat data releases. A Thomson Reuters/University of Michigan US consumer sentiment index attained three-month high in August. Gold started Friday's session on the positive note; however, the yellow metal erased gains after better-than-expected US economic data release. The precious metal finished
Oil rose for a fifth consecutive day as increasing Saudi Arabian crude production shows growing demand for fuel and amid signs of a strengthening U.S. economy. Futures climbed 0.4% following a three-month high close on August 17. Crude for September settlement rose 40 cents to $96.41 per barrel, while Brent for September delivery increased 56 cents to $114.27 per barrel.
Asian stocks remained volatile on the U.S. consumer confidence and the slowing China's economy. Japan's Nikkei 225 Stock Average gained 0.6%, while Australia's S&P/ASX 200 Index increased 0.1%. South Korea's Kospi index lost 0.2%, Hong Kong's Hang Seng Index declined 0.7% and China's Shanghai Composite Index slid 0.9%.
The Aussie strengthened versus all of the major peers before Europe's policy makers meet this week in order to discuss ways to stem the Eurozone's debt crisis. The Australian Dollar climbed against the U.S. Dollar and Japanese Yen on speculation the ECB will cap bond yields in the Euro bloc. The Aussie gained 0.3% to $1.0447 following a 1.5% decline to
Asian currencies dropped as the slowing Chinese economy and the Eurozone debt crisis is clouding outlook for the region's exports. South Korea's Won lost 0.1% to 1,135.50 per U.S. Dollar, while the Chinese Yuan fell 0.03% to 6.3605 and Thailand's Baht dropped 0.1% to 31.56.
The common currency held gain before Europe's policy makers' meeting this week, at which possible ways to combat the Eurozone debt crisis will be discussed. The Euro traded at $1.2339 after jumping 0.4% to 1.2334 last week. The Eurozone's currency gained 0.1% to 98.20 Yen following a 2% strengthening during previous week.
Gold futures turned lower on Friday, August 17, as the U.S. Dollar strengthened and the World Gold Council reported lower demand (down by 7%) for bullions in the second quarter of 2012 compared to the prior quarter. Gold for December settlement erased 0.2%, to $1,616.90 per ounce. Other precious metals were mixed on Friday, with October platinum jumping 1.4%, to $1,455.80 per ounce, September silver
Crude oil futures traded lower as the White House reported possible announcement of oil reserves in order to ease prices. Oil futures for September settlement dropped by 0.2%, to $95.42, after rallying 1.4% on Thursday. The crude was also pressured by a stronger U.S. Dollar, as the ICE Dollar Index jumped 0.42% on Friday.
Wall Street futures traded marginally higher, as the shared currency added in value, and as traders are waiting for fresh economic data from the U.S. The Dow Jones Industrial Average jumped 0.14%, to 13,268.74; the Standard & Poor 500 Index rose by 0.14%, to 1,417.51, while the Nasdaq Composite Index added 0.26%, at 3,068.85.
As the ECB is going to support Spanish economy, and provide a 100 billion euros infusion into the economy, nation's non-performing loans jumped to 9.42 per cent in June, up from 8.95 per cent in the month earlier. Meanwhile, arrears loans soared by 8.4 billion euros to a total amount of 164.4 billion euros.
The shared currency was little changed versus the greenback, and advanced against the Japanese yen as expectations of bold ECB action are running high. The EUR/USD currency pair was little changed at $1.2355 from earlier $1.2356, while the EUR/JPY added 0.4% to ¥98.1, up from ¥97.66. At the same time, the ICE Dollar traded at 82.44, from earlier 82.392.
The U.S. treasuries jumped on Thursday, pushing 10- year note yields lower by 1.43% to 1.79%. The two-year notes erased 1 basis point to 0.28%. Initial jobless claims in the U.S. rose slightly to 366 thousand in the week ended August 11. In the property market, the number of new residential buildings declined by 1.1 per cent in July to 746,000 units.
The U.S. Dollar depreciated against its major peers on Thursday on mixed U.S. economic data. The ICE Dollar Index erased 0.35 per cent to $82.39, down from yesterday's 82.649. The EUR/USD traded at $1.2365, up by 0.62%. The number of initial jobless claims rose 2,000 to a seasonally adjusted 366,000 during last week, while housing starts dropped by 1.1 per cent in July.
German DAX Index moved up by 0.33% to trade at 7,015.11 at GMT 12:00 on Friday. Angela Merkel's approval of actions of the ECB provided strong support for European stocks. Moreover, rally of Spanish banks that await bailout funds sent German stocks higher. Only three industries in nine included in the index managed to advance. The biggest gains posted consumer
UK stocks halted their decline on Friday, climbing by 0.15% to trade at 5,843.40 at GMT 12:00. UK equities were boosted by optimism over the Eurozone after Angela Merkel backed up actions of the ECB and promised to preserve the Euro by any means. Sending UK stocks higher, Spanish banks are preparing to receive bailout funds. Seven out of ten
Hong Kong stocks erased some of the previous losses on Friday after Angela Merkel supported the ECB actions, easing concerns over the crisis in the Eurozone. Additionally, speculation that the POBC is preparing to loosen its prudent monetary policy boosted market sentiment. The Hang Seng Index gained 0.77% to close at 20,116.07. Seven out of nine sectors included in the
Euro area's foreign trade surplus rose in June, Eurostat reported on Friday. The trade surplus expanded to EUR 14.9 billion in June, compared to EUR 7.1 billion in preceding month. In the same period of 2011 the balance showed a EUR 0.2 billion surplus. Exports surged 12% on year to EUR 161.5 billion, while imports rose 2% to EUR 146.6
A leading index of the French economy dropped for the third straight month in June amid negative evaluation of the employment situation and of new orders in manufacturing, the Conference Board said on Friday. The leading economic indicator fell 0.3% to 113 points in June, after declining 0.2% each in the preceding two months.
Japan's government estimates the nominal economic expansion to top real growth in fiscal 2013, the first time since 1977, and awaits a deflation to end. The government expected real growth of 1.7% in the economy for the fiscal 2013, lead by a forecast expansion of 2.2% in the fiscal 2012. The real GDP corresponds with the BoJ estimates. The latest
The Nikkei 225 Index soared by 0.77% to end the week at 9,162.5 amid hopes for easing in China. Sending Japanese equities higher, Angela Merkel said on Thursday that she supports the ECB actions and will put any efforts necessary to preserve the Euro. Japan's stocks also found support on positive headlines from the US. Meanwhile, softer Yen helped exports
The Dow Jones Industrial Average Index jumped by 0.65% to end the Thursday's session at 13,250.11. Signs of recovery from the US real estate market coupled with Angela Merkel's comments regarding the ECB actions sent US blue chips stock index higher. However, disappointing manufacturing data from Philadelphia-region created pressure on the US stocks. Seven out of nine industries within the