Gold futures edged higher by 0.72 per cent to $1,618.10 per ounce, as investors optimism was fueled by positive economic data from the U.S. Other precious metals followed gold, with copper, silver and palladium all for September delivery rising by 0.43%, 1.13% and 0.71%, respectively. Even though the prices are increasing, the global demand for gold dropped 7% in the second quarter.
The latest figures, provided by the Labor Department, showed that the number of initial jobless claims in the world's biggest economy was little changed in the week ended August 11. Claims for unemployment benefits added 2,000 to 366,000, from the previous week's revised figure of 364,000. Meanwhile, employers hired 163,000 workers during last month. The overall unemployment rate is remaining above 8% level since February 2009.
German shares rose slightly on Thursday on positive news from the US and UK. Speculation that China is preparing to ease its prudent monetary policy also boosted German shares. However, fading hopes for QE3 in the US capped the upswing of the equities. The DAX Index added 0.15% to trade at 6,952.63 at GMT 12:00. Seven out of nine sectors
UK stocks extended slump on Thursday ahead of the key US data release due later in the day. Meanwhile, easing expectations weakened amid optimistic US industrial production data released on Wednesday. At the same time, an unexpected increase in the UK retail sales in July provided slight support for the stock index. The FTSE 100 Index sank 0.11% to trade
Hong Kong equities fell after news that China's FDI declined by annualized 8.7%, attaining two-year low in July. Downside risks and slower inflation created a room for monetary stimulus, according to Wen Jiabao, China's PM. Hints regarding monetary stimulus eased pressure on the China's stocks. The Hang Seng Index slumped by 0.45% to trade at 19,962.95. Only two in ten
Agricultural commodities were mixed on Wednesday as weather conditions in Brazil and India are expected to remain favorable while US crops may be worse than estimated. At the same time, broadly stronger US Dollar weighted down on the farm commodities. Wheat halted its slump on speculation that US government may have underestimated harvest damage from the most severe drought since 1936. Corn
Japan's equities rallied on Thursday after Wen Jiabao, China's PM, announced than easing inflationary pressure in China will allow the government to fine-tune its monetary policy further. Moreover, slowing CPI growth in the US also spurred speculation that the Fed may implement more stimulus measures. Nikkei surged 1.88%, approaching a six-week high of 9,092.76. Nine out of ten industries included
Energy commodities apart from natural gas moved higher on Wednesday despite disappointing US data. Meanwhile, dismal Eurozone's GDP data created notable pressure on the commodity group. Crude oil climbed after US inventory data. US crude oil stockpiles dropped by 3.7 million barrels last week compared to a forecast of a 1.73 million barrel decline. Brent oil advanced amid lower US inventories and
US blue chips stock index posted mild loss on Wednesday on mixed signals from the US economy. US industrial production was slightly above expectations in July while New York region's manufacturing activity deteriorated much more than forecast in August. The Dow Jones Industrial Average Index lost 0.06% to close at 13,164.78. Only four in nine industries included in the index
Industrial metals tumbled on Wednesday on signs that US manufacturing activity continued to deteriorate this month. Adding pressure on the base metals, Eurozone's data showed that region's GDP shank 0.8% last month. Aluminum dropped on global growth fears. However, slightly better industrial production data from the US limited the downward trend of the light metal. Copper retreated amid buildup in inventories at
US equities were mostly higher on Wednesday amid mixed US data. US CPI remained unchanged while industrial output increased slightly more than expected last month. At the same time, traders were weighting all recent US data on whether the Fed will embark on stimulus measures. The S&P 500 Index climbed by 0.11% to trade at 1,405.53. Eight out of then
Precious metals were mixed on Wednesday amid speculation that weak US CPI and manufacturing data created a room for easing measures from the Fed. However, stronger US Dollar weighted down on the commodity group. Gold rebounded after Tuesday's slump on hopes for additional stimulus measures in the US and Eurozone. At the same time, weakening physical demand from India continued
U.K. car manufacturing rose for a 13th straight month in July, reported by the Society of Motor Manufacturers on Thursday. Production climbed 22.2% on year to 119,882 units, compared to a 15.1% rise in January-June period. Meanwhile, manufacturing of commercial vehicles dropped 1.3% on year in July, from 7.7% decline in preceding month of 2012.
On Wednesday, August 15, Brazil's government announced the first pace of an economic stimulus plan to boost the nation's economy. According to the plan, more than $60bn will be aimed at Brazil's infrastructure, particularly roads and railways. Meanwhile, Brazil's economy is expected to grow only 2% in 2012, compared with a 7.5% growth in 2010. Nation's leaders hope that the economy will benefit from the Olympic
Crude oil futures tumbled on Wednesday, as stockpiles rose unexpectedly. Crude with September contract erased 0.2%, to $93.26 per barrel, after jumping 0.8% on Tuesday. The American Petroleum Institute's report showed that inventories added 2.8 million-barrel, while experts predicted a decline. At the same time, gasoline stockpiles dropped by 2.3 million barrels, pushing gasoline for September delivery higher by 0.8%, to $3.02 per gallon.
Builder confidence in the U.S. property market rocketed to a 5-year peak in August, with NAHB Housing Market Index climbing 2 points to 37. Despite the improvement, any reading below 50 indicates that more builders view conditions as poor than good. As the Index rose to its highest reading since February 2007, current sales conditions added 3 points to 39, while the component, which measures
European stocks traded lower on Wednesday, and the rally lost steam, as expectations that the ECB will take bold actions to stimulate economic growth in the Eurozone waned. The Stoxx Europe 600 Index lost 0.1% to 270.23; the U.K's FTSE 100 Index declined by 0.4% to 5,839.15, Spanish IBEX 35 Index erased 0.3% to 7,107.20, and German DAX 30 index tumbled by 0.5% to 6,938.79.
In today's report, the Fed said that U.S. industrial production grew for a third straight month and added 0.6% in July, after jumping 0.1% in June. The improvement in data may influence the Fed's decision whether to launch another quantitative easing or not. Meanwhile, the manufacturing output jumped by 0.5 per cent, while mining output added 1.2%, and utilities output rocketed 1.3%.
Eurozone annual inflation held stable at 2.4% in July, the Eurostat reported on Thursday. Consumer prices declined 0.5% on monthly basis in July. Core inflation rose to 1.7% on year from 1.6% in June. Energy costs surged 6.1%, and food prices increased 2.5%. Housing and clothing price rose 3.8% and 3.1%, respectively. The central bank targets to sustain inflation lower
Swiss economic sentiment advanced unexpectedly to a three-month high in August, the Centre of European Economic Research said on Thursday. The economic sentiment indicator increased 9.2 points to -33.3 in August, compared to a -42.5 reading in July, however still posting a pessimism. Following the data, USD/CHF rose 0.11% to 0.9783.
The Pound rose versus the Euro and cut a fall against the U.S. Dollar as a report posted U.K. retail sales increased unexpectedly in July. On Thursday, the Sterling traded 0.1% up at $1.5704, after falling 0.3% before the data. It gained 0.2% to 78.21 pence per Euro.
U.K. July retail sales surged more than expected and an upwardly revised June data suggest the second quarter downturn wasn't as deep as first estimated, the National Statistics reported on Thursday. Headline retail sales increased 0.3% on month and 2.8% on year in July, compared to estimates of 0.2% decline on month and 1.4% gain on year.
Foreign direct investment in China dropped to the two-year low in July, boosting worries weaker confidence in the nation's improvement prospects can hold back any economic rebound. Investment fell 8.7% on year to $7.58 billion, the eighth drop in last nine months and the weakest flow since July 2010, the Ministry of Commerce said on Thursday.
Germany's employment continued rising in the second quarter, however at a lower pace from a previous quarter, the Federal Statistical Office reported preliminary data on Thursday. The number of employed people surged 1.3% on year to 41.587 million in the second quarter, compared to a 1.4% rise before.