Dow Jones Industrial Average Index slumped 0.29% on Monday on high risk-aversion among investors. Disappointing Japan's data as well as pessimistic news from China weighted down on US equities. However, speculation that Eurozone and China will loosen their monetary policies continued to restrict the downswing. All industries included in the index declined. The top-losers were basic materials and health care
As reported by the Bank of Italy, nation's public debt rocketed to an all-time high of around 2 trillion euros. The Italian public debt rose by 6.6 billion euros at the end of June, pushing government's borrowing costs closer to 6% level, despite implemented austerity measures. Moreover, Italian economy diminished by 0.7 per cent in the Q2, and erased 2.5 per cent compared to a
Crude oil edged higher on Monday, and was trading higher than $115 per barrel, on supply concerns and on hopes that Central banks will stimulate economic growth in order to boost global oil demand. Brent crude oil jumped as high as $115.11 per barrel. At the same time, U.S. oil rose by 64 cents to $93.51. On Friday, the International Energy Agency cut its oil demand
Japan's economy decelerated in April-June period, and added only 0.3%, after jumping by 1% in the first quarter of 2012. The economy slowed down, as exports was hurt by Eurozone's debt crisis and as domestic consumption rose modestly. In the meanwhile, last week the BoJ left its benchmark interest rate at the 0.1% level.
Gold futures were little changed in the beginning of the week, after a three-day rally, as traders are waiting for bold actions from the ECB to curb the Eurozone's debt crisis. December gold added 0.1 per cent to $1,623.50 per ounce. At the same time, other precious metals were down on Monday. September silver and copper for the September delivery erased 0.5% and 1% respectively.
Industrial metals retreated on Monday after disappointing Japanese data. Japan's GDP rose less than expected in Q2, thus denting demand prospects for the base metals. At the same time, global easing speculation continued to lend support for the commodity group. Aluminum prices decreased after dismal Japanese and Chinese data. Meanwhile, hopes for easing in Asia limited losses of the light metal. Copper
US stocks started the week in a red territory on lingering global growth concerns after Japan announced that its GDP growth slowed more than expected in Q2. At the same time, successful Italian bond auction supported the market sentiment. The S&P 500 Index lost 0.13% to 1,404.11 on Monday. Eight out of ten industries included in the index dropped. The
Precious metals tumbled on Monday despite hopes that central banks across the world will implement stimulus measures soon. Meanwhile, traders await fresh data from the US due this week. Gold slid by 0.64% amid soft physical demand from India. Indian gold imports are expected to drop by 30% this year on weak Rupee and drought that curbed households' income. Silver
India's wholesale prices rose 6.87% on year in July, compared to 7.25% climb in June, the Ministry of Commerce and Industry announced on Tuesday, economists forecast halt of price increase pace at 7%. Primary article inflation eased to 10.39% from 10.46% in June. Manufactured product prices surged 5.58% from 5%, while fuel and power prices rose only 5.98% from June's
Eurozone's industrial output declined for a fourth time in 2012, as falls in capital, intermediate and consumer non-durable production offset increases in energy and consumer durables, Eurostat said on Tuesday. June's output posted a 0.6% fall, compared to an upwardly revised 0.9% rebound in May, likely stimulating 0.2% GDP drop in second quarter. Industrial output fell 2.1% on a yearly
German investor sentiment tumbled for the fourth consecutive month in August, the ZEW economic institute said on Tuesday, adding to signs that the Eurozone crisis is worsening the outlook on Europe's largest economy. The indicator stood at -25.5 points from -19.6 in July, falling to its weakest level in 2012. The data significantly fell behind an estimate of a rise
Sweden's inflation weakened to 0.7% in July from 1% in preceding month, Statistics Sweden reported on Tuesday, while analysts forecast a rate of 0.8%. The CPI dropped 0.4%, compared to a 0.2% decline in June. Core inflation was 0.8% in July, while harmonized index of consumer prices posted a 0.7% rise on year.
Sweden's industrial output rose first in five months, opposing analysts' forecast of a further decline, preliminary data reported by Statistics Sweden on Tuesday. Industrial production surged 1.1% on year, compared to estimated 1.1% decline. Manufacturing production rose 0.8% from June, and mining and quarrying industry output increased 5%.
German Bunds declined for a second day as a report posted Germany's GDP fell less than estimated in the second quarter, diminishing demand for safer assets. The 10-year bond yields gained to 1.44%. The price for 1.75% security due in July 2022 dropped 0.36 to 102.82. The two-year bond yield was little changed at -0.038%, after reaching a record low
U.K. inflation rose unexpectedly in July first in last four months as airfares surged and there was some development of early summer discounts in clothing stores. CPI climbed 2.6% on year in July, after a 2.4% rise in June, as reported by the Office for National Statistics on Tuesday. Analysts expected a 2.3% increase. The pound prolonged its gain versus
Hong Kong stocks advanced, lead by the benchmark index reaching its first gain in three days, before the U.S. retail sales report forecast to show demand is rebounding in the world's largest economy. On Tuesday, the Hang Seng Index rose 0.2% to 20,130.15. The S&P 500 Index climbed 0.1%.
France's GDP unexpectedly avoided the first quarterly decline in three years as both government and companies increased spending. GDP stagnated in the second quarter from the first, the Insee reported on Tuesday, while economists estimated a 0.1% contraction. Gross Fixed Capital Formation gained 0.6%. Public sector expenditure rose 0.5%. GDP climbed 0.3% on year.
Switzerland's producer and import prices tumbled at a lower pace for the second straight month in July, the statistical office announced on Tuesday. The producer and import price index dropped 1.8% on year, after a 2.2% fall in June. Analysts estimated a 1.7% decline, but the drop still was the smallest since July 2011, when it posted a 0.6% fall.
Oil rose, cutting two days of falling, amid speculation stockpiles decreased last week in the U.S., the world's major crude consumer. On Tuesday, futures climbed 0.6% before tomorrow's report expected to show U.S. crude and fuel inventories dropped for a third week as refiners traded near the five-year high rates. September-delivery oil rose 55 cents to $93.28 per barrel.
The Euro rose the most since Aug. 3 against the U.S. Dollar as Italy's bills' sales weakened concern countries in Eurozone may not access the debt markets. On Tuesday, the Euro advanced 0.4% to $1.2332, after earlier 0.2% decline on ECB Governing Council member Luc Coen saying bond buying won't solve Italy's and Spain's difficulties. The Euro gained 0.4% to
Australia's business confidence index advanced to +4 points in July, compared to -3 in previous month, while business conditions index dropped to -3 points from -1 in June, National Bank of Australia said on Tuesday. The Aussie traded 0.35% down versus the U.S. Dollar and closed at 1.0518 yesterday.
The British Pound weakened against the shared currency after BOE Governor Mervyn King said the Eurozone sovereign debt crisis is still hindering Britain's economy. Sterling fell 0.4% to 78.64 pence per Euro, after falling as much as 0.5%. The Pound was little changed at $1.5692, after gaining 0.3% versus the U.S. Dollar.
Most Asian stocks advanced as minutes of the BOJ's meeting indicated that officials are considering ways to expand stimulus, and before data on the U.S. retail sales which might show that demand is recovering. The MSCI Asia Pacific Index climbed 0.1% to 120.27. Australia's S&P/ASX 200 Index rose 0.3%, while South Korea's Kospi Index increased 0.7%.
The Canadian Dollar weakened for the first time in six days versus the U.S. Dollar as commodities declined and crude oil fluctuated after reaching $93 a barrel last week. The Loonie lost 0.2% to 99.26 cents per U.S. Dollar after touching 99.05 cents. Government bonds declined, pushing 10-year note yields to 1.80%.