Gold sellers are the most active in five weeks after investors widened their bullion holdings to nearly all-time high amid increasing belief central banks will step up efforts to boost economic growth. Investors purchased around $850 million of gold in exchange-traded products in August, making the total of 2,411.7 metric tons, just 0.1% away from a record high posted July
China's trade balance posted a 25.1 billion surplus in July, falling significantly behind the forecasts of around 35 billion, the data reported by the General Administration of Customs on Friday. Exports surged 1% on year in July, while analysts had predicted 8.6% growth. Imports increased 4.7%, with the expected value of 7.2%.
On Thursday, August 9, U.S. stock indexes edged higher as the government reported on better-than-expected data. The Dow Jones Industrial Average jumped 0.07 per cent; the Standard & Poor 500 Index rose by 0.06 per cent, while the Nasdaq Composite index added 0.22 per cent. At the same time, European stocks were mixed, while Asian stock indexes soared more than 1 per cent.
Gold futures remained in tight range on Thursday, as Euro depreciated against the basket of major trading-partner currencies, and as U.S. trade gap tumbled and less Americans claimed for unemployment benefits. Gold futures with the October contract added 0.01 per cent to $1,613.85 per troy ounce. Other precious metals gained more, with September silver and copper for the same month adding 0.26% and 0.23% respectively.
The European Central Bank cut its growth forecast for 2012, leaving more space for central banks to lower their interest rates or make other bold actions to curb the Eurozone's debt crisis. The Eurozone's economy is now expected to shrink 0.3 per cent in this year, from the previous estimate of 0.2 per cent. Moreover, the outlook for 2013 was also lower to 0.6 per
On Thursday, August 9, the single currency lost ground versus its major peers, as the ECB's report signaled the further economic contraction, even worse, than it was predicted earlier. The Euro erased 0.5 per cent to $1.2303 during today's New York trading session. The single currency weakened against the Yen as well, with losing 0.1 per cent to 96.84 per yen. At the same time, the
As Commerce Department's report showed, the U.S. trade deficit tumbled by 10.7 per cent to $42.9 billion in June, from $48.0 billion in the month earlier. Meanwhile, it is the biggest improvement of a trade gap since February. As the gap narrowed, the boost for GDP growth should be provided. At the same time, the number of filed jobless claims declined by 6,000 to 361,000
According to the Federal Statistics Office, German's exports and imports tumbled in June by 1.5% and 3%, respectively, from the previous month. The total value of exports is at 92.3bn euro level, while the value of imports is 76.1bn euros. Despite worsened fundamentals, the exports to other countries, which are outside of the Eurozone, soared 20% from a year earlier.
Wall Street turned red on Wednesday, with the Dow Jones Industrial Average tumbling 0.18 per cent, the S&P 500 Index erasing 0.23 per cent, and the Nasdaq Composite Index falling 0.27 per cent. A day earlier, the Fed claimed that it is ready to intervene in the economy, and start bond-buying program in order to support the world's biggest economy.
European stocks ended three-day rally, as Standard & Poor's Ratings Services cut Greece's credit rating and traders took profits after three days of gains. The Stoxx Europe 600 Index tumbled 0.2 per cent to 268.01, after adding 0.8 per cent on Tuesday. Meanwhile, U.K.'s FTSE 100 Index dropped 0.4% to 5,818.38, Spanish IBEX 35 Index declined by 1.5% to 7,104.20; French CAC 40 Index erased
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
Chinese stocks rallied for fifth day in a line on Thursday on expectations that the POBC will ease its prudent monetary policy in view of deteriorating economic state. On Thursday, markets faced a flow of negative headlines from China. China's factory production unexpectedly slowed in July while home and car sales dropped more than expected last month. Adding to easing
Agricultural commodities were mixed on Wednesday amid broadly stronger US Dollar and better weather conditions in Brazil and India. Meanwhile, continuous drought in Russia sent grain futures higher. Wheat rebounded after USDA reported that Australia's wheat output is likely to drop by 11% in 12 months starting from October 1. At the same time, a 8% increase in Indian production in
Japanese equities surged on hopes for easing in China. China's inflation dropped to 30-month low in July, thus creating a room for further monetary policy loosening. However, disappointing Japan's core machinery orders and consumer confidence data capped the upward trend of the stocks. Nikkei 225 Index rallied 1.1% to trade at 8,978.60. All industries in the index soared. The largest
Energy commodities were mixed on Wednesday, with heating and Brent oil moving higher and natural gas and crude oil retreating. A larger than expected decline in the US crude oil stockpiles boosted energy commodities in the early US trade. Meanwhile, supply concerns also pushed energy prices up. Crude oil erased previous gains on profit-taking after the commodity hit three-month high. US
Dow Jones Industrial Average was steady on Wednesday despite negative news from the Eurozone. Hopes that the ECB, POBC and Fed will implement growth-boosting measures lifted US blue chips index. Dow Jones Industrial Average Index advanced by 0.05% to end the session at 13,175.64. Financials and energy companies provided the strongest support for the index. Among financials, American Express rose
Base metals apart from aluminum posted mild losses on Wednesday after Germany's export data weighted on market sentiment. In June, Germany's exports declined by 1.5% while industrial production of the country dropped by 0.9%. Aluminum was the only gainer on building hopes for easing in the Eurozone. At the same time, elevating US wholesale inventories and strong US Dollar capped the
S&P 500 was flat on Wednesday amid building expectations for easing measures from the ECB and Fed. However, profit warnings from several large companies coupled with negative news from the Eurozone pressurized US equities. S&P 500 closed with mild gain of 0.06% at 1,402.22. Health care and consumer goods were the top-gainers in the index. Pfizer and Johnson & Johnson
Precious metals were weak on Wednesday as soft physical demand from India weighted down on the commodity group. However, speculation that the ECB and Fed will loosen their monetary policies limited losses of the precious metals. Gold inched up despite weak demand from India. A hot and dry weather in India curbed crops, thus weighting on household revenues. Silver was the
The international food price index, that estimates the monthly change in the global prices of major food commodities, surged 6%, rebounding from preceding three months decline, Food and Agriculture Organization said on Thursday. The reverse was lead by a 12% rise in sugar prices and increase in grain prices. Maize gained 23% in price. Global wheat prices rose 19%. International
The Sterling posted mixed trading versus its major peers as U.K.'s trade deficit expanded to GBP4.3 billion, exceeding economists' expectations of GBP3.1 billion deficit. The Pound traded at 0.7883 versus the Euro, 1.5245 versus the Swiss Franc, 1.5655 versus the U.S. Dollar and 122.86 versus the Yen.