Energy commodities soared on Tuesday amid improving demand prospects and potential supply disruptions. Expected easing measures from the ECB and PBOC are likely to boost demand while hurricane may impact oil production in the Gulf of Mexico. Crude oil jumped 1.59%, attaining 12-week high as output from the North Sea continued to fall. Persistent tensions in the Middle East also lent
US blue chips edged higher on Tuesday on expectations that the ECB and Fed will ease their monetary policies. Eric Rosengren, Boston Fed president, said that the Fed has to embark on fresh asset purchasing program to facilitate economic recovery. Dow Jones Industrial Average Index rose by 0.39% to end Tuesday's session at 13,168.60. The largest gains posted industrial and
Industrial metals apart from nickel surged on Tuesday despite weak German factory orders data. Germany's factory orders dropped 1.7% in June while analysts expected a 0.8% decline. However, easing speculation supported base metals' pack. Aluminum was the top-gainer on improved risk-sentiment after the ECB moved closer to fresh bond-purchasing program. Copper balanced between slight decline in inventories and a fall in
S&P 500 continued its upward trend on Tuesday as better than expected quarterly results buoyed US equities. Traders' sentiment was also boosted by easing expectations for the ECB. S&P 500 gained 0.51% to trade at 1,401.35.Oil and gas as well as basic materials were the top-gainers among the industries included in the index. Among oil and gas companies, Alpha Natural
Precious metals advanced on Tuesday despite broadly stronger US Dollar. Speculation that the ECB and Fed are planning to launch easing measures boosted the commodity group. Meanwhile, physical demand from India is expected to remain weak ahead of the festival season. Gold added 0.1% as the ECB is likely to take steps to reduce borrowing costs of Spain and Italy. Sending
Treasuries gained after a three-day drop as S&P revised Greece's debt rating outlook to negative, boosting demand for U.S. bonds as a hedge from Europe's debt crisis. The price of the 1.75% security due in May 2022 increased to 101.25. Benchmark 10-year yields slipped 0.02 percentage points to 1.61%. Yields rose from an all-time low of 1.38%, posted on July
On Tuesday, August 7, the greenback remained lower versus the Euro and other major currencies amid hopes that the ECB will soon make decisive actions to stem the debt crisis in the Eurozone. In order to lower Italian and Spanish borrowing costs, the ECB may soon resume bond-buying program. The shared currency strengthened against the greenback during today's New York trading session, with EUR/USD adding
Gold futures fluctuated on Tuesday, as investors are getting more cautious about actions by the ECB to curb Eurozone's debt crisis. Gold futures with the October contract erased 0.02 per cent to $1,612.75 per troy ounce during today's New York trading session. Meanwhile, other precious metals advanced, with September silver adding 0.54% and copper for September settlement rising by 1.50%.
German factory orders fall more-than-expected in June, as the number of goods, sold to Eurozone's countries tumbled. Orders dropped 1.7 per cent in June, after rising 0.7 in May. Report proves that Eurozone's largest economy is decelerating, hit by global economic slowdown. The demand for German goods eroded, with orders from the Eurozone erasing 4.9 per cent, while domestic orders declined by 2.1 per cent.
Oil futures continued three-day rally on Tuesday, and hit three-month high, as Wall Street edged higher and weaker U.S. Dollar helped oil's gains. Crude oil with September contract jumped 0.7 per cent, to $92.89 per barrel during today's New York trading session. In the meanwhile, investors are waiting for the American Petroleum Institute's report, as inventories are expected to decline, pushing crude higher. Other energy contracts also
The Pound slipped on belief the Bank of England will decrease its forecasts for expansion and consumer prices as it reports the quarterly inflation data. U.K. currency dropped versus most of its major peers. The Sterling slipped 0.2% to $1.5587. It fell 0.5% to Y122.19, and almost didn't change at 79.40 pence per Euro.
Hong Kong stocks dropped, lead by the city's benchmark index falling for the first time in three days, before reports may post the economy is slowing. There were little losses on belief slowing inflation may leave more room for additional monetary easing. The Hang Seng Index slipped 0.2% to 20,032.80 after a 0.6% gain.
On Wednesday, Europe's stocks tumbled from the highest level in four month before a report that may post German industrial output decline. The Stoxx Europe 600 Index fell 0.3%, after gaining to the strongest since March yesterday. The Standard & Poor's 500 Index dropped 0.2%. The MSCI Asia Pacific Index gained 0.3%.
Asian stocks edged up with the benchmark index approaching a 3-month high, on speculation that central banks from China to the U.S. will take measures to spur growth. The MSCI Asia Pacific Index rose 0.4% to 120.01. Japan's Nikkei 225 Stock Average gained 0.9%, while Australia's S&P/ASX 200 Index climbed 0.5%.
The Norwegian Krone advanced to a 6-week high versus the U.S. Dollar as Norway's manufacturing production surprisingly increased in June. The Nokkie appreciated against all 16 most-traded counterparts as factory output rose 0.8% from May.The Krone gained 0.7%to 5.9197 versus the U.S. Dollar, after touching 5.9149, the strongest level since 21 June.
The Canadian Dollar rose to the strongest level in 12 weeks versus the U.S. Dollar as stocks and oil climbed and risk appetite increases. The Loonie gained against all of the 16 most-traded peers except the Nokkie as Canadian business spending gauge rose more than expected. Against the greenback Canada's Dollar gained 0.3% to 99.70 cents and then reached 99.63
Copper dropped after a three-day increase. On Wednesday, copper for September delivery decreased 0.5% to $3.425 per pound in New York, after reaching $3.449 yesterday, the strongest level for a contract since July 31.
The Aussie was 0.6% from its four-month high after report posted home-loan approvals increased 1.3% in June by the most in 2012, increasing signs of boost in the economy. On Wednesday, Australia's Dollar fell to $1.0545 after reaching $1.0604, the highest since March 20. Aussie dropped 0.4% to Y82.68. The Kiwi fell 0.4% to 81.25 U.S. cents. It slipped 0.7%
The Euro slipped versus the Yen before data that is expected to post industrial production decline in Germany, supporting concern the Eurozone's crisis is damaging region's biggest economy. S&P updated Greece's sovereign rating outlook from stable to negative and enforced CreditWatch action on four Spanish banks. The Euro dropped 0.4% to Y97.07 and 0.1% to $1.2387.
France's trade deficit rose to EUR5.99 billion in June from EUR5.47 billion in previous month, according to Directorate General of Customs and Excise. Economists expected a deficit of EUR5 billion. Exports dropped to EUR36.54 billion in June from EUR37.24 billion in May. Imports fell to EUR42.53 from EUR 42.71 billion in May.
Oil tumbled from the two-month high close amid speculation recent gains were over-optimistic on signs of weakening demand of the U.S., the world's major consumer of oil. Futures slipped 0.5% after a three-day rise. September-delivery oil fell to 93.17 per barrel. September-settlement Brent crude dropped 0.4% to $111.55 per barrel.
SECO Consumer Climate declined to -17points in third quarter, after a -8 point reading in the previous quarter, as reported by the State Secretariat for Economic Affairs on Wednesday. The drop had negatively outperformed analysts expectations of indicator improvement to -4 points.
Japan's outstanding bank loans increased 1.0% on year to Y396.4 trillion in July, reflecting the 10th consecutive year-on-year gain amid constant gradual improvement in corporate funding demand, reported by the Bank of Japan on Wednesday. The July rise followed 0.8% growth in June and was the strongest since October 2009 reading of 1.5%.
Gold declined after a three-day rally as its rise to a week high boosted sales and as the U.S. Dollar's strength weakened demand for the metal as an alternative investment. On Wednesday, spot gold fell 0.2% to $1,609.15 per ounce, after rising to $1,618.40 yesterday, the strongest since August 1. Bullion for December delivery dropped 0.1% to $1,610.70 per ounce.