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Wed, 25 Jul 2012 16:09:34 GMT

Hang Seng dropped on China's growth worries

Hang Seng Index edged down 0.14% on Tuesday to close at 18,877.33 amid spreading Eurozone's crisis and potential slowdown in China's economy. Moreover, disappointing Apple earnings report added to the negative mood of China's equity market. China property developers faced losses after Nanjing housing bureau reported that recent news on price increases were a ‘misunderstanding'. Sino Land and China Resources

Wed, 25 Jul 2012 15:47:35 GMT

Japanese equities tumbled on dismal Apple results

Nikkei 225 Index attained seven-week low on Wednesday, posting a sharp decline of 1.44%. Japanese stocks were exposed to negative data from the Eurozone and dismal results of Apple in the last quarter. Toshiba plunged 7.3% to the lowest level in 40 months after Apple reported worse than expected results in Q2. Panasonic, being also Apple supplier, fell 5.5% to

Wed, 25 Jul 2012 15:25:35 GMT

Dow Jones Index dropped 0.82% on Tuesday

Dow Jones Industry Average Index extended previous losses on Tuesday, falling 0.82% to trade at 12,617.32. All sectors within the index tumbled. The largest decliners were basic materials and oil and gas sectors. Chevron fell 1.53% despite slight increase in oil price after positive China's PMI data release. EI du Pont de Nemours & Co dropped 1.99% after reporting a

Wed, 25 Jul 2012 15:03:34 GMT

US stocks prolonged slump on Tuesday

S&P 500 Index prolonged its slump on Tuesday, ending the day 0.9% lower. Disappointing corporate earnings reports coupled with grim news from the Eurozone pressurized US equities. All industries within the index have faced losses for the second consecutive day. Shares of DeVry posted the largest drop of 27% on news that Q4 results are likely to be much worse

Wed, 25 Jul 2012 14:52:36 GMT

German business confidence declines in July

German business confidence declined more than expected in July, falling to the lowest level since March 2010. The Ifo business climate index dropped from 105.2 in June to 103.3, representing a third consecutive decline, while economists expected a decline to 104.5. The main reason for such a sharp decline in confidence is deteriorating sovereign debt crisis, which damps economic growth

Wed, 25 Jul 2012 14:41:38 GMT

Gold Second Day Rise

On Wednesday,  spot gold rose 0.2% to $1,583.69 per ounce, expanding gains to a second session. The latest reports showed that U.S. and Eurozone were still in a downturn in July, which had advanced interest for gold. Gold is seen as "inflation hedge", excessive cash printing by central banks directly benefits its sales.

Wed, 25 Jul 2012 14:30:38 GMT

U.K. GDP unexpectedly declined 0.7% in Q2

According to the Office for National Statistics, the U.K. GDP unexpectedly slumped 0.7% in the second quarter, the biggest contraction since 2009, following a 0.3% contraction in the Q1, indicating that economy experiences recession. The U.K. economy shrank 0.8% on annual basis.    

Wed, 25 Jul 2012 14:12:35 GMT

The Euro and European Shares Advance on ECB

On Wednesday, a European Central Bank policymaker said that there were reasons for issuing a banking license for Europe's permanent rescue fund, that would let them acquire unlimited ECB loans. The comment has boosted demand for the Euro which jumped to $1.2115. The FTSE Eurofirst .FTEU3 index lifted 0.1% at 1,019.52 points.In meantime EU officials report that Greece is unlikely

Wed, 25 Jul 2012 09:59:34 GMT

China's economy to be challenged by headwinds

The IMF stated that China's economy may confront considerable risks to growth with the national currency being moderately undervalued. Moreover, the IMF officials highlighted China's over reliance on investment. The economy is expected to experience a soft landing; however, to make it happen is a main challenge, said the IMF. Still, China is ready to respond to further worsening of

Wed, 25 Jul 2012 09:48:34 GMT

Spain's borrowing costs unjustified

German Finance Minister and Spanish Economy Minister argue that the Spanish bond yields do not correspond to the current state of Spain's economy. However, the statements of ministers have not calmed markets as Spanish securities continue to rise for 10 consecutive days. 2-year bond yield soared to 7.09%, breaking 7% level for the first time. 5-year climbed to 7.74%, while

Wed, 25 Jul 2012 09:37:34 GMT

Won Drops on Europe's Debt Crisis Concerns

Asian currencies tumbled, led by the South Korea's Won, on the Eurozone's crisis diminishing demand for riskier assets in emerging markets. The Won declined to a week low after a central bark had reported that local consumer confidence was at the lowest level in five month. The Bloomberg-JPMorgan Asia Dollar Index (MXAP), which follows Asian currencies, dropped to the least

Wed, 25 Jul 2012 09:26:35 GMT

Japan Shows an Unexpected Trade Surplus

Drop in oil prices has resulted in the first decline in imports since 2009 for Japan. On Wednesday, Finance Ministry in Tokyo reported that imports decreased 2.2% from a previous year, as result a trade surplus amounted to 61.7 billion Yen ($789 million). The Yen rose to 78.10 versus the U.S. Dollar after the announcement.

Wed, 25 Jul 2012 07:45:33 GMT

Asian Stocks Tumble on Eurozone Recession and Apple Slowdown

Concerns about China's economic downtrend and Europe's debt crisis pressured Asian stocks to drop for a fourth day. Technology shares pulled back after Apple Inc. missed expected values in profits and sales. On Wednesday, the MSCI Asia Pacific Index (MXAP) tumbled 0.8% as Japan's Nikkei 225 Stock Average dropped 1%. South Korea's three-year note and Singapore's 10-year bond yields touched

Wed, 25 Jul 2012 07:27:35 GMT

Increased Chinese Steel Exports Pressure U.S. Sales

China, world's major steel producer, has raised its steel exports to the two-year high. Monthly shipments advanced to 8.7% from domestic output in June, while domestic market shows slight slowdown in prices. Chinese exports increase has direct negative impact on U.S. steel sales, for instance, Bloomberg Global Steel Producers index dropped 17%.

Tue, 24 Jul 2012 18:46:32 GMT

Greenback strengthened versus its major counterparts on Tuesday

The U.S. dollar strengthened against the basket of major trading-partner currencies on concerns about deepening Eurozone's debt crisis. The euro declined by 0.25 per cent to $1.2087, while the ICE dollar index jumped 0.14 per cent and climbed to 83.804. Meanwhile, China's manufacturing output rocketed to a five-month high, providing a mild boost to the aussie, the Japanese yen and the British pound.  

Tue, 24 Jul 2012 18:35:34 GMT

Spain's economy under new pressure

Investors' are getting more worried about Eurozone's future, as Spain's borrowing costs rose, and Catalonia region said it will need a new financial aid. Spain is to pay 3.7 per cent to place six month debt, higher than several months earlier. The yield on government's 10-year bond rocketed to almost 7.6 per cent, the highest among Eurozone's countries.  Moody's added fuel into the fire, warning

Tue, 24 Jul 2012 18:24:33 GMT

Gold fluctuated on Tuesday

Gold futures fluctuated on Tuesday as investors are getting more worried about Eurozone's economic outlook, and as the greenback moderated its early jump. August gold edged higher 20 cents to $1,577.50 per ounce, with daily high of $1,584 and daily low at $1,571 per ounce. Other precious metals were also little changed on Tuesday. Silver for September settlement declined by 0.6 per cent, to $26.89 per

Tue, 24 Jul 2012 18:13:32 GMT

China's manufacturing activity increased in July

China's manufacturing output jumped to a five-month high of 49.5 in July from 48.2 in the previous month. A final reading below 50 signals contraction, proving that world's second biggest economy is still under pressure. Asian stocks were little changed today. The Shanghai Composite Index rose 0.1 per cent and the MSCI Asia Pacific Index was little changed from the previous day. The

Tue, 24 Jul 2012 18:02:31 GMT

Greece to suffer a much deeper recession

As reported by Greek Prime Minister Antonis Samaras, Greece is going to fall into a much deeper recession than it was predicted earlier.  Samara expects nation's economy to shrink by 7 per cent, compared to a previous estimate of 5 per cent.  Moreover, Greece may ask for a third financial aid, approximately up to 50bn euros. On the top of that, Antonis Samaras added, that after

Tue, 24 Jul 2012 17:51:32 GMT

Oil jumped as China's manufacturing improved

Oil futures advanced on Tuesday as China's manufacturing data improved. Crude oil for September settlement jumped 0.5 per cent, to $88.59 per barrel during today's New York trading session. The boost in prices was provided by the series of debt downgrades by Moody's. Rating agency downgraded the outlooks on Germany, the Netherlands and Luxembourg. Moreover Moody's claimed that the possibility of Greece's exit from the Eurozone

Tue, 24 Jul 2012 17:40:32 GMT

Wall Street tumbled as global economy concern persists

Wall Street declined for a third day in a row as Moody's reduced ratings outlooks for Germany, the Netherlands and Luxembourg, proving that the debt crisis in the Europe is far away from the solution. The Dow Jones Industrial Average lost 0.5 per cent, to 12,655; the S&P 500 Index erased 0.4 per cent, to 1,345, and the Nasdaq Composite declined by 0.3 per cent

Tue, 24 Jul 2012 16:03:32 GMT

DAX Index drops after Moody's lowered German credit outlook

German stocks were mostly lower after Moody's lowered the credit outlook for the country. Larger than expected contraction of German PMI in June also added pressure on the country's stocks.  German DAX 30 Index eased down 0.04% to trade at 6,411.06 at the time of writing. SAP led the technology industry higher after reporting a 12% surge in earnings in

Tue, 24 Jul 2012 15:52:33 GMT

UK stocks slide on Eurozone's woes

FTSE 100 Index moved down on Tuesday amid escalating concerns over the health of the Eurozone's economy. The UK stock index edged down 0.08% to trade at 5,522.85 at the time of writing. Telecommunications and financials were sharply lower, tumbling by 1.18% and 0.20%. Vodafone Group and ITV dropped 1.09% and 0.63%. Meanwhile, shares of the largest banks followed their

Tue, 24 Jul 2012 14:57:32 GMT

Spain's borrowing costs increase

Spain managed to gather all intended amount in the debt on Tuesday, but was forced to pay the second highest yield since the creation of the Euro. Spain's treasury raised EUR 3.4b, but the yield increased by 45 basis points and reached 3.69% on it's 6 month bills. 

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