Japan's Nikkei Stock Average pared losses on Tuesday session as Chinese government approved measures to boost consumer spending. Nikkei 225 index climbed 0.74% or 63.93 points and closed at 8,657.08. Construction machinery producer Komatsu gained 2.8%. Japanese biggest shipping line Nippon Yusen rallied 4.4% after Credit Suisse upgraded its stocks to outperform. On the downside electricity related companies declined. Kansai
The New Zealand and Australian Dollars weakened against their US peer on Tuesday on worries that European financial uncertainty is curbing region's growth. Aussie and Kiwi declined 0.3% against greenback to USD 0.9827 and USD 0.7598 respectively. Currently AUD/USD is trading at USD 0.9863 and NZD/USD is trading at USD 0.7618.
17-nation currency stayed weak on Monday and was heading for a largest monthly loss since September ahead of upcoming Italian bond auction due tomorrow. The common currency traded almost flat against US Dollar at USD 1.2537 in Asian trade. The Euro has depreciated 5.3% in May. Currently EUR/USD is trading at USD 1.2534.
European equity markets traded higher in the early session on Monday but retreated and erased most of their gains later in the afternoon. The investor sentiment was depressed by concerns over Spanish banks. Therefore major banks across Europe also weighted on stock indices. Stoxx Europe 600 index traded flat, Spanish IBEX 35 plunged 2.2% and German DAX slipped 0.3%. French
Japan's retail sales accelerated 5.8% in April compared with a previous year. It is a smaller improvement than a gain of 6.3% expected by analysts. On monthly basis sales dropped 0.3%. However, retail sales kept advancing relatively rapidly compared with a previous year when they fell sharply in the result of March earthquake.
Japan's jobless level accelerated 4.6% in April compared to a 4.5% in March. Economists predicted the unemployment rate to remain flat at 4.5%. However, the jobs availability in Japan also improved. The amount of new employment offers surged 3.6% from March and rallied 14.2% on yearly basis. Hiring was boosted by increasing demand for workers in construction jobs in region
China is considering pumping two trillion Yuan into economy in an attempt to stimulate slowing economic expansion, reported Credit Suisse. In case the country implements these easing measures, it may face faster expansion in the second half of 2012 that is expected to slide to 7% in Q2, said Tao Dong, analyst at Credit Suisse. However, China's Cabinet has not
Sales of new homes in Australia inched up by 6.9% in April, after facing weak performance in Q1 of 2012, reported the Housing Industry Association. However, despite slight improvement, the volume of new house sales and new building approvals still signal that the real estate sector is far away from robust recovery, said Harley Dale, HIA Chief Economist.
Crude oil futures extended previous gains in Asian session on Tuesday as hopes that Greece will remain a member of the Euro Zone lifted investors' sentiment. Adding to the positive mood of the commodity, supply concerns lingered as world major powers failed to agree with Iran on its nuclear program. Light, sweet crude oil futures for July delivery traded at
Gold futures moved higher in Asian session on Tuesday, extending previous gains as hopes that Greece will stay in the Euro Zone boosted the yellow metal's price. Moreover, low prices create bargain buying opportunities for investors. COMEX gold futures for delivery in August traded at 1,574.15 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.19%.
China is set to allow direct trade of the China's Yuan and the Japan's Yen in an attempt to promote trade between two countries. The move implies that the trade partners will not use the greenback as intermediary currency any more hence decreasing dependence on the US Dollar, said Dariusz Kowalczyk from Credit Agricole CIB. The direct trading will start
Four largest Greece's banks gained access to the ECB funds, according to the Greece's Ministry of Finance. The capital injection was implemented through bonds from the EFSF bailout fund and is aimed at pumping liquidity into National Bank, Eurobank, Alpha and Piraeus Bank. The banks gained 18 billion Euros for further recapitalization, the Finance Ministry added.
Chinese government has made the decision of increasing stimulus spending in order to strengthen the country's economy. Despite the fact that some analysts believe that the plan is not sufficient to ensure the essential changes in the slowing region, the proposed program encompasses lowering interest rates as well as spending concerned with infrastructure development. Credit Suisse pointed out that the
UK house prices increased by 0.2% from April, but fell 0.6% in comparison to the same period last year. Prices in London alone surged by 0.6% from April. Supply of real estate increased 2.2% from April when it expanded by almost 5%. Amount of buyers registering with brokers grew by 0.4% from April. Specialists state that rallying mortgage rates and possible influence
German DAX index rose in the first half of session on Greece's poll results which showed Greeks supported pro-austerity parties. Nevertheless index retreated and traded into red prior to the close on lingering Spain worries. Financials posted substantial losses with Deutsche Bank falling 1% and Commerzbank tumbling 3.8%. Electricity provider RWE AG dropped 2% and power company E.ON AG lost
UK FTSE 100 index traded notably higher on Monday supported by miners and energy shares as Greek polls showed pro-austerity parties lead ahead of upcoming parliamentary elections in June. Rio Tinto surged 2.8% and Antofagasta gained 3.2%. Financials also climbed with Barclays adding 0.5% and RBS advancing 1.4%. Recruitment company Capita Plc jumped 3.1% after UBS upgraded the stock from
Rural commodities soared on Friday as crop conditions are deteriorating in the major growing-regions while demand is expected to remain strong.Wheat surged as dry and hot weather forecasts in Russia, Ukraine and the Great Plants bolstered grain's price. Moreover, solid demand for US wheat provided fresh stimulus for price increase.Corn was unchanged on Friday but the commodity is likely to
Energy markets apart from natural gas moved higher on Friday as lack of resolution of Middle East tensions and indications of the US economic recovery created favorable conditions for the price increase.Crude oil futures were bolstered by failure to reach a compromise on the Iranian nuclear program while positive data on US consumer confidence boosted demand prospects. Brent oil was
Industrial metals balanced on Friday between signs of robust US economic recovery and uncertainty in the Euro Zone and Asia.Aluminum was marginally lower as rising energy costs and weakening China's demand both created pressure on the light metal.Copper was among gainers due to falling stocks at the LME and Shanghai warehouses. However, high risk-aversion in the markets continued to cap
Precious metals rallied on Friday despite economic uncertainties in the Euro Zone and Asia. Stronger greenback also continued to weight on the commodity pack.Gold was the top-performer despite lingering worries in the single currency union after Catalonia, Spain's region, announced it needs additional funds for refinancing its banking system.Silver followed bullish trend amid mixed equities and better than expected US
With supplementary RMB 2.5B (USD 395M), the overall injected funds by JPMorgan total at CNY6.5 billion in three years. JPMorgan China's chairman and CEO Zili Shao stated that the be investment will be utilized for new product development, hiring new personnel, boosting lending possibilities as well as ensuring a wider network for the subsidiary. Consequently, this should allow the bank
Despite a rapid increase in the employment in the beginning of 2012, the current figures show a less positive situation. To ensure that the labor market may revive itself from the impacts of the recession, the government should provide 250 000 places monthly; however, the according to the data provided by Sam Bullard, Wells Fargo, the actual rate maintains at
Thomas Jordan, president of the Swiss National Bank (SNB), announced that bank considers introducing control of capital inflows in order to prevent further strengthening of the Swiss Franc. This would be continuous effort of the SNB to stop Frac's appreciation against the Euro since mid 2010. Recently, for the first time since 1970's, the SNB had to use self-imposed limit of the Franc versus other
Japan's Nikkei Stock Average traded in narrow range on Monday as investors remained cautious towards more positive news from Greece. Nikkei 225 index gained 0.15% or 12.76 points and finished at 8,593.15. MS&AD Insurance Group Holdings fell 1.5% on news Lloyd's expect euro collapse in case Greece exits the common currency area. Furukawa Co surged 3.1% after announcing it will