Industrial metals tumbled ahead of China's manufacturing PMI reading due on Friday. Putting additional pressure, concerns over lack of physical demand outweighed upbeat figures from the US. Moreover, increased caution before the US PMI numbers scheduled on Friday also sent base metals lower. Aluminum plunged amid global oversupply concerns as inventories at LME and SHFE are rising along with increasing lightweight
Precious metals were bearish on Thursday amid renewed concerns that signs of the US economic recovery will mean an end to loose policies by the Fed. However, hopes for robust physical demand from India supported the commodity complex. On Thursday, Indian government unexpectedly refrained from increasing import duties on precious metals. Gold slumped after the data showed assets in the
U.S. equities erased their gains in the last trading minutes prior to investors rebalancing of benchmark gauges. In addition, Senate rejected the plan for replacing sequester. The Dow Jones Industrial Average erased 0.2%, or 20.88 points, to 14,054.49, 1% down from its October record. Three out of nine sectors edged higher. Hewlett-Packard posted biggest gains in the index, as it
Canada's Dollar declined to an 8-month low as slower-than-anticipated growth in the U.S., the country's largest trading partner, boosted concern a report will show the economy shrank. The loonie lost 0.8% to C$1.0306 per greenback at 5 p.m. in Toronto. The currency earlier touched C$1.0313, the weakest level since June 29. One Canadian Dollar buys 97.03 U.S. cents.
U.S. equities fell from their gains earlier this week, as a vote of Senate kept the automatic spending cuts of $85 billion. The Standard & Poor's 500 Index dropped 0.1% to close at 1,514.68 after earlier surging as much as 0.6%. Only five out of ten groups in the index advanced. Mylan Inc. rose 3.6% to $29.61 at its close
The Euro was set for the longest period of weekly drops since June amid prospects for lower interest rates in the currency bloc as data today is expected to show a manufacturing contraction deepened. The Euro gained 0.2% to $1.3078 at 6:05 a.m. in London and has fallen 0.9% this week. It added 0.1% to 121.03 yen, heading for a
Asian shares advanced, trimming earlier losses, as Japan's stocks rose after a decline in consumer prices boosted speculation the BOJ will expand its monetary policy to combat deflation. The MSCI Asia Pacific Index gained 0.1% to 135.23 at 1:47 p.m. in Tokyo, halting losses of 0.4%. Japan's Nikkei 225 Stock Average climbed 0.5%, while Australia's S&P/ASX 200 Index and Hong
The Australian Dollar strengthened against most of the major peers amid prospects the RBA policy makers will opt out of cutting borrowing costs during a meeting next week. The Aussie rose as much as 0.2% to 94.76 yen and 0.2% to $1.0235 at 4:48 p.m. in Sydney, heading for a weekly decline of 0.8%. The New Zealand Dollar gained 0.3%
Bullion posted the biggest fall since May and the longest period of plummets since 1997, as improving economy boosted up demand for gold as a safe asset. Supply of spot gold contracted 0.5% to $1589.9 for an ounce at 10:11 a.m. in London. The metal went for a 5th monthly decline, decreasing 4.7% during February. Gold for April settlement dropped
Demand of U.S citizens for unemployment claims dropped by 22,000 in the week ending February 23, reaching seasonally adjusted figure of 344,000. The 4-week moving average was 355,000, showing 6,750 decrease from the last week`s adjusted average of 361,750. Seasonally adjusted insured unemployment rate decreased 0.1% from 2.4% revised prior week. The figure for people who received unemployment aid contracted
Hong Kong equities extended their gains for a second straight day, with the Hang Seng index posting its biggest increase in two months, as U.S. economic data added to bullish sentiment in the market. The Hang Seng Index rose 2% to 23,020.27,posting its biggest gain since January 2. All groups in the gauge edged higher. Citic Pacific, China Coal and
Growth of Swiss economy in the Q4 was well ahead of expectations as a rise of consumer purchasing power helped the economy to combat the problems caused by a strong Franc. GDP increased 0.2% from the Q3, when it was 0.6%. Consumer spending added 1.1%. The Swiss Franc is still 24% stronger in comparison to its value in September 2008."It's
German employment rate unexpectedly grew during February indicating that Europe`s largest economy is recovering after a contraction at the end of 2012. Unemployment slid 3000 to 2.92 million, keeping seasonally adjusted rate at 6.9% this month. According to economists' forecasts, a further decrease of 5000 is currently expected. The Euro depreciated 0.2% versus The Dollar and was at $1.3113 at
Japanese equities advanced, with the Nikkei 225 Stock Average snapping its longest monthly gaining streak since 2006 after Haruhio Kuroda, the President of Asian Development Bank, was nominated by Shinzo Abe to be the new governor of BOJ. The Nikkei 225 Index surged 2.7% to 11,559.36. The gauge has rallied 3.8% this month. All groups in the index edged higher.
India's Rupee advanced to a 3-week high amid speculation the government will face the widest fiscal deficit among emerging markets. The Rupee strengthened 0.4% to 53.6650 per U.S. Dollar at 9:38 a.m. in Mumbai, after earlier touching 53.6050, the highest level since February 8. One-month implied volatility increased 3 basis points to 9.53%.
Japanese stocks advanced, with the Nikkei 225 Stock Average capping a seven-month rally, as Prime Minister Shinzo Abe appointed Haruhiko Kuroda as the BOJ governor. The Nikkei 225 jumped 2.7% rose 11,559.36 in Tokyo, having gained 3.8% this month. Meanwhile, the broader Topix surged 2.3% to 975.66.
Asian shares advanced, with the regional benchmark index poised for the biggest increase in 5 months, as U.S. data boosted confidence in the world recovery and as a new BOJ governor was nominated. The MSCI Asia Pacific Index rose 1.4% to 135.07 at 3:30 p.m. in Tokyo, set for the biggest jump since September 14. Australia's ASX 200 Index added
The Australian Dollar advanced, halting earlier losses, amid speculation the central bank will unlikely cut the interest rate. The Aussie gained 0.4% to $1.0278 at 4:26 p.m. in Sydney, following a 0.4% decline earlier. It fetched $1.0184 a day earlier, the weakest level since October 10.The currency added 0.6% to 94.93 yen, while the kiwi rose 0.5% to 88.18 cents
Japan's Yen fell for a third consecutive day as Prime Minister Shinzo Abe nominated Haruhiko Kuroda to be the BOJ Governor, boosting prospects for more aggressive monetary policy this year. The Yen declined 0.2% to 92.41 per greenback at 6:47 a.m. in London, after sliding 0.5% in the previous two days. The currency slipped 0.3% to 121.47 per Euro, prolonging
Farm commodities except for coffee rallied on Wednesday on speculation that a recent slump in prices will attract buyers. Moreover, talks that China's grain stocks are at low level provided additional support for wheat and corn futures. Wheat climbed for the second session in a row on hopes lower prices will attract livestock producers. However, gains were capped as weather
Energy futures apart from crude oil retreated on Wednesday despite bullish EIA report and positive US data. However, talks that Iran may agree to cease its uranium production by 20% in exchange of easing sanctions on oil exports sent the commodity group lower. Crude oil was the only gainer after the EIA report showed a smaller-than-expected increase in the US crude
Industrial metals were mixed on Wednesday amid soft greenback and upbeat US numbers. US core durable goods orders jumped 1.9% in January, while pending home sales surged 4.5% last month, compared to a forecast of a 1.5% gain. At the same time, rising global supply glut weighed on base metals. Aluminum dived amid elevated LME stockpiles. Inventories at the LME remained
Precious metals plunged on Wednesday amid profit taking after Tuesday's rally. On Tuesday, precious metals were lifted by dovish comments of the Fed Chairman Ben Bernanke. Meanwhile, broadly weaker US Dollar despite positive US data limited losses of the commodity complex in Wednesday's session. Gold dropped on signs of weakening investment demand. Holdings in ETPs backed by the yellow metal declined
The Wall Street was green on Wednesday, as better-than-forecast data on U.S. housing bolstered bullish sentiment in stocks and European stocks edged higher, as Italian bond auction reached its maximum target. The Dow Jones Industrial Average rallied 1.3%, or 175.24 points, to 14,077.85, its highest in five years. All ten groups inched up. JPMorgan Chase & Co led gains in