Energy futures rallied on Friday as a recent decline in prices spurred bargain- hunting. However, solid greenback and escalated worries over the health of the Eurozone's banking sector continued to push the commodity group lower.Crude and Brent oil bounced off as market players were seeking cheap valuations after prices sagged to a seven-week low. At the same time, a surge
The South Korean Won declined as the Yen's fall boosted concern Korea will take steps to weaken the nation's currency to support exporters. The Won weakened 0.2% to 1,086.36 per U.S. Dollar in Seoul, with one-month implied volatility, rising 17 basis points to 7.44%. Korea's currency climbed as much as 1% versus Japan's peer to 11.52 per yen.
Industrial metals apart from nickel closed lower on Friday amid broadly stronger US Dollar and elevated LME inventories. Meanwhile, market participants were cautious ahead of the HSBC flash manufacturing PMI release due on Monday. Aluminum posted the biggest drop in 15 months amid increasing global supply glut. Global output of the lightweight metal surged by annualized 5.7% in January, according to
Precious metals except for platinum traded higher on Friday on hopes that the Fed will refrain from ending its bond-buying activities sooner-than-planned amid soft US data. However, solid greenback put pressure on the commodity complex. Gold inched up on expectations of strong physical demand from central banks in Asia. At the same time, the yellow metal came under heavy pressure
German stocks traded higher on Friday, as data showed German confidence rose more than expected. The German business climate index advanced from 104.3 in January to 107.4 in February. The DAX index surged as much as 1.03% to close at 7,661.91. All but two sectors in the gauge soared. The telecommunications and utility stocks jumped the most. The latter group
U.K. equities climbed after a report showed that German business confidence topped the estimates. The FTSE 100 Index rebounded from earlier losses and advanced 0.5%, or 31.77 points to 6,323.31, yet posting a 0.1% drop on the week. All but one group in the gauge edged higher. Polymental International gained 3.3%, the most in the benchmark index, and capped losses
Hong Kong equities extended their losses on Friday with the Hang Seng index pairing its biggest weekly decline in more than two years as data on Chinese economy showed disappointing results. The Hang Seng index erased 0.5% to close at 22,782.44 and posted a 2.8% this week. All but two sectors in the benchmark index inched lower. Li & Fung,
Most Japanese blue chips advanced, sending higher the Nikkei 225 Stock Average, as domestically-oriented shares rallied. The Nikkei 225 Index soared 0.7%, or 11,385.94 by the closing time in Tokyo, climbing nearly 2% on the week. Seven out of ten groups in the benchmark gauge posted gains. COMSYS Holdings Corporation rose 4.8%, the most in the index, to close at
The Wall Street closed in red yesterday amid escalated worries that the Fed is considering stopping its bond-buying program sooner-than-expected. The Dow Jones Industrial Average skidded as much as 0.3%, or 46.92 points, to close at 13,880.62 on Thursday. All groups within the benchmark gauge declined. Technology shares edged lower, posting a 0.6% decrease. However, further losses were halted by
U.S. equities slid on Thursday on growing concerns that the Fed might reduce its growth-boosting activities. In addition, investors were disappointed by the lower-than-expected data on corporate profits. The S&P 500 dropped 0.6% to 1,502.42. All but one group in the benchmark index edged lower. Lyondellbasell Industries N.V., an independent chemical company, paired biggest loss in the gauge to drag
Retail sales of Italy performed unexpected gain 0.2% in December after 0.6% drop in November and 1.4% in October, sequentially. Trades, either on food and non-food commodities, rose 0.2% in comparison with November. Year-on-year figures in the retail sector faced rapid decline of 3.8% during December. During entire year of 2012, retail sales slid 2.2% comparing with the previous year.
Hong Kong equities extended their losses on Friday with the Hang Seng index pairing its biggest weekly decline in more than two years as data on Chinese economy showed disappointing results. The Hang Seng index erased 0.5% to close at 22,782.44 and posted a 2.8% decrease this week. All but two sectors in the benchmark index inched lower. Li &
Business confidence of Germany topped economist`s expectations jumping to the highest level in 10 months, indicating that Europe`s greatest economy is gaining momentum. Based on the Ifo institute`s survey, business climate index rose from 104.3 to 107.4. A measure of current conditions climbed from 108.1 to 110.2. Furthermore, the Euro strengthened a third of a cent and was traded at
Precious metals were mixed on Thursday as US jobless claims increased more-than-expected last week, dampening talks that the Fed may halt its bond purchases sooner than planned. However, uncertainty over the Fed's policy move persisted after the data showed that the US core inflation rate climbed more-than-expected last month. Gold swung to gains on hopes that the Fed will stick to
Most Japanese blue chips advanced, sending higher the Nikkei 225 Stock Average, as domestically-oriented shares rallied. The Nikkei 225 Index soared 0.7%, or 11,385.94 by the closing time in Tokyo, climbing nearly 2% on the week. Seven out of ten groups in the benchmark gauge posted gains. COMSYS Holdings Corporation rose 4.8%, the most in the index, to close at
The Wall Street closed in red yesterday amid escalated worries that the Fed is considering stopping its bond-buying program sooner-than-expected. The Dow Jones Industrial Average skidded as much as 0.3%, or 46.92 points, to close at 13,880.62 on Thursday. All groups within the benchmark gauge declined. Technology shares edged lower, posting a 0.6% decrease. However, further losses were halted by
Germany`s economic slowdown in the Q4 was caused by a decrease in exports and investment as the Euro bloc`s demand was impaired by sovereign debt crisis. Exports decreased 2% in comparison to the Q3; meanwhile, investment contracted 0.7%. According to reports released in Feb. 14 2013, GDP fell 0.6%, however, economy confronted a 0.4% increase after adjustment of the working
U.S. equities slid on Thursday on growing concerns that the Fed might reduce its growth-boosting activities. In addition, investors were disappointed by the lower-than-expected data on corporate profits. All but one group in the benchmark index edged lower. Lyondellbasell Industries N.V., an independent chemical company, paired biggest loss in the gauge to drag down basic materials that were 1.1% lower.
Farm commodities apart from coffee dived on Thursday amid weak demand for risky assets after dismal numbers from the US and Eurozone. Moreover, solid greenback and improving weather conditions in the US Great Plains pushed rural commodities lower. Wheat traded lower, approaching the lowest level in eight months as heavy snowfalls in Kansas improved prospects for drought-stricken crops. Capping losses,
Energy futures were bearish on Thursday after a release of the EIA weekly supply report. Weak data from the Eurozone and US also dragged the commodity group lower. However, losses were capped by easing worries that the Fed will end its bond purchases as dismal US data signaled the economic recovery is fragile. Crude oil plunged after the EIA report showed
Base metals finished in the red territory on Thursday despite easing worries that the Fed may end its bond-buying program sooner-than-expected. Negative headlines from the Eurozone and US also weighed. Eurozone's flash PMI and Philly Fed Manufacturing Index missed forecasts in February. Aluminum retreated, tracking appreciation in the US Dollar and dismal data from the Eurozone and US. Higher stocks at
Asian stocks removed earlier losses on speculation the regional benchmark index decline was excessive as exporters from Japan pared losses after the Yen dropped. Meanwhile Australian equities advanced and recovered from a nine- months drop. The MSCI Asia Pacific Index slid 1.3% to 133.50, Australia's S&P/ASX 200 Index soared 0.9%, New Zealand's NZX 50 Index advanced 1.1%, South Korea's Kospi
German stocks are trading in red on Thursday amid weak national data and concerns that the Fed may stop its bond-buying activities soon. German flash manufacturing PMI rose to 50.1 from 49.8 this month, missing estimates of 50.4. Moreover, German flash services PMI dropped to 54.1 in February from 55.7 in January. The DAX Index declined 1.76% and is currently
The shared currency surged below $1.32 for the first time in six weeks after an industry report indicated services and manufacturing in Europe shrank faster in February than economists' predictions. The Euro slid 0.7% to $1.3190 and plummeted 1.2% to 122.81 Yen, while the latter gained 0.5% to 93.11 per greenback.