Energy futures were mixed on Monday as traders readjusted their positions ahead of January contract expiration due on Tuesday. Meanwhile, weaker US Dollar was supportive for the commodity group. Moreover, expectations for monetary easing in Japan after the Liberal Democratic party won general elections on Sunday pushed energy futures higher. Crude oil prolonged its rally ahead of January contract expiration.
Industrial metals, excluding zinc, moved lower on Monday as worries over the lack of progress in the US fiscal negotiations outweighed positive flash PMI releases. Adding to the negative mood of the base metals, LME inventories remained at elevated levels last week. However, hopes for monetary policy loosening in Japan and softer US Dollar limited the downswing. Aluminum dipped amid
The Yen depreciated by 0.1% to $84.00 during Tokyo trading session on Tuesday, as it touched 84.48 per Dollar in the previous New York trading hours. That was the weakest point of the Yen since April 2011. The Yen depreciates as new Prime Minister Shinzo Abe was elected this weekend and ahead his meeting with the Bank of Japan representatives
Precious metals were mixed on Monday after the Liberal Democratic party won general elections in Japan. Market players hope that the leader of the party, Shinzo Abe, will put more pressure on the BoJ to ease its monetary policy. Meanwhile, investors also remained focused on the US budget talks to avert fiscal cliff.Gold rebounded on expectations for accommodative monetary measures
Crude oil futures for January settlement were higher by 70 cents to $87.90 on the New York Mercantile Exchange during Singapore trading hours on Tuesday. Oil gained for the third day, as the markets were speculating that an agreement on the U.S. budget will be reached and so-called the fiscal cliff will be averted. The U.S. is the biggest oil
The U.S. Dollar rose against the Japanese yen on Monday to its highest level since April 2011 as Sunday's election victory of Japan's conservative Liberal Democratic Party opened the way for further monetary easing in order to lift the economy out of the recession. The so-called greenback advanced 0.3% to 83.70 yen, touching a 20-month high at 84.48 earlier after
According to the data released by Eurostat, the EU statistics agency, labour cost in the Eurozone rose 2% in the third quarter of 2012 from 1.9% in the prior quarter. The 2 main components of labour costs are salaries and wages and non-wage costs. In the Euro bloc wages and salaries per hour increased 2.0%, while the non-wage part grew
Export of the Eurozone fell for the second month in a row in the month of October amid high level of unemployment and as cuts in government spending weaken domestic consumption, the Eurostat reported on Monday. Exports from the 17-nation bloc declined 1.4% annually in October from the prior month, when it slipped 1.3%, while imports dropped 0.6% after a 3% decrease in August.
U.S. industrial production beat analysts expectations in November amid recovery of industries after the Hurricane Sandy, the Federal Reserve reported on Friday. After a 0.7% fall in the month of October, the word's largest economy production moved up by 1.1% in November compared to a 0.3% increase originally expected. Manufacturing output had the biggest impact with a 1.1% gain.
Consumer confidence in Turkey improved in November for the first time in three months amid less pessimism of households during the month, the Statistical Office reported on Monday. The report showed rose of the consumer confidence index from October level of 85.7 points to 89.2 in November, indicating a pesimistic tendency with reading below 100 points.
Ministry of Finance of the Government of India forecast the gross domestic product growth of the economy and inflation will slow down in the first quarter of 2013. The Finance Ministry analysis showed expansion of the country's output in the range of 5.7% to 5.9% this year and in 2013, while wholesale price inflation is seen at a level of
Rural commodities, excluding coffee, were bullish on Friday, boosted by broadly weaker US Dollar and firm China's data. Positive comments of the International Grain Council lifted grain futures. The IGC stated global demand is likely to grow at least at the same pace as a rise in supplies heading to 2017-18. Wheat jumped on supportive statement of the IGC. However,
Energy commodities apart from natural gas moved higher on Friday as China's and the US manufacturing activity expanded more-than-expected in December. However, an increase in the US energy stocks last week coupled with concerns over looming fiscal battles in the country restricted an upward trend.Crude oil jumped as positive PMI figures improved global demand outlook. Moreover, softer greenback and continuation
Industrial metals were mixed, with nickel and zinc climbing and copper and aluminum retreating. Positive flash manufacturing PMI releases in the US and China were supportive for the commodity group. However, lack of progress in the US fiscal negotiations weighted on the base metals.Aluminum tumbled on bloated LME inventories. LME stocks inched down 0.39% last week, remaining near a record
Precious metals were mixed on Friday amid broadly weaker greenback and positive PMI releases from the US and China. Meanwhile, market participants continued to monitor talks among US lawmakers to avert fiscal cliff. Investors also continued to await Japan's election results and the BoJ statement due on Thursday.Gold ended the week on the negative note on mounting uncertainty over the
Australia's Dollar reached a 19-month high against the Japanese Yen as Liberal Democratic Party reclaimed power in Japan's elections on Sunday. The New Zealand Dollar reached the highest level in 4 years versus the Yen on speculation the elections results will increase pressure on the BOJ to extend easing. The Aussie rose 0.5% to 88.67 yen, after earlier fetching 89.13,
Japan' s currency weakened to the lowest level since 2011 against the U.S. Dollar as Shinzo Abe's Liberal Democratic Party won the Japanese elections yesterday. The Japanese Yen fell to 84.48 per greenback, the weakest level since April 12, 2011. It lost 0.4% to 110.38 per Euro, after fetching 111.32, the lowest since March 21.
Although, the Fitch rating agency kept the AAA rating for France on Friday, it warned that there is a 50% possibility for a future downgrade. Fitch is the only one of 3 international agencies that still keeps France's triple-A status. The Moody's and Standard and Poor's have cut the country's rating from AAA to Aa1 and AA+, both with negative
Asia stocks declined, with the regional benchmark index poised to halt the longest rally since 2004, as suppliers to Apple fell. The MSCI Asia Pacific Index lost 0.2% to 127.13 after climbing as much as 0.3%. Japan's Nikkei 225 Stock Average gained 0.9% reaching the highest level since April. Australia's S&P/ASX 200 slipped 0.2% and New Zealand's NZX 50 Index
Eurozone inflation cooled as expected to 2.2% in November from 2.5% in October, according to data from Eurostat on Friday. Monthly inflation slowed 0.2%. The decrease is largely attributable to a slowdown in energy prices growth to 5.7% year-on-year from 8%. Core inflation, which excludes energy, food, tobacco and alcohol prices, fell from 1.5% in a month earlier to 1.4%,
Triple-A credit rating of France by Fitch Ratings was affirmed on Friday, citing its wealthy economy with stable inflation and strong institutions, however the outlook maintained negative with a more than 50% chance of loosing its top rating in 2013. The country's debt to gross domestic product is forecast to grow to a level of 94% in 2014, indicating the
Manufacturing activity in China picked up its pace in December amid an expansion in new orders, the Markit Economics survey unveiled on Friday. Growth of the HSBC/Markit purchasing managers' index reached its highest level in 14 month-period, when increased from 50.5 in November to 50.9 in December, indicating an expansion with reading above 50 points.
Matching the economists expectation the U.S. business inventories increased in October, while business sales declined in the same month, the Commerce Department reported on Thursday. Business inventories advanced 0.4% in the month of October in line with forecast following a September's 0.7% gain, while a year-on-year increase in October was 5.7%.
British economy's AAA credit rating outlook by Standard and Poor's was cut from 'stable' to 'negative' on Thursday with a one-in-three chance it will be downgraded within two-year horizon as the government debt is rising and the performance of economy is weaker than current expectations. Moody's Investors Service and Fitch Ratings already ranked UK among countries with 'negative' outlook.