Industrial metals except for nickel advanced on Tuesday despite lingering concerns over the eurozone. Market players were jittery after the eurozone's finance ministers postponed Greek bailout decision to November 20. Moreover, looming US fiscal cliff and lack of easing measures in China created pressure on the commodity group.Aluminum was the top-performer, drawing strength from hopes that more tenders will follow
Precious metals apart from gold moved higher on Tuesday despite broadly stronger greenback and mounting concerns over the US budget clashes. Meanwhile, investors were also cautious after the IMF disagreed on Greek bailout terms, putting the approval of the new bailout installment under question. Gold edged lower as stronger US Dollar and the eurozone's woes continued to pressurize the yellow
Asian equities advanced after industrial and raw material companies rebounded. The MSCI Asia Pacific Index surged 0.3% to 120.31. Chinese Hang Seng Enterprises index of stocks listed in Hong Kong stemmed a four-day drop, as today decision on China's next leader will be made. Meanwhile, Japanese Nikkei 225 Stock Average rose 0.1% with the Nikkei volatility index tumbling the most since February 2011 with 1.5%. Sharp
Australia's commercial finance advanced in September according to data released by the Australian Bureau of Statistics. Total commercial finance grew seasonally-adjusted 6.9% to AUD29.6 billion, rebounding from its 4.7% decline in August. The gain signals that the monetary stimulus throughout the year has helped to foster demand for credit. Earlier in November the BOA decided on retaining the cash rate at 3.25%, which was followed by
Price for soybeans declined to five-month low in Chicago on Tuesday, as the U.S. announced higher estimates for the world shortage of soybeans amid U.S. yields are higher than forecast in October. Ahead of next year's harvest stocks will be 2.5 million metric tons (4.3%) more than economists estimated last month. The contract for January delivery soybeans lost 1.8% and
Spanish bonds dropped, triggering an increase in the 10-year yield, as IMF and eurozone finance ministers did not come up with a strategy on how Greece can pay back its debt. The yield advanced 6 basis points, or 0.06 percentage point, to 5.95%. The 5.85% security maturing in January 2022 lost 0.435 per 1,000-euro to 99.265.
Analysts forecast lack of platinum amid unsafe situation in South America. Platinum output will decline 400,000 ounces to the twelve-year low, following last years' increase by 430,000 ounces, the most in ten years. On Monday price for platinum was settled at $1,568.25 an ounce, 12% higher than in the beginning of this year, and it is forecast to fluctuate between
German equities dropped after investor confidence tumbled and the euro group meeting did not lead to an agreement between finance ministers and IMF on how to solve the Greek debt turmoil. The DAX Index eased 0.9% to 7,103.17, yet still showing a 19% growth from this year's low, after the ECB launched unlimited bond-buying program. German biggest utility EON AG slumped 0.9% after it lowered its
German shares sank on Tuesday as investors turned to safe-haven assets after the IMF disagreed on Greek bailout terms. Worries over fiscal cliff in the US and fading hopes for easing in China also added pressure on German blue chips. The DAX Index plunged 0.78% and is currently trading at 7,113.11. Four in nine sectors moved higher. Technology and consumer
UK stocks sagged on Tuesday after the IMF disagreed on bailout terms for Greece. Meanwhile, eurozone's finance ministers postponed the decision regarding the next part of Greek bailout to November 20. Risk-aversion also jumped in wake of mounting concerns over looming US fiscal battles. The FTSE 100 Index edged down 0.51% to trade at 5,737.75. Five out of ten sectors
Hong Kong shares plunged on Tuesday, weighted by China's housing minister's comments. China's housing minister, speaking at the 18th Communist Party Congress, announced that property market curbs would remain. Moreover, mounting concerns that the amount of bad loans may be higher than reported created heavy pressure on banking sector. The Hang Seng Index declined 1.13% to close at 21,188.65. Only
Japanese shares retreated on Tuesday amid lingering concerns over the US fiscal cliff. The eurozone finance ministers delayed an approval of the next bailout installment needed by Greece to November 20. The market sentiment was also dampened by solid Yen that weighted on exporters. The Nikkei 225 Index lost 0.18% to close at 8,661.05. Only four in ten sectors climbed.
Dow was flat on Monday amid mounting worries over the US fiscal cliff. Adding pressure on the US blue chips index, Eurogroup of finance ministers delayed a decision regarding the next tranche of Greek bailout to November 20. However, hopes that China's economy will meet its growth targets this year boosted US stocks. The Dow Jones Industrial Average Index was
US stocks inched up on Monday, balancing between recent positive data form the domestic economy and mounting worries over the looming fiscal cliff. The market sentiment was also dampened by dismal quarterly GDP data from Japan and concerns over Greece's bailout plan. The S&P 500 Index added 0.01% to close at 1,380.00. Six out of ten sectors within the index
Futures on U.S. stocks fell on concerns that the fiscal cliff might deteriorate the world's largest economy and on obscurity how Greece is going to repay the debt. Experts say the tax increases and spending cuts will come into force in January 2013, in case the Congress does not take an action. Contracts on Standard & Poor's 500 Index maturing December lost 0.7% to
Asian stocks fell for the fourth straight day on financial firms, a drop in Australian business confidence and economic slowdown in China. The MSCI Asia Pacific Index slid 0.7% to 199.94, resulting in a quarterly decline of 2.1%. Japan's Nikkei 225 stock average lost 0.3% today, after earlier surge of 0.5% on yen's appreciation.The Hang Seng index also slumped 0.1%
On Tuesday, Portuguese data showed that the country's harmonized consumer inflation slowed considerably last month. Year over year, consumer prices in Portugal advanced by 2.1% in October compared to a 2.9% inflation in the preceding month. On a monthly basis, the index slowed down to 0.1% from a reading of 0.4% in September.
The Italian statistical office reported on Tuesday that the country's harmonized inflation declined last month in line with the first estimate. Year over year, Italy's HICP grew to 2.8% in October compared to a reading of 3.4% in the preceding month. Month over month, the index reached a level of 0.3%.
The Swiss producer price inflation dropped more than expected in October on Central Bank's decision to prevent the Swiss franc being too strong. According to a report from Federal Statistical Office, the benchmark slid to a seasonally adjusted -0.1%, instead of forecast 0.2%, down from 0.3% the prior month. Compared with last year's October, producer and import prices added 0.4%, exceeding the rally of 0.2%
The Sterling advanced by 0.3% to 79.78 pence per Euro and 0.1% to $1.5898 in early London trading session on Tuesday. The Pound was pushed up by a U.K. inflation data, as consumer prices were 2.7% higher, comparing with 2.2% in September, and the actual number exceeded street forecast.
The Office for National Statistics reported on Tuesday that prices of residential property in the U.K. were growing in September, however, at a slower rate. Year over year, the house price index advanced by 1.7%, which was less than a revised up 1.9% gain in the preceding month. Economists, however, expected a 2% growth in September.
U.S. 10-year bond yield edged two basis points lower, or 0.02%, to 1.59% during Asia trading hours. Treasuries move towards a two-month low ahead a President Obama meeting with Democratic and Republican leaders in Congress to negotiate how to cope with a soaring U.S. debt and how to avoid the so-called fiscal cliff.
On Tuesday, treasuries were traded higher before Barack Obama meets Republican and Democratic leaders for fiscal cliff negotiations later in the week. The yield on benchmark 10-year U.S. government bonds fell by 3 basis point, reaching a level of 1.58% by 8:38 a.m. London time. Earlier, it hit 1.57%, which was the lowest since September 5.
German economic sentiment dropped unexpectedly in November, since the eurozone crisis caused a contraction in Europe's most powerful economy. According to data provided by the ZEW Center for European Economic research, the index tracking expectations of investors and analysts tumbled to -15.7 in November, considerably lower than the forecast reading of -9.8, from -11.5 the prior month. ZEW said the weakened sentiment occurred on shrinking private