Precious metals rebounded on Wednesday amid short-covering and buying on dips. Broadly weaker US Dollar also added to gains of the commodity group. However, persistent uncertainty over easing measures in the US capped the upswing. Gold moved higher on stronger demand as traders started to cover short positions. However, market participants remained cautious ahead of key US data scheduled for
The Federal Statistical Office reported on Thursday that growth of retail sales in Switzerland slowed its pace last month. Year on year, the turnover of Swiss retail trade increased by 5.4% in September compared to a reading of 6% in the preceding month. Analysts, however, expected that the gauge for goods sold at retail outlets would grow by 6.4%. Retail
The Labor Department reported on Thursday that the amount of Americans that filed for unemployment benefits decreased during the week ended October 28, which added to signs of recovery in the economy. Initial claims for unemployment insurance fell by 9,000, reaching a level of 363,000 on a seasonally adjusted basis. Economists, however, expected a higher reading of 370,000. "Jobless claims have
On Thursday, treasuries were traded lower, trimming 3-day gains, following a report that showed that Chinese manufacturing activity expanded last month, amid an upcoming U.S. data, which is widely expected to be optimistic. The yield on benchmark 10-year notes grew by 1 basis point, reaching a level of 1.70%, at 6:53 a.m. London time.
Stoxx Europe 600 Index climbed almost half of a percent yesterday closing fifth consecutive positive month with total of 16% gain. Analysts speculate this mainly happened due to upcoming announcements which should show that U.S. consumer confidence increased and Chinese manufacturing accrued for the first time in the last quarter. Index gains were mainly fueled by news that Sinopec Group is considering a takeover bid on Etablissements Maurel & Prom whose
After gaining throughout the last three days, China's Yuan depreciated on central bank's lowered reference rate. The value of Yuan has to be held within the permitted reference rate of 1%. The currency dropped 0.03% to 6.2392 per dollar, after advancing 0.76% the prior month. End October the Yuan reached its highest level against the dollar of 6.2371, which was the strongest since 1993.
On Thursday, German government notes held yesterday's gains, before a report that is widely expected to show a decrease in Spanish manufacturing activity last month. The yield on benchmark 10-year government bonds was 1.47% at 8:22 a.m. in London, following a decrease to 1.44% yesterday.
On Thursday, copper extended gains for the third trading session on optimistic data from China. On the London Metal Exchange, three-month copper edged up by 0.6% to trade at $7,805.75 per metric tonne at 7:17 a.m. London time. Earlier, the commodity rose by 0.5% during the previous trading session.
On Thursday, gold was traded flat, as traders eyed the upcoming U.S. employment data and election, looking for clarity about the global economy. Spot prices for gold held still at $1,721.41 per troy ounce at 6:56 a.m. in London. Earlier, the settlement level for the precious metal hit a 1-week high of $1,725.55.
On Thursday, oil was traded higher, almost reaching a 3-day high, as New York refineries resumed their operations, underpinning demand for the commodity. On the Comex, December delivery futures for light sweet crude were traded at $86.37 per barrel by 7:51 a.m. London time. Elsewhere, December delivery Brent witnessed a settlement price of $108.76.
British factory activity decreased for a sixth consecutive month in October, Markit Economics said on Thursday. The seasonalized CIPS Purchasing Manager's Index dropped to the three-month lowest level of 47.5, after a downwardly revised reading of 48.1 in September. Economists had forecast a smaller decline to 48.Production volumes slipped for a fourth month, with the rate of decrease the second-fastest
European stock futures dropped on concerns about the upcoming U.S. report, as it might show a slowdown in manufacturing growth. Futures on the Euro Stoxx 50 maturing in December fell 0.5 % to 2,942, as data on China's manufacturing improved. The futures of the U.K.'s FTSE Index slid about 0.1%. S&P's 500 Index Futures erased 0.4 %. The Stoxx 600 has been rising for five
Asian stocks tumbled after Panasonic Corp. plunged 19%, reaching its biggest drop since 1974. The MSCI Asia Pacific Index declined 0.3% to 121.67. The index showed a 0.4% drop in September after the majority of companies posted lower than expected corporate earnings. South Korea's Kospi index fell 0.7%, and Taiwan's Taiex index plunged 0.3%.
Asian currencies traded near the highest level in 8 months as data showed China's manufacturing improved and South Korea's exports increased fro the first time in 4 months. Taiwan's Dollar gained 0.1% to NT$29.227 versus the U.S. Dollar. India's Rupee advanced 0.1% to 53.765 and South Korea's Won was at 1090.43 compared to 1090.70 yesterday. Indonesia's rupiah declined the most in 3 weeks, falling
Japan equities inched up after the weakening of national currency and positive data on China's manufacturing expansion. The Nikkei 225 surged 0.2 percent to 8,946.87 by 3 p.m. in Tokyo, rebounding from a 0.6 percent fall. The Topix index advanced 0.1 per cent to 743.32. Construction machinery producer Komatsu Ltd. increased 3.1 per cent, while Nippon Meat Packers Inc. jumped 13 percent.
The Pound headed for a second-day advance versus the U.S. Dollar on speculation the BOE will refrain from adding stimulus at the meeting of policy makers next week. Sterling rose against almost all of its major peers as the SNB said it increased amount of pounds in the foreign-exchange reserves. The pound gained 0.3% to $1.6113 after rising 0.3% yesterday.
The Canadian Dollar approached a 12-week low versus the greenback as Canada's GDP shrank for the first time in 6 months. The loonie traded below the parity level with its U.S. peer for a third day as Statistics Canada reported that output unexpectedly decline 0.1% to C$1.29 trillion in August from July year-on-year. Canada's currency was little changed at 99.64
The Norwegian Krone rose the most in 7 weeks versus the Euro following the country's central bank's statement saying that it would halt purchases of foreign currency for the $650 billion sovereign wealth fund.The Krone gaines as much as 0.2% versus its major counterparts. Norway's currency gained 0.5% to 7.3945 per Euro following a 0.7% advance, the most since September
The Japanese Yen fell versus the major peers before the BOJ releases minutes of its October 4-5 meeting tomorrow on speculation the bank will ease its monetary policy further. The Yen set for a three-day decline against the Euro as Panasonic Corp. projected the second-biggest loss in its history. Japan's currency fell 0.4% to 103.75 per euro following a 0.4%
After falling on Wednesday due to disappointing reports of BG Group, ArcelorMittal and Barclays, today European shares opened higher as data indicated signs of growth in China's manufacturing sector. The purchasing managers' index advanced to 50.2 this month from 49.8 the prior month. Experts said Chinese economy is recovering after suffering from decreased exports.
Chicago-area's business activity was little changed in October, the Institute for Supply Management – Chicago showed on Wednesday. The business barometer rose to 49.9, down from 49.7 in the previous month, indicating a contraction. New orders index jumped to 50.6 from 47.4, while production index slid to 51.8 from 55.4, and employment index dropped to 50.3 from 52.0.
Canada's Dollar dropped to near a three-month low versus the greenback on Wednesday after a report posted an unexpected fall in the nation's GDP, the first in six months. The Loonie retreated 0.2% to C$1.0009 per U.S. Dollar and traded at C$1.0013. Government notes advanced, with the 2-year yields losing four basis points to 1.06%, the lowest since Oct. 4.
The euro advanced against the dollar and yen as the parliament of Portugal is approaching to a consensus on its budget and a discussion over giving more time to Greece to meet the austerity measures has started. The single currency inched up 0.2 per cent to $1.2989, after having a 0.4 per cent gain the prior day. The currency also rallied 0.6 per cent
French shares eased up on Wednesday as unexpected rise in the eurozone's jobless rate was partly offset by upbeat retail sales numbers from Germany. Limiting an upward trend, France's consumer spending increased less than expected last month. The CAC Index inched up 0.08% to trade at 3,462.30. Nine out of ten sectors included in the index advanced. Oil and gas