Farm commodities plunged on Friday as demand for US supplies continued to shrink. Stronger US Dollar as well as concerns over a slowdown in Asia and eurozone also weighted down on rural commodities. Meanwhile, traders continued to monitor weather forecasts in the top-growing regions to gauge global supplies.Wheat futures declined as demand for US exports dropped sharply due to availability
Energy futures except for natural gas advanced on Friday as positive US GDP reading boosted demand hopes. However, stronger US Dollar and on-going concerns over Spain and Greece capped the upswing of the commodity group.Crude oil moved higher on anticipation that signs of economic recovery in the US will stimulate energy demand.Brent oil added almost 1% on upbeat US data
The Security and Exchange Commission announced that U.S. trading on all types of markets on 29th of October is cancelled, as Hurricane Sandy runs with a 70-mile-per-hour wind into the eastern coast, between Washington DC and New York. The market shutdown might be extended till October 30 in order to secure market participants and ensure stability and investors confidence.
Industrial metals apart from copper slid on Friday despite encouraging US data. US GDP expended more than expected last quarter, boosted by sharp increase in consumer spending. Meanwhile, larger-than-expected decline in the US UoM consumer sentiment sent base metals lower.Aluminum extended previous losses, dropping by 0.83%. The metal continued to remain under heavy pressure after China reported that its output
The Won, South Korea's currency, climbed by 0.1% to 1,095.90 against the Dollar in the end of Asia trading hours. The Won is around a 1,094.50 resistance level, which holds since September 14, 2011. According to traders, the Won's gains are mainly caused by South Korean exporters, who sell the Dollar to convert currency before the Japan's central bank meeting.
Precious metals traded lower on Friday amid broadly stronger greenback after upbeat US GDP data. Adding to the negative mood of the commodity group, Jeffrey Lacker, president of the Richmond Fed stated that the monetary stimulus is not likely to provide a sufficient boost for the US economy. Jeffrey Lacker's comments raised uncertainty over the future of easing measures in
German stocks went higher on Friday on upbeat data from the US. US GDP expanded by annualized 2% in Q3 compared with forecasts of a 1.9% increase. The DAX Index added 0.46% and is currently trading at 7,233.55. All but one sectors included in the index jumped. The top-performers were telecommunications and technology companies. Deutsche Telecom and SAP gained 1.53%
UK shares retreated on Friday after news that US economy grew more than expected in Q3. However, persistent concerns that companies' profits deteriorated last quarter created heavy pressure on the UK equities. The FTSE 100 Index gained 0.07% to trade at 5,809.12. Five out of ten sectors within the index advanced. The top-performers were basic materials and oil and gas
Hong Kong shares sank on Friday on weak quarterly results of the Hang Seng majors. However, positive US data releases limited losses of the Hong Kong blue chips. The Hang Seng Index lost 1.21% to close at 21,545.57. All sectors included in the index declined. The top-losers were basic materials. Aluminum Corp of China (CHALCO) slumped 5.05% on news that
Japanese equities dropped from four-week high on Friday on concerns that companies will continue to disappoint investors reporting dismal quarterly results. An increased cautiousness ahead of the US GDP data release also pushed the Japanese stocks lower. The Nikkei 225 Index shed 1.45% to end the week at 8,933.06. Only one in ten sectors included in the index eased up.
US blue chips halted their slump on Thursday as upbeat US data boosted market sentiment. However, uncertainty over Spain's bailout and mixed quarterly results weighted down on the blue chips. Moreover, investors were cautious ahead of the US quarterly GDP reading due on Friday. The Dow Jones Industrial Average Index added 0.20% to end the session at 13,103.68. Five out
US stocks rebounded after sharp losses on Thursday, supported by positive data from the US. Orders of durable goods in the US rose by 9.9% while jobless claims dropped last week. At the same time, mixed quarterly reports continued to weight down on US companies. The S&P 500 Index added 0.30% to close at 1,412.97. Six out of ten sectors
On Friday, the British Pounds hit a 3-week high versus the Euro, as unexpectedly strong data on U.K. economy and Greek political uncertainty weighed. The 17-nation currency hit a 3-week low of GBP0.8002, and consolidated at 0.8015 by 14:28 p.m. London time. Earlier in the day, the pair hit a session high of 0.8033.
On Friday, the U.S. dollar pared losses against the Japanese Yen, following a report on U.S. GDP, which showed that the economy picked up last quarter. The greenback was traded at 79.92 Japanese Yen at 8:41 a.m. in New York, which is still a 0.5% fall for the session. Before the release of the data, the Dollar, however, was at
The National Institute of Statistics and Economic Studies reported on Friday that confidence of consumers in France fell in September. French consumer confidence decreased to a figure of 84 last month from a previous month's reading of 85. Analysts also expected that the index would be equal to 84.
On Friday, Spain's government bonds declined, following a report on joblessness, which showed that more than every fourth Spaniard was unemployed. The yield on benchmark 10-year government notes added 6 basis points to 5.67% by 12:56 p.m. in London. The yield increased by 30 basis points this week, which is the highest weekly gain since the period ended August 31.
The Organization for Economic Co-operation and Development reported on on Friday that confidence of Italian businesses declines unexpectedly in September. Italian business confidence fell to a reading of 87.6 on a seasonally adjusted basis, from a figure of 88.3 in the preceding month. Whereas economists expected that the index would rise to 88.7.
The National Statistics Institute reported on Friday that Spanish unemployment increased to a record high in the quarter from July to September, adding pressure on the Prime Minister to seek for bailout. The level of unemployment reached a level of 25.02%, compared to a reading of 24.6% in the preceding quarter. The figure is the highest since 1976, when the
On Friday, copper declined, heading for the third weekly loss, amid upcoming U.S. growth data and uncertainty over the global economy. On the London Metal Exchange, three-month copper declined by $1 to trade at $7,814 per metric tonne at 1.28 a.m. in New York. Moreover, it was likely to end the week with a 2.5% fall.
On Friday, futures for natural gas were falling, reaching a 2-week low, after a report showed that inventories for the commodity rose to a level of 3.843 trillion cubic feet. On the NYMEX, November delivery futures for natural gas eased $0.016 to trade at $3.434 per million Btu, which was the lowest since October 8.
On Friday, oil was traded lower and was likely to witness the biggest week decline in a month, amid speculation that growth of the U.S. economy would not boost demand, and an increase in stockpiles. On the NYMEX, December delivery futures for light sweet crude were traded at $85.56 at 12:47 a.m. in London, which was a 0.58% fall for
The Bureau of Economic Analysis reported on Friday that the gross domestic product of the United States added more than expected in the quarter from July to September. The U.S. GDP climbed 2% annual rate, compared to a 1.3% increase in the preceding quarter. Economists, however, expected that the economy would expand at a rate of 1.8%. Consumer spending accounts
U.S. stock futures prolonged decline on Friday on a global equity sell-off, partially led by weaker-than-expected Q3 results from Apple Inc., after yesterday's U.S. closing bell and fragile Asian economic data. Dow Jones futures slipped 0.9% to 12,944. Futures on S&P 500 lost 11.2 points to 1,397 and those on Nasdaq fell 22.75 points to 2,265.25.
European stocks declined, keying off lower-than-forecast earnings from Apple Inc., which created sharp drops for Asian markets. U.S. GDP data due later today also in focus. On Friday, the Stoxx Europe 600 slipped 0.4% to 269.10. The CAC 40 fell 0.5% to 3.395.35, the DAX 30 tumbled 0.2% to 7,182.51 and the FTSE 100 slid 0.4% to 5,781.15.