The Confederation of British Industry reported on Wednesday that CBI index of industrial order expectations decreased unexpectedly this month, reaching an 11-month low. The index declined by 15.0 points, reaching a level of minus 23.0, from a previous month's reading of minus 8.0. Analysts, however, expected the figure of minus 6.0 points.
Markit, a market research group, reported on Wednesday that Eurozone's manufacturing activity fell faster than expected this month, extending a 14-month long streak of losses. Markit manufacturing PMI declined to a reading of 45.3 in October, compared to a figure of 46.1 last month. Economists, however, expected that the index would be equal to 46.6.
Markit, a market research group, reported on Wednesday that German manufacturing PMI declined unexpectedly in October. Manufacturing purchasing managers' index declined to a reading 45.7, compared to a figure of 47.4 in the previous month. Economists, however, expected that the index would be equal to 48.0. "Within the manufacturing industry, particular weakness was found in the automobiles sector amid softer
Ifo Institute for Economic research reported on Wednesday that German business confidence declined to the lowest in two-and-a-half years. The Ifo said that its index of business climate fell to a figure of 100.0, compared to a reading of 101.4 in the last month. That was the sixth consecutive decline, and the lowest figure since February 2010. Analysts, however, predicted
The MSCI Asia Pacific Index slipped by 0.5% to 122.02 in the end of Asia trading session on the concerns that global economy slows down and new issues on Europe's credit crisis. Commodities related companies declined, as commodity prices erased this year's gains on speculation that demand will decrease due to the struggling global economy.
The Stoxx Europe 50 index lost 0.05% to 2,476.67 points on early London trading session. European markets slip following yesterday's 1.7% decrease. European benchmark has almost erased its gains since the EU bank announced a bond-purchase program. Stocks show a negative performance, as German manufacturing index was 45.7, which was below analysts' estimations, indicating manufacturing contraction of the biggest EU
US stocks plunged during Tuesday's risk-off trading after Moody's downgraded credit rating on five Spain's regions. The market sentiment was also dampened by weak corporate results of the S&P 500 majors. Meanwhile, investors remained cautious ahead of the FOMC meeting and flesh PMI readings due later in the week. The S&P 500 Index tumbled 1.44% to close at 1,413.11. All
Rural commodities retreated on Tuesday as gloomy global outlook weighted on demand for riskier assets. Adding to the negative mood of the commodities, US Dollar was sharply higher on Tuesday, making dollar-denominated assets more expensive for foreign investors.Wheat lost more than on per cent, posting the largest drop in a week on signs that demand for US supplies is softening.
Gold rebounded on Wednesday after the biggest fall in three months fueled purchasing and ahead of conclusion of the Fed Open Market Committee policy-setting meeting. Platinum, silver and palladium inched higher. Spot gold added 0.4% to $1,714.40 per ounce and traded at $1,710.77. December-delivery gold was flat at 41,711.70 per ounce in New York.
Energy futures apart from natural gas were bearish on Tuesday on broadly stronger greenback and global demand uncertainty. On Tuesday, Moody's triggered global growth concerns after the credit rating agency lowered rating on five Spanish regions. Crude oil slumped as Wall Street opened with large losses due to disappointing corporate results. Meanwhile, oil investors were waiting for a release of
The greenback depreciated on Wednesday as a preliminary index of Chinese manufacturing added signs of improvement in the world's second-biggest economy. The ICE Dollar Index slid marginally to 79.913 from 79.922 late Tuesday. The Euro rose to $1.2986 from $1.2983 in the preceding session, while the Sterling traded at $1.5941 from $1.5953. The Dollar was little changed versus the Japanese
Industrial metals prolonged their slump on Tuesday after Moody's cut its credit rating on five Spain's regions. Weakness of global equity markets coupled with disappointing quarterly results of the US largest companies sent base metals lower. Meanwhile, traders continued to await flesh PMI readings due on Wednesday.Aluminum slid as China's aluminum output stood by 9% higher than average level in
Business confidence among Chinese manufacturing firms posted early signs of rebounding in October, with a slower rate of decline in both output and new orders, preliminary survey by Markit showed on Wednesday. The HSBC Manufacturing PMI soared to a three-month high level of 49.1 from 47.9 in preceding month. However, employment across manufacturing sector slipped at a higher pace than
Precious metals plunged on Tuesday on broadly stronger US Dollar. Moody's downgraded five regions in Spain, thus spurring demand for safe-haven greenback. Moreover, market players were awaiting the results of the FOMC two-day meeting due later in the week.Gold dropped as appreciation in the US Dollar dampened the yellow metal's appeal. Meanwhile, gold traders remained cautious ahead of the FOMC
French manufacturing sector declined at a lower rate in October, the flash survey by Markit Economics showed on Wednesday. The PMI advanced to 43.5, compared to 42.7 in September. Economists estimated a reading of 44. The factory output index rose to 41.6 from 39.4 in the previous month.Service sector activity also posted slower contraction in October, with corresponding index jumping
Eurozone consumer confidence increased marginally in October, European Commission said on Tuesday. The flash consumer sentiment index advanced to -25.6 from -25.9 in the previous month. Economists had forecast the index to stay flat. On monthly basis, the confidence index slid to -24.2, compared to -24 in September.
On Tuesday, futures for natural gas were traded higher, following a yesterday's 5% plunge. On the NYMEX, November delivery futures for natural gas increased to $3.505 per million Btu, which was a 1.55% climb for the U.S. morning trading hours. Earlier, it rose by 1.75%, reaching $3.514, which was a session high.
On Tuesday, the Euro hit a week low versus the U.S. Dollar, following the downgrade of five regions in Spain by Moody's. The 17-nation currency declined by 0.7% for the day, hitting a session low of $1.2951, which was the lowest level since October 16. Versus the Yen, it declined to 103.25, losing 1% during the day.
Statistics Canada reported on Tuesday that Canadian core retail sales added more than expected in August, whereas total retail sales increased less than forecast. Retail sales excluding automobile sales increased by 0.4%, compared to an expected 0.2% reading. Total retail sales advanced by 0.3%, while economists predicted a 0.4% growth.
On Tuesday, Spanish bonds were declining for the third consecutive day, following the release of the data that showed a decline of the gross domestic product. The yield on Spanish 2-year notes fell 15 basis points to 3.03% at 3:01 a.m. in London. Spanish bonds have been falling since the Prime Minister said on Oct. 19 that he's not being
National Bank of Belgium reported on Tuesday that confidence of Belgian business leaders declined unexpectedly from June to September. NBB business climate decreased to minus 13.5, compared to a preceding quarter's reading of minus 11.6. Economists, however, expected that the index would increase to minus 11.0
On Tuesday, treasuries were traded higher, as lower than expected earnings from corporations renewed doubts over the recovery of the economy and supported demand for safer assets. The yield on benchmark 10-year notes declined 5 basis points, reaching the level of 1.77% by 9:52 a.m. in New York.
The Bank of Canada announced on Tuesday that it held its benchmark interest rate still for the seventeenth month in a row in October. The central bank left overnight cash rate at 1.00%, meeting expectations. In an accompanying statement the bank said that some slight withdrawal of loose monetary policy would be likely to take place over time.
German shares tumbled at Tuesday's risk-off trading. Market players turned to safe-haven assets after Moody's downgraded credit rating of five Spanish regions. Disappointing quarterly results of the European majors also created heavy pressure on the German blue chips. The DAX Index plunged 1.46% and is currently trading at 7,186.97. All sectors included in the index sank. Moreover, all DAX companies