The Federal Statistical Office reported on Thursday that trade balance of Switzerland added less than expected in September. The net trade was equal to CHF2.02 billion, while the economists' forecast was that it would be equal to CHF2.42 billion. However, it was still a growth, compared to a reading of 1.61 billion in the preceding month.
The Department of Labor reported on Thursday that the number of jobless claims last week was higher than expected on seasonal shift. Claims for jobless benefits added 46,000 and reached the level of 388,000 during the week ended October 13. The economist forecast, however, was that the reading would be equal to 365,000. The number of jobless claims for the preceding week was revised up to
On Thursday, Spain witnessed a decrease in borrowing costs, as it was selling its government debt, amid speculation that an upcoming European leaders summit will decrease uncertainty over Spanish bailout plan. Spain's treasury managed to sell 10-year bonds worth EUR1.51 billion, having the average yield of 5.458%, which was a decrease compared to the yield of 5.666% at a similar auction in September. However, demand for
The Office for National Statistics reported on Thursday that retail sales in the U.K. increased more than forecast last month, as demand for warm clothes and school uniforms grew in the beginning of autumn. Sales that include fuel added 0.6% in September, compared to an August's decline of 0.1%. Economists, however, expected that last month's retail sales would gain 0.4%. Clothes, which were the main
Analysts from the leading investment bank Goldman Sachs prepared estimations, which forecast a lower oil price for 2013 and 2014 and warn oil companies that it will be harder to hit their business growth targets. GS's forecasts say that the average price of Brent crude oil will be around $110 a barrel next year and $105 in 2014, comparing with
The Swedish Krona strengthened by 0.4% versus the Euro to 8.6091 and by 0.36% against the U.S. Dollar to 6.5651 on early London trading session. The Krona appreciated against the major currencies, as the Riksbank governor Stefan Ingves published comment that keeping the domestic key interest rate low for a long time contains a high risk and it should not
Farm commodities were mixed on Wednesday amid broadly weaker US Dollar and positive economic data from the US. However, soft demand for US exports weighted down on the commodity group. Wheat was the top-performer, erasing previous losses as dry weather in the US southern Great Plaints is threatening to cap output. At the same time, rains in Arkansas and Ohio
Energy futures were mixed on Wednesday after a release of the US supply data. Meanwhile, upbeat US data improved appetite for riskier assets, thus supporting the commodity group. Moreover, growing tensions in the Middle East coupled with soft greenback also added to gains of energy futures.Crude oil was flat after the EIA reported that US crude oil supplies climbed by
Base metals rallied on Wednesday as US real estate market data signaled that the world's top economy is recovering. However, investors remained cautious ahead of China GDP data release due early on Thursday.Aluminum was the best-performer, rebounding after previous losses on positive headlines from the US. However, the upswing was capped by persistent oversupply in the market.Copper advanced on promising
Precious metals moved higher on Wednesday as broadly weaker greenback lent support for dollar-priced commodities. However, upbeat numbers from the US housing market coupled with increased cautiousness ahead of the EU summit created pressure on precious metals. Gold was steady as investors continued to anticipate the results of the EU summit. At the same time, signs of the US economic
China's retail sales, fixed-asset investment and industrial output accelerated in September, easing pressure to add stimulus in order to support nation's economy after a 7-quarter slowdown. GDP rose 7.4% in the Q3 from the previous year, according to the National Bureau of Statistics. The figure matched economists' forecast. GDP expanded 2.2% from the Q2, a 4-quarter high.
Asian stocks gained as economic growth in China met economists' projections and U.S. housing starts increased. The MSCI Asia Pacific Index rose 0.8% to 123.91, set for the highest close since September 19. Japan's Nikkei 225 Stock Average climbed 2% and Australia's S&P/ASX 200 gained 0.9%. South Korea's Kospi Index rose 0.1% and Hong Kong's Hang Seng Index advanced 0.6%.
Australia's Dollar reached the strongest level in 2 weeks after data from China showed signs of stabilizing economy, brightening the outlook for exporters of the Pacific nation. The Aussie Dollar touched $1.0397, the highest level since October 1, before trading at $1.0388. It gained 0.3% to 82.20 yen. The New Zealand traded at 82.17 U.S. cents and gained 0.3% to
Canada's currency advanced for the first time in 4 days versus the greenback as risk-on sentiment renewed demand for commodity currencies. The Loonie strengthened 0.9% to 97.80 cents per U.S counterpart, after falling 0.6% yesterday. One Canada's Dollar buys $1.0225. Investor risk appetite renewed as Spain retained its credit rating from Moody's Investors Service.
The Japanese Yen fell to a one-month low as Asian stock gained and optimism EU leaders meeting in Brussels will take measures to solve the Eurozone's crisis curtailed demand for haven assets. The Yen fetched 79.22 per U.S. Dollar, the weakest level since September 19, before reaching 79.13 per greenback. Japan's currency traded at 103.62 per Euro, after reaching 103.85
U.S. stocks turned green on Wednesday, as upbeat data from the U.S. pointed to property market recovery. The Dow Jones Industrial Average advanced 0.1%, to 13,543.30; the Standard & Poor 500 Index jumped 0.4%, to stand at 1,460.19, while Nasdaq 100 futures added 0.2%, to 3,109.02.
European stocks edged higher on Wednesday, October 17, as Spain dodged its credit rating downgrade by Moody's. The Stoxx Europe 600 Index rose 0.47 per cent to 275.66. Germany's DAX Index edged higher 0.25 per cent to 7,394.55 and France's CAC 40 Index rocketed 0.76 per cent to 3,527.50.
German equities inched higher on Wednesday as concerns over economic uncertainty in Spain eased. Moody's left Spain's credit rating unchanged but warned that negative outlook remained. Pushing German shares higher, US building permits and housing starts beat estimates last month. The DAX Index eased up by 0.06% to trade at 7,380.62. Five out of nine sectors included in the index
UK shares remained higher on Wednesday as Moody's left Spain's credit rating unchanged ahead of the two-day EU summit due to start on Thursday. Upbeat data from the US property market was also supportive for the UK stocks. However, BoE minutes indicated that policy makers are split on the necessity to launch more stimulus measures, thus capping gains of the
Hong Kong equities jumped for the fifth day in a row on Wednesday ahead of the key China's data releases due later in the day. Mounting hopes that the POBC may consider stimulus measures in view of slowing economy pushed Hong Kong blue chips higher. Positive data from the US and Europe also lifted Hong Kong equities. The Hang Seng
Japanese equities continued their rally on Wednesday on upbeat US data and easing concerns over indebted eurozone. Weaker Yen also supported Japanese stock index, pushing exporters higher. The Yen depreciated to one-month low against the US Dollar. Moreover, worries over poor corporate earnings eased after US counterparts started to report strong results in Q3. The Nikkei 225 Index surged 1.21%
US blue chips soared on Tuesday on encouraging news from the US and Europe. US factory production rose more expected last month while German investors' sentiment improved in October. Sending the US blue chips index higher, earnings of Dow companies beat expectations in Q3. The Dow Jones Industrial Average Index advanced 0.95% to close at 13,551.78. Eight out of nine
US stocks rallied on Tuesday after the Labor Department announced that CPI rose only by 0.1% in September, indicating that consumers have more money to spend. Moreover, slower CPI growth leaves a room for further easing from the Fed. Adding to the positive mood of the US equities, US industrial production climbed 0.4% last month, beating expectations of a 0.2%
On Monday, futures for U.S. stocks were traded higher, as U.S. housing starts surged more than expected, reaching the highest level since July 2008. S&P 500 futures expiring in December increased by 0.3% and reached 1,452.8 by 8:44 a.m. New York time. The index has grown by 1.8% since the beginning of the week.