US blue chips were flat on Thursday amid lingering worries over the Eurozone's crisis and inspiring news from the US. US jobless claims dropped more than expected last week while US trade deficit narrowed last month. Dow Jones Industrial Average Index edged down by 0.08% to end the day at 13,165.19. Basic Materials and telecommunications provided strong support for the
Industrial metals tumbled on Thursday amid dismal economic data releases from China. However, speculation that the central bank of China as well as the ECB may launch more growth-boosting programs limited losses of the base metals pack. Aluminum retreated despite falling wholesale inventories in the US and global easing hopes. Copper plunged as weak China's economic data dented demand prospects for the
Denmark's inflation increased in July, according to latest data from Statistics Denmark on Friday. The CPI rose to 2.3% in July from 2.2% in previous month. Food prices and non-alcoholic beverages surged 4% on year and footwear and footwear prices increased 2%. Housing prices added 2.3%. Transport fees inched 1.2% higher from 2011.
Precious metals except for palladium moved higher on Thursday despite broadly stronger greenback. The commodity group remained supported after China's CPI data indicated easing inflationary pressure in the country. Currently, investors await fresh easing measures from the ECB and PBOC. Gold climbed despite weakening physical demand from India and fading hopes for QE3 in the US after optimistic labour market and
US stocks were little changed on Thursday, balancing between positive news from US and dismal China's data releases. Pushing US equities lower, the ECB cut Eurozone's growth outlook from 1% to 0.6% for 2013. S&P 500 inched up by 0.04% to trade at 1402.80. On the upside were basic materials and technology stocks. Alpha Natural Resources and Airgas advanced by
U.K. real estate prices climbed to the highest in four years in July as London's booming housing market expanded its difference from other regions. The average price of house in England and Wales increased 0.2% on month to 225,769 Pounds ($353,000), the most since June 2008, reported by the Acadametrics and LSL Property Services Plc on Friday. Prices advanced 3.2%
Finland's industrial output declined for a sixth consecutive month in June, however, at the lowest pace in the decline sequence, reported by Statistics Finland on Friday. Production dropped 1% on year after a 1.4% fall in May. Seasonally-adjusted production tumbled 1.4% on month in June compared to a 1.2% rise in preceding month. The output declined 2.8% compared to the
France's industrial output stayed stable in June, as reported by statistical office Insee on Friday. Production stagnated on monthly basis in June, after dropping a revised 2.1% in previous month. Data posted output in energy and quarrying and mining, waste management and water supply rose 0.7% from May.
German 10-year bunds increased after a report posted inflation declined unexpectedly in July, boosting interest for fixed-income assets. The year-on-year inflation rate slowed to 1.9% in July from 2% in preceding month, the Federal Statistic's Office reported on Friday, the first drop below the ECB's 2% limitation since December 2010. The 10-year yield dropped to 1.41%.
China, the world's second-major oil purchaser, raised diesel and gasoline prices for the first time in five months as global crude prices advanced. The maximum price for gasoline will surge by 390 Yuan ($61) per metric ton and for diesel by 370 Yuan starting on Friday, reported by the National Development and Reform Commission on Thursday.
Singapore's economy contracted less than predicted last quarter. GDP declined an annualized 0.7% in Q2 from the previous quarter, when it grew 9.5, said the Trade Ministry. It beat economists' expectation of a 1.1% contraction. The nation's currency was changed at S$1.2448 per greenback, after gaining 0.2% earlier. It has risen more than 4% this year, the second-best performer among
Asian stocks fell as China's export growth weakened more than expected. Japan's Nikkei 225 Stock Average lost 0.9(, while Australia's S7P/ASX 200 Index slipped 0.7. Hong Kong's Hang Seng Index fell 0.7 and China's Shanghai Composite Index dropped 0.1%. The MSCI Asia Pacific Index lost 0.7% to 120.15.
The Japanese economy is probably expanded at half the pace of the previous quarter. GDP rose an annualized 2.3% in Q2, following 4.7% expansion in Q1. The downturn may deepen in Q3 as the Eurozone's sovereign debt crisis and the Yen's strengthening erode exports. As Yoshihiko Noda is going to impose a sales-tax hike, policy makers will be weighed on
The U.S. Dollar strengthened against the Yen and the Euro as the U.S. Treasury yields rose to the one-month high, thus attracting investors, and on speculation world central banks will not be prompt to add stimulus. The Euro lost 0.5% to $1.2306 after economists cut 2013 forecast from 1% to 0.6. The greenback rose 0.2% to 78.57 Yen.
The Aussie Dollar fell from the strongest level in more than 4 months as China's exports increased 1 % in July from 2011, which is less than expected, indicating a slowdown in the world's 2-largest economy. The Australian Dollar weakened 0.4% to $1.0540 from $1.0580, while losing 0.4% to 82.82 yen. The Kiwi Dollar lost 0.3% to 81cents.
The Reserve Bank of Australia increased the growth forecast for 2012 on higher-than-expected consumer demand, while announcing the stable currency strength may create more trouble for the economy than before. The Aussie versus the U.S. Dollar had closings above parity all but 23 days in 2012, staying quite above the average of 75 U.S. cents.
China's banks expanded new local-currency loans to 540.1 billion yuan in July, the central bank reported on Friday, notably below economists' estimates of 690 billion yuan. The M2 money supply surged 13.9% on year in July, according to the People's Bank of China. Outstanding yuan loans posted a 16.0% year-on-year rise.
Corn climbed to an all-time high amid belief that the U.S. Department of Agriculture will diminish yield estimates on Friday on the worst U.S. drought in more than fifty years, raising global food prices. Corn for December delivery gained 0.9% to $8.3075 per bushel. Economists expect the USDA may reduce its domestic corn-crop estimates to 10.929 billion bushels, the six-year
Japan's industrial output increased a revised 0.4% on month in June, compared to a preliminary data of a 0.1% drop, reported by the Ministry of Economy, Trade and Industry on Friday. The data showed the first gain in three months, boosted by the higher than estimated before output of electronic parts and devices, as well as chemical products. Year-on-year production
Gold sellers are the most active in five weeks after investors widened their bullion holdings to nearly all-time high amid increasing belief central banks will step up efforts to boost economic growth. Investors purchased around $850 million of gold in exchange-traded products in August, making the total of 2,411.7 metric tons, just 0.1% away from a record high posted July
China's trade balance posted a 25.1 billion surplus in July, falling significantly behind the forecasts of around 35 billion, the data reported by the General Administration of Customs on Friday. Exports surged 1% on year in July, while analysts had predicted 8.6% growth. Imports increased 4.7%, with the expected value of 7.2%.
On Thursday, August 9, U.S. stock indexes edged higher as the government reported on better-than-expected data. The Dow Jones Industrial Average jumped 0.07 per cent; the Standard & Poor 500 Index rose by 0.06 per cent, while the Nasdaq Composite index added 0.22 per cent. At the same time, European stocks were mixed, while Asian stock indexes soared more than 1 per cent.
Gold futures remained in tight range on Thursday, as Euro depreciated against the basket of major trading-partner currencies, and as U.S. trade gap tumbled and less Americans claimed for unemployment benefits. Gold futures with the October contract added 0.01 per cent to $1,613.85 per troy ounce. Other precious metals gained more, with September silver and copper for the same month adding 0.26% and 0.23% respectively.
The European Central Bank cut its growth forecast for 2012, leaving more space for central banks to lower their interest rates or make other bold actions to curb the Eurozone's debt crisis. The Eurozone's economy is now expected to shrink 0.3 per cent in this year, from the previous estimate of 0.2 per cent. Moreover, the outlook for 2013 was also lower to 0.6 per