The purchasing managers index across the single currency area shrank in May at the fastest rate since mid-2009. The composite purchasing managers index lost 0.8 points and now stands at 45.9. The manufacturing PMI decreased to 45.0, down from 46.1 last month, while the services PMI dropped to 46.5 from 46.9. An indicator below 50 indicates activity shrinkage. Chris Williamson of Markit argues
German business confidence index fell more than anticipated in May. Business climate index published by IFO institute in Munich, which surveys 7000 executives in Germany, missed the estimation by 2.5 and decreased to 106.9. Additionally, current situation sentiment fell by 4.2 to 113.3 with excecutives' expectations gauge decreasing by 1.8 to 100.9. After the report Euro lost 0.4% against the majority of
Crude petroleum futures decreased this Wednesday as expectations of Iran's business collaboration with International Agency of Atomic Energy alleviated problems of global supply, while an increasing possibility of Greek's exit from the bloc strengthened the opinion that demand for oil will fall further. The recently published by the government of the United States rates on oil supplies increased the pressure on petroleum prices.
European shares faced the biggest decrease in value during the last month due to the growing concern regarding Greece leaving the Euro zone, while European countries' leaders were meeting in Brussels. The Stock Exchange Group(Plc) in London fell the most during two an a half years, following a sale made by UniCredit (SpA) and Intesa Sanpaolo (SpA) of their combined stake,
BoJ did not change its assessment of the economy in May but became more optimistic, as it finds more evidence of recovery. Its monthly report mentions improvements in private and business investments. The Bank of Japan said that they expect the economy to start recovering as growth in partner economies picks up. They also predict that construction sector will strengthen,
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance against six main currencies, gained 0.09%, attaining 82.24 at the time of writing.
Most Asian markets lost ground on Thursday after weak data from Chinese manufacturing sector and fruitless EU summit. The euro touched its 22-month low of USD 1.2545, as European leaders took opposite stances on the euro zone debt crisis. During Asian trading the price stabilised at USD 1.2582. Japanese companies with strong ties to the EU fell behind the Nikkei which fell 0.5%. The U.S.
The trade surplus of New Zealand widened in April on a monthly basis, but was below forecasts. The country's trade surplus approached 355 million New Zealand Dollars in April as compared to 186 million New Zealand Dollars in March. However, analysts expected the trade balance to indicate a surplus of 475 million New Zealand Dollars. Considering yearly moves, the trade
EU leaders continue summit talks with Germany and France arguing on introduction of the Eurobonds. Eurobonds represent debt issued on behalf of all members of the Euro Zone and are aimed at boosting growth. Germany's Chancellor, Angela Merkel, claims that Eurobonds violate the EU treaties and will not accelerate growth essentially. At the same time, French President, Francios Hollande, says
Gold futures increased during Asian session on Thursday after tumbling on broadly stronger US Dollar and persistent Greece's worries. COMEX gold futures for delivery in June traded at 1,588.55 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.66%. Meanwhile, COMEX silver July contract traded at 27.740 US Dollars per troy ounce, rising by 0.80%.
Canada's core retail sales advanced less than initial forecast in March, whereas total sales of retailers erased previous month losses. The core retail sales in the country that exclude auto sales gained 0.1% in March on a seasonally adjusted basis, confronting expectations of a 1.0% rise. Year-to-year core retail sales eased up by 2.4% in March after advancing by 2.5%
Crude oil prices slightly rose during Asian session on Thursday, erasing some of the previous losses after approaching key support levels. The market continued to be impacted by talks between Iran and six global powers regarding nuclear program. Light, sweet crude oil futures for July delivery traded at 90.58 US Dollars per barrel on the New York Mercantile Exchange, advancing
Manufacturing activity of China may have dipped in May, indicating that country's economy continued to cool. The flesh HSBC Purchasing Manager's Index dropped from 49.3 to 48.7 in May, contracting by seventh month in line. The level under 50 indicates contraction. The data adds to hopes for more easing measures from China's government to stimulate growth.
Purchases of new homes in April increased to annualized rate of 343K, 3.3% more than a month ago and 9K more than was forecasted. Acquisitions increased in three out of four US regions lead by 28% increase in both, the West and the Midwest. Amount of new homes for sale in the market increased by 2000, to 146K. Because rate
As hopes fade that EU officials will propose concrete measures to handle the debt crisis, Treasury prices increased, meaning that their yields decreased. Thus, 5-year notes earn a yield of 0.74 percent, a decrease of 3 basis points; 10-year notes yield a return of 1.74 percent, also a decrease of 3 basis points; 30-year notes earn 2.83 percent, a drop of 4 basis points. Last
Agricultural commodities slid on Tuesday as weather conditions in top grain growing regions improved.Wheat lost more than 2% after meteorologists reported that rains are expected in the US and Black Sea region. Corn was the worst performer as rains in the top grain producing regions are likely to boost prospects for current crops.Sugar extended previous losses as global supplies are
Energy commodities were mostly lower apart from natural gas due to easing supply fears ahead of key meeting between Iran and six world powers aimed at coming to a consensus over Iran's nuclear program.Crude oil tumbled amid eased supply worries and elevating US stockpiles. API reported that US crude oil inventories gained 1.5 million barrels last week.Brent oil moved in
Industry metals were mixed after OECD cut its global growth forecast, citing instability in the single currency union. Moreover, weak manufacturing data from the US added pressure on the commodity group. Aluminum fell despite potential supply cuts caused by low prices. Norsk Hydro already started negotiations with its Australian smelter aimed at halting aluminum production.Copper managed to climb by 0.1%
Precious metals declined on Tuesday amid broadly stronger US Dollar after unexpected surge in the US existing home sales in April.Gold was the top-loser as exit from the Euro Zone still is an option for Greece. Additionally, inaction of the Bank of Japan pushed the yellow metal lower.Silver tumbled, following weakness of the global equities after Fitch Ratings downgraded Japan
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when
Today the minutes of the Monetary Policy Committee's meeting, which took place on May 9-10, were published. During the meeting 2 votings were carried out. The Committee voted unanimously regarding the proposition to maintain Bank Rate at 0.5%. The second proposition to keep the stock of asset purchases at GBP 325 billion was supported by 8 members out of 9, since David Miles was in
Retail sales in UK decreased by 1.1% in April compared to the same period last year and fell by 2.3% in comparison with March. This is the biggest yearly fall since the August of 2011, when retail sales volume dropped 1.2% compared to August 2010. Retail sales volume grew 0.4%, the slowest pace in 2012, compared to the same period
A day after Fitch ratings agency downgraded Japan's debt rating, the country reported smaller then anticipated exports and bigger than expected trade deficit. Exports rose 7.9% with comparison to the same period last year. This underscored estimations of specialists by 3.9%. Trade deficit increased from JPY 84.5b to JPY 520.3b (USD 6.5b) in one month. Specialists state that all major
European stocks dropped earlier today, following the comments from Greece's ex-Prime Minister Lucas Papademos and in anticipation of the EU summit. Papademos mentioned that preparations to exit the single currency area are under consideration. Resources and banks, which were leading yesterday, are falling today. At the time of writing the Stoxx Europe 600 index dropped 1.03% to 242.25 points, the CAC 40 index lost 1.30%