Australian and New Zealand Dollar climbed against most of their counterparts on Monday amid speculations, upcoming US reports may show US economy is recovering. Australian Dollar appreciated close to 12-week record high, hitting $1.0486, while New Zealand Dollar strengthened to $0.8071. Currently AUD/USD is trading at $1.0488, while NZD/USD is trading at $0.8069.
European Union officials today are going to announce oil embargo on Iran. The imposed sanctions will not only prohibit the imports of Iran crude but also place restrictions on nation's trade with precious metals including gold, said two persons familiar with situation. Iran exports about 2.2 m barrels of crude oil per day and around 18% is created for European
Sales of existing houses soared in December, reaching one-year record high, indicating real estate market is stabilizing. Purchases of previously owned homes surged for a third consecutive month jumping 5%, said National Association of Realtors. Cheaper property and increasing employment may encourage Americans to purchase a house, predict analysts. Nevertheless the relatively high number of foreclosures may slow the recovery.
UK lawmakers decision to cut down payments for new houses is likely to stimulate home construction industry which has severely contracted since 2006. Currently home purchasers have to pay down payment equal to 25% of total house value. The new government plan would share the guarantee between constructors and state to protect creditors. Analysts expect home building industry to expand by 15% in second
EU officials today are meeting in Brussels to continue talks on new budget restrictions, funding for debt troubled countries and Greek debt reductions. Greece and private creditors confirmed they had reached progress in last weekend talks. Euro added 2%, hitting $1.2931 last week despite S&P downgrades on speculation Euro area will survive the crisis.
German DAX Index joined its European counterparts in posting 5-month record close prices on Thursday but slightly retreated on Friday amid Greek struggle to negotiate debt cuts and write offs. Six of nine sectors posted losses on January 20 led by utilities and service stocks. Metro AG lost 1.81%, while Heidelbergcement dropped 1.6%. On the upside index was supported by
After climbing to 5-month record high on Thursday, FTSE 100 Index pulled back 0.3% on Friday, pressed by oil and mining stocks. Investors also perceived negatively the lingering Greece's debt negotiations. BP PLC lost 2.7%, Cairn Energy PLC dropped 0.8% and Tullow Oil PLC slipped 1.2%. Petrofac Ltd. tumbled 4.7% after the firm was downgraded from buy to neutral due
Japan's Nikkei Stock Average kept upward trend on Friday, as exporters rallied on successful bond auction across the biggest European economies. Nikkei 225 jumped 1.47% or 126.68 points to 8,766.36, posting gains for the fifth consecutive day. Car makers shares surged with Toyota Motor Corp. adding 4.12% and Honda Motor Co. soaring 3.26%. Financials also provided positive contribution to the
Hong Kong's Hang Seng Index extended gains on Friday supported by investor optimism about European economic outlook and rally on Wall Street. Hang Seng Index added 0.84% or 167.42 points and settled at 20,110.37 lifted by exporters and banks. Esprit Holdings Ltd jumped 2.9%, while HSBC Holdings PLC soared 3.2% and Bank of East Asia gained 2.65%. On the downside
Dow Jones Industrial Average Index climbed on Thursday, as Bank of America posted it returned to a profit in the last quarter of 2011 and jobless claims fell to almost four-year record low. Blue chip index climbed 0.36% or 45.03 points and closed at 12,623.98 with 20 of 30 stocks posting gains. Bank of America jumped 2.4%, and J P
S&P 500 Index surged on Thursday, lifted by earnings reports and fewer than expected unemployment claims. S&P benchmark index gained 0.49% or 6.46 points and finished at 1,314.5 with eight out of ten sectors reporting gains. F5 Networks Inc. rallied 11%, after the manufacturer of Internet networking equipment reported an increase in earnings and a optimistic profit outlook. Sears Holding
European markets rallied on Thursday and finished at highest level since August 2011 as France and Spain performed well in bond auctions, regaining investor confidence. Stoxx Europe 600 Index gained 1.2% to 256.57 and French CAC climbed 2%, finishing at 3,328.94. UK FTSE 100 jumped 0.68% and ended at 5,741.15, while German DAX surged 1% to 6,416.26.
US stock markets closed up on Thursday, supported by fewer than expected jobless claims and F5 Networks' report on surge in earnings. S&P 500 rose 0.49% or 6.46 points and finished at 1,314.5, Dow Jones Industrial Average Index climbed 0.36% or 45.03 points and closed at 12,623.98, while Nasdaq Composite gained 0.67% or 18.62 points and settled at 2,788.33.
Canadian Dollar traded almost flat on Thursday evening as gains from fewer than expected US job claims and good bond auctions in Europe were outweighed by a decline in oil prices. Canadian currency was modestly changed against greenback and traded at C$1.0108 in Toronto. Currently USD/CAD is trading at C$1.0131.
Canada's inflation probably accelerated at the fastest pace in 2011 since the country began inflation level targeting in 1991. According to the poll of economists, the consumer price index surged by 2.7% in December on annual basis. November annual inflation rate reached 2.9%. Bank of Canada expects inflation to slow down to annual 1.5% through April-June period. The official report will be issued
New Zealand and Australian Dollars appreciated against their US peer on Friday as Spain and France faced successful bond auctions, boosting investor sentiment and stimulating demand for more risky assets. Aussie reached $1.0409 on Friday making 0.8% weekly gain while Kiwi traded at $0.8022 or 0.9% higher compared to January 13.
Borrowing costs dropped on Thursday as Spain and France successfully sold their sovereign bonds. France auctioned 7.97 bn Euros of debt, almost as much as it had planned. The average yield for French two-year notes slid from 1.58% in October to 1.05%. Spain managed to sell 6.61 bn Euros of notes with different maturities, almost 2 bn Euros more than the country
China's purchasing mangers index indicates, country's production may decline for a third consecutive month. The preliminary figure estimated by HSBC Holdings & Markit Economics has climbed from 48.7 in December to 48.8 in January. Although the reading is a three-month record high, it still fluctuates below 50, indicating contraction in production. Hang Seng Index cooled on the announcement.
The number of people applied for unemployment benefits in the US declined to almost four-year low. The number of jobless claims dropped by 50,000 to 352,000 on a seasonally adjusted basis last week, reported US Labour Department. Experts projected the jobless claims to fall to 385,000 last week.
German DAX Index closed 0.3% up on Wednesday and prolonged upward trend, opening 0.1% higher, led by Deutsche Bank. German benchmark rallied, after France and Spain performed well in bond auction and Euro appreciated sharply against the greenback. Financial and consumer service sectors posted the biggest gains. Deutsche Bank jumped 8.60%, while Commerzbank rocketed 12.40%. Car markers BMW AG and
The link between FTSE 100 Index (UKX) and Brent Oil (CO) climbed to 0.72, as both assets followed upward trend for two straight trading sessions. Meanwhile the relationship between UK benchmark and EUR/USD currency pair slightly increased from 0.45 to 0.48, while the negative correlation between FTSE 100 and USD/CAD currency pair strengthened further approaching minus 0.63. The relationship between
Energy commodities fell on Wednesday after the EIA reduced its oil demand forecast for 2012 and Barack Obama formally rejected the project of TransCanada pipeline. Investors also await US natural gas and crude oil inventory report due on Thursday. At the same time, delay in the Iranian oil embargo contributed to losses of oil futures. However, crude oil started Thursday
Agricultural commodities, excluding sugar, dropped on Wednesday on the expected surplus in the market. Coffee crops are likely to be even 3% larger than the initial estimate, reported the ICO. Biggest coffee producers as Ethiopia and Brazil plan to increase essentially coffee output over the next three years. However, coffee continued to draw support from easing worries over Colombia's and
Precious metals continued the previous day's rally, following the release of reports that the IMF is exploring the ways how to boost its lending capacity. Weaker US Dollar after slower than expected US industrial production also contributed to an increase in precious metals' prices. Moreover, GFMS expects the gold to hit $1,640 an ounce in the first half of the