Crude oil's link with Brent oil and natural gas remained stable at 0.95 and 0.89, respectively. At the same time, correlation with natural strengthened over the weak attaining 0.63 on Friday as all energy commodities negatively responded to credit cuts of nine members of the Euro Zone and increasing US stock levels. Crude oil connection with Standard and Poor's SP500
After closing week 0.5% down at 5,636.64 on Friday, UK FTSE 100 Index extended loss on Monday, falling to 5,620.3 in morning trade. The index recovered later and was trading flat at 5,641.84. The financial sector posted main drops after S&P agency's downgrading with Barclays giving up 2.1% and Lloyds Banking Group declining 1.9%. Carnival PLC plunged 17% on Costa
Base metals faced losses after rally in the beginning of the week as Standard and Poor's credit ratings cuts in the Euro Zone increased fears over recession in the region. Aluminium was the top loser on Friday, tumbling 0.83% over the day. However, aluminum price may find support in expected metal's supply shortage. Industrial metals opened higher on Monday with
Aluminium continues to face strong correlation with zinc while interrelation with copper tumbled from 0.69 to 0.58 over the week as copper tended to generate stronger response to economic data from China. Meanwhile, alumimium correspondence to price moves of nickel remains almost unchanged at 0.68. Aluminium connection to Standard Poor's SP 500 (SPX) edged up to 0.64 on Friday as
Energy commodities continued to tumble on Friday with Dow Jones-UBS Energy Index falling by 0.56. Crude oil erased gains occurred in the beginning of the week and closed on Friday with 2.8% decrease. Crude oil mainly was impacted by easing tensions between Iran and Western economies, by raising US energy stock levels and by credits cuts in the Euro Zone.
Sugar faced sharp decline in the correlation with other agriculture commodities and the pair EUR/USD in the beginning of the year as sugar price was growing on China's plans to increase its sugar stockpiles. At the same time, link with wheat, coffee and corn improved this week after mass fall in the commodity group prices caused by the US crop
Agriculture commodities tumbled on Friday following fall in grain commodities after the US crop report indicated higher than expected stockpiles. Even adverse weather conditions in South America were unable to limit the losses. Sugar futures were the most resilient edging down only 0.11%. However, sugar continues to face downward pressure from higher than expected output in Brasilia and Russia coupled
Gold's ties with silver and platinum remained stable over the week while yellow metal's connection with palladium has stayed relatively low at 0.53. Gold's correlation with palladium faced sharp fall since the beginning of the year as palladium tends to move closer to industrial metals and performance of automobile industry. Gold's interdependence with Bent oil stayed at about 0.59 over
Precious metals, except for palladium, tumbled after Standard & Poor's downgraded credit rating of nine Euro Zone members on Friday. Silver and gold were among the top losers while palladium gained 0.31% indicating its resilience to economic outlook on the Euro Zone. Investors' sentiment also was dampened by the Shanghai Gold Exchange decision to raise margins and daily trading limits
The correlation between two dominating Asian market indexes Nikkei 225 (NKY) and Hang Seng (HI) recovered on January 16, as coefficient jumped to 0.48, after both indexes sharply fell. The link between Japanese benchmark and Shanghai Composite (SHCOMP) also retreated from negative area and reached 0.01. The correlation between Nikkei 225 and USD/JPY currency pair jumped from minus 0.3 to
Carnival Corp. experienced a sharp drop in share price on Monday trade in London after Costa Concordia ship suffered in crash near the cost of Italy where 5 people died. Company's equities lost 20% and Morgan Stanley downgraded its shares from overweight to equal predicting Carnival Corp. may suffer further loss if investigation proves failure of meeting safety standards.
Japan's Nikkei Stock Average tumbled 1.43% or 121.66 points closing at 8,378.36 on Monday, with all 10 industries posting losses after S&P ratings agency downgraded 9 Euro Zone nations including France and Italy. European demand-exposed producers and financials faced the biggest drop as Mazda Corp. edged down 3.1%, and Sony Corp. lost 2.3%. Nomura Holdings Inc. declined 2.8%, whereas Mitsubishi
Hang Seng Index (HI) faced weakening link with gold (GOLDSH) commodity as both assets moved in the opposite directions in each of the last four trading sessions suggesting gold is more demanded when securities face uncertainty. The link between Stoxx Europe 600 Index (SXXP) and Hang Seng Index (HI) kept strengthening on Friday, approaching 0.25 though it still can be
Hong Kong's Hang Seng Index fell sharply on Monday as investors anticipated news that S&P agency cut France's AAA rating and downgraded 8 other European nations. Decline was boosted also by Greek battle to cut their debt. Hang Seng Index lost 1.0% or 192.22 points and finished at 19,012.20 led by insurance companies. China Life Insurance Co. tumbled 3.3%, while
The link between Dow Jones Index (INDU) and Hang Seng Index (HI) strengthened on Friday, approaching 0.48. In contrast, the relationship between US blue chip index and German DAX index deteriorated from 0.62 to 0.57. Meanwhile the correlation coefficient between Dow Jones and EUR/JPY currency pair climbed, reaching 0.65. The link between Brent oil (CO1) and blue chip index slightly
S&P 500 Index (SPX) faced weaker link with Stoxx Europe 600 Index (SXXP) as average coefficient dropped to 0.63 on Friday as US benchmark declined at faster pace than its European peer. Relationship between S&P 500 and EUR/USD currency pair remained steady at 0.6. Correlation between S&P (SPX) and French CAC 40 (CC) tumbled from 0.58 to 0.49 on January
Dow Jones Industrial Average Index slipped 0.39% or 48.96 points to 12,422.06 on Friday amid fears of possible France's AAA downgrade and Greek struggle to agree on debt reductions. Financials were the main losers within the index JP Morgan Chase fell 2.52% after reporting loss in profits and Bank of America tumbled 2.65%. After the closing of US trade, S&P
US stocks experienced slight losses and traded lower on Friday on speculations S&P ratings agency may downgrade several Euro Zone nations. Investor fears were also fuelled by J.P. Morgan Chase's report of drop in profits. S&P 500 Index lost 0.5% or 6.41 points and closed at 1,289.09, while Dow Jones Industrial Average Index slipped 0.39% or 48.96 points to 12,422.06. Nasdaq
The growth in India's consumer price level slowed down, reaching the two-year record low and pressing nation's central bank to maintain interest rate unchanged for a second meeting in a row due next week. Wholesale price index added 7.47% in December compared with an increase of 9.11% a month earlier. Economists predicted December inflation to be at 7.40%. Central bank
Germany's Finance Minister Schaeuble reminded he does neither support issuing joint Euro Zone bonds nor making ECB the bank of last resort. Schaeuble pointed out that such actions would be equal to printing money and would only buy some time instead of solving the real problem. According to German FM troubled nations must cut their debt at the as soon as
Australian banks are likely to cut around 7000 jobs during forthcoming two years as country's financials are attempting to reduce expenses by 58% to outweigh the slowest credit growth since 1940s. UBS experts predict banks may cut the total jobs from 179 000 to 172 000 or by 3.9%. Banks are one of the main employers in Australian biggest cities.
Iran warned Gulf countries against increasing their oil output claiming they will have to take responsibility of such moves. The announcement came after the US and the EU started to seek ways to cut the Iranian crude oil exports. The neighbor countries should not support the EU and the US, said Mohammad Ali Khatibi. Any moves taken by Gulf nations
Australia's inflation increased 0.5% last month as compared to 0.1% decline in the preceding month, reported TD Securities. Considering annuals moves, the inflation rate faced 2.4% increase in December, rising from 2.1% in November.
Natural gas futures sank on Friday, attaining 28-month low amid the warmer than expected weather forecasts and high inventory levels in the US. Natural gas futures for February delivery closed at USD2.627 per million British thermal units, on the New York Mercantile Exchange, tumbling 12.8% over last week, the largest fall since August 2009.