Oil declined from the two-week highest close in New York on bets that its strongest rise in five weeks was unreasonable. Futures fell 0.5%, after touching 4.9%, the highest since June 29. September-delivery oil tumbled to $90.95 per barrel. Brent crude for September declined 0.2% to $108.76 per barrel.
On Sunday, Greece and ECB, IMF and European Commission agreed on the necessity of bolstering policy efforts to sustain the economy and meet its bailout requirements after more than a week-long meeting session in Athens. The talks will conclude whether Greece keeps receiving monies from its international creditors, 240 billion Euro of rescue funds.
Australia's Dollar was 0.2% from a four-month high and government note yields amid speculation the Reserve Bank will abandon diminishing the developed world's strongest interest rate tomorrow. The Aussie traded at $1.0563, after reaching $1.0580 last week, the highest since March 20. The South Pacific 10-year note yield gained 0.12 percentage points to 3.23%. The 15-year yield rose to 3.55%,
The U.S. stocks extended rally to a fourth consecutive week as the U.S. jobs data, which beat analysts' expectations, erased a 4-day decline amid investors' disappointments with world stimulus efforts. The S&P 500 gained 0.4% to 1,390.99 for the week, while the Dow Jones Industrial Average experienced the longest rally since last autumn.
Asian stocks advanced after release of better-than-expected U.S. employment data and services industry calmed investors' concern that the U.S. economic growth is slowing. Japan's Nikkei 225 Stock Average gained 2%, while Australia's S&P/ASX 200 Index rose 1.1%. The MSCI Asia Pacific Index increased 1.9% to 119.16, heading towards the highest close since 4 July.
The U.S. trade deficit possibly narrowed in June due to slowing demand for U.S.-made goods caused by weakening global growth and reduced import bill by cheaper oil prices. According to economists' forecast, the gap shrank from $48.7 billion in May to $47.5 billion, the smallest in 4 months.
The U.S. Dollar and Japanese Yen fell to 3-week low against the common currency as Asian shares advanced. The Yen extended depreciation against its major counterparts from the last week amid speculation that the BOJ will take steps to weaken the nation's currency at its 2-day policy meeting commencing 8 August. The Dollar Index declined to 1-month low before Bernanke's
During today's press conference, Spanish Prime Minister Mariano Rajoy announced that the possibility of asking a full-scaled bailout from the European Union is growing. He also added that the conditions and form of the bailout should be considered ahead of other issues. The announcement was made a day after the ECB claimed its readiness to resume bond-buying program.
On Friday, August 3, gold futures edged higher as U.S. hiring improved. Gold for December settlement jumped 0.3 per cent, to $1,595.90 per ounce during today's New York trading session. Despite today's gains, the bullion erased 1.3 per cent during this week. September silver also rose by 1.1 per cent, to $27.29 per ounce, and copper with September contract added 1.4 per cent, to $3.34
As reported by the Labor Department, U.S. employers hired 163,000 people in July, while the unemployment rate rose to 8.3 per cent, from previous 8.2 per cent. As long as the jobless rate is growing, the Federal Reserve will have to keep further stimulus in mind. Meanwhile, the Fed claimed their readiness to introduce another quantitative easing if the economy does not start to recover.
The greenback weakened versus its major peers on Friday after the U.S. jobs data beat expectations, while the single currency rocketed as the yields on Spanish and Italian government bonds fell. The ICE dollar index and the WSJ dollar Index tumbled 0.85 per cent and 0.79 per cent respectively. The Euro strengthened versus the greenback, and added 1.34 per cent to $1.2344 from $1.2180.
On Friday, August 3, oil futures edged higher as the U.S. jobs report came better-than-expected, and as stockpiles dropped earlier this week. Crude oil for September settlement soared 4.04 per cent to $90.65 per barrel during today's New York trading session. Among other energy-related products, September gasoline erased 0.6 per cent, to $2.92 per gallon, while heating oil for September delivery added 2.3 per cent,
German shares surged on Friday, recovering previous losses on upbeat US labour market data. Slight gain in the Eurozone's services PMI last month also spurred German shares. German DAX Index skyrocketed 2.26% to trade at 6,783.35. All industries included in the index surged. Financials and utilities were the top gainers, pacing an increase in DAX Index. Deutsche Bank and Commerzbank
UK stocks erased previous losses on inspiring headlines from the US job market. US non-farm payrolls increased much more than expected in July. FTSE 100 Index surged by 1.53% to trade at 5,755.58 at the time of writing. Financials pushed UK stock index higher, soaring by 3.31%. Barclays, Royal Bank of Scotland and Lloyds Banking Group rose 3.94%, 4.06% and
Hong Kong stocks ended the week on the negative note after the PBOC announced that it will continue its prudent monetary policy. Negative headlines from the Eurozone and US also weighed on China's stocks. Hang Seng Index edged down by 0.12% to end the session at 19,666.18. Consumer services and basic materials were the top-performing sectors in the index. Sands
Rural commodities plunged on Thursday as improving weather in the US and Brazil boosted supply prospects. From the demand side, disappointing outcome from the ECB meeting weighted down on potential consumption. Wheat declined for the third consecutive day as the US government may suspend alternative fuel-mandate after severe drought in the US. Corn tumbled as changes in the US ethanol-fuel mandate
Japanese equities slid further on Friday as hopes for monetary easing in the US and Europe faded. Moreover, news that China will stick to its prudent monetary policy sent Japan's stocks lower. Nikkei 225 Index plunged 1.13% to end the week at 8,555.11. On the upside were oil and gas companies as well as consumer services. Inpex and JX Holdings
Energy commodities closed lower on Thursday as the ECB did not offer easing measures to tackle spreading debt crisis in Eurozone. However, persistent geopolitical tensions and tight supplies from North Sea limited the downswing. Crude oil lost 2% as disappointing ECB announcement forced market players to switch to safe-haven assets. Brent oil was flat as continuous supply uncertainties offset lingering demand concerns. Natural
US blue chips index ended Thursday in red territory as the ECB decision not to loosen its policy at the moment disappointed market players. Meanwhile, mixed news from the US also impacted US equities. US employment claims dropped more than expected last week while factory orders posted an unexpected contraction in July. Dow Jones Industrial Average Index lost 0.71% to
Industry metals tumbled on Thursday after the ECB postponed easing measures by several weeks. Pushing base metals lower, US factory orders unexpectedly shrank 0.5% in June. Stronger greenback also sent the commodity group lower. Aluminum dropped on weak PMI data and high output levels from China. Meanwhile, lingering concerns over the Eurozone' debt crisis continued to pressurize gains. Copper fell on potential
US stocks plunged on Thursday after the ECB did not offer concrete steps to combat debt crisis in the Eurozone. Adding pressure on US equities, the Fed refrained from stimulus measures on Wednesday. An unexpected drop in the US factory orders also weighed on stocks. S&P 500 closed 0.74% lower at 1,365. Nine out of ten sectors included in the
Precious metals prolonged slump on Thursday on broadly stronger US Dollar and weak global equities. Moreover, investors started to reduce their holdings in precious metals after the ECB refrained from additional easing measures at the moment. Gold dived under one-week low on lack of additional stimulus from the Fed, ECB and BoE. Meanwhile, traders are cautious ahead of US non-farm payrolls
On Friday, gold advanced first time in five days in London amid speculation investors will start purchasing after gold's worst time in six weeks. Immediate-delivery futures gained 0.3% to $1,593.75 per ounce. December-delivery bullion increased 0.4% to $1,596.60, while bullion tumbled to $1,584.08 per ounce, the lowest level since July 25.
Wall Street fell on Thursday as the ECB announced no plan of action to address Eurozone's debt crisis. The Dow Jones Industrial Index dropped 0.7 per cent, to 12,886.52; the S&P 500 Index tumbled 0.7%, to 1,366.50, and the Nasdaq Composite declined by 0.1 per cent, to 2,917.17. Meanwhile, the ECB is planning to cooperate with governments in bond-purchasing program in order to stimulate Eurozone's economy,