Indian value of the gold imports is likely to approach 100 billion US Dollars by 2015-2016, reported ASSOCHAM. However, the 4% import duty is not enough to fully control yellow metal's imports and further increase in gold's import tax have to introduced, the report added. Moreover, the India's government may launch public awareness campaign to direct the public savings to
The government of the US allowed 10 EU countries and Japan to be excluded from the Iranian oil sanctions as these countries managed to cut Iranian oil imports essentially. The sanctions are aimed at punishing countries that go on purchasing large amounts of Iranian oil. The biggest oil importers as South Korea, China and India were not exempted from the
Oil futures soared on Wednesday despite a Saudi Arabia's promise to boost its oil production by 25% to offset any supply shortages caused by Iran's oil import embargo. The major contributors to the oil price surge were weaker US Dollar, instability in North Africa and Middle East as well as persistent tensions between Iran and Western economies. Light, sweet crude
Wheat price was pressured by worries over the excessive global supplies due to improved crop conditions in the US. Wheat futures for delivery in May traded at 6.4038 US Dollars per bushel at the early European session on the New York Mercantile Exchange, tumbling by 0.4%.
Rural commodities apart from coffee were lower on Tuesday on the firmer US dollar and weaker equities. Grains were the top-losers as negative news from China are likely to impact the country's demand for the commodities. Wheat hit one-week low as rains in the US are expected to create highly favorable conditions for winter harvest. Moreover, Russia's decision not to
Energy commodities slid on Tuesday on the appreciating US Dollar and easing supply disruption worries. The energy market was under pressure from rumours that Saudi Arabia plans to boost its oil output to offset any shortages after total Iranian oil embargo comes in force. Moreover, the crude and Brent oil were volatile during Tuesday's sessions due to expiration of April
Base metals slumped on Tuesday on the strengthening US Dollar and weaker equities. The commodity pack losses were also sparked by BHP Billion report that indicated sharp fall in China's ore and steel demand. Moreover, cut in the Australia's growth outlook pulled the industry metals down. Aluminium is likely to face downward move in the nearest future as China's demand
Precious metals tumbled on Tuesday amid broadly stronger US Dollar and improving US economic outlook. The commodity group was also pressured by the increase in the 10-year US Treasury yields that signal on recovering US economy. However, soaring energy prices continued to weight up on the inflation rate thus increasing appeal of the traditional inflationary hedges such as precious metals.
British budget gap nearly doubled in February on improved spending and drop in taxes, the Office for National Statistics reported on Wednesday. The net borrowing eliminating support for lenders reached GBP 15.2 billion compared to a GBP 8.9 billion a year ago. The analysts questioned by Bloomberg earlier predicted a deficit of around GBP 8 billion.
The borrowing costs on German bunds climbed to three month record high after Greek PM Lucas Papademos got parliamentary support for a EUR 130 billion rescue package, curbing demand for safe securities. The yields on 10-year German notes added two basis points, reaching 2.06% on Wednesday. Germany's bills marked the sixth decline in seven days.
Japan's Nikkei Stock Average tumbled on Wednesday as investors returned from holiday and anticipated news from China. Nikkei 225 index fell 0.55% or 55.50 points and closed at 10,086.49. Nissan Motor lost 2.9% after car maker presented its spending plans including the revival of its Datsun brand after 30 years. Exporters added to loss with Sony falling 4.5%, Toyota Motor
Hong Kong's Hang Seng index extended losses on Wednesday as enduring concerns about China's economic development pushed down exporter and commodity shares. Hang Seng index fell 0.15% or 31.61 points and finished at 20,856.63. Petrochina shed 0.2% and Lenovo Group dropped 0.8%. Sun Hung Kai Properties shares prolonged their decline, giving up 1.7% after one of its executives were arrested
Dow Jones Industrial Average index declined on Tuesday as China raised gasoline and diesel prices. Blue chip index edged down 0.52% or 68.94 points and settled at 13,170.19. Walt Disney Co fell 0.5% after company said it predicts science-fiction film John Carter to lose around USD 200 million. Resource demand dependent Caterpillar and Alcoa tumbled 2.6% and 1.5% respectively. Bank
Canadian Dollar weakened from nearly 6-month record high against US Dollar on rumours China economy keeps slowing down. Canada's currency depreciated 0.5% against its US counterpart on Tuesday to CAD 0.9915. Loonie became weaker also versus Euro and Swiss Franc. Currently USD/CAD is trading at CAD 0.9887.
S&P 500 index retreated from recent rally and declined on Tuesday after Billiton announced the demand for steel from China was falling. US benchmark index lost 0.3% or 4.23 points to 1,405.52. Oil and gas sector contributed most to the downside. Tiffany surged 6.7% to USD 73.27 as stock market rally encouraged jewelry purchases. Apple jumped 0.8% to a new
US crude futures advanced on East Asia trading session on Wednesday as oil inventories fell and US Dollar weakened boosting demand for Dollar-priced commodity. May crude climbed 0.4% or USD 0.47 to USD 106.54 on the New York Mercantile Exchange. Gasoline modestly ascended, adding USD 0.01 to USD 3.37 per gallon. Heating oil to be delivered in April remained flat at
Asian stock markets mostly ended in red area on Wednesday as investors remained cautious regarding possible economic slowdown in China. Japan's Nikkei Stock Average lost 0.55%, South Korea's Kospi tumbled 0.73% and Australian S&P/ASX 200 Index fell 0.5%. Shanghai Composite index and Hong Kong's Hang Seng index traded flat.
New Zealand and Australian Dollar retreated from yesterday's fall and gained on Wednesday on investor hopes European debt woe is fading, stimulating demand for riskier assets. Aussie added 0.2% against greenback to USD 1.0495 and Kiwi improved 0.3% to USD 0.8192. Currently AUD/USD is trading at USD 1.0498 and NZD/USD is trading at USD 0.8198.
Gold futures advanced on Wednesday electronic trade as US Dollar weakened. April gold climbed 0.32% or USD 5.20 to USD 1,652.30 per ounce on the Comex division of the New York Mercantile Exchange. Silver to be delivered in May added 1.04% or USD 0.29 to USD 32.13 per ounce. Weaker greenback encourages investors to purchase more dollar-denominated commodities.
US shares retreated from previous sessions' rally and traded lower on Tuesday as news from China put negative pressure on stocks. S&P 500 index fell 0.3% or 4.23 points to 1,405.52, Dow Jones Industrial Average edged down 0.52% or 68.94 points and settled at 13,170.19 while Nasdaq Composite tumbled 0.14% or 4.17 points and finished at 3,074.15.
Chinese leading lenders are expected to report record-high net income for a fifth straight year. Nevertheless 2011 results are likely to be overshadowed by a surge in bad loans. Industrial & Commercial Bank of China and its four largest Chinese competitors are predicted to post a 15% surge in fourth quarter net profit. However, analysts warn that non-performing loans in local banks
UK inflation level eased at slower pace than expected in February, indicating uncertainty that price load will not decline as fast as the government and the BoE hope. British CPI slowed from 3.6% in January to 3.4% in February compared to expected 3.3%. Dropping inflation is perceived as crucial factor to help struggling economy to gain momentum via increase in spending.
European stock markets posted losses on Tuesday as investors digested news China's demand for resources is likely to slow and auto makers fell after China decided to raise gasoline and diesel prices. Stoxx Europe 600 fell 1.1%, German DAX tumbled 1.4% and French CAC 40 index slipped 1.3%. British benchmark FTSE 100 index lost 1.2%.
Housing start ups settled close to 3-year record high in February indicating that sector is stabilizing, Commercial Department said on Tuesday. The number of new home start ups was at annual 698 000 matching analyst expectations. Meanwhile building permits unexpectedly surged to annual 717 000, the highest reading since October 2008. Economists earlier predicted an increase to annual 686 000.