Industrial metals prolonged their slump on Tuesday after Moody's cut its credit rating on five Spain's regions. Weakness of global equity markets coupled with disappointing quarterly results of the US largest companies sent base metals lower. Meanwhile, traders continued to await flesh PMI readings due on Wednesday.Aluminum slid as China's aluminum output stood by 9% higher than average level in
Business confidence among Chinese manufacturing firms posted early signs of rebounding in October, with a slower rate of decline in both output and new orders, preliminary survey by Markit showed on Wednesday. The HSBC Manufacturing PMI soared to a three-month high level of 49.1 from 47.9 in preceding month. However, employment across manufacturing sector slipped at a higher pace than
Precious metals plunged on Tuesday on broadly stronger US Dollar. Moody's downgraded five regions in Spain, thus spurring demand for safe-haven greenback. Moreover, market players were awaiting the results of the FOMC two-day meeting due later in the week.Gold dropped as appreciation in the US Dollar dampened the yellow metal's appeal. Meanwhile, gold traders remained cautious ahead of the FOMC
French manufacturing sector declined at a lower rate in October, the flash survey by Markit Economics showed on Wednesday. The PMI advanced to 43.5, compared to 42.7 in September. Economists estimated a reading of 44. The factory output index rose to 41.6 from 39.4 in the previous month.Service sector activity also posted slower contraction in October, with corresponding index jumping
Eurozone consumer confidence increased marginally in October, European Commission said on Tuesday. The flash consumer sentiment index advanced to -25.6 from -25.9 in the previous month. Economists had forecast the index to stay flat. On monthly basis, the confidence index slid to -24.2, compared to -24 in September.
On Tuesday, futures for natural gas were traded higher, following a yesterday's 5% plunge. On the NYMEX, November delivery futures for natural gas increased to $3.505 per million Btu, which was a 1.55% climb for the U.S. morning trading hours. Earlier, it rose by 1.75%, reaching $3.514, which was a session high.
On Tuesday, the Euro hit a week low versus the U.S. Dollar, following the downgrade of five regions in Spain by Moody's. The 17-nation currency declined by 0.7% for the day, hitting a session low of $1.2951, which was the lowest level since October 16. Versus the Yen, it declined to 103.25, losing 1% during the day.
Statistics Canada reported on Tuesday that Canadian core retail sales added more than expected in August, whereas total retail sales increased less than forecast. Retail sales excluding automobile sales increased by 0.4%, compared to an expected 0.2% reading. Total retail sales advanced by 0.3%, while economists predicted a 0.4% growth.
On Tuesday, Spanish bonds were declining for the third consecutive day, following the release of the data that showed a decline of the gross domestic product. The yield on Spanish 2-year notes fell 15 basis points to 3.03% at 3:01 a.m. in London. Spanish bonds have been falling since the Prime Minister said on Oct. 19 that he's not being
National Bank of Belgium reported on Tuesday that confidence of Belgian business leaders declined unexpectedly from June to September. NBB business climate decreased to minus 13.5, compared to a preceding quarter's reading of minus 11.6. Economists, however, expected that the index would increase to minus 11.0
On Tuesday, treasuries were traded higher, as lower than expected earnings from corporations renewed doubts over the recovery of the economy and supported demand for safer assets. The yield on benchmark 10-year notes declined 5 basis points, reaching the level of 1.77% by 9:52 a.m. in New York.
The Bank of Canada announced on Tuesday that it held its benchmark interest rate still for the seventeenth month in a row in October. The central bank left overnight cash rate at 1.00%, meeting expectations. In an accompanying statement the bank said that some slight withdrawal of loose monetary policy would be likely to take place over time.
German shares tumbled at Tuesday's risk-off trading. Market players turned to safe-haven assets after Moody's downgraded credit rating of five Spanish regions. Disappointing quarterly results of the European majors also created heavy pressure on the German blue chips. The DAX Index plunged 1.46% and is currently trading at 7,186.97. All sectors included in the index sank. Moreover, all DAX companies
UK equities tumbled on Tuesday after Moody's lowered its credit rating on five regions in Spain. Weak quarterly results of the largest European companies also weighted down on UK shares. The FTSE 100 Index sank 1.27% to trade at 5,808.46. Only one sector within the index advanced. The only gainer was utility sector. Centrica moved higher by 0.28%. Only five
Japanese shares eased up on Tuesday, advancing for the seventh day in line. Mounting hopes that the BoJ and POBC will announce easing measures were supportive for Japanese equities. Meanwhile, softer Yen lifted exporters. The Nikkei 225 Index added 0.04% to close at 9,014.25. Only three in ten sectors within the index gained. Consumer services and industrials were the top-performers.
Brazilian stocks were bearish on Monday amid mixed quarterly reports from the US. Meanwhile, market sentiment remained under pressure as traders continued to await flesh PMI releases and the FOMC statement due on Wednesday. The Bovespa Index lost 0.38% to close at 58,700.30. Only four in nine sectors included in the index climbed. The top-performers were consumer services and industrials,
The Dow Jones Industrial Average Index added 0.02% to end Monday's session at 13,345.89. Market participants remained cautious ahead of manufacturing data and FOMC statement both due on Wednesday. Weak Japanese export data also dampened the market sentiment. Four in nine sectors included in the index rose. The best-performers were basic material producers and technology firms. Alcoa and El du
US equities rebounded after a sharp decline on Friday. Quarterly reports continued to drive the markets. Investors were also cautious ahead of the FOMC meeting and flesh PMI releases across the globe due later in the week. The S&P 500 Index eased up 0.04% to close at 1,433.82. Only two in ten sectors within the index managed to climb. The
Spain's gross domestic product contracted by 0.4% from the previous three months, according to the Bank of Spain monthly estimation announced today in Madrid. Last week European leaders failed to agree on additional help for Spain, as borrowing costs are high and complicating Prime Minister Rajoy's efforts to trim budget deficit, which is exceeding the EU limit three times.
The Shanghai Composite Index lost 0.9% value to 2,114.5 points in the end of Asia trading session. That was the sharpest decrease since 26th of September, as investors were concerned on the domestic economic and earnings outlook. Tomorrow will be released a HSBC manufacturing PMI report, which will indicate the business situation. Last month's index was 47.9, shrinking for an
On Tuesday, the British Pound retreated from a 4-month low versus the Euro, before a report, which is widely expected to show an increase in U.K. mortgage approvals for the third month in a row. The Sterling gained 0.2%, with the 17-nation currency being traded at GBP0.8141 by 8:04 a.m. in London.
On Tuesday, U.S. stocks were higher, ending a 3-day long streak of S&P 500 losses, as increase in Apple shares outshined disappointing corporate results. The most valuable company, Apple, gained 4%, placing growth in technology companies. The S&P 500 increased by less than 0.1% to 1,433.81 by 4 p.m. New York time.
On Tuesday, German 10-year bonds were traded close to a 1-month low, since the market was driven by an upcoming Eurozone consumer sentiment report. The yield on benchmark 10-year bonds was little changed, being at the level of 1.62% by 7:38 a.m. in London. Earlier on October 18, it hit a level of 1.66%, which was the lowest since September 19.
The Stoxx Europe 600 index is down by 0.4% to 271.84 points during early trading hours on Tuesday. This week's negative stock performance reduces the 16% surplus of the rally since 4th of June, when the EU Bank announced a bond-purchase programme. Today markets fell as companies announced lower earnings than forecasts and the world's leading credit agency Moody's lowered