German equities inched up on Wednesday despite escalated uncertainty over Greece after the Eurogroup meeting ended with no decision. The eurozone's finance ministers agreed to meet again on Monday to continue discussions. The DAX Index gained 0.06% and is currently trading at 7,177.28. Six out of ten sectors rose. The top-performers were technology and telecommunication sectors. SAP and Infineon Technologies
UK shares moved lower as the eurozone's finance ministers failed to agree on the next Greek bailout tranche, thus fuelling concerns over the economic instability in the region. However, losses were capped as the BoE voted in favour of maintaining its asset-purchasing program at GBP375 billion. The FTSE 100 Index eased down 0.08% to trade at 5,743.69. Five out of
Hong Kong stocks soared on Wednesday despite lingering concerns over the US fiscal cliff after Ben Bernanke warned that tax increases and spending cuts may result in recession. Meanwhile, market sentiment remained under pressure after FDI posted a 10th consecutive decline in October. The Hang Seng Index surged 1.39% to close at 21,524.36. All sectors within the index climbed. The
Japanese shares jumped on Wednesday, boosted by exporters and basic materials. Moreover, hopes that new government will push the BoJ to cut interest rates to record low also lifted Japanese equities. However, weak national numbers restricted an upward trend. Japan's trade balance climbed less-than-expected last month in wake of falling exports to China. The Nikkei 225 Index soared 0.87% to
Dow eased down on Tuesday as market players were cautious after Ben Bernanke warned that fiscal cliff may result in recession. However, hopes that the eurozone's finance ministers will reach a consensus on Greek bailout terms as well as positive data from the US real estate market lent support for US blue chips. The Dow Jones Industrial Average Index lost
Wall Street closed higher on Tuesday on upbeat US October new-home sales data. However, the upswing was limited as Ben Bernanke pointed out that fiscal cliff may lead to recession. Adding to the negative mood of the equities, investors are cautious ahead of the Greek bailout decision. The S&P 500 Index gained 0.07% to close at 1,387.82. Four in ten
Farm commodities were mixed on Tuesday, with grains moving higher and softs easing down. Poor condition of the US winter wheat as well as upcoming rains in Brazil pushed rural commodities higher. At the same time, a rebound in the greenback coupled with on-going concerns over demand for US supplies created heavy pressure on the commodity group.Wheat climbed for the
The number of jobless claims dropped last week, yet staying elevated on hurricane Sandy that disrupted the U.S. labor market. The initial applications for unemployment benefits lost 41,000 to 410,000 on seasonally adjusted basis, the Labor Department reported. The decline in the number of claims only partially compensates the last week's rally of 90,000 applicants for jobless benefits. Continuing unemployment
The U.K. borrowed more than expected last month, causing challenges to finance minister George Osborne, who pledged to drag down the deficit and avert the economy from potential recession. He set a goal of declining the full-year public sector net borrowing to 120 billion pounds.According to the Office for National Statistics the public sector net borrowing surged 5.937 billion pounds
Energy futures apart from natural gas erased previous gains on Tuesday as investors turned to demand concerns after Moody's downgraded France's debt rating from Aaa to Aa1. However, on-going violence in the Middle East restricted the downswing. Meanwhile, market players anticipate closely-watched EIA report due on Wednesday.Crude oil fell on global demand concerns and solid greenback. At the same time,
Industrial metals except for nickel slumped on Tuesday on renewed worries over the US fiscal cliff after Ben Bernanke stated that an end of tax breaks and spending cuts may lead to recession. However, upbeat US housing data as well as optimism over Greek bailout talks limited the downswing. Meanwhile, traders remained on the sidelines ahead of the key PMI
Precious metals apart from silver dropped on Tuesday amid renewed concerns over the US economy. Ben Bernanke said that the Fed will not manage to offset potential damages caused by fiscal cliff and hinted that tax hikes and spending cuts could drive the country to recession. Gold slid on lingering concerns over the US economy and stronger US Dollar. At
Oil fluctuated between gains and losses as eurozone's finance ministers struggled to agree on Greek debt reduction package and clashed with International Monetary Fund, and crude stockpiles contracted in the U.S. Contracts on Crude for January inched higher 4 cents to $ 86.79 a barrel in New York Mercantile Exchange. Meanwhile, Brent oil futures for January surged 11 cents to
After touching the highest level in one week, gold was little changed as holdings of exchange-traded products rose to a record high. Sport gold traded at $1,727.65 an ounce after reaching $1,735.71 yesterday, the most expensive since November 12. Gold for December settlement rose 0.2% to $1,727.60 an ounce.
Japanese exports fell for a fifth consecutive month as demand in the European Union and China faltered. Overseas shipments declined 6.5% in October from the previous year. Export to China weakened 11.6%, while to the EU it was down 20%. Since Japan is an export-dependent economy, slowdown could hurt the economic growth in the country.
The South Pacific currencies weakened as Greek talks deadlocked, curbing demand for risky assets. The Aussie and kiwi dropped as decrease in Japan's imports clouded outlook for the countries' shipments. The Australian Dollar fell 0.4% to $1.0351 and lost 0.2% to 84.71 yen. The New Zealand Dollar slid 0.4% to 81.37 U.S. and dropped 0.2% to 66.60 yen.
Asian shares outside Japan dropped as the eurozone's finance ministers could not decide on Greek debt-reduction plan. The MSCI Asia Pacific eliminating Japan index tumbled 0.2% to 434.78. South Korea's Kospi index slumped 0.5%, while Australian S&P/ASX 200 Index eased 0.4%. China's Shanghai Composite lost 0.5%, whereas Hong Kong's Hang Seng Index surged 0.2%.
The 17-nation currency weakened versus the U.S. Dollar, trimming a two-day advance, as European leaders did not reach a decision on assisting debt-laden Greece. The Euro dropped against all of the major counterparts as Luxembourg Finance Minister Luc Frieden said European officials will continue discussion on November 26. The Euro fell 0.5% to $1.2754 and lost 0.3% to 104.36 yen.
European shares advanced the second day as euro-area's finance ministers will decide on Greek debt financing and hopes Israelis and Palestinians will agree to truce. The Stoxx Europe 600 Index (SXXP) climbed 0.3% to 269.49, continuing its yesterday's gain of 2.2%. The index has surged 15% from its June's low when ECB launched the unlimited bond-buying program. The U.K.'s FTSE
On Tuesday, copper declined during European morning trading hours, since appetite for risky assets was undermined after Moody's downgrade of France. On the Comex, December delivery futures for the metal were traded at $3.515 per pound, which was a 0.35% daily gain. Earlier, the commodity lost 1.1% and hit $3.513, which was a session low.
On Tuesday, November 20, gold was traded slightly lower in the U.S. morning trade, following the release of the data that showed a significant increase in the U.S. housing starts. On the Comex, December delivery futures for the precious metal were traded at $1,731.85 per troy ounce, which was a 0.15% daily loss.
On Tuesday, crude was traded lower, following a Moody's decision to lower French rating, amid continuing unrest in the Middle East. On the Comex, January delivery futures for light sweet crude were traded at $88.60 per barrel, which was a 0.75% fall during U.S. morning trading session. Earlier, the commodity lost 1.1%, hitting a level of $88.31.
On Tuesday, natural gas was traded higher on an upcoming report on the commodity supplies. On the Comex, December delivery futures for natural gas were traded at $3.764 per million Btu, which was a 1.2% gain during U.S. morning trading session. Earlier, prices grew by 1.5%, hitting $3.777 per MMBtu, which was a session high.
The Council of Mortgage Lenders revealed on Tuesday that British mortgage lending increased last month on an annual basis. Overall mortgage lending gained 4% during the year ended October 2012, and reached a level of 12.9 billion Pounds. Last month's figure is the highest since the previous year's November, indicating the possible end of the recent recession.