On Friday, gold was traded lower, as the demand for the precious metal was undermined by a growing uncertainty over upcoming U.S. fiscal cliff and overall global economy. Spot prices for gold declined by 0.1% to trade at $1,713.19 per troy ounce at 7:50 a.m. London time. The commodity was likely to end the week with a 1% weekly loss.
The Census and Statistics Department revealed on Friday that the Hong Kong's economy expanded at a faster pace but below the analyst forecast in Q3. Year over year, Hong Kong's GDP grew by 1.3%, which was faster than a 1.2% growth in the preceding quarter. Economists, however, expected a more significant increase of 1.7%.
The European Central Bank reported on Friday that the current account surplus of the eurozone declined to 0.8 billion Euros in September compared to a reading of 10.9 billion Euros in the preceding month. The surplus of trade in goods decreased to 4.5 billion Euros from 8.4 billion, while services trade surplus fall to 6.4 billion Euros from a reading
Natural gas futures dropped after reaching the highest level in 2012 as the U.S. government report showed supply dwindled. Gas lost 1.5%, the first loss this week. According to the Energy Department report prices rose 3.8% and stockpiles declined from 3.929 trillion cubic feet to 3.911 trillion last week, following a record gain on the week ended on November 2.
Following first weekly gain since the week ended on October 26, palm oil went down on Friday amid analysts' forecasts for increasing soybean yield in South America reduced concerns that the world palm oil supply will decline. January-delivery palm oil fell 2.1% and the contract was settled at 2,384 ringgit ($777) a metric ton in Kuala Lumpur.This week palm oil
European shares gained after Barack Obama said we would talk to Republican lawmakers about possible ways to resolve the so-called fiscal cliff. Today trading might be flat, as investors wait for the solution on fiscal cliff. The Stoxx 600 advanced 0.1% to 265.9, yet the index has lost 3.2% since the U.S. president's reelection. The index was mostly boosted up
Italy's trade balance moved to a 408 million Euros surplus in September, comparing with a 483 million Euros deficit in August, as the statistical office Istat announced on Friday. Exports decreased by 2% compared with the previous month, reflecting a sales drop in all European markets. Imports shrunk by 4.2%. Annual data shows export's decrease by 4.2% in September and
Industrial production fell unexpectedly on power disturbances caused by hurricane Sandy. Factory output tumbled 0.4% in October after advancing 0.2%, lower than expected, the prior month. The U.S. factories suffer from euro-area's recession, and economic growth slowdown in Asia. The industry might be also hit by $ 607 billion automatic tax increases and spending cuts throughout the year 2013. Manufacturing,
UK stocks slumped on Friday, prolonging a decline as the eurozone's economy re-entered recession. The market sentiment was also dampened by igniting concerns over the US fiscal cliff. Weak US data released late on Thursday also weighted down on the UK blue chips. The FTSE 100 Index plunged 0.7% to trade at 5,638.22. Only two in ten sectors within the
Hong Kong equities were slightly higher, outperforming mainland Chinese shares amid uncertainty over what the leadership change will bring. Some experts claim that new leadership is unlikely to result in drastic actions needed to revive Chinese economy. Moreover, mounting concerns over the US fiscal cliff and renewed recession in the eurozone added pressure on Hong Kong stocks. Six out of
German equities plunged on Friday as risk appetite remained weak after the data indicated that the eurozone's economy fell back into recession. Moreover, looming US fiscal cliff and uncertainty over what the leadership change in China will bring created heavy pressure on German blue chips. The DAX index lost 0.69% and is currently trading at 6,994.94. All but one sector
Crude oil futures for December settlement were 5 cents higher to $85.50 a barrel and contract for January gained 6 cents to $85.93 in London morning trading session, but front month future lost 87 cents yesterday, bringing to 0.7% weekly loss. Oil set four weekly price decline in the last five, as markets trade on signs that U.S. economy is
The Rand appreciated for the first time this week as its biggest weekly decline in November didn't manage to break through the resistance level of 9 rand per dollar. South Africa's currency gained 0.3% against the Dollar on Friday and traded at 8.9043 per dollar in Johannesburg. The currency declined 2.2% this week, the biggest loss in six weeks.
The Peso slipped by 0.1% to 41.298 per Dollar in morning session in Manila on Friday. The domestic Philippine's currency lost 0.6% this week and that was the worst performance since 21st of September. Also, the Peso is close to the highest level in more than four years, peak at 41.05, which was reached on 8th of November. The Peso
The Sterling appreciated by 0.3% to 80.32 pence per Euro and 0.18% to 1.5883 per Dollar in early London trading session on Friday. The Pound versus the Euro steps higher the first time in the last six trading session, increasing from a lowest point in two weeks. The Sterling is mainly affected by speculations that the Central Bank of England
Japanese shares prolonged their rally on Friday after Shinzo Abe, a leader of the opposition party stated that the BoJ should cut the key interest rates to zero or even lower to stimulate faltering economy. Market players bet that opposition party is likely to win elections due next month. Meanwhile, exporters drew strength from weaker national currency. The Nikkei 225
Dow slumped on disappointing signals from the national economy. US unemployment claims jumped much more than expected last week. Weak manufacturing data from Philadelphia-region also weighted down on the US blue chips. Moreover, the eurozone's economy fell back into recession last quarter, dampening global risk sentiment. The Dow Jones Industrial Average index dropped 0.23% to close at 12,542.38. Four in
US equities moved lower on Thursday amid dismal data from the domestic economy. The number of people applying for jobless benefits surged to 439,000 compared to a forecast of 375,000. Moreover, Philly Fed manufacturing index showed that manufacturing activity in the Philadelphia-region deteriorated more than expected this month. Adding to the bearish mood, investors remained concerned about a recession in
Farm commodities except for coffee moved lower on Thursday despite weaker greenback and poor conditions of the US winter corps. More favorable weather in Brazil and Argentina coupled with global consumption uncertainty pushed rural commodities lower.Wheat dropped despite potential disruptions to supplies from Russia. Arkady Zlochevsky, president of Russia's Grain Union said that exports from Russia are slowing in wake
Energy futures sank amid a release of the closely watched EIA report and weak reading of the Philly Fed manufacturing index. Moreover, global growth concerns outweighed supply-side support from escalated tensions in the Middle East. Crude oil dropped despite a smaller-than-expected increase in the US inventories. The EIA reported that stockpiles rose by 1.1 million barrels last week compared to
Japan's lawmakers have approved a crucial bill that will ensure that the government does not run out of money at the end of this month.
Industrial metals apart from zinc declined amid lingering concerns over global demand prospects. The eurozone's economy fell back into recession in Q3, while the number of unemployment claims in the US soared last week. Moreover, Philly Fed manufacturing index plunged to minus 10.7 in November, indicating that manufacturing conditions in Philadelphia-region deteriorated this month.Aluminum lost 0.3% on dismal reports from
Asian stocks increased, with Japan's Nikkei 225 Stock Average rising the most since March, on speculation Japan's opposition party will take power after elections next month and increase pressure on the central bank to boost monetary easing. The MSCI Asia Pacific Index gained 0.5% to 120.03. Australia's S&P/ASX 200 Index declined 0.3% and South Korea's Kospi Index lost 0.6%.
The South Korean Won declined for a second consecutive day as investors awaited the U.S. President Barack Obama's meeting with lawmakers today to assess the progress on the country's budget deadlock. The Won lost 0.1% to 1,0857.57 per greenback, following a 0.2% decline yesterday. The currency touched 1,085.05 on November 14, the strongest since September 9.