S&P 500 advanced on Wednesday as investors became inspired by better than predicted durable goods orders and pending home sales data. Index extended gains climbing 0.9% or 11.86 points and finishing at 1,331.85. Homebuilder Lennar Corp. added 4.8% after a tax benefit and soaring demand stimulated a gain in its fiscal second-quarter net income. Energy producers Qep Resources and Cabot
European Union officials are gathering today in Brussels to bring to a conclusion to measures needed to stop region's debt turmoil from spreading. EU leaders prepare to approve the rescue of Cyprus and agree on details how to aid Spain's banks. Arguments, however, are expected on the way how to support Italy and Spain as German Chancellor Merkel refuses to act more to
Australia's new home sales rose by 0.7% last month after an interest rate cut earlier in the month. Sales of multi-units surged by 21.1% in May offsetting a 2% fall in detached home sales. Harley Dale, chief economist at HIA, expects recent interest rate reduction to create a strong positive effect on the property market in the second half of
Chinese Yuan dropped first time in last four days after the PBOC reduced the monetary unit's reference rate ahead of EU summit today. The central bank cut its daily fixing rate by 0.03% at CNY 6.3190 per Dollar. The Yuan tumbled 0.09% versus greenback to CNY 6.3614 per Dollar.
UK house price dropped by 0.6% this month, sending the yearly price growth to the negative territory of minus 1.5%. Experts clam economic slowdown and end of stamp duty holiday both weighted on the property market. Meanwhile, the prospects of the UK real estate market are likely to remain uncertain; however, government's policies aimed at facilitating lending and tight supplies
Japan's annual retail sales expanded 3.6% in May compared to an expected gain of 3.0%, government report showed on Thursday. The advance was slower than a 5.7% improvement in April indicating that recovery of consumption from previous year's earthquake is slowing down. On monthly basis nation's retail sales soared 0.7% from a 0.4% drop in April.
Crude oil prices increased in Asian session on Thursday as inspiring US property market data bolstered demand prospects for the commodity. Light, sweet crude oil futures for August delivery traded at 80.42 US Dollars per barrel on the New York Mercantile Exchange, rising by 0.27% from the previous session's low of 80.38 US Dollars per barrel.
Gold futures inched down in Asian session on Thursday as traders are cautious ahead of the EU summit due to start later in the day. Comex gold futures for delivery in August traded at 1,577.35 US Dollars per troy ounce on the New York Mercantile Exchange, shedding 0.05%. Meanwhile, Comex silver September contract traded at 27.040 US Dollars per troy
The sales of previously owned homes accelerated in May signalling improvements in US real estate market. The gauge measuring pending home resale added 5.9% to 101.1 and repeated a two year record high attained in March. The reading fell 5.5% in April. Analysts suggest low mortgage cost and cheaper real estate are likely to maintain consumer interest despite uncertainties in labour market.
US durable good orders recovered in May relieving worries the world's biggest economy is entering recession. Orders for goods supposed to last at least three years surged 1.1%, the first advance in four months. Stocks appreciated on better monthly reading. Orders posted a 0.2% decline in April. On a year to year basis durable goods orders have lost 6.8%.
US Dollar depreciated versus most of its peers on Thursday as EU officials gather in Brussels today to tackle Eurozone debt turmoil. The greenback gave up 0.4% to USD 1.2519 in London trade and slipped also 0.4% versus Yen to JPY 79.42. Currently EUR/USD is trading at 1.2495.
The Financial Service Authority (FSA) fined Barclays for manipulating key interbank lending interest rates. Barclays will have to pay penalties worth 59.5 million British Pounds. Four the most senior bank executives will have to forgo bonuses this year. The FSA added that the bank's malpractice was serious and widespread.
German DAX index edged higher on Wednesday supported by fertilizer giant K+S AG. Nevertheless, investors stayed cautious ahead of upcoming EU summit due Thursday. K+S AG rallied 3.0% after Bank of America Merrill Lynch raised the company from underperform to buy. Utility firm E.ON AG gained 2.2% after HSBC upgraded the shares from neutral to overweight. Meanwhile HSBC reduced Infineon
Farm commodities surged on Tuesday on unfavorable weather conditions in the main growing regions across the globe.Wheat attained nine-month high on expectations that demand for the commodity to produce feed for livestock will increase as corn price soared.Corn rocketed as US supplies are dropping at the fastest pace since 1996 on hot and dry weather in the main planting areas.Sugar
Energy markets were bullish on Tuesday as strike of oil workers in Norway created supply risk-premium for oil products.Crude oil was almost unchanged for the day, balancing between potential supply disruptions as tensions between Syria and Turkey are growing and concerns over the Eurozone's economy.Brent oil rallied as strike by oil workers in Norway is tightening supplies from North Sea.
Industry metals apart from copper dropped on Tuesday after US consumer confidence tumbled to five-month low in June. Persistent worries about economic health of the Eurozone also weighed on the base metals pack.Aluminum declined on global risk-aversion ahead of the EU summit. Meanwhile, massive production cuts may result in slight deficit in the market, according to International Aluminum Institute.Copper was
Precious metals moved lower on Tuesday as investors are pessimistic about the EU summit due to start on Thursday.Gold slid amid mixed data from the US. CB consumer confidence dropped to five-month low in June while US real estate market is showing signs of recovery as house prices rose slightly in April.Silver declined amid escalated concerns over the Eurozone's financial
The economy of Spain is likely to slump at faster pace this quarter, according to the Bank of Spain. Spain's GPD contracted by 0.3% in Q1 of 2012 on a quarterly basis and taken falling domestic consumption, lower retail and car sales the economy is expected to shrink further in Q2, the bank added.
China proposed to establish a special credit line for Latin American states to provide financial aid for infrastructure projects. Wen Jiabao, China's PM, made the proposal during his visit to Latin America. Moreover, he proposed to set up free trade agreement between China and Mercosur, block that includes Brazil, Paraguay, Argentina and Uruguay.
Italy's costs of borrowing advanced at six-month sovereign bond auction on Wednesday. Investors were cautious head of the EU summit due to start on Thursday. Italy sold the targeted amount of 9.00 million Euros of six-month bonds with average yield of 2.957% as compared to 2.104% at auction conducted in December 2011. Meanwhile, 10-year bond yield fell from 6.18% to
China's economy is likely to expand at faster annual rate than 7.5% expected in the first half of the year; however, the downside risk still persists. Experts surveyed by Reuters predicted China's GDP to grow by 7.9% in the first half of 2012 and full year expansion to achieve 8.2%. The growth pace is in compliance with government's target but
Gold prices declined during European trade on Wednesday as investors are cautious ahead of The EU summit due to start on Thursday. Traders doubt that the summit will result in closer fiscal integration that may enable the EU to resolve deepening crisis in the area. COMEX gold futures for delivery in August traded at 1,570.95 US Dollars per troy ounce,
Crude oil declined in European morning session on Wednesday as traders are cautious ahead of the EU summit and US supply data. The EIA report is expected to indicate a 0.5 million barrels decline in crude oil inventories last week. Light, sweet crude oil futures for August delivery traded at 79.20 US Dollars per barrel on the New York Mercantile
Span cannot sustain high borrowing costs at long run, said Mariano Rojoy, Spain's PM. Recently, yields on 10-year sovereign bonds soared to 6.8%, the level considered to be unaffordable. Mariano Rajoy claimed that a subject of financing is of paramount importance as country has applied for funds but has not been bailed out yet.