US home prices surged 1.3% in April and posted the first monthly advance since autumn 2011. S&P/Case-Shiller index that encompasses 20 US cities added 1.3% with 19 cities out of 20 reporting gains. Home values declined only in Detroit. On yearly basis index has deteriorated from 2.6% to 1.9%.
The US customer confidence fell for a fourth month in a row in June as anxiety over labour market and income weighed on consumer sentiment. The sentiment gauge measured by Conference Board declined to 62.0 compared to a downward revised reading of 64.4 in May. The median estimate obtained in Bloomberg survey was 63.0.
German DAX index moved higher in the first half of session on Tuesday as German confidence data for July unexpectedly improved. Gains however were limited amid Cyprus request for bailout and Spanish debt auction. BMW AG tumbled 3% after Citigroup Inc. lowered its recommendation on the world's largest producer of luxury cars. Other car maker Daimler AG shed 1.9%. One
UK FTSE 100 faced choppy session on Tuesday as data showed Britain's budget deficit widened more than expected in May on lower tax revenue and elevated government spending. Royal Bank of Scotland was among main decliners and gave up 4.4% as technical issues over past few days left millions of lender's clients without access to money. Miners and energy producers
South Korea will halt imports of oil from Iran starting from July 1 in compliance with EU insurance ban on ships transporting the commodity. The ban is a part of strategies undertaken by the US and EU to lower Iranian oil exports. The country cannot import oil without insurance granted by the EU companies hence South Korea is the first
Spain faced rising borrowing costs at Tuesday's auction where the country was selling three and six-month sovereign bonds. Spain sold 1.6 billion Euros of bonds with maturity in three months with average yield of 2.362% as compared to a yield of 0.846% at auction in May. Meanwhile, the country also sold 1.48 billion Euros of six-month bonds with average yield
Rural commodities were bullish on Monday as weather in the US, Russia and Ukraine remains dry and hot while rains in Brazil continue to harm crops.Wheat rocketed by almost 8% over the day after the EU lowered harvest yields by 0.4% this year, citing dry weather in Spain.Corn soared amid adverse weather conditions in top-growing regions in the US. Hot
Energy commodities, excluding crude oil, appreciated on Monday as tropical storm Debby in the Gulf of Mexico is likely to disrupt production.Crude oil dropped on demand concerns after Spain and Cyprus applied for bailouts on Monday. Moreover, high output levels from OPEC remove supply risk premium created by tensions in the Middle East. Brent oil advanced as oil companies shut down
Industry metals except for nickel rose on Monday after positive real estate data release from the US. However, persistent worries over financial health of the Eurozone limited the gains.Aluminum regained strength on signs of US property market recovery. Moreover, recent slump in production may support the light metal due to potential shortage in the market.Copper price was spurred by better
Precious metals apart from palladium advanced on Monday despite weaker global equities and stronger US Dollar. Gold gained almost 0.8% as safe-haven appeal returned after Moody's downgraded 28 out of 33 Spanish banks. Silver rallied on safe-haven support after Cyprus asked for a bailout shortly after Spain submitted official request for financial aid.Platinum gained momentum as platinum production is likely
Germany's consumer confidence is likely to improve first time in 5 months in July mainly due to the higher wages which may offset the anxiety about debt crisis GfK predicted in its report on Tuesday. The consumer mood index climbed to 5.8 compared to 5.7 in June. Analysts questioned by Bloomberg predicted a drop to 5.6%. Moreover the Bundesbank lifted
Japan's Nikkei Stock Average depreciated on Tuesday pressed lower by renewed worries over Spain and growing pessimism ahead of summit. Moreover, Cyprus officially requested bailout. Nikkei 225 index faded 0.81% or 70.63 points settling at 8,663.99. Car manufacturers declined after China signalled it will not add more stimulus to support car market. Honda fell 1.5% and Toyota Motors lost 1.1%.
S&P 500 index fell on Monday amid concerns that due to Germany's opposition European officials won't be able to come up with a valid solution for region's debt turmoil during upcoming EU summit. US benchmark dropped 1.6% or 21.30 points and closed at 1,313.72. World's biggest wine producer Constellation rallied 13% on news about acquisition by Anheuser-Busch InBev. Sprint Nextel
European stocks traded notable lower on Monday as investors hopes for positive outcome in upcoming EU summit faded. Moreover Spanish bond yields again moved closer to 7% after Moody's downgrade. Stoxx Europe 600 fell 1.5%, German DAX lost 2.1% and Athens General index plunged 6.8%. Italian FTSE MIB index shed 4% and British FTSE 100 dropped 1.1%. Spanish IBEX 35
US equity markets experienced downward path on Monday weighed down by negative news from Europe as Moody's downgraded Spanish banks and Merkel's speech raised concerns EU summit will not bring any particular solution to debt woe. Better than expected new home sales sent building shares higher but did not manage to break overall negative trend. S&P 500 index fell 1.6%
Sales of new homes in US surged in May attaining a 2-year record high to annual 369,000, Commerce Department said on Monday. Economists questioned by Marketwatch predicted a slower improvement to 348,000. The median home price declined by 0.6% to USD 234,500 in previous month. Despite sharp increase US new home sales are still well below the normal level.
Canadian currency depreciated versus its US peer on Monday on growing anxiety EU officials will not manage to arrive at joint action to tackle region's debt crisis. Loonie fell 0.5% against the Dollar to CAD 1.0292 on Toronto trade. Government bonds declined. Currently USD/CAD is trading at 1.0287.
The 17-nation currency traded 0.3% from a 2-week record low versus Dollar after Merkel expressed resistance to Euroarea debt sharing and Moody's downgraded 28 Spain's lenders. Euro traded at USD 1.2506 during Asian trade. Currently EUR/USD is trading at 1.2499.
Cyprus has become the latest member of EU, that official has required a financial aid from union. The aim of decision is to tackle risks of country's economy, claimed Cypriot government on Monday. Cyprus is the fifth member of Eurozone that will require bailout from region's counterparts. Euro remained lower versus Dollar at USD 1.2500.
Chancellor Merkel strengthened her opposition to Eurozone debt sharing, moving Germany on battle course against its allies ahead of upcoming EU summit in Brussels this week. Yesterday Merkel claimed in her speech Euro deposit insurance, Euro bonds and Euro bills to be counter-productive and economically wrong. Moreover should the usage of such instruments is against German constitution.
Moody's Investors Agency downgraded Spanish biggest banks including Banco Santander SA,Banco Bilbao Vizcaya Argentaria SA (BBVA) and 26 other country's lenders citing surging national debt and climbing real estate mortgages. At least twelve banks were cut to junk grade Moody's reported yesterday. Banco Santander was downgraded from A3 to Baa2 while BBVA was cut from A3 to Baa3.
UK FTSE 100 traded down on Monday led by pharmacy company Shire Plc. Investors remained cautious awaiting for the outcome of the upcoming EU summit in Brussels due this week. Shire plunged 13% after its rival's hyperactivity drug Adderall XR was approved by U.S. Food and Drug Administration. Retailer Wm Morrison Supermarkets lost 1.7% on news its Finance Director R.
German DAX index began the week notably lower as investors stayed careful ahead of EU summit. Moreover George Soros alerted that in case European leaders fail to agree on decisive actions during upcoming Brussels summit, the common currency may be threatened. 29 of out of 30 stocks moved down. Financials and other growth linked shares posted the biggest loss. ThyssenKrupp
Farm commodities were mixed on Friday as hot weather in the US supported grains while global economic uncertainty weighted down on coffee and sugar futures.Wheat rallied on speculation that hot and dry weather in the US, Russia and Ukraine will curb essentially global stockpiles.Corn advanced as forecast for fry, hot weather in the key growing regions in the US spurred