Precious metals caught momentum on Friday amid broadly weaker US Dollar and anticipation of more accommodative policies from the Fed after disappointing US growth data release.Gold was the driver for the commodity group on the increased safe-haven appeal along with growing global uncertainty as US economic expansion slows while cost of borrowing in Italy rises.Silver found fresh support on softer
Australian consumer prices accelerated at slower pace than predicted in the 1st quarter of 2012, creating an additional pressure on Reserve Bank of Australia to lower benchmark rate. Australia's CPI climbed only 0.1% in first three months this year, compared to median estimate of 0.6% growth. On yearly basis quarterly CPI gained 1.6% compared to last quarter's 3.1%
The Spain's economy declined in the first three months this year, a second consecutive contraction which officially indicates recession. Spanish GDP dropped 0.3%, following a 0.3% contraction in the last quarter of 2011, national statistics office reported on Monday. Although government's target is a 0.2% growth in 2013, it predicts a 1.7% slump this year.
Germany's retail sales recovered in March due to dropping unemployment and higher salaries which stimulated consumers' purchasing power. Adjusted sales climbed 0.8% in March, following a 0.9% drop in February. Economists questioned by Bloomberg predicted a gain of 1%. On yearly basis retail sales have accelerated 2.3%.
US shares edged higher on Friday boosted by strong earnings reports which managed to offset disappointment about weaker quarterly GDP data. S&P 500 index gained 0.24% or 3.38 points and closed at 1,403.36, Dow Jones Industrial Average index added 0.18% or 23.69 points to 13,228.31, while Nasdaq Composite climbed 0.61% or 18.59 points and finished at 3,069.20.
UK home value accelerated in April, the second straight month, Hometrack Ltd said on Monday. The home prices added 0.1%, following a 0.2% gain in March. UK housing market received a short-term stimulation from tax holidays for first-time home buyers. Hometrack predicts the advance is not likely to prolong as demand does not meet supply.
Agricultural Bank of China Ltd. reported that its net profit for the first quarter of 2012 soared by 28% on a yearly basis, being driven by essential growth in fee income and net interest. The total profit for the quarter approached 6.92 billion US Dollars whereas the acceleration of profit growth slowed as the bank posted a 36% increase in
South Sudan reported that China agreed to provide the country with 8 billion US Dollars loan for main development programmes. The funds are aimed at building roads, telecommunication networks and development of agriculture. However, the parties have not provided any indication of plans to develop new pipeline to transport oil from South Sudan to China.
Singapore's inflation rate is expected to remain high over the next months and ease in the last months of this year, reported the national bank of Singapore. The central bank announced that the inflation rate is likely to fall in range between 3.5% and 4.5% while the economic growth is expected to average between 1% and 3% in 2012.
Gold prices were steady during choppy Monday trade amid increased global uncertainty after weaker than expected US economic growth data and Spain's debt downgrade. COMEX gold futures for delivery in June traded at 1,664.25 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.03% since opening.
Crude oil prices declined during Asian trading hours on Monday as slower than expected US growth and Spanish debt downgrade both continued to affect the markets. Light, sweet crude oil futures for June delivery traded at 104.69 US Dollars per barrel on the New York Mercantile Exchange, falling by 0.225% from the previous session's high of 104.95 US Dollars per
China's return on FDI soared by 32% on an annual basis since 2004, approaching 128 billion US Dollars, reported Guan Tao, head of BOP at the State Administration of Foreign Exchange (SAFE). Ha also added that SAFE is putting a lot of efforts in stimulating the Yuan's convertibility as well as the administration supports individuals and institutions in conducting overseas
Inflation rate in Australia slowed down in April thus increasing the likelihood of more accommodative measures of the Reserve Bank. The inflation rate rose by 0.3% this month as compared to a 0.5% increase in March. The main contributors to the slowdown in the inflation rate were falling prices on footwear, clothing and travel. The Reserve Bank is expected to
Trade balance of New Zealand advanced less than expected in March, reported Statistics New Zealand. Trade balance indicated a surplus of 134 million New Zealand Dollars in March as compared to a surplus of 161 million New Zealand Dollars in February. Experts predicted New Zealand's trade balance to hit 455 million New Zealand Dollars in March.
Unemployment in Spain approached a new record of 5.64 million in March while the jobless rate topped 24.4%, reported the national statistics office. Analysts expect the Spain's officials to confirm that the country is falling into recession. Meanwhile, retail sales in the country declined by 3.7% in March on an annual basis.
France's consumer spending decreased more than expected in March, INSEE reported. Consumer spending dropped by 2.9% as compared to the previous month's expansion of 2.9%. Experts predicted the consumer spending in the country to lose 1.9% in March.
US economy advanced at slower pace than expected by economists. Country's GDP increased 2.2%, following a 3% growth in previous quarter, Commerce Department said on Friday. Economists questioned by Bloomberg, predicted a 2.5% gain. Government spending decreased for a sixth consecutive quarter.
German DAX index faced a choppy morning trade after news from Spain, however it rebounded after Italian bond auction. Rally was slightly breached in the afternoon as US reported a disappointing GDP figure. German Banks rallied with Deutsche Bank adding 2% and Commerzbank gaining 2.1%. BASF SE dropped 1.5% on news its profit declined in 1st quarter and the company
FTSE 100 index fluctuated sharply on Friday. It slipped in the morning on Spain's downgrade but retreated and climbed 0.3% as Italy successfully auctioned bonds. CRH jumped 3.1% and British Land soared 2.7% after both firm were upgraded by J.P. Morgan Cazenove. Banks also supported the index on the upside with Royal Bank of Scotland adding 2.2%. Barclays rallied 4.2%,
Japan's Nikkei Stock Average climbed in the morning trade as Bank of Japan announced monetary stimulus but retreated and slumped at the end of session on investor concerns about further easing amid Spain downgrade. Nikkei 225 index dropped 0.43% or 40.94 points to 9,520.89. Advantest Corp rallied 8% on news it managed to end the quarter with profit, despite reporting
Dow Jones Industrial Average index traded higher on Thursday as steady jobless claims data were overshadowed by strong home sales data. Blue chip index surged 0.87% or 113.90 points to 13,204.62. Exxon Mobil slipped 0.9% after the energy company said its profit declined by 11%. Wal-Mart Stores recovered from recent slump related to bribery scandal and gained 2.8%. Chevron added
S&P 500 index extended gains on Thursday as supported by earnings and almost four times increase in pending home sales in March. US index gained 0.67% or 9.29 points and finished at 1,399.98. Citrix Systems jumped 12% after the software provider's outlook for earnings in 2012 beat the median analyst estimate. In contrast, Akamai Technologies tumbled 14%, after predicted net
The 17-nation currency weakened on Friday after S&P ratings agency lowered Spanish short term and long term sovereign rating citing Spain's recession as factor that can negatively affect nation's efforts to reduce its budget deficit. Euro depreciated 0.4% versus greenback to USD 1.3169 and slipped 0.6% against Japanese Yen to JPY 106.43. Currently EUR/USD is trading at USD 1.3173.
Crude oil price declined from almost 4-week high in New York trade after S&P ratings agency cut Spain's sovereign credit rating, boosting concerns that further recession in Europe may halt demand for crude. Oil to be delivered in June lost USD 0.61, reaching USD 103.94 a barrel. June Brent oil gave up USD 0.49 and traded at USD 119.43 a barrel.