Industry metals followed a downward trend on Wednesday, being pressured by broadly stronger US Dollar. Disappointing durable goods data that undermined confidence in stable US recovery also weighted down on the base metals pack. Moreover, weakening China's demand and soft global equities pushed the growth-sensitive commodities even lower. Aluminium continued to slide amid expected oversupply in the market while uncertainty
Precious metals tumbled on Wednesday amid weaker equities and firmer US Dollar. The commodity group lacked clear direction over the week as further actions of the Fed stayed uncertain. Meanwhile, a smaller than expected increase in the durable goods orders sparked mass commodity selling among investors. Gold and silver moved in tandem during the day while platinum and palladium seemed
German DAX index faced a choppy session on Thursday as economic sentiment for the Euro region declined unexpectedly. All nine sectors traded into negative area led by heavyweight auto makers which contributed most to German benchmark's loss. Daimler AG fell 2.4%, BMW AG dropped 0.6% and Volkswagen AG tumbled 2.8%. ThyssenKrupp AG lost 1.2% after Exane BNP Paribas downgraded its
GBP/USD was traded in a wide range during the last month and has formed a Channel Up pattern on 4H chart. The formation has 60% quality along with 100% magnitude in a 80-bar period.Cable tested its resistance level twice and bounced off from $1.6000 to its support level near $1.5849. The price tried to recover but did not succeed and
FTSE 100 dropped on Thursday as data showed home prices declined in March and oil prices tumbled. UK retailers fell after their Swedish rival H&M posted disappointing 1st quarter results. Marks & Spencer Group fell 3.2% and Kingfisher shed 1.4%. Oil stocks pushed index lower with BP fading 2.4% and Royal Dutch Shell slipping 1.3%. On the upside International Power
Japan's Nikkei Stock Average declined further on Thursday giving up 0.67% or 67.78 points and settling at 10,114.79. The index was negatively affected by slower than predicted growth in US durable goods orders amid appreciating Yen. On the upside Sharp extended gains and rallied 7% on yesterday's news Foxconn Technology Group will buy a stake in the company. Ebara Corp
Hong Kong's Hang Seng index prolonged its losses on Thursday as drop in commodity prices pressed the index into negative territory. Hang Seng index plunged 1.32% or 276.03 points and closed at 20,609.39 with energy sector posting the biggest daily drop. Aluminum Corp. of China lost 1.3% while PetroChina gave up 2%. Cnooc tumbled 3.3% despite reporting better than expected
Dow Jones Industrial Average index traded lower on Wednesday weighed down by production-oriented Alcoa which tumbled 2.3% and Caterpillar which fell 3.5%. Overall the index shed 0.54% or 71.52 points and settled at 13,126.21 with seven out of nine sectors posting losses. Walt Disney Co lost 1.5% on news its competitor Rupert Murdoch's News prepares to start national sports network
Thousands of people in Spain are going participate in the general strike against the new reform. The reform stipulates reduction of the maximum severance payment to 33 days' remuneration from 45 days currently provided. The measure is aimed at combating with unemployment and saving billions of Euros for the country. However, labour unions claim the legislation will ease firing for
The retail sales of Japan surged by 3.5% in February on a monthly basis, according to the Trade Ministry. Experts predicted the sales to jump by 1.3% last month. The rise of the sales figures and improving equity markets indicate recovery of the Japanese economy. However, experts do not expect the domestic consumption to gain further because of weak labour
The average house price in the UK declined by 1% this month while taken annualized rate home prices decreased by 0.9% in March. Experts say the fall was expected as the duty stamp easing that boosted the demand in the beginning of 2012 has expired. However, in case the overall outlook improves and the government's stimulating measures prove to be
S&P 500 index extended downward path on Wednesday as oil prices tumbled and orders for durable goods in US rose only 2.2% compared to predicted 2.9% gain. US benchmark gauge lost 0.49% or 6.98 points and closed at 1,405.54. Medco Health Solutions rallied 3.2% on news it may be acquired by Express Scripts, a deal worth about USD 29 billion.
EUR/USD was capped at 1.3385, tumbled to 1.3277, forming a Channel Up pattern on 4H Chart. The pattern has 62% quality along with 40% magnitude within 21 bars.The pair has been growing since March 15, after two-week depreciation by 3.7%. Most of indicators remain neutral, while MACD and SAR lead to the pair's possible fall. If the price decreases, investors
The yellow metal advanced during Asian session on Thursday amid bargain buying as gold slid after dismal data on the US durable goods sales. COMEX gold for delivery in June traded at 1,666.05 US Dollars per troy ounce on the New York Mercantile Exchange, jumping by 0.33%.
Fitch Ratings has lowered its forecast of Japanese economy's growth for this year from 2.2% to 1.9%. The agency reported that the decision was made because of statistical changes of the base year computation using the national accounts. Fitch also added that it expects slightly stronger domestic consumption growth in Japan amid the better incomes.
The CPI in Germany increased mainly in compliance with expectations this month, reported German Federal Statistics Bureau. The CPI added 0.3% in March as compared to a 0.7% increase in the preceding month. Considering yearly moves, the CPI advanced by 2.1% in March while analysts projected a 2.2% rise.
The members of the Brick are participating in summit in India aimed at discussing prospects of closer trading ties. The leaders of the Brick countries are expected to establish a new bank which will provide financial backup for projects in developing countries. The five Brick countries account for 28% of the world's economy and the share is likely to expand
Analysts predict Czech central bank will stick to record-low interest rates for a 15th straight meeting as economic slowdown keeps offsetting inflationary pressure. Economists expect the country's benchmark rate will stay at 0.75% or a 1/4 point less than ECB key rate. Czech GDP declined 0.1% in the fourth quarter.
Russia sold about 7 billion US Dollars of 5-year, 10- and 30-year bonds on Wednesday. Last May Russia sold over 800 billion US Dollars in notes with 10-year maturity while in April of 2010 the country sold 5.5 billion US Dollars split between 5 and 10-year bonds. Russia's debt is popular among investors as they were ready to buy three
Japanese Yen advanced versus all of its peers as Asian shares fell on Thursday, stimulating demand for less risky assets. Yen prolonged its appreciation against US Dollar and climbed 0.2% to JPY 82.70. Japan's currency also added 0.2% versus 17-nation currency to JPY 110.15. Currently USD/JPY is trading at JPY 82.65 and EUR/JPY is trading at JPY 110.06.
Australian currency fell against most of its counterparts on Thursday after Wayne Swan, central bank's Treasurer announced nation's budget surplus target will call for spending cuts. Aussie lost 0.2% versus US Dollar to USD 1.0373 while Kiwi traded almost flat at USD 0.8170. Currently AUD/USD is trading at USD 1.0361 and NZD/USD is trading at USD 0.8161.
US markets traded lower on Wednesday as the orders for durable goods rose less than expected. Energy shares provided the main losses for the indices. S&P 500 index fell 0.49% or 6.98 points and closed at 1,405.54. Dow Jones Industrial Average index shed 0.54% or 71.52 points and settled at 13,126.21. Meanwhile Nasdaq Composite index slipped 0.49% or 15.39 points
British economy contracted more in the fourth quarter than initially was determined. Country's GDP for the fourth quarter of 2011 declined 0.3% compared to earlier calculated drop of 0.2%. The report also presented real household disposable revenue tumbled 1.2% in 2011, the biggest fall since 1977. That compares with a 0.2% drop in 2010.
European shares finished lower on Wednesday as Jens Weidmann, ECB's Governing Council member pointed out stimulating the euro region's bailout funds will not end its debt woe. German DAX index dropped 1.1% to 6,998.80, FTSE 100 index fell 1% and closed at 5,808.99 while French CAC 40 index shed 1.1% to 3,430.15. Stoxx Europe 600 index also gave up 1.1%