The South Korea's Won advanced today due to Finance Minister's comments that the government will interfere with some areas in the economy to increase competitiveness, employment and economic growth. The currency jumped 0.5% to 1,138.45 per U.S. Dollar, while Goldman Sachs predicts that the Won will rise to 1,110 in three months,.
Developing countries' stocks rose after the U.S. reported that companies hired more workers than experts predicted and after China said it would use funds to improve infrastructure in order to stabilize economic growth. The MSCI Emerging Markets Index increased 0.6% to 917.86, where all industry groups comprising the gauge advanced.
Crude oil inched up, with West Texas Intermediate rising above $100 per barrel for the first time in nine months, amid declined in U.S. stockpiles and worries that political unrest in Egypt may ruin Middle Eastern supply. The August WTI contract jumped $2.58 to $102.18 per barrel and Brent for August delivery gained 1.6% to $105.61 per barrel.
Hong Kong shares declined, with the Hang Seng Index falling for the second day in a row, after its retail sales were against the expectations and China's services industry's growth was slower than expected. The Hang Seng Index slid 1.4% to 20,379.48 at 9:51 a.m. Hong Kong time, while the Hang Seng China Enterprises Index fell 2.3% to 8990.34.
Portugal's bonds declined, sending 10-year note yields over 8% for the first time since November, as two of Portugal's ministers resigned from the government. Portuguese 10-year bond yield advanced to 7.94% and the 4.95% note maturing in October 2023 decreased 7.65 to 79.45. Spanish 10-year security yields jumped to 4.75%.
German shares retreated the most in approximately seven days after Portugal's lawmakers lost the coalition partner's leader, restoring concern that Portugal will stop its plan to cut spending. The DAX fell 1.7% to 7,776.74 as of 11:51 a.m. Frankfurt time; moreover, the equity-benchmark has declined 8.9% since May 22. The HDAX Index also slipped 1.7%.
The South Korean Won retreated the most in two weeks after weaker Yen threatened South Korean overseas sale outlook and the report indicated that Korean foreign-exchange reserves declined. The South Korea's Won depreciated 0.9% to 1,143.75 versus the U.S. Dollar, the biggest decline since June 20.
Retail sales in the Euro block advanced in May, following a decline in sales for three consecutive months, and the rate of economic expansion overshot expectations. Retail sales inched up 1% in May, rebounding from April's 0.2% declined. Sales of drinks, food and tobacco jumped 0.9% in May, and trade in the non-food area also rose 0.9%.
Treasury 10-year bonds climbed for the third day after investors looked for the safest investments as two of Portuguese ministers resigned from the government, boosting worries the European debt crisis is going downhill. The benchmark 10-year note yield declined three basis points to 2.44% and the 1.75% bond maturing in May 2023 climbed to 94. The 30-year bond yield fell
The Yellow metal price moved a lot between gains and losses as investors speculated on its growing physical demand versus monetary stimulus reduction, while silver advanced. Spot gold was at $1,246.32 an ounce as of 2:47 p.m. Singapore time compared to $1,243.50 on Tuesday. The bullion dropped to $1,180.50 on June 28, the weakest since August 2010. Silver for immediate delivery
The Euro declined against the U.S. Dollar for a second consecutive day as yields on Portuguese bonds rose above 8% due to resignation of two ministers, which lead investors to speculate that debt-crisis in Europe is getting worse. The 17-country bloc's currency dropped 0.4% to $1.2931 after yesterday's decline of 0.7%. The Euro also declined 1% against the Yen to
Shares in Switzerland slid for a second straight day as S&P downgraded its second-largest bank and on increasing oil prices. The Swiss Market Index fell 1.4% to 7,622.58 as of 9:54 a.m. Zurich time; moreover, the gauge has dropped 9.3% since the Fed's Bernanke statement on May 22. The Swiss Performance Index slipped 1.3% today.
China's share prices decreased after 4 days of surging lead by industrial and financial companies amid slowing economic growth, which was indicated by worse-than-expected service industries' data. The Shanghai Composite Index dropped 0.6% to 1,994.27 after 2.9 three-day rally. The CSI 300 Index slid 0.8%, while Hang Seng China Enterprise Index lost 3.3%.
The Canadian currency slipped to lowest level in 20 months as U.S. manufacturing output jumped in May, increasing the concerns that U.S. economy is growing at faster pace compared to Canada's. The Canadian Dollar weakened 0.5% to C$1.0544 per U.S. Dollar as of 5 p.m. Toronto time; touching the lowest level since October 4, 2011 and one Canada's Dollar buys
The British currency depreciated to the weakest level in approximately four weeks versus the greenback ahead of industry data that are expected to indicate that countries services expanded slower in June. The U.K. currency dropped 0.1% to $1.5136 as of 8:24 a.m. in London after touching $1.5130, the weakest since May 30. The Pound was at 85.57 pence per Euro,
The U.S. Dollar Index jumped to 4-weeks high as investors are waiting for the U.S. jobs reports, which is expected to show the economy added 160,000 jobs. The greenback rose to the highest point in a month against the Euro before the report, which might show that U.S. service industries expanded most since March. The Dollar Index rose 0.1% to
Developing countries' share prices fell and are headed for the biggest decline in more than 7 days amid slowing growth in Chinese service industries and increasing oil prices. China's report showed that service industries' purchasing mangers' index dropped to 53.9 last month, the lowest point since September, while oil rose due to unrest in Egypt. The MSCI Emerging Markets Index
Yields on 10-year German government bonds decreased for a third consecutive day after two Portuguese ministers resigned amid growing opposition to austerity. The yields on bunds fell 3 basis points to 1.67%, while similar maturity Portuguese bonds dropped, increasing the yield 33 basis points yesterday. The moves come before euro region's growth data, which is expected to show a contraction.
European stock future retreated as crude oil price jumped above $100 a barrel amid increasing political unrest in Egypt and Portugal. Euro Stoxx 50 futures expiring in September decreased 0.9% to 2,574, while similar contracts on FTSE 100 Index dropped 0.8%. U.S. stock futures and Asian shares declined as well. The Stoxx 600 Index decreased 0.4% yesterday as U.K. data
The Australian Dollar rose after the report showed that trade surplus was around 10 times what experts had predicted. The actual surplus was AUD 670 million, while economists estimated a modest surplus of AUD 53 million. However, the Aussie reached lowest point since September 2010 nevertheless due to comments by central bank's governor that the currency was too high. The
Australian retail sales data was worse than experts expected in May as consumers decreased their spending on household goods and dinning out. Sales increased 0.1% to AUD 21.8 billion, while report a month earlier showed a drop of 0.1%. It went against the experts' expectations of growth of 0.3%. Consumers spent 0.6% and 0.3% less on dinning out and household
Asian share prices declined due to worse-than-expected China's service industry data and due to an overnight decrease in metal prices. The MSCI Asian Pacific Index dropped 1.3% to 129.80 as China's economy is slowing and might miss government's target of 7.5% growth. Hang Seng Index slid 1.9%, while Shanghai Composite lost 1.5%. Investors are waiting for U.S. labor market data
China is expected to import more oilseed as country's domestic production of the commodity falls to a multi-year low, according to Oil World. Oilseed production is expected to drop by 2 million tons to 48 metric tons in the 2013-14 season, which starts on August 1. China's soybean imports probably were 43% higher in June compared to the same month
The U.S. S&P 500 futures were virtually unchanged and stood at 1,606.70 as investors await U.S. factory output data and comments by Fed officials that might indicate central bank's stance on its QE. The gauge erased all of its earlier gain today of as much as 0.5%. Dow Jones Industrial Average future contracts dropped less than 0.1% and traded at