On Tuesday, futures for copper were traded close to a 4-week high in European morning trading hours, after Greece debt deal underpinned demand for the risky asset. On the Comex, March delivery futures for the metal were traded at $3.561 per pound, which was a 0.35% daily gain. Earlier, the contract prices grew by 0.5% and hit $3.565, which was
The Federal Statistical Office revealed on Tuesday that inflation of German imports experienced a 1.5% annual growth last month. Whereas economists expected a higher increase in import prices of 1.8%. Month over month, prices of imports declined by 0.6% compared to a figure of minus 0.7% in the preceding month.
The Office for National Statistics reported on Tuesday that output of the U.K. service sector shrank in September. Month over month, the index lost 0.5% on a seasonally adjusted basis, which was in compliance with analysts' expectations. In the third quarter, the index added 1.3% compared to a 1.2% gain in the preceding quarter.
The French statistical office reported on Tuesday that confidence among consumers in France remained stable this month. The consumer confidence index stood at 84 in November, which was unchanged from a preceding month's reading. Economists, however, expected a decrease of the reading to 83.
Rural commodities, excluding coffee, were bullish on Monday amid growing worries over crop condition in South America. Last week, Oil World cut its outlook on production-growth in South America, citing lack of rains in Argentina and Brazil. Moreover, stronger demand for US exports coupled with winter crop concerns lifted grain prices.Wheat rallied on signs that US winter crop conditions deteriorated
Energy futures tumbled on Monday amid escalated economic fears ahead of the decision on the next Greek bailout installment. Market sentiment was also dampened by the win of separatist parties in local election in Catalonia. Meanwhile, broadly weaker US Dollar and on-going supply concerns limited losses of the energy futures.Crude oil moved lower after previous rally as demand worries offset
Industrial metals apart from nickel moved higher on Monday, drawing strength from recent positive flash PMI releases from the EU, US and China. Moreover, weaker US Dollar coupled with optimism over Chinese economy pushed base metals higher. At the same time, persistent worries over urgently needed Greek bailout and looming US fiscal cliff capped gains of the commodity group.Aluminum extended
Precious metals except for silver retreated on Monday as market players awaited an outcome of Eurozone's finance ministers' meeting on the next tranche of Greek aid. Investors also were cautious ahead of Ben Bernanke's speech due on Tuesday. However, the downswing was limited by weaker US Dollar and optimism over China's economy. Gold dipped amid lingering worries over Greek bailout
Gold rose as Eurozone finance chiefs agreed on Greece's debt burden, and investors increased holdings in exchange-trade products to a record. Gold spot climbed 0.2% to $1,751.80 an ounce. The precious metal touched $1,754.65 on November 23, the most expensive since October 15. Gold for December settlement was at $1,749.80 an ounce.
Oil rebounded from a one-week low as European finance chiefs agreed on aid for Greece, alleviating concern the Eurozone's debt crisis will undermine economic recovery and curtail fuel demand. Futures rose 0.4% in New York after falling 0.6% yesterday. Crude for January settlement climbed 36 cents to $88.10 a barrel, while Brent for January delivery rose 25 cents to $111.17
India's economy is expected to grow at the slowest pace last quarter since the global recession in 2009 as subdued investment and elevated inflation increase pressure on Prime Minister Manmohan Singh to extend policy overhaul. GDP increased 5.2% in 3 months to September 30 from the previous year, survey show before an official report on November 30.
Australia's Dollar reached a two-month high as the Eurozone finance chiefs reached agreement on Greece's debt burden and funding gap. The Aussie Dollar gained 0.1% to $1.0479 after earlier climbing to $1.0490, the strongest level since September 21. The Australian Dollar rose 0.4% to 86.24 yen. The Kiwi traded 0.2% above the close in New York at 82.34 U.S. cents.
Asian shares gained for the fifth consecutive day as European finance ministers agreed on decreasing Greek borrowing costs and prolonged their payback period. The MSCI Asia Pacific Index (MXAP) surged 0.5% to 123.92, extending the gains since mid-September. Meanwhile, Japanese Nikkei 225 Stock Average rallied 0.6% and South Korea's Kospi Index added 1%, whereas Chinese Shanghai index dropped 1.1% touching
Canada's currency declined from the highest level in two weeks versus the greenback as the Bank of Canada Governor Mark Carney became a chief of the Bank of England, increasing speculation who is going to replace him in Ottawa. The Loonie fell 0.3% to 99.60 cents per greenback before trading at 99.31 cents. It rose earlier to 99.18 after touching
The 17-nation currency reached the strongest level in three weeks as the Eurozone's finance chiefs agreed on Greece's debt burden and funding gap. The Euro rose versus the majority of the main peers after European finance ministers and the IMF reached an agreement to cut Greece's interest rates and provide extra time to pay back the loans. The Euro touched
The Canadian Dollar depreciated against the U.S. Dollar from almost the highest level in two weeks on uncertainty about the next head of the Bank of Canada as Mark Carney, current Bank of Canada Governor, was appointed as the head of U.K. Central Bank. The Loonie declined 0.2% against the U.S. counterpart and traded at 99.52 cents per greenback after
Oil declined on European Union officials meet to find solution for Greece to escape fiscal abyss after they decided to give Greece 2 more years to cut budget deficit on November 12 and after they failed to reach an agreement at all-night meeting last week. January-delivery crude oil dropped 78 cents to $87.50 per barrel, while the contract for brent
The Pound declined against the U.S. Dollar, following gain to the highest level in three weeks, amid the Eurozone finance ministers' meeting to discuss a bailout payment for Greece after they didn't manage to find compromise during last meeting. The Pound lost 0.1% against the U.S. Dollar and traded at $1.6010 after reaching $1.6051, a 3-week high, on November 23.
Swiss employment continued to expand in the third quarter, exceeding the analysts' forecasts. The number of employed surged to 4.12 million in this quarter, higher than the expected rate of 4.09 million, advancing from 4.07 million in the second quarter. The nation's seasonally adjusted rate of unemployment reached the highest reading since March 2011of 3% in October, inching higher from September's
German stocks declined on mounting concerns over Greece as the Eurozone's finance ministers meet today to discuss the terms of the next Greek bailout installment. Moreover, separatist parties won the regional elections in Catalonia this weekend, fuelling worries that Catalonia may seek independence from Spain. The DAX Index lost 0.35% and is currently trading at 7,283.23. Only two in nine
UK shares moved lower as traders are eying Eurogroup talks on Greek bailout resumed for the third time on Monday. Sending UK equities lower, the Institute for Fiscal Studies reported that austerity measures in the UK may have to be continued until 2018 if economy does not pick up soon. The FTSE 100 Index sagged 0.63% to trade at 5,782.46.
European stocks fell before Eurozone's finance ministers meet for a third time to discuss Greece's finances. The Stoxx Europe 600 Index dropped 0.2% to 272.73, after jumping 4% last week on optimism that the Congress will agree on the U.S. budget. Futures on the Standard & Poor's 500 Index lost 0.4% todays, whereas the MSCI Asia Pacific Index rose 0.4%.
Hong Kong equities retreated on Monday as market players booked profits after four-day rally on better-than-expected data from Europe and the US. Adding pressure on Hong Kong blue chips, investors were cautious ahead of Eurogroup meeting on Greece's bailout due later in the day. However, the downswing was capped by easing concerns over slowing national economy. The Institute of Economic
Japanese shares moved higher as weaker Yen boosted exporters. Moreover, hopes that opposition Liberal Democratic Party will win election next month and will put more pressure on the BoJ to ease its monetary policy supported Japanese stocks. Opinion polls showed that the Liberal Democratic Party is leading ahead of a December 16 election. The Nikkei 225 Index added 0.24% to