Japan's housing starts rebound strongly in September, after three consecutive months of contraction, the Ministry of Land, Infrastructure, Transport and Tourism said on Wednesday. Housing starts rose 15.5% year-on-year, compared to a 5.5% contraction in August. However, economists expected a faster increase of 17%. Total housing starts were at annualized 866,000 in September from 888,000 in the previous month. Meanwhile, analysts
Canada's economic activity advanced at a weaker-than-expected pace in August, Statistics Canada showed on Wednesday. Canada's GDP posted a 1.2% growth, compared to a 1.9% increase in July. Economists had forecast a 1.7% rise. On monthly basis, GDP declined 0.1%, quite below expectations of a 0.2% expansion.
Italy's Producer Price Inflation was slightly above analysts' estimates in September, Istat reported on Wednesday. The PPI for domestic market advanced 2.8% on yearly basis, while economists predicted a 2.7% rise. Total market prices increased 2.6%, with a 1% growth in non-domestic market prices. On monthly basis, the index fell 0.1% in contrast to expected 0.1% rise.
Copper jumped to a six-week high on Wednesday, trimming the first monthly fall since July, amid reports suggesting a rebound in Asian economies fueled prospects for demand. Three-months copper surged 1.3% to $7,817 per metric ton in London, while the one for December delivery climbed 1.2% to $3.547 per pound in New York. Zinc, aluminum and nickel rose in London.
Norway's Krone rose in value versus both the Euro and the greenback on Wednesday, after the central bank announced it will not purchase forex for the oil fund in November. The Kroner appreciated 0.41% versus the Euro to 7.397 and strengthened 0.77% against the U.S. Dollar to 5.6875 in Oslo.
The eurozone inflation inched lower, as the pace of energy prices' growth slowed down. According to Eurostat, the inflation in the eurozone in October was 2.5 per cent on yearly basis, stepping lower from a rate of 2.6 per cent in September. However, the inflation is still not complying with the ECB's target of 2 per cent. Soaring energy and food prices were mainly pushing
The pound stayed at about the same level versus euro and dollar as U.K. consumer confidence touched its 6-month low this month. The sentiment decreased from minus 28 the previous month to minus 30 in October. After tumbling to $1.5914 in the end of October, the pound climbed about 0.1 per cent to $ 1.6082 by 7:48 a.m. in London, and traded up to 80.61
U.S. stock futures advanced on Wednesday, as Wall Street got ready to reopen after Hurricane Sandy forced its two day closure. General Motors Co.'s higher-than-expected earnings and Chicago PMI due today in focus. Futures on the Dow Jones added 0.4% to 13,106, while those on the S&P 500 surged 0.5% to 1,415.20. Nasdaq 100 futures rose 0.5% to 2,667.25.
Agricultural commodities were mixed on Tuesday amid broadly weaker US Dollar and hopes that a recent slump in prices will attract new buyers. Meanwhile, traders continued to monitor weather conditions in the US and Brazil.Wheat eased down despite falling exports in Australia and mounting uncertainty whether Ukraine will impose export quotas. Australia is expected to face a 73% drop in
Gfk NOP reported on Wednesday that its index of consumer confidence in the United Kingdom declined unexpectedly in October. U.K. Gfk Consumer confidence dropped to a level of minus 30 from a preceding month's reading of minus 28. While economists expected that the index would remain unchanged.
The National Institute of Statistics and Economic Studies reported on Wednesday that spending of French consumers rose less than it was expected in September. French consumer spending increased by 0.1% on a seasonally adjusted basis, compared to a 0.4% growth in the preceding month. Economists, however, expected a reading of 0.2%.
Energy futures except for crude oil dropped on Tuesday on weaker greenback and easing measures from the BoJ. Uncertainty over damages caused by Hurricane Sandy created heavy selling pressure on the energy futures. Crude oil was the only gainer on broadly weaker greenback. Meanwhile, investors were cautious as the EIA postponed its US inventory report to Thursday.Brent oil moved lower
Industrial metals gained as risk sentiment improved after the BoJ eased its monetary policy. Moreover, Spanish economy contracted slightly less than expected, thus lending support for the base metals. Adding to a jump in base metals prices, US home prices rose slightly in August.Aluminum rose after the International Aluminum Institute announced that global aluminum inventories slumped by 63,000 in September.Copper
Precious metals traded slightly higher on Tuesday amid broadly weaker US Dollar and mixed global equities. The commodity group was supported by widely anticipated monetary stimulus from the BoJ. However, investors were disappointed as the BoJ may have embarked on more aggressive measures.Gold was flat amid uncertainty over easing measures in the US and rising gold holdings in central banks
The National Institute of Statistics and Economic Studies reported on Wednesday that producer price inflation in France decreased less than expected last month. INSEE said that nation's PPI grew by 0.3% on a seasonally adjusted basis, compared to a reading of 1.3% in August. Analysts predicted a figure of 0.1%.
The Australian Bureau of Statistics reported on Wednesday that approvals to build new houses in Australia declined less than it was expected last week. Australian building approvals grew by 7.8% on a seasonally adjusted basis, compared to a revised upwards reading of 8.8% in the week before. Economists, however, expected a 1.0% growth.
On Wednesday, copper prices were edging higher for the second session, pushing away from a 2-month low, but the commodity is likely to finish the month with a biggest monthly decline since May. On the London Metal Exchange, three-month copper grew by 0.94% to trade at $7,792.25 per metric ton at 7:16 a.m. London time.
Asian currencies are higher for a fifth month with the South Korea's won in a lead. Investors pay more attention to Asian currencies as the first signs of China's recovery appeared. Industrial output, investments and retails sales data shows positive development prospects and improves risk sentiments. The Won increased the most this month - 1.9%.
The Japan's Ministry of Land, Infrastructure, Transport and Tourism reported on Wednesday that housing starts in the country recovered strongly last month, ending a 3-month long streak of contraction; which was possible partly due to post-quake rebuilding needs. Year on year, housing starts increased by 15.5%, following a reading of minus 5.5% in the last month of the summer. Economists,
Gold spot price increased by 0.2% to $1,713.12 an ounce in Asia trading hours on Wednesday. However, in October gold price has decreased by 3.4% and that was a first negative price performance since May, as traders' reserves in bullion-backed products reached a record level. According to analysts, market has little bit overpriced gold with quantity easing expectations and now
The Shanghai Composite Index gained 0.3% to 2,068.88 in the end of Asia trading session on Wednesday. That was the biggest gain since 18th of October, however, the market changed movement trend at least 10 times during today's trading hours. Investors' bullish sentiments were based on Industrial & Commercial Bank of China Ltd financial results, which were better than estimations.
Germany's, the biggest European member, 10-year bund yields were 1.48% in very early morning London time, comparing with 1.44% yesterday, which was the lowest yield since 4th of October. Bunds' traders look forward to the European labor and inflation data, which will be announced today. According to Bloomberg survey, unemployment rate in 17 Euro nations will increase by 0.1% to 11.5% in September and the
The Japanese currency reached its one-week high against the greenback as the risk appetite rose and the BOJ increased its assets purchase by 11 trillion yen, still embittering the markets as the amount is considered to be insufficient for bringing down the yen. The dollar stayed at 79.95 yen advancing from 79.28 yen after BOJ's easing, yet staying far below the last week's record of
On Wednesday, prices for oil trimmed the strongest monthly decline since the last month of spring, as refineries resumed their operations on the Eastern coast of the U.S. On the Comex division of the NYMEX, December delivery futures for light sweet crude gained $0.34 to trade at $86.02 per barrel by 2:22 p.m. in Singapore.