On Tuesday, futures for gold edged higher in the European morning trade, following a BoJ decision to increase the asset purchase program. On the NYMEX, December delivery futures for the precious metal were traded at $1,714.65 per troy ounce, which was a 0.35% growth for the day. The commodity's support was likely to be at $1,688.85, while the resistance could
On Tuesday, oil was declining,and almost reached a 4-month low, as refiners closed their operations on the Eastern coast of the U.S. because of Hurricane Sandy. December delivery futures for light sweet crude were down $0.09 to trade at $85.45 per barrel by 3:19 p.m. in Singapore. December delivery futures for Brent eased $0.12 to $109.32 per barrel.
On Tuesday, Spain's government notes were little changed, following a report that showed a contraction in the economy for the fifth consecutive quarter. The yield on benchmark ten-year government bonds was unchanged from the yesterday's figure at the level of 5.66% by 8:03 a.m. in London.
Instituto Nacional de Estadistica reported on Tuesday that the Spanish economy contracted less than expected in September. Gross domestic product of Spain decreased by 0.3% last month, compared to a 0.4% decline in the preceding month. Economists, however, expected that Spanish GDP would fall by 0.4%.
On Tuesday, the Australian Dollar was gaining versus its U.S. counterpart, but gains were capped, since traders eyed Hurricane Sandy. AUD/USD hit a daily high of 1.0371 in the European morning trade, and later consolidated at 1.0366, which was a 0.34% gain for the trading session.
On Tuesday, the New Zealand Dollar was traded higher versus the U.S. counterpart on Hurricane Sandy. NZD/USD hit a session high of 0.8222 in the European morning trade, and later consolidated at 0.8220, which was a 0.34% increase for the trading session. The support was likely to be found at 0.8170, while the resistance was prone to be at 0.8266.
On Tuesday, Asian stocks were broadly lower in the late Asian trading hours, following the BoJ announcement that it will loose its monetary policy by increasing the size of asset purchase program. Hong Kong's Hang Seng index declined by 0.65%; Australian ASX/200 index grew by 0.2%, while Japanese Nikkei 225 index lost 1%.
On Tuesday, the Bank of Japan increased the size of the asset purchase program by 11 trillion Yen in attempts to boost the economy and weaken the currency. The asset purchase program was increased to the level of 66 trillion. The bank also announced that it will maintain its current interest rates of 0.1%.
Agricultural commodities were mixed on Monday with softs moving higher and grains retreating. Adverse weather conditions in Brazil and US lifted the commodity group. At the same time, stronger greenback coupled with weak demand for US exports pushed farm commodities lower.Wheat was the worst-performer, falling for the third consecutive session on concerns over demand for US supplies. The USDA reported
Energy futures were mixed on Monday as refineries across the US East Coast halted production amid storm Hurricane Sandy. Broadly stronger US Dollar also weighted down on energy prices. Crude oil moved lower due to temporary closures of the refineries across the US East Coast amid threat of Hurricane Sandy. Moreover, bloated US crude oil inventories continued to create pressure
Industrial metals moved lower on Monday as global economic outlook continued to deteriorate. Uncertainty over whether Spain will apply for a bailout and whether Greece will be able to meet its austerity targets created heavy selling pressure on riskier assets. However, speculation that the BoJ will announce stimulus measures at its meeting on October 30 limited losses of base metals.Aluminum
The Japanese Yen continues to appreciate and have reached 79.28 USD/JPY value, the lowest since October 22, in the end of Asia trading session. The Yen increases against it major peers due to the Bank of Japan expanded its asset-purchasing programme by 11 trillion Yen, what was estimated as a minimum expansion and disappointed investors' expectations. Also, traders purchase the
Precious metals extended losses on Monday as solid US Dollar continued to weight on the commodity group. At the same time, hopes that the BoJ will introduce more monetary incentives at its policy meeting on October 30 were supportive for precious metals.Gold traded in a narrow range, balancing between persistent appreciation in greenback and speculation that the BoJ will embark
German shares sagged on Monday amid on-going worries over Spain and Greece. Dismal earnings reports from the largest European companies added to losses of German shares. The DAX Index dropped 0.46% and is currently trading at 7,198.55. All sectors included in the index plunged. The top-losers were financials and utilities. Deutsche Bank and Commerzbank shed 0.18% and 1.76% while E.ON
UK equities sank on Monday as worries over financial difficulties in Spain and Greece continued to weight down on the market sentiment. Monday's trade is expected to remain thin as Hurricane Sandy prompted New York to suspend trading on all markets. The FTSE 100 Index tumbled 0.37% to trade at 5,785.47. All but one sectors within the index moved lower.
Hong Kong stocks prolonged their slump on Monday, weighted down by property developers. The real estate companies came under heavy pressure on news that the government plans new property cooling measures to curb recent price increase. A fall in China's stocks was further exacerbated by weak quarterly results of the largest China's companies. The Hang Seng Index shed 0.16% to
Japanese shares inched down as corporate results continued to disappoint investors. Slight appreciation in the Yen pushed exporters down, thus adding to losses in the Nikkei. At the same time, hopes that the BoJ will significantly expand its stimulus programme on Tuesday's meeting boosted Japanese equities. The Nikkei 225 Index eased down 0.04% to close at 8,929.34. Five sectors moved
US blue chip index eased higher on Friday as encouraging US GDP data outweighed weak corporate reports. At the same time, uncertainty over Greece and Spain continued to create heavy pressure on global stocks. Meanwhile, traders remained cautious ahead of US consumer confidence data due on Tuesday. The Dow Jones Industrial Average Index rose 0.03% to end the week at
US stocks ended the week on the negative note as investors continued to witness dismal corporate reports. Uncertainty over Greece and Spain also weighted down on the market sentiment. However, the downside was limited due to faster-than-expected US GDP expansion in Q3. The S&P 500 Index inched down 0.07% to close at 1,411.94. Six sectors climbed. The top-performers were telecommunications
On Monday, the Sterling was traded higher versus the Euro, reaching a 3-week high, as speculation about another round of quantitative easing by BoE eased, following strong U.K. data. EUR/GBP reached a session low of 0.8024 and subsequently consolidated at 0.8048 by 1:42 p.m. London time.
On Monday, the U.S. Dollar was traded higher versus the Canadian counterpart, as global growth concerns underpinned the demand for safer assets. USD/CAD hit a session high of 1.0004 and later consolidated at 0.9997, which was a 0.27% growth for the early U.S. trading hours. Previously, the currencies were at parity in early August.
On Monday, the Euro was decreasing in value against the U.S. counterpart, as Spanish and Greek worries weighed. The 17-nation currency hit a session low of $1.2887, and later consolidated at $1.2896, losing 0.33% for the trading session. The pair's support was prone to be found at 1.2834, whereas resistance could be witnessed at 1.2942.
On Monday, the Cable was traded lower versus the greenback, as trader sentiment was driven by worries over Spain and Greece. GBP/USD hit a session low of 1.6031, and later consolidated at 1.6036, which was a 0.42% fall for the European afternoon trade. The pair's support was likely to be at 1.5989, while the resistance was prone to be at
The German Federal Statistics Bureau reported on Monday that German consumer price index grew in compliance with expectations in October. The cost of living in Germany increased by 2% during the year prior to October 2012. The reading was unchanged from a September's figure. Month over month, the index was also flat and in compliance with expectations at the level