EIA reported that average four-week demand for the refined products in the US tumbled to the 15-year low. The demand for such products as distillates and gasoline declined to 18.05 million barrels per day, indicating a 6.7% annual fall. Gasoline demand decreased by 6.1% while consumption of distillates fell by 5.9% on a yearly basis. At the same time, crude
EIA reported that average four-week demand for the refined products in the US tumbled to the 15-year low. The demand for such products as distillates and gasoline declined to 18.05 million barrels per day, indicating a 6.7% annual fall. Gasoline demand decreased by 6.1% while consumption of distillates fell by 5.9% on a yearly basis. At the same time, crude
Greece's parliament ratified the law allowing debt swap deal with private bondholders that is the main requirement for receiving bailout package from the EU and IMF. Private creditors will have to write down 53.5% for the bonds thus reducing Greek debt by 107 billion Euros. After approving debt swap deal the parliament will embark on designing the austerity measures further
Gold and silver futures posted losses during the Asian trading hours on Friday on the lack of fresh stimulus to Thursday's momentum that pushed the precious metals price to several-month highs. COMEX gold futures for April delivery traded at 1,780.70 an ounce, falling by 5.60 US Dollars while silver futures for delivery in March traded at 35.40 US Dollars per
The Euro Zone's economy is likely to shrink by 0.3% this year, reported the European Commission. Previous forecasts predicted the region's economy to expand by 0.5% this year. The EC added that unexpected slowdown in recovery in the end of 2011 may impact the common currency union further. At the same time, the recession will be 'mild' as the signs
Germany's business climate improved more than initially expected in February, gaining for the fourth month in line. Ifo Business Climate Index added 1.3 points to 109.6 on a seasonally adjusted basis this month as compared to 108.3 in January. Experts predicted the figure to advance by 0.5 points approaching 108.8.
Japanese Yen kept depreciating on Friday as 3-year record low volatility bolstered investor demand for riskier currencies. Japan's currency weakened 0.4% versus Euro to JPY 107.42 and slid 0.5% against greenback to JPY 80.40. Currently USD/JPY is trading at JPY 80.52 and EUR/JPY is trading at JPY 107.65.
Shanghai court has rejected the request to ban the sales of iPad in Shanghai. The case was brought to court by the Shenzhen unit of Proview International Holdings Ltd. on February 22. The company accused Apple Inc. of violating IPR as two companies had a dispute on who is the owner of iPad tablet brand on the territory of China.
Crude oil futures added to previous gains during the Asian session on Friday. Crude oil was mainly supported by the geopolitical tensions as well as positive data from the US and Germany. Light, sweet crude oil April contract traded at 108.54 US Dollars per barrel on the New York Mercantile Exchange, soaring 0.66%.
Most of European stock markets traded notably lower on Thursday after European Commission revised down its Euro Zone growth forecast for 2012 from 0.5% to 0.3%, indicating it predicts mild recession. Stoxx Europe 600 dropped 0.2% while German DAX fell 0.5%. French CAC traded flat but FTSE 100 index managed to end 0.4% higher supported by RBS earnings report.
US equity markets opened lower in the Thursday morning but recovered and finished up as the number of unemployment claims was unchanged last week and data showed US home prices climbed in December. S&P 500 index gained 0.43% or 5.80 points and settled at 1,363.46, Dow Jones Industrial Average climbed 0.36% or 46.02 points and closed at 12,984.69 while Nasdaq
SAP AG, leading producer of business management software and applications announced it prepares to increase the amount of dividend by 83%, adding a special premium for 40th anniversary. If approved by supervisory board and shareholders the total payout amount would equal EUR 1.3 billion. In January SAP AG posted a 4th quarter profit and sales that outperformed analyst expectations and predicted positive outlook for 2012.
Australian Dollar appreciated on Friday ending week higher as RBA governor Glen Stevens claimed the current monetary policy is appropriate lessened investor expectation for further key benchmark rate cut in short term. Aussie gained 0.3% against US Dollar to USD 1.0745 and strengthened 0.7% to Japanese Yen, attaining JPY 86.30. Kiwi climbed 0.3% against is US peer to USD 0.8387. Currently AUD/USD
Bank of America, the second largest US lender, has decided to stop selling loans to State owned Fannie Mae as both parties cannot agree who should take responsibility and bear costs of deficient mortgages. BoA is halting loans for Fannie Mae starting from February. From BoA point of view it is too risky to engage in business with Fannie Mae, said David
US home prices gained seasonally adjusted 0.7% in December and finished the year with a 2.4% decline, said Federal Housing Finance Agency (FHFA). During the last quarter prices diminished by 0.1%. However, about 50% of all US states experienced a price increase in 4th quarter which may be a signal of a slight recovery, said Andrew Leventis, the Principal Economist
The number of jobless claims was unchanged last week, said the Labor Department yesterday. The applications for unemployment benefits remained at 351 000. Economists questioned by Marketwatch expected claims would climb to 353 000. On four week basis the average number of applications has declined by 7000, reaching the record low since March 2008.
Rural commodities, excluding coffee, advanced on Wednesday. Wheat was the top gainer but the pace of rally slowed down on the improving weather conditions in the US, implying that wheat output is sufficient to meet global demand. Corn mainly followed the wheat lead. Sugar continued to draw some short-living support from the expected shortage of exports from the main cane
Energy commodities were mainly higher on Wednesday as geopolitical tensions continued to stimulate upward movement of the energy price. However, weaker than expected PMI releases and speculation that recent Greek bailout is not sufficient to rescue the country's economy limited the gains. Narrowing spread between the WTI and Brent oil also lent some support to the WTI crude oil prices.
Industry metals were mixed on Wednesday amid weak industry data releases from the Euro Zone. Copper, traditional driver of the metals pack, lost 0.17% as Collahuasi's copper mine resumed its operations. In addition, depreciating US Dollar and weak global equities continued to weight down on the metals' price. Aluminium was resilient to disappointing PMI data as the metal found support
Precious metals rallied on Wednesday amid broadly weaker US Dollar and weak PMI data releases from the Euro Zone. Platinum, the top performer, added 2.22% over the day and was the driver for other precious metals' gains. Platinum price was mainly bolstered by the expected output cuts. Impala Platinum Holdings announced it would halve April deliveries due to prolonged strike
German DAX index maintained downward trend on Thursday despite the fact German business confidence improved more than predicted in February. Among main decliners was Deutsche Telekom which plunged 3% after the company predicted a further decline in its profits in 2012. Commerzbank provided the main negative contribution to index after European Commission lowered Euro Zone annual growth forecasts, from 0.5%
British FTSE 100 index traded higher on Thursday strongly affected by earnings reports. British American Tobacco gave up 1.2% despite reporting an 7.5% increase in its net profit for fiscal year 2011. Royal Bank of Scotland rallied 5% although lender reported twice as big as expected drop in 4th quarter profit. RBS also booked loss on its Greek sovereign debt.
Hong Kong's Hang Seng index closed slightly down on Thursday as Chinese PM Wen Jiabao signalled he may lower China's economic growth target below 8%. Hang Seng index slipped 0.78% or 168.29 points to 21,380.99 led by financial and property shares. HSBC Holdings PLC gave up 1.5% while Henderson Land Development lost 1.9%. Rival Cathay Pacific Airways tumbled 2.8%. Esprit
Japan's Nikkei Stock Average extended gains on Thursday as exporters kept gathering gains from record weak Yen. Nikkei 225 index added 0.39% or 36.76 points and settled at 9,590.76. Olympus climbed 4%, Fujitsu added 3% while Nissan Motors surged 1.6%. Mazda Motors shares extended losses and fell 7% as the company predicted biggest yearly loss in 11 years earlier this