Gold prices added to Friday's losses as uncertainty over the Euro zone and firmer UD dollar continued to weight down on the yellow metal's price. COMEX gold for delivery in February traded at USD1,610.45 a troy ounce, on the New York Mercantile Exchange, declining by 0.39%.
Natural gas futures increased on Friday after falling to 28-month low as markets were inspired by colder weather forecasts that are likely to increase the heating fuel demand. Natural gas futures closed at USD3.074 per million British thermal units on Friday, on the New York Mercantile Exchange, gaining 3.5% during the week.
Italian PM, Mario Monti, announced that 'the Euro is not in crisis' as the common currency manages to maintain its exchange rate versus the USD. Moreover the banking system of Italy stabilizing and is not under threat, he added. He also claimed the problem of the EU is high level of public debt that is a systematic crisis. The speech came after UniCredit announced it plans
China will boost the stock market confidence over the next five-year period, reported Xinhua. The boost of the stock market confidence, which remained bearish since the last world's financial crisis, has become an important issue. The government aims to improve the system of IPOs, dividends allocation and delisting, said Wen Jiabao, Chinese PM.
Russia and Iran agreed to use their national currencies for conducting trade between them rather than using the USD. The move follows fresh sanctions imposed by the US and the EU on the Iranian oil exports. Russia claims the sanctions are unacceptable and the nuclear issue can be resolved through negotiations.
Coffee futures slumped on favorable weather forecasts in the largest coffee producers as Colombia and Brazil. Arabica coffee for delivery in March traded at USD2.1905 a pound at the European afternoon session, on the ICE Futures Exchange, tumbling 1.13%.
Euro Zone's investor confidence for this month improved more than expected but remained in the negative territory for the sixth month in line. Sentix index added 2.9 points to minus 21.1 this month from minus 24 in December, reported Sentix market research group. Experts predicted the index to gain 0.5 points to minus 23.5.
Copper futures declined to six-day low on the ongoing concerns over the Euro Zone's debt crisis. COMEX copper for delivery in March traded at USD3.421 a pound at the early European trade, on the New York Mercantile Exchange, easing down 0.4%.
Philip Hildebrand, the chairman of the Swiss National Bank, resigned after he had faced allegations in malpractice. His wife was accused of using leaked information on the reduction of the Frank exchange rate to raise currency deals. Both continue to deny guilt. The SNB claimed that Philip Hildebrand and his wife had not broken any rules.
Corn futures rebounded after hitting one-week low as worries on South American crop conditions weighted up on the commodity price. Corn futures for delivery in March traded at USD6.5112 a bushel during the European morning session, on the Chicago Mercantile Exchange, soaring 1.17%.
Germany's industrial production decreased more than expected in November, falling for the first time for four consecutive months. Industrial production declined by 0.6% seasonally adjusted in November, reported Destatis. Analysts had expected the production to contract by 0.5%. On an annual basis, the production expanded by 3.6% in November while experts predicted 3.9% rise after a 4.2% increase in the preceding month.
SeaFrance was officially liquidated by the French court and was forced to stop activity. The liquidation means more than 130 jobs loss in the UK. The Tribunal de Commerce made a decision after the EC adjudged the 200m Euros rescue package provided by the France's government was illegal.
Crude oil saw gains on Monday on persistent worries on supply disruption from Iran and on anticipation of the meeting between Nikolas Sarkozy and Angela Merkel. Light, sweet crude oil futures for February delivery traded at USD101.81 a barrel at the early European trade, on the New York Mercantile Exchange, gaining 0.25%.
Retail sales in Suisse increased essentially more than expected in November. The retail sales surged 1.8% on an annual basis in November while analysts expected them to add 0.5%, reported Switzerland's Federal Statistical Office. After the data release, Swiss Franc stayed higher against the USD and the pair USD/CHF is currently trading at 0.9536, shrinking 0.16%.
German exports totaled EUR 94,9 billion while imports totaled EUR 78,7 billion in November, reported Destatis. The exports expanded by 8.3% while imports added 6.7% on a yearly basis in November. Considering monthly changes, the exports gained 2.5% while imports declined by 0.4%. The foreign trade balance was EUR 16.6 billion in November, Destatis added.
Thai economic expansion is likely to slow down, falling below the forecast of 1.8% growth in 2011, reported the central bank of Thailand. Severe floods coupled with global economic downturn impacted the country's economy, said Songtum Pinto from the central bank of Thailand. However, the bank left the forecast of 4.8% GDP growth this year unchanged.
Swiss jobless rate saw modest increase in December, according to the State Secretariat for Economic Affairs. The rate edged up to 3.1% seasonally adjusted last month from 3% in the preceding month. The increase is basically in compliance with forecast of 3.2% rise. The number of people seeking for job jumped by 8,025 on a monthly basis, approaching 185,706 in December.
Hong Kong Airlines placed order for 10 Airbus A380 aircraft amounting about $3.8bn.The order might have been derailed by the tensions between the EU and China. China has refused to pay tax on carbon emissions imposed by the EU that essentially decreases the profits and competitiveness of foreign air carries in the EU.
Sales of General Motors Co. and company's joint venture in China increased by 8.3% to 2,547,171 units in 2011. Shanghai GM sales advanced 16.2% to 1,200,355 units, the GM announced on Monday. During December the auto producer sold 196,797 vehicles that is 9.8% more than in December 2010.
South Korean biggest pension fund, the NPS, has got an approval from officials to invest in China's securities. The NPS announced it is the first pension fund worldwide to win the QFII status. The company will be allowed to trade Yuan-denominated bonds and stocks. The approval was given by Lee Myung-bak, South Korean President.
US grain futures saw decline during the last Friday trade on firmer US Dollar while weather forecasts in South America limited losses. Soybeans, wheat and corn futures for delivery in March lost 1.48%, 4.35% and 0.55% over the week, respectively, on the Chicago Mercantile Exchange.
Trade balance of New Zealand decreased more than expected in December. The trade balance tumbled to -308M seasonally adjusted from -228M in November, reported Statistics New Zealand. Experts had projected trade balance to decline to -300M in December.
Crude oil declined as market focused more on the fresh concerns over the spreading Euro Zone crisis than on possible supply disruptions from Iran. Light, sweet crude oil futures for February delivery traded at USD101.28 a barrel during the US trade, on the New York Mercantile Exchange, easing down 0.27%.
Loonie depreciated for a third consecutive day against greenback after data showed country's employers hired fewer than expected new employees in December while unemployment level surged to 9-month record high. Canadian dollar lost 0.8% reaching C$1.0284 in Toronto evening trade. Currently USD/CAD is trading at C$1.0304.