Retail sales in Australia unexpectedly fell in July at the fastest pace since 2010 and profits of companies declined for a third consecutive quarter, pushing the Australian Dollar to a 5-week low. Sales dropped 0.8% to A$21.4 billion, or $22 billion, from June, when they increased a revised 1.2%, the Bureau of Statistics reported today. Gross operating profits declined 0.7%
The Japanese Yen advanced versus most of the 16 major counterparts as worries that the world's economy is weakening spurred demand for safe haven assets. The Yen strengthened 0.1% to 78.29 per U.S. Dollar from 78.39 on August 31, when the currency touched 78.19, the strongest level since August 13. The Yen climbed 0.1% to 98.48 per Euro.
Orders to U.S. companies rose in July, reflecting strong demand for autos and commercial aircraft. The Commerce Department says factory orders jumped 2.8 per cent in the previous month, after erasing 0.5 per cent in June, posting a biggest rise in one year period. In the meanwhile, core capital goods orders plunged 0.5 per cent in the same month.
Crude oil futures rose on Friday after two consecutive sessions of loses, as the U.S. Dollar depreciated, and traders were waiting for a speech by Ben Bernanke. October crude edged 1.7 per cent higher to $96.27 per barrel. At the same time, the ICE Dollar Index erased 0.68 per cent to 81.16, from earlier 81.704. Other oil-related products were also higher on Friday.
Canadian economy grew more than expected in July, Statistics Canada reported on Friday. Nation's GDP rose by 0.5 per cent in the second quarter, while on the monthly basis Canada's economy expanded by 0.2 per cent in June, after adding 0.1 per cent in the preceding month. Experts had predicted GDP to rise by 0.1 per cent.
The unemployment rate in the Eurozone stays at a record high of 11.3 per cent in July (from a revised figure for June), Eurostat's data showed on Friday, August 31. Despite the fact that overall jobless rate remained unchanged, 88,000 more people were without a job in July, bringing the total to 18 million. In Spain, the jobless figure rose by another 0.2 per
Gold futures advanced on Friday, ahead of a highly anticipated Ben Bernanke's speech, that can signal new policy moves from the Fed. Gold with December contract rose by 0.4 per cent, to $1,664 per ounce. Other precious metals also edged higher on Friday, with copper, silver and palladium for December settlement jumping 0.4%, 0.9% and 1.1%, respectively.
Japan's housing starts slipped for the second straight month in July, the Ministry of Land, Infrastructure, Transport and Tourism said on Friday. Housing starts tumbled 9.6% on year, from a 0.2% decline in a previous month. However, the fall was lower than the economists' estimate of a 10.3% fall.
The South Africa's Rand fell to the lowest level since the start of August as data from Japan, South Korea and Germany escalated concerns the global economy is weakening, dimming outlook for South Africa's exports. The Rand lost 0.9% to 8.4831 per U.S. Dollar, the lowest level since July. This month the currency lost 2.3%, the worst performance among 16
Asian stocks dropped, as investors await the Fed Chairman Ben Bernanke's speech and as data indicated lower industrial production in Japan and South Korea amid global slowdown. The MSCI Asia Pacific Index fell 0.4% to 117.87. Japan's Nikkei 225 Stock Average slipped 1%, while South Korea's Kospi Index rose 0.1%. Hong Kong's Hang Seng Index dropped 0.3% and Australia's S&P/ASX
Japan's consumer prices fell in July and industrial output unexpectedly declined, adding to concerns that the world's third-biggest economy has slid back into contraction. CPI tumbled 0.3% in July from the last year, while industrial production contracted 1.2%. The jobless rate remained unchanged in July at 4.3%.
South Korea's industrial output slid for a second consecutive month in July as global downturn impairs growth is Asia's fourth-biggest economy. Production declined 1.6% from June, when it fell 0.6%, Statistics Korea reported. Manufacturer's confidence is close to the lowest level since the global financial crisis as a slowdown in China's economy and European austerity measures curb exports.
Japan's industrial output unexpectedly declined in July, escalating concerns that weak global demand is impairing the country's economic recovery. Production fell 1.2% in July from the previous month, when it grew 0.4%, the Trade Ministry reported. Export slowdown and the government's decision to curb subsidies for car purchases are clouding the outlook for manufacturing and growth in Japan.
The Japanese Yen headed for weekly advance against most of its major counterparts after Spanish Prime Minister Marion Rajoy will delay deciding whether to seek a bailout for his country, boosting demand for safe haven assets amid Europe's woes. The Yen climbed 0.2% to 78.45 per U.S. Dollar and fetched 98.19 per Euro.
Germany's retail sales tumbled on month in July, opposing economists' expectations of a growth, the Federal Statistical office reported on Friday. Retail sales slid 0.9% on month, compared to a 0.5% surge in June. On year-on-year basis, retail sales turnover fell 1% in July, from a 3.7% increase in the preceding month, while economists forecast a 0.1% rise.
U.K. consumer confidence held at a weak level this month, as a moderate uplift amid Olympics was set off by the weak economic outlook, market research agency Gfk NOP said on Friday. The consumer sentiment index stayed unchanged on monthly basis at -29 points in August, while analysts forecast an increase to -27. However, the reading outperformed -31 points in
U.K. real estate prices fell at a weaker pace this month, Nationwide Building Society reported on Friday. House prices slipped 0.7% on year, after a 2.6% decrease in July. Analysts expected prices to tumble 2.2%. On month-on-month basis, house prices added 1.3% in August, rebounding from a 0.8% fall in previous month.
The U.S. Dollar fell during Asian trading hours as investors await a significant speech from the Fed Chairman Ben Bernanke today. On Friday, the Euro rose to $1.2517, from $1.2504 close yesterday, while the Sterling increased to $1.5792, from $1.5788. The U.S. Dollar slipped versus the Japanese Yen, purchasing ¥78.41, from ¥78.65 on Thursday.
India's economy improved more-than-estimated at 5.5% pace on year in Q2, after a 5.3% increase in the previous quarter, official data showed on Friday. Economists expected a 5.2% - 5.3% expansion. Indian stocks rose amid the data, but fell back shortly, with the Sensex, benchmark BSE index, slipping 0.5%.
Australia's private sector credit expanded 0.2% on month in July, compared to a 0.3% increase in preceding month and below analysts' estimate of 0.4% growth. On year-on-year basis, it rose 4.2%, after surging 4.4% in June, the same 4.4% rise was forecast for August. AUD/USD was not affected by the data, trading at 1.0292/97, session high.
Canadian current account deficit in the second quarter of 2012 widened by almost 60%, as nation's exports of energy declined and due to a higher level of imports, Statistics Canada said on Thursday, August 30. The trade deficit soared to $16.02 billion between April and June 2012, from a revised $10.15 billion in the preceding quarter. Analysts have expected a deficit of $15.30 billion.
European stocks turned red on Thursday as traders are waiting for Ben Bernanke's speech on Friday, amid growing concerns that central banks will announce soon any bold actions to boost economic growth. The Euro Stoxx 50 Index dropped 0.58 per cent; French CAC 40 Index declined 0.44 per cent, while Germany's DAX 30 Index erased 0.71 per cent.
The U.S. Dollar advanced on Thursday, moving the Euro under $1.25, after the IMF announced it's not planning financial aid program for Spain. The Dollar index rose to 81.718, from 81.397 and compared to yesterday's 81.551. The Euro depreciated to $1.2531 on Thursday.
Gold futures hit today's session-high on the U.S. initial jobless claims and personal spending data. Bullion for October settlement jumped 0.15 per cent to $1,663.15 per troy ounce. October platinum and September copper followed gold and added 0.5 per cent and 0.6 per cent, respectively. At the same time, silver with September contract fell 0.4 per cent and palladium for the same month slipped 0.5 per