Precious metals rallied on Tuesday amid broadly weaker US Dollar after the IMF lowered the US growth forecast for this year from 2.1% to 2%. Gold rose on speculation about monetary easing by central banks all over the world. The strongest support was provided by hopes for QE3 after US manufacturing activity unexpectedly contracted in June.Silver surged amid mixed world
Rubber reached five-week record high on Wednesday on intensified speculations about increase in demand for the commodity. Rubber for December delivery gained 2.2% on the Tokyo Commodity Exchange. General Motors Co., Ford Motor Co. and Chrysler Group LLC documented sales that helped the industry to achieve the best year from 2007. Rubber futures for September advanced 0.2%.
UK soccer club Manchester United Ltd. has announced its plans for an initial public offering, seeking for $100m in new investments. Documents presented together with the Securities and Exchange Commission said that that the club was to enter the New York Stock Exchange after refusing a $1bn flotation on the Singapore stock market last year. Man United documented a profit
Gold is likely to gain after intensified investments demand and speculation about banks' intention to boost economic growth. Cash gold was slightly changed, rising by 1.3% to trade at USD1,618 per ounce. Meanwhile cash silver dropped 0.6% to USD28.10 per ounce. Spot platinum was almost unchanged, trading at $1,487.87 an ounce while palladium advanced 0.9% to USD605.60 in the
The US stocks increased as the sales of automobiles went up. The Dow Jones Industrial Average added 0.6%, whereas S&P 500 and Nasdaq both rose by 0.6% and 0.8%. However, a fall in the IMS manufacturing activity index to 49.7 on Monday, July 2, increased risk-aversion among investors thus limiting gains of the US stocks.
Brent crude oil declined after reaching one -month high on global demand concerns amid manufacturing slowdown worldwide Brent oil futures for August delivery lost 1.4% to trade at USD99.26 on the ICE Futures Europe Exchange. Meanwhile Iran is likely to resolve its nuclear program issue with world's policy makers in Istanbul later in the day. Norway on Tuesday decided not
The interest rates in Sweden remained unchanged at 1.5% after being reduced twice since January 2012 Moreover, Riksbank added that the introduction of contracting fiscal policies will be put off. After the data release, the Swedish Krona appreciated against its counterparts; the Swedish currency attained 8.7141 against the Euro and to 6.9274 against the US Dollar.
The USD lost value against its peers starting from July 2, when the IMS manufacturing activity index decreased below 50. On Tuesday, the EUR and GBP both added 0.23% and 0.01% against the American currency. Weak manufacturing data spurred speculation about QE3 thus adding pressure on the US currency.
ANA wants to raise USD2.6 billion to expand, by buying new aircraft and supporting its current financial position. As there was large number of bankruptcies among airline businesses and ANA has to deal with the growth of its biggest competitor, Japan Airlines, the company has decided to sell a part of its shares, to maintain its position and be able
Although in June employers significantly raised recruitment, it is still not enough to state that the economy picks up steam. Experts claim that the expected number of individuals that were hired in June is 90,000. In fact, the number is not crucial on an annual basis, but in comparison with May, when companies created only 69,000 new jobs, the figure
Unemployment in Spain sharply declined in June to around 4.62 million people which is almost 100,000 or 2.1% less than in May. As June is the first month of the tourism season, employment usually climbs. However, the Spain's jobless rate above 24% still is the highest in Eurozone. Analysts have estimated that one out of four Spanish employers is without
Nigeria, the most important oil producer in Africa, has agreed to an initial deal valued at USD4.5 billion with the US company, Vulcan Petroleum, to establish six new oil refineries. The arrangement will increase the existing capacity by 180,000 barrels a day. Moreover, two factories will have working capacity by the end of 2012.
According to the IMF the recovery process of the U.S. still is moderate. Moreover, the IMF lowered the expected growth for the economy from 2.1% to 2.0% for this year and from 2.4% to 2.25% for year 2013. IMF cited the ongoing Eurozone debt-crisis, future ambiguity of domestic policies and the ceiling of the debt which will have to be increased next year as main
Hong Kong shares did not follow overall positive market sentiment in Asia on Wednesday and country's major stock index Hang Seng closed 0.13% or 25.78 points lower at 19,709.75. Analysts associate retreatment with profit taking after recent strong gains. Moreover investors looked forward ECB interest rate decision due on Thursday. Today's loss, however, was limited as energy companies rallied due
S&P 500 index reached a two-month record high on Tuesday as factory orders advanced more than predicted in May easing fears that country's manufacturing is struggling. US benchmark gained 0.62% or 8.51 points and closed at 1,374.02. Technology and industrial shares posted the biggest gains after data release. Eog Resources rallied 6.75 and Peabody Energy added 5.4%. On downside Bristol-Myers
Japanese shares traded higher for the second straight session lifted by hopes ECB and PBOC will intervene to support growth. Nikkei 225 index climbed 0.41% or 37.58 points and finished at 9,104. Inpex Corp, Japan's biggest energy provider, surged 2.9% after oil reached a one-month high amid renewed tensions in Iran. On the downside JFE Holdings the country's second-largest steelmaker,
46 of 62 economists questioned by Bloomberg predict ECB will reduce its benchmark rate for a quarter point tomorrow. Nevertheless analysts suggest that this move is unlikely to have strong impact on economic activity or inflation level. Instead the decision could serve as a signal for markets that officials are undertaking measures to struggle with crisis.
The Canadian Dollar climbed versus US Dollar hitting a 6-week record high as crude oil prices surged amid hopes China and Europe may implement monetary stimulus. Canadian currency advanced 0.5% against greenback to CAD 1.0122. Currently USD/CAD is trading at 1.0133.
US stock markets traded mostly up on Tuesday after report showed the number of factory orders surged in May sending commodities and energy shares higher. S&P 500 index gained 0.62% or 8.51 points and closed at 1,374.02. Nasdaq Composite added 0.84% or 24.85 points, finishing at 2,976.08. Dow Jones Industrial Average soared 0.56% or 72.43 points and settled at 12,943.82.
European equity markets closed mostly in green territory on Tuesday supported by miners and financials. Stoxx Europe 600 added 1%, German DAX index gained 1.3% and French CAC 40 index accelerated 1%. British FTSE 100 soared 0.8%, Spanish IBEX 35 rallied 1.3% and Athens General index surged 0.8%.
The 17-nation currency erased its recent gains on Wednesday morning trade and weakened against the US Dollar ahead of ECB meeting and upcoming Spain's debt sales due tomorrow. Investors remain cautious on speculation ECB officials may cut the key interest rate. The Euro gave up 0.2% against the US Dollar to USD 1.2589. Currently EUR/USD is trading at 1.2590.
Orders in US factories advanced in May for the first time in last three months lessening concern that nation's manufacturing is struggling. Bookings rose 0.7% in May after a 0.7% drop previous month, Commerce Department reported on Tuesday. Analysts questioned by Bloomberg forecast an improvement of 0.1%.
The Australian Dollar hit two month record high versus greenback on Wednesday as government statistics showed country's retail sales advanced more than expected in May. Aussie jumped versus US Dollar to USD 1.0320, the highest reading since May 3 but slightly retreated later and traded at USD 1.0287. Currently AUD/USD is trading at 1.0284.
Retail sales in Australia accelerated more than expected in May lifted by elevated spending in department stores and restaurants. On monthly basis sales added 0.5% to AUD 21.3 billion in May, Bureau of Statistics reported on Wednesday. Analysts questioned by Bloomberg predicted a 0.2% gain.