Oil futures rose on Wednesday ahead of U.S. report release regarding weekly data of petroleum supplies. Crude oil for July delivery ticked higher 16 cents, a 0.2 per cent increase, to $83.48 a barrel in trading session of the New York Mercantile Exchange's Comex division.
Change in retail sales sales in US in May matched the expectations and decreased by 0.2% for the second consecutive month. Specialist state that such developments are mainly influenced by decreasing advances in payrolls and 8% unemployment, although decreasing gasoline prices counterweight the effects.
On Wednesday, futures for crude oil erased losses during the U.S. morning trading session, after a report by the U.S. government showed that oil supplies decreased last week. On the NYMEX, July delivery futures for light sweet crude oil were traded at USD83.73 per barrel, gaining 0.5% since the beginning of the session.
On Thursday, futures for natural gas slightly declined, as investors were focused on upcoming U.S. government report about natural gas supplies. On the NYMEX, July delivery futures for natural gas were traded an USD2.219 a MMBtu, which was a 0.6% drop during the U.S. morning trading session. Earlier, natural gas prices fell by 1.5%, touching the level of USD2.219.
On Wednesday, the U.S. Dollar pared gains versus the Yen, as the weak economic U.S. data weigh. The Commerce Department reported that sales in the U.S. fell by 0.2%. USD/JPY peaked at 79.74, 3-day high, and then pulled back reaching 79.48, which was a 0.04% decline, during the European afternoon trading session. The pair's support was prone to be at 79.10, and the resistance may
Despite the European sovereign debt turmoil, it appears that Asia is standing still on solid ground. According to the Cabinet Office located in Tokyo, bookings (JNMOCHNG), capital spending's indicator, increased 5.7% in the month of April. In addition, South Korea's unemployment rate in May in dropped to 3.2% in comparison to the previous month's 3.4%. Further, Sri Lanka continued to postpone the interest rates due
On Wednesday, the British Pound held steady versus the American Dollar, as investors were focusing on Spanish financial crisis and growing borrowing costs for Italy. GBP/USD peaked at 1.5540, and later the pair consolidated at 1.5561, which was a minor 0.05% increase since the beginning of the European afternoon trading session.
On Wednesday, the Euro was gaining versus the American Dollar, but growth seemed to be limited, as investors focused on Spanish banks and upcoming elections in Greece this weekend. EUR/USD peaked at 1.2553, and later consolidated at 1.2533, which was a 0.24% gain since the beginning of the European afternoon trading session.
South Korea's jobless rate reached its bottom in four months due to the continued recruitment boost in the service segment. According to Statistics Korea, the country's unemployment in May fell to 3.2% in contrast to the previous month's 3.4%. However, Ronald Man, HSBC Holding PLC's analyst, stated that as Korean manufactures are becoming more restrained, this could negatively impact the production output, and, consequently, weaken
On Wednesday, the Euro was higher versus the British Pound, but the pair seemed to stay within a narrow range, as concerns over Spanish bank bailout and Greek election weighed. The Euro peaked at 0.8052 against the Pound, and consolidated at 0.8043, which was a 0.17% growth since the beginning of the European morning trading session.
On Wednesday, the Mortgage Bankers Association reported that its mortgage application activity index added 18% on a seasonally adjusted basis during the last week. The MBA's refinancing applications index surged by a seasonally adjusted 19.2%, while the index that measures requests of loans for home purchases grew by 12.8%. The refinancing activity climbed to 79% as a share of total mortgage applications from 78% the week
On Wednesday, futures for copper were surging in the European morning trading session, as Italy witnessed an increase of the borrowing costs. On the NYMEX, July delivery futures for copper were traded at USD3.364 per pound, which was a gain of 0.85% since the beginning of the European morning trading session.
Farm commodities dropped on Tuesday amid dismal demand prospects in the light of fiscal difficulties in Spain and Italy.Wheat was the top-loser, sliding the most in a week after USDA reported that world's inventories are likely to be larger than forecast.Corn followed bearish trend as demand is weakening while supplies are expected to be ample due to high US crops
Energy commodities were mixed on Tuesday, balancing between bleak demand outlook and falling crude oil inventories in the US.Crude oil rose by 0.75% after API reported that Cushing, key US hub, faced a fall in the crude oil inventories last week.Brent oil was the top-loser ahead of OPEC meeting due on Thursday. Iran, Venezuela and Angola called Saudi Arabia to
Industry metals tumbled on Tuesday on lingering concerns over the Eurozone's economy after Spanish 10-year bond yields moved closer to 7%, level considered to be unsustainable. Aluminum extended losses as China's aluminum production approached record high level even despite capacity reduction in Henan province. Copper lost 0.34% after disappointing manufacturing data from the UK. UK's manufacturing output dropped by 0.7%
Precious metals rallied on Tuesday as safe-haven appeal of the commodity group increased after Spanish costs of borrowing neared 7% and Fitch downgraded 18 Spain's banks.Gold gained 0.81% as hopes for easing measures from the Fed rose. Charles Evans, Fed official, said that he would back up additional easing to support US labour market.Silver was the top-gainer amid stronger global
On Tuesday, official data showed that the federal budget balance of the U.S. dropped less than it was previously expected. Department of the Treasury reported that the budget balance sank to −124.6 billion dollars in May, from a seasonally adjusted 59.1 billion in April. Analysts, however, predicted that it would deteriorate to −125.0 billion.
German 30 year yields increased by 14 basis points and reached 2.21%, the highest level since mid May by 12:00 a.m. GMT today. 10 year yields rose by 9 basis points and reached 1.52%. The 2.5% security, maturing in mid 2044, lost 3.47 Euros from its value and declined to 106.9. Specialist state that such developments are due to the believes that Germany will
Italy faced soaring borrowing costs at today's 12-month auction as worries that the country will need bailout lingered. Italian Treasury sold targeted amount of 12-month sovereign bonds worth 6.5 billion Euros generating the yield of 3.972%, the highest mark since December 2011. Meanwhile, the yield on 10-year government's bonds inched down from 6.22% to 6.10% after the auction.
Wheat futures climbed in European morning session on Wednesday as concerns that Australian production may fall by 6.2% in 2012-13 season supported the price. Weaker greenback also boosted appeal of dollar-denominated commodities. Wheat futures for delivery in July traded at 6.2125 US Dollars per bushel on the New York Mercantile Exchange, adding 0.15%.
The U.S. exempted seven more countries from financial sanctions for importing Iranian oil into their domestic markets. Hillary Clinton stated that South Korea, India, South Africa, Turkey, Taiwan and Sri Lanka will avoid penalties in the upcoming 6 months as they have considerably decreased the volume of imported oil from Iran. As concerns China and Singapore, the two economies have not received an exemption; however, U.S.
Japan's Nikkei Stock Average climbed on Wednesday after nation's machinery orders surpassed estimates. Moreover ECB approved a plan to guarantee deposits. Nikkei 225 added 0.6% or 51.12 points and closed at 8,587.84. Canon weakened 1.1% as Credit Suisse reduced its price target for the equities. Commodity linked shares rose on optimism for possible stimulus. Kobe Steel climbed 2.2% and Toho
Industrial production in the single currency union dropped by 0.8% in April, according to Eurostat. The fall was not as severe as 1% decline expected. However, April's industrial output indicated that the Eurozone may fall into recession despite avoiding it in Q1, said Jonathan Loynes, chief European economist. After the data release, the Euro remained higher against its US counterpart,
The PPI in Switzerland plunged by 0.2% on a seasonally adjusted basis in May as compared to an April's decline of 0.1%, reported the Swiss Federal Statistics Office. The data is in compliance with expectations. Considering yearly moves, the PPI decreased by 2.3% last month while analysts predicted the index to fall by 2.0%. After the data release, the Swiss