European stock markets declined on Monday , as German stocks edged lower on data, which indicated weakness in Chinese service sector. The Stoxx Europe 600 index fell 0.4 per cent to 234.25. The German DAX 30 index dropped 1 per cent to 5,985.47, with Volkswagen AG tumbling 2.7 per cent and Daimler AG retreating 1.5 per cent.
Asian stock markets edged lower this Monday on U.S. jobs data report that increased concerns about global economic growth. Hong Kong's Hang Seng Index tumbled 2.4 per cent and the Shanghai Composite index slipped 1.7 per cent. The Tokyo's Nikkei Stock Average and the Topix dropped 2.1 per cent and 2.2 per cent respectively.
The dollar ticked higher this Monday during trading hours in Asia, recovering from loses on Friday, after U.S. jobs data release. The greenback increased in value against its Japanese counterpart, with the dollar being above ¥78 level.
According to a London-based recruitment agency Astbury Marsden, an increase of 25% in London job vacancies can be identified in the financial services organizations. The main sectors that generated the growth are foreign exchange as well as the derivatives. The recruitment company added that the risk faced by the euro raises the necessity to employ hedging; therefore, increasing the need in specialists in the respective
Oil futures dropped below $82 a barrel during electronic trading this Monday on U.S. jobs report release combined with concerns about the European Union, as well as growth slowdown in China. Petroleum prices for July delivery fell $1.59, a 1.9 per cent decline, to $81.64 a barrel in trading session of the Tokyo Globex.
U.S. factory orders sank unexpectedly in April, which is a decrease for the second month in a row. U.S. Census Bureau reports that it dropped 0.6%, whereas it was expected that it will gain 0.2%. In March, factory orders declined by 2.1%, which is a revised figure from previously reported 1.9%.
European stocks dropped on Monday, with decrease in German markets. Volkswagen AG fell 2.3 per cent on data, which indicated weakness in Chinese service sector. The Stoxx Europe 600 index gave up 0.5 per cent. The German DAX 30 index lose 1.3 per cent 5,971.85. The French CAC 40 index retreated 0.4 per cent to 2,937.07 and the Spain IBEX 35 index
Bakn Jae Wan, South Korea's Finance Minister, has announced that the country will concentrate on reinforcing economic development as well as ensure state funding for small enterprises and exporters to strengthen their presence. The government is attempting to maintain the progress South Korea has experienced during the past year. However, due to the deteriorated situation in China and fears of Greece's exit out of the
Greek's left-wing Syriza has described a number of actions that would be implemented in case if they are elected to run the country. The primary step would be to substitute the bailout with a national remedy strategy to boost the economic and social state. The plan encompasses halting the cuts on wage as well as pension, increasing the minimum salaries, cutting taxes on such
Eurostat reports that producer price index remained flat in April, disregarding anticipations of a slight 0.2% increase. This figure for March was 0.5% but it has not been revised yet. Year-on-year PPI grew at the pace of 2.6% this April, which is lower than an expected 2.7% increase. This is also lower than a 3.5% increase witnessed in March.
George Soros, Soros Fund Management Chairman, considers that the E.U. has a period of 3 months to resolve the financial crisis until the market can no longer afford to provide it with time. However, at the same moment is it highly likely that the euro will survive as the key currency. Further, Soros believes that the borrowing costs should be eased for countries that received
In a report Sentix said that investor confidence index tumbled 4.4 points, hitting −28.9. It was −24.5 in the previous month. However, it is a milder decrease than analysts had expected; their prediction was that the index would drop 5 points, reaching −29.5 in June. Investor confidence index has been staying below zero for 11 months in a row.
A fourth review of Portugal's spending cuts and reforms has been passed. As Portugal had satisfied all the bailout requirements, it is now awaiting for a transfer of 4bn euros. Overall, the bailout sums up to 78bn euros. 6.65bn euros will be injected into three banks for liquidity provision purposes. Two of the recipients, BCP and BPI, are private banks and one, CGD, is
Australian Bureau of Statistics reported on Monday that companies' gross operating profit in Australia grew slower than it was expected. It surged to −4%, which is more than −6% in the previous quarter. However, analysts expected it to increase to −2%.
Sixty money managers, professional economists, and investment strategists participated in CNBC survey about Fed easing. 58% of them responded that they expect quantitative easing launched by Fed during the next year. The figure is up from 33% of positive responses six weeks ago.
After sharp plunge of more than 3% a year 2012 record on Friday, DAX 30 index prolonged drop also on Monday. Weaker Chinese service activity data issued on Sunday weighed on European investor sentiment. As German car makers are heavily dependent on China and US market health, their shares extended rather choppy session. Volkswagen AG gave up 2.4%, Daimler AG
Last week Irish people voted in favour of the Eurozone fiscal pact which seeks to maintain strict budget requirements across the single currency area. According to Fitch Ratings, this choice is beneficial for the country, as it removes a potential source of ambiguity about Ireland's future funding. As EU-IMF bailout programme ends in 2013, it's crucial for Ireland to have access to European Stability Mechanism,
Continuous tension builds up around Angela Merkel, as Mariano Rajoy pushes to determine a proper remedy for the debt crisis and reinforce the support for bank protection. On 2 June Rajoy emphasized the need to strengthen the banking union and backed up the idea of establishing a centralized structure to recapitalize investors. However, Merkel, also on 2 June, strengthened her position against debt sharing and
Farm commodities depreciated on Friday as global financial worries weighted on the demand prospects.Wheat plunged by almost 5% amid softening demand for US exports. The USDA reported that US wheat exports missed expectations last week.Corn attained 18-month low as dismal data from the EU, US and China eroded demand hopes.Sugar extended previous losses on expectations for ample global supplies as
Energy markets ended the week on a negative note amid demand concerns as US and China's manufacturing activity slowed more than expected last month.Crude oil approached eight-month low, being pressured by global demand concerns in view of deepening Euro Zone crisis and cooling China's growth.Brent oil dropped under 16-month low after disappointing US jobs data release. Moreover recent increase in
Industry metals were mostly lower on Friday amid dismal manufacturing data releases from the US and China.Aluminum was the top-loser as demand remained weak. However, sharp fall in supplies as many producers halt smelting due to high energy costs and low aluminum prices may support the light metal. Copper slid by almost 1% as weak US labour market data and
Precious metals advanced on Friday as dismal US jobs data elevated hopes for new round of QE in the US.Gold rallied by more than 4% over the day as fall in global equity markets and world's economic uncertainty increased the safe-haven appeal of the yellow metal.Silver followed gold's trend as economic worries in the Euro Zone eased after Spain approved
Hong Kong's stocks fell on Monday after the China's non-manufacturing industries grew at a slower pace for a second straight month and US hiring was weaker than economists projected. Hang Seng index plunged 2.01% or 372.75 points and settled at 18,185.59. Financials and resource shares provided the most negative contribution to the index. Ping An Insurance fell 5.6%, while China
Spain's tourism sector contributed to the country's drop in the unemployment rate in 2 consecutive months. According to the Labor Ministry located in Madrid, the jobless rate declined by 0.63% from the month of April to 4.71M; however, still remains above 24%. As Mariano Rajoy, Spain's Prime Minister, challenges to persuade investors that he is capable of resolving the budget deficit, the country's borrowing expenses