The Australian Dollar slipped by 0.6% to 96.92 per U.S. Dollar in the morning of Sydney trading session on Friday. The currency touched a 95.94 level yesterday, which was the weakest since 1st of June. Even analysts say that U.S. durable goods data will be better in April adding positive sentiments about a recovery in the biggest world's economy, but investors
Jereon Dijsselbloem said that the time period for Greece to meet its fiscal targets might be extended if necessary. He added that the process of fiscal consolidation in Greece is satisfactory, however, the exact characteristics of debt relief will be decided after the official assessment of the country's economy. Estimated public debt in Greece is 173% of GDP this year,
The Minister for Economic Revitalization of Japan said that the plunge in Japanese share prices should not be a concern as the economy is consistently recovering. The comment came today after Nikkei 225 and Topix indexes fell 7.3% and 6.9% respectively. Japan's officials said that a contraction in China's manufacturing measure could be responsible for a sell-off of equities.
Global stock market indexes fell sharply today as Ben Bernanke signaled that the Fed might scale back its monetary easing and as China's economy unexpectedly slowed. Japan's Nikkei index dipped 7.3%, Europe's FTSEurofirst 300 decreased 1.9%, while France's CAC-40 and Germany's DAX dropped approximately 2.5%.
French private sector continued to decline in May suggesting that the nation's private sector economy is still struggling, a report published by the Markit Economics showed on Thursday. The composite output index maintained at 44.3 in May, while the service sector Purchasing Managers' Index recorded 44.3, unchanged from the month before, and the manufacturing PMI advanced from 44.4 to 45.5
German private sector activity rebounded from the lowest level in 5 months in May, but still stayed below neutral level, when the composite output index grew from 49.2 recorded in April to 49.9 in May, the Markit Economics reported on Thursday. The report also showed that activity index of service sector climbed from 49.6 in April to 49.8 in May.
Retail sales in Italy decreased more than expected in March from the previous month largely due to a notable 0.8% drop in non-food sales, a data revealed by the statistical office Istat showed on Thursday. Retail sales slipped 0.3% on a monthly basis despite a 0.4% increase in food sales, while on an annual basis retail sales fell by 3%
Private sector activity in the 17-nation bloc continued to fall in May, but the pace of contraction was lower than in the month before, the Markit Economics showed in a survey on Thursday. The survey showed that the composite output index measuring performance of service and manufacturing sector grew from 46.9 to 47.7 in May, while it was expected to
European leaders affirmed a $7.7 billion, 7 year plan to lower youth unemployment, which is at 24% in the euro zone. The 17-country bloc saw its GDP contracting for a sixth consecutive quarter, which lead European Commission to revise its 2013 forecast from -0.3% to -0.4%. However, Germany's budget expert told that easing pace of austerity is a dangerous path
Economic performance of United Kingdom improved in the first three months of 2013 matching preliminary estimated figures, a report released by the Office for National Statistics unveiled on Thursday. According to the report, gross domestic product rose 0.3% on a sequential basis in the Q1 following a contraction of 0.3% recorded in the quarter before.
Canadian currency declined on Thursday and was trade near its lowest level in a year versus the U.S. Dollar after the Federal Reserve Chairman Ben Bernanke signaled less stimulus measures if the economy keeps showing favourable results. The so-called Loonie slipped 1% to C$1.0367 per U.S. Dollar by 5 p.m. Toronto time and it touched C$1.0388, the least since June
The Hungarian currency advanced to the highest level in three months on Thursday spurring Goldman Sachs Group Inc. to change its trade recommendation of selling the Forint against the Euro as the economy emerged from contraction. The Forint increased by 0.6% and it was traded 0.1% higher at 289.21 per Euro as of 5:04 p.m. Budapest time.
Copper decreased alongside with other industrial metals on Thursday after a report showed that manufacturing sector in the world's largest metal consumer, China, contracted for the first time in seven months in May. Copper for August delivery slipped 2.7% to $7,276.25 a metric ton on the London Metal Exchange and was traded at $7,310 as of 11:47 a.m. Seoul time.
Gold declined for the third straight session on Thursday together with other commodities after Ben Bernanke, the Federal Reserve Chairman, signaled that the central bank may taper its bond purchasing program as the economy improves. Spot gold fell 1% to $1,357 an ounce and it was traded at $1,366.18 by 11:07 a.m. Singapore time.
Soybeans increased to the highest level in six month on Thursday and are set to extend its rally to the longest one in a year amid signs that Chinese demand will increase despite falling U.S. supplies. Soybeans for July settlement advanced 0.6% to $15.025 a bushel on the CBOT, the highest level for a most-active contract since November 8.
The Japanese currency rose versus all of its major counterparts on Thursday as Asian equities fell amid concerns that Fed's decision to tap its monthly bond purchases may weight on the recovery of the U.S. economy and as Chinese economy is slowing. Yen increased by 0.5% to 102.65 per U.S. Dollar by 6:02 a.m. London time and it added 0.6%
India's currency slid to the lowest level in a six-month period on Thursday as the country's bonds declined after the Federal Reserve Chairman Ben Bernanke said the central bank may scale back its stimulus program. The Indian Rupee depreciated 0.6% to 55.8100 per U.S. Dollar by 10:11 a.m. Mumbai time following a fall to 55.8787, the least since November 26.
U.S. Treasuries increased on Thursday as Chinese shares plunged after a report showed that manufacturing sector in China surprisingly declined in the month of May spurring demand for safer assets. The benchmark 10-year yields slipped one basis point to 2.03% by 2:04 p.m. Tokyo time following an earlier increase to 2.07%, the highest since March 14.
West Texas Intermediate oil declined for the third straight day on Thursday extending its losing streak to the longest in three weeks amid higher U.S. gasoline stockpiles and as Chinese manufacturing dropped in May. WTI for July settlement slipped 76 cents to $93.52 a barrel on the NYMEX and was traded at $93.60 as of 1:36 p.m. in Singapore.
Expectations about Australian inflation among local customers increased marginally in May as the Reserve Bank of Australia cut its benchmark interest rate by 0.25% to a record low of 2.75% on May 7, a report published by the Melbourne Institute showed on Thursday. The forecast inflation rate rose from 2.2% in April to a level of 2.3% in May, however,
Manufacturing sector in China declined for the first time in a seven-month period in May mainly due to poor demand and amid concerns that slump in the economy may persists for longer time. Chinese manufacturing purchasing managers' index measuring health of the sector dropped from 50.4 in April to 49.6 recorded in May, the lowest level in seven months.
Retail sales in the United Kingdom surprisingly dropped in April, the latest data published by the Office for National Statistics showed on Wednesday. Volume of retail sales including auto fuel declined 1.3% on a sequential basis in April compared to forecast of a 0.1% gain, while sales excluding fuel decreased by 1.4% missing an expectation of a 0.1% advance.
Wheat increased by the most in almost 2 weeks on Wednesday amid signs that demand for U.S. supplies from overseas increased, while corn advanced as Chinese purchases rose and soybeans gained. Wheat for July settlement added 1.5% to $6.9075 a bushel by 10:06 a.m. on the CBOT, whereas corn July futures gained 2.3% to $6.5075 a bushel and Soybeans for
Coffee futures decreased to the weakest level in more than three years on Wednesday amid speculations that world supplies may exceed demand as inventories in Brazil, the world's largest exporter, advanced by 80%. Arabica coffee for delivery in July dropped 2% to $1.3005 a pound by 11:43 a.m. on the New York's ICE after it touched $1.2985 earlier on the