Jobless rate in Switzerland inched up from 2.9% in September to 3% in October on seasonally adjusted basis, the State Secretariat for Economic Affairs said. The figure appeared to be in line with forecast of economists. There were 125,536 registered jobless people in Switzerland in October, increasing 4.3% from 120,347 in the month earlier. "What the October data on the SNB's
Energy futures plunged on Wednesday amid appreciating greenback and global economic concerns. Meanwhile, an increase in the US crude oil stockpiles and uncertainty over the US fiscal cliff added to heavy losses of the commodity group.Crude oil plummeted after the EIA report indicated that the US crude oil inventories jumped by 1.8 million barrels last week, broadly in line with
According to the Australian Bureau of Statistics, unemployment rate in Australia fell to 5.4% in October ahead of economists' expectations of 5.5%. The number of people in work increased by 10,700 to 11,523,200 in October, whereas the number of unemployed fell by 8,000 to 653,200. Labour force participation rate slightly decreased to 65.1% in October compared to 65.2% in September.
Industrial metals except for aluminum erased previous gains on Wednesday. Base metals came under heavy pressure as investors were cautious ahead of the US budget clashes and Chinese Communist Party Congress due on Thursday. Adding to the negative mood of the commodity group, the European Commission cut its growth forecast for the eurozone from 1% to 0.1% for 2013. It
Precious metals apart from gold plunged on Wednesday amid broadly stronger greenback and mounting concerns over the US fiscal cliff. Market sentiment was further dampened by on-going concerns over the eurozone's economic instability. Gold inched up as US President Barack Obama re-election ignited hopes that the country will stick to its accommodative monetary policy. However, concerns over the US fiscal
The U.S. dollar strengthened against its trading counterparts as investors sought to save their assets on fear that the U.S. president and the Congress will face difficulties in preventing the fiscal cliff. The greenback traded at $1.2767 per euro, rebounding from $1.2771 yesterday. The Dollar Index (DXY), tracking the currency against six trading partners of the U.S., inched up to 80.762 from 80.759 on Wednesday.
Exports in Germany fell 2.5% in September from the previous month, offsetting a 2.3% increase in August, according to Destatis. Economist had projected a 1.5% monthly drop. Imports declined 1.6% after growing 0.4% in August. The trade surplus increased from EUR 16.3 billion in August to EUR 16.9 billion and was more than EUR 15.5 billion economists' forecast.
Oil rose from almost a 4-month low amid speculation that the biggest decrease in 2012 was exaggerated on signs of rising demand in Asia. Oil for December settlement gained 71 cents to $85.15 a barrel in New York, while the contract was at $85.13 at 2:31 p.m. in Singapore. It fell $4.27 to $84.44 yesterday, the lowest close in four
The number of jobless New Zealanders rose by 13,000 to 175,000 in the third quarter, taking the nation's unemployment rate to the highest value in 13 years, according to the government statistics agency. The official jobless rate increased from 6.8% in the Q2 to 7.3%, putting the government under pressure. The number of people in work declined by 8,000 or
Aussie advanced to its seven-week high against the New Zealand's dollar and traded up versus its major peers amid improving employment in Australia, and expectations on Reserve Bank to cut borrowing costs in December. The Australian dollar gained 0.2% to NZ$1.2740, after peaking to NZ$1.2748 earlier. Meanwhile, the kiwi lost to the U.S. dollar, by dropping 0.2% to 81.67 cents on soaring unemployment.
Asian equities dropped touching the lowest level in six weeks and the Japanese yen rallied on Barack Obama's re-election. Investors are setting to the sidelines fearing from the fiscal cliff. The MSCI Asia Pacific Index (MXAP) fell 1.3%, and 56% of the reading's companies reported lower-than-expected profits. Meanwhile the Nikkei 225 Stock Average index eased 1.6% on tumbling orders for Japanese machinery, and the Yen traded
German equities swung to losses as the eurozone's growth forecast cut outweighed US President's re-election. The European Commission also lowered its forecast for Germany from 1.7% to 0.8% for 2013. Adding to the negative mood of the stocks, German industrial production tumbled more than expected in September. An unexpected fall in the eurozone's retail sales also added to losses. The
UK stocks opened on the positive note as the US President Barack Obama was re-elected. However, equities tumbled after the European Commission revised down its growth forecast for the eurozone. The European Commission cut its growth forecast for 2013 from 1% to 0.1%. The FTSE 100 Index shed 0.34% to trade at 5,864.96. Only two in ten sectors within the
In October, Swiss foreign exchange reserves tumbled for the first time after 8 months and price pressures held low allowing the bank to put more control on the franc. The Swiss National Bank kept 424.38 billion francs of currency holdings this month that was lower than the 429.48 billion francs reserved in September. Although the debt turmoil in the euro-area induced Switzerland to intervene, a
German bonds advanced as in his speech Mario Draghi said the inflation risks were low, and the debt turmoil threatens to devastate Germany's economy. The yield on Germany's 10-year bonds lost 6 basis points and was at 1.38%, yet surging from earlier 1.37%. Two-year yields dropped 4 basis points to -0.044%.
Hong Kong shares gained on Wednesday after US President Barack Obama was re-elected for the second term. Developments in Greece also drew trader's attention as the country is voting on the new round of austerity measures later in the day. Meanwhile, investors remained focused on upcoming Chinese Communist Party Congress due on Thursday where China's leader will be elected. The
The Nikkei 225 index started Wednesday's session with sharp decline but by the end of the trading the index pared losses as US President Barack Obama was re-elected for a second term. Meanwhile, traders remained cautious as Greece votes on fresh round of austerity measures on Wednesday. The Nikkei 225 Index moved lower by 0.03% to close at 8,972.89. Six
The European Commission forecast the euro-area economy will shrink in 2013 on the debt turmoil in Southern Europe that squeezes export-driven German economy. According to estimates, euro economy will grow 0.1% next year, and growth of Europe's largest economy will ease from 1.7% to 0.8 %. The single currency has slumped 0.4% to $1.2761 after the forecast and Mario Draghi's announcement that the debt crisis threatens
Treasuries reached their highest level in 11 weeks, as president Barack Obama was re-elected for a second term. Yield on the 10-year treasury tumbled 10 basis points to 1.65%, while government bonds rebounded to 1.81% in 2012. The government securities have gained around 14% since the President Barack Obama took leadership. Meanwhile, yield on two-year Treasury notes lost 3 basis points and touched its lowest
Farm commodities apart from coffee rose as investors were focused on the US elections. Broadly weaker greenback coupled with record low US crop ratings created strong upward pressure on rural commodities.Wheat jumped after the USDA reported that only 39% of the US winter wheat crop was rated in ‘excellent' and ‘good' condition, a record low for this per5iod of the
Energy futures soared on Tuesday on the US easing speculation and bottom fishing. However, the upswing was capped as refineries in the US Northeast are not expected to return to pre-hurricane production levels soon. Meanwhile, traders also remained focused on the EIA inventory report due on Wednesday.Crude oil skyrocketed as market turned bullish on the US presidential election day. Meanwhile,
Base metals rebounded on Tuesday ahead of the US presidential election's results and Chinese Communist Party Congress due later in the week. Investors weighted possibility of more aggressive measures in China after a leadership change. Moreover, hopes that the US will continue to stick to loosening monetary policy spurred rally in the industrial metals' pack.Aluminum climbed on speculation about additional
Precious metals rallied on Tuesday amid bullish sentiment on the US election day. Speculation that the US will embark on additional stimulus measures regardless of the winner in presidential election pushed precious metals higher. Moreover, slightly weaker US Dollar added to gains of the commodity group.Gold soared the most in seven weeks on hopes that US will ease its monetary
The Pound strengthened versus the greenback as investors sold greenbacks after Barack Obama was re-elected. Sterling advanced 0.1% against the U.S. Dollar and traded at $1.6010 after gaining 0.3% on Tuesday. The British currency is forecast to decline to $1.51 by 2014. Following yesterday's gain to five-weeks high, the Pound lost 0.1% against the Euro and traded at 80.19 pence