Hong Kong shares were steady on Tuesday amid the national economic growth concerns. Recently, Standard & Poor's has revised down its China's 2012 growth estimate from 8% to 7.5%, citing government's reluctance to launch stimulus measures. Hopes for further RRR cuts were dampened on Tuesday after the POBC announced that it would pump 290 billion Yuan into the financial sector
Japanese equities rebounded slightly on Tuesday as market participants were encouraged to buy more shares ahead of the mid-term divided deadline due on Wednesday. At the same time, global growth concerns fuelled by dismal German Ifo business climate data restricted the upswing. The Nikkei 225 Index added 0.25% to close at 9,091.54. Six out of ten sectors within the index
US blue chips inched down on Monday amid lingering worries over financial instability in Eurozone. German Ifo business confidence index dropped more-than-expected in September while German and France still cannot agree on when to launch the banking union. Adding to the negative mood of the US blue chips, Spain's economy minister said that the country would not rush to apply
US stocks started the week on the negative note amid dismal data from Eurozone. Leaders of France and Germany failed to agree on terms of the banking union over the weekend. Moreover, German Ifo business climate index missed expectations in September, adding to fears that Eurozone will fall deeper into recession. The S&P 500 Index lost 0.22% to close at
Confidence among U.S. consumers rose more than expected in September, reaching seven-month high, the Conference Board said on Tuesday. A gauge of consumer confidence rocketed to 70.1 this month, up from 61.3 in the prior month. Leading indicator, which measures overall economic activity, was expected to rise to 63.1.
The Swiss National Bank has bought around 80 billion euros of sovereign debt in the euro area's core countries during the first seven months of 2012, to stem the appreciation of national currency, Standard & Poor's said on Tuesday.
Japanese corporate service price index fell more than expected in August, posting a third straight drop, the Bank of Japan said on Tuesday. Nation's CSPI fell to a seasonally adjusted annual rate of -0.3% from the previous month, after falling a revised 0.1% in July. The reading came in lower than the median analyst forecast of -0.2%.
Germany's consumer sentiment is set to hold stable in October, GfK's survey results showed on Tuesday, which modestly eased concerns about the economy falling into recession.The forward-looking index seen at 5.9 in October is in line with economists' forecast. The economic sentiment index added 1.7 points, while the willingness to purchase stagnated and income expectations index fell 7.7 points.
Treasuries seized a six-day rally on Tuesday ahead of industry reports forecast to show U.S. consumer sentiment and property prices surged. The 10-year yield traded at 1.72%, while the 1.625% bond due in August 2022 was unchanged at 99 6/32. The 10-year term premium was negative at -0.9%, after declining to -0.91 yesterday.
Institut National de la Statistique et des Études Économiques reported on Tuesday that the French business confidence for the quarter ended in September was equal to 90 on an annualized basis, unchanged from the same reading for a previous quarter. Economists, however, expected that French business confidence would decline to 89.
On Tuesday, German 10-year bunds advanced for the second consecutive day, as Spanish borrowing costs surged at a bills auction, amid worries that the debt crisis in the region is worsening. Yields on benchmark German 10-year bonds declined by 4 basis points and reached 1.52% at 9:51 a.m. in London, which was the lowest since September 11.
Instituto Nacional de Estadistica reported on Tuesday that Spanish producer price index climbed more than expected in August. PPI in Spain increased to 4.1% on a seasonally adjusted basis, whereas analysts expected that it would rise less and be equal to 2.6%. Spanish producer price index for a preceding month was 2.6%.
China's leading economic indicator surged at the highest speed in seven months in August, boosting hopes of a slight rebound in expansion that eased to the weakest in three years in Q2. The index added 1.7% on month to 240 in August, after a 0.6% rise in July, the Conference Board reported on Tuesday. The advance was mostly lead by
Italian National Institute of Statistics reported on Tuesday that the confidence of Italian consumers increased more than it was expected in August. Italian consumer confidence grew to 86.2 from a preceding month's figure of 86.1, which was revised upwards from 86.0. Economists, however, predicted that the figure would be equal to 86.0.
On Tuesday, prices for gold remained steady, consolidating above one-and-a-half-week low, which was reached during the previous session, as the demand for the metal was supported by central banks' stimulus measures. Spot prices were little changed and were equal to $1,765.10 per once at 06.51 a.m. London time, after hitting a 1-week low of $1,755.30 during the previous session.
British Bankers' Associations reported on Tuesday that the amount of mortgages that were approved by the BBA grew more than expected in August. BBA mortgage approvals advanced to 30.5 thousand on a seasonally adjusted basis, compared to a figure of 28.4 thousand for the previous month. Analysts, however, expected that the BBA mortgage approvals would rise only to 28.6 thousand.
The Euro slid to a more-than-a-week low against the U.S. Dollar on Tuesday as consumer confidence in Europe's biggest economy stayed unchanged and ahead of Italy and Spain bond auctions today. The Euro lost 0.1% to $1.2917, after touching $1.2887, the weakest since Sept. 13. Common currency slipped 0.2% to 100.48 Yen.
The Pound rose to a two-week high versus the Euro on Tuesday as traders sought the Sterling as a haven ahead of the two debt auctions today. The U.K. currency surged 0.4% to 79.43 pence per Euro, the highest since Sept. 7. It gained 0.2% to $1.6257. The 10-year Gilt yield lost one basis point to 1.80%. The 1.75% note
European stocks surged on Tuesday, rebounding from yesterday's losses, as oil and consumer goods firms gained. The Stoxx Europe 600 Index rose 0.1% to 874.96. The FTSE 100 Index advanced 0.1% to 5,842.28, while, the CAC 40 Index lost 0.4% to 3,484.51 and the Dax 30 Index declined 0.2% to 7,396.09.
Oil fluctuated in New York after a fifth drop in last six days ahead of a report expected to show U.S. crude stockpiles surged 2 million barrels last week, posting the longest run of advances since May. November-delivery oil gained 10 cents to $92.03 per barrel in New York. Brent crude for the same month slid 11 cents to $109.70
Asian stocks traded mostly lower on Tuesday as renewed worries over global growth decreased market confidence in Asia, notably influencing commodity, shipping and construction firms. Australia's S&P slid 0.3%, the Shanghai Composite index tumbled 0.4% and the Kospi retreated 0.6%. Meanwhile, the Hang Seng Index lost 0.1%, but the Nikkei advanced 0.3%.
U.S. stock futures fell for a third consecutive day on Monday, as economic data from China and Germany weighed on the market and as traders worried about the global economy. The Dow Jones Industrial Average erased 0.06%, to 13,492.00; the Standard & Poor 500 Index inched lower 0.38%, to 1,446.40, while Nasdaq 100 futures lost 0.58%, to 2,836.00.
European stocks extended losses on Monday, September 24, as European leaders could not agree on how to confront their regional debt crisis. The Stoxx Europe 600 Index erased 0.38 per cent to 274.72, the U.K.'s FTSE 100 Index lost 0.26% to 5,836.78, German DAX 30 Index fell 0.5% to 7,414.02, while French CAC 40 Index inched 0.87% lower to 3,449.88.
German stocks plunged on Monday after disappointing business confidence data. German Ifo Business Climate Index dropped 0.9 point attaining seasonally adjusted 101.4 this month compared to a forecast of 102.5. Moreover, France and Germany did not manage to agree on all terms of banking union over the weekend thus creating additional pressure on German shares. The DAX Index sank 0.63%