The U.S. Dollar strengthened against the Yen and the Euro as the U.S. Treasury yields rose to the one-month high, thus attracting investors, and on speculation world central banks will not be prompt to add stimulus. The Euro lost 0.5% to $1.2306 after economists cut 2013 forecast from 1% to 0.6. The greenback rose 0.2% to 78.57 Yen.
The Aussie Dollar fell from the strongest level in more than 4 months as China's exports increased 1 % in July from 2011, which is less than expected, indicating a slowdown in the world's 2-largest economy. The Australian Dollar weakened 0.4% to $1.0540 from $1.0580, while losing 0.4% to 82.82 yen. The Kiwi Dollar lost 0.3% to 81cents.
The Reserve Bank of Australia increased the growth forecast for 2012 on higher-than-expected consumer demand, while announcing the stable currency strength may create more trouble for the economy than before. The Aussie versus the U.S. Dollar had closings above parity all but 23 days in 2012, staying quite above the average of 75 U.S. cents.
China's banks expanded new local-currency loans to 540.1 billion yuan in July, the central bank reported on Friday, notably below economists' estimates of 690 billion yuan. The M2 money supply surged 13.9% on year in July, according to the People's Bank of China. Outstanding yuan loans posted a 16.0% year-on-year rise.
Corn climbed to an all-time high amid belief that the U.S. Department of Agriculture will diminish yield estimates on Friday on the worst U.S. drought in more than fifty years, raising global food prices. Corn for December delivery gained 0.9% to $8.3075 per bushel. Economists expect the USDA may reduce its domestic corn-crop estimates to 10.929 billion bushels, the six-year
Japan's industrial output increased a revised 0.4% on month in June, compared to a preliminary data of a 0.1% drop, reported by the Ministry of Economy, Trade and Industry on Friday. The data showed the first gain in three months, boosted by the higher than estimated before output of electronic parts and devices, as well as chemical products. Year-on-year production
Gold sellers are the most active in five weeks after investors widened their bullion holdings to nearly all-time high amid increasing belief central banks will step up efforts to boost economic growth. Investors purchased around $850 million of gold in exchange-traded products in August, making the total of 2,411.7 metric tons, just 0.1% away from a record high posted July
China's trade balance posted a 25.1 billion surplus in July, falling significantly behind the forecasts of around 35 billion, the data reported by the General Administration of Customs on Friday. Exports surged 1% on year in July, while analysts had predicted 8.6% growth. Imports increased 4.7%, with the expected value of 7.2%.
On Thursday, August 9, U.S. stock indexes edged higher as the government reported on better-than-expected data. The Dow Jones Industrial Average jumped 0.07 per cent; the Standard & Poor 500 Index rose by 0.06 per cent, while the Nasdaq Composite index added 0.22 per cent. At the same time, European stocks were mixed, while Asian stock indexes soared more than 1 per cent.
Gold futures remained in tight range on Thursday, as Euro depreciated against the basket of major trading-partner currencies, and as U.S. trade gap tumbled and less Americans claimed for unemployment benefits. Gold futures with the October contract added 0.01 per cent to $1,613.85 per troy ounce. Other precious metals gained more, with September silver and copper for the same month adding 0.26% and 0.23% respectively.
The European Central Bank cut its growth forecast for 2012, leaving more space for central banks to lower their interest rates or make other bold actions to curb the Eurozone's debt crisis. The Eurozone's economy is now expected to shrink 0.3 per cent in this year, from the previous estimate of 0.2 per cent. Moreover, the outlook for 2013 was also lower to 0.6 per
On Thursday, August 9, the single currency lost ground versus its major peers, as the ECB's report signaled the further economic contraction, even worse, than it was predicted earlier. The Euro erased 0.5 per cent to $1.2303 during today's New York trading session. The single currency weakened against the Yen as well, with losing 0.1 per cent to 96.84 per yen. At the same time, the
As Commerce Department's report showed, the U.S. trade deficit tumbled by 10.7 per cent to $42.9 billion in June, from $48.0 billion in the month earlier. Meanwhile, it is the biggest improvement of a trade gap since February. As the gap narrowed, the boost for GDP growth should be provided. At the same time, the number of filed jobless claims declined by 6,000 to 361,000
According to the Federal Statistics Office, German's exports and imports tumbled in June by 1.5% and 3%, respectively, from the previous month. The total value of exports is at 92.3bn euro level, while the value of imports is 76.1bn euros. Despite worsened fundamentals, the exports to other countries, which are outside of the Eurozone, soared 20% from a year earlier.
Wall Street turned red on Wednesday, with the Dow Jones Industrial Average tumbling 0.18 per cent, the S&P 500 Index erasing 0.23 per cent, and the Nasdaq Composite Index falling 0.27 per cent. A day earlier, the Fed claimed that it is ready to intervene in the economy, and start bond-buying program in order to support the world's biggest economy.
European stocks ended three-day rally, as Standard & Poor's Ratings Services cut Greece's credit rating and traders took profits after three days of gains. The Stoxx Europe 600 Index tumbled 0.2 per cent to 268.01, after adding 0.8 per cent on Tuesday. Meanwhile, U.K.'s FTSE 100 Index dropped 0.4% to 5,818.38, Spanish IBEX 35 Index declined by 1.5% to 7,104.20; French CAC 40 Index erased
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were
FTSE 100 Index extended previous losses on Thursday on pessimistic data from the UK. UK trade gap widened to GBP28.3 billion as exports tumbled by 4.9% in Q2. Sending UK stocks lower, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for 2013. FTSE 100 Index lost 0.2% to trade at 5,830.81 at the time of
Chinese stocks rallied for fifth day in a line on Thursday on expectations that the POBC will ease its prudent monetary policy in view of deteriorating economic state. On Thursday, markets faced a flow of negative headlines from China. China's factory production unexpectedly slowed in July while home and car sales dropped more than expected last month. Adding to easing
Agricultural commodities were mixed on Wednesday amid broadly stronger US Dollar and better weather conditions in Brazil and India. Meanwhile, continuous drought in Russia sent grain futures higher. Wheat rebounded after USDA reported that Australia's wheat output is likely to drop by 11% in 12 months starting from October 1. At the same time, a 8% increase in Indian production in
Japanese equities surged on hopes for easing in China. China's inflation dropped to 30-month low in July, thus creating a room for further monetary policy loosening. However, disappointing Japan's core machinery orders and consumer confidence data capped the upward trend of the stocks. Nikkei 225 Index rallied 1.1% to trade at 8,978.60. All industries in the index soared. The largest
Energy commodities were mixed on Wednesday, with heating and Brent oil moving higher and natural gas and crude oil retreating. A larger than expected decline in the US crude oil stockpiles boosted energy commodities in the early US trade. Meanwhile, supply concerns also pushed energy prices up. Crude oil erased previous gains on profit-taking after the commodity hit three-month high. US