On Monday, copper tumbled amid uncertainty about EU authorities' ability to control the debt crisis, which cut investors interest for industrial metals. Three-month copper lost 0.4% to $7,537 per metric ton in London. The September-delivery metal decreased 0.3% to $3.417 per pound in New York. Copper inventories dropped for the first time in six weeks.
U.K. house values declined for the first time this year and may tumble further as stronger recession cuts demand for real estate. Prices slipped 0.1% from June. In London home-price inflation pace tumbled to 0.1%. This week data showed U.K.'s economy dropped 0.7% in January-March quarter, the most in almost four years.
The Euro fell back versus its major counterparts before today's report that could increase concerns over the Eurozone's crisis influencing consumer sentiment. On Monday, the Euro tumbled 0.2% to $1.2294, cutting last weeks 1.4% climb. The European Commission report will most likely prove the household sentiment index slipping close to a three-year low of -21.6 and unemployment rate rising to
South Korea's currency increased 0.3% to 1,134.65 per dollar amid Angela Merkel's and Mario Monti's promise to do whatever needed to protect the Euro. On Monday, the Won reached 1,132.45, the strongest level since May 4. Three-year government bonds slipped to 105.83 and one-year interest rate swap rose to 2.91%.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti assured that both countries will do whatever is necessary to protect Eurozone. After a phone conversation, leaders agreed that conclusions made at the EU's summit last month have to be implemented "as quickly as possible".
Japan's industrial output unexpectedly fell, while confidence of South Korean manufacturers declined to a 3-year low, indicating further implementation of fiscal and monetary measures. Production declined by 0.1% in June from the previous month, when it fell 3.4%, said Japan's Trade Ministry. According to the South Korean central bank, the confidence index decreased to 70 for August from 81 for
Oil futures climbed to the week high in New York upon belief that U.S. and European authorities will boost economic growth and worries about Middle East unrest spreading and slowing down the supply. On Monday, September delivery oil rose 0.9% to $90.95 per barrel, overall advancing to the first monthly increase in three months.
The Euro advanced versus the greenback on Friday, and touched its highest level in three weeks. The boost was provided by German and French leaders' joint statement, providing hopeful news for the single currency. The Euro jumped 0.7 per cent to $1.2369 from yesterday's $1.2284. On the contrary, the ICE dollar Index erased 0.41 per cent and fell to 82.529.
On Friday, July 27, gold futures jumped on growing optimism for Eurozone's future and improved U.S. GDP. Gold for August delivery rose by 0.24 per cent to $1618.95 per ounce during today's New York trading session. Meanwhile, other precious metals also advanced, with September silver by 0.01% to $27.500 per ounce and copper for September settlement by 0.58 per cent to $.412 a pound.
The loonie advanced versus its U.S. counterpart to a 10-week high on Friday, as markets and oil turned green. The Canadian dollar added 0.4 per cent to C$1.0065 cents a U.S. dollar and moved closer to parity. Meanwhile, the benchmark Canadian 10-year yield increased by 6 basis points, or 0.06 percentage point, to 1.70 per cent.
European Central Bank announced its readiness to buy government debt from the Eurozone's countries, and the U.S. growth data came better-than-expected, providing a boost for European stock markets. The Stoxx Europe 600 Index jumped 1.05 per cent to 259.26, after adding 2.5% on Thursday, July 26. At the same time, the Italian FTSE MIB index rocketed 2.6% to 13,561 and Spain's IBEX 35 Index also soared
Oil futures edged higher On Friday, as European leaders pledged to save the shared currency. Crude oil for September settlement jumped 0.63%, or 20 cents to $89.59 per barrel during today's New York trading session. Meanwhile, August gasoline soared 1.52 per cent to $2.86 per gallon, heating oil for August delivery advanced by 0.76 per cent to $2.89 per gallon while August natural gas reversed gains
On Friday, July 27, U.S. stocks edged higher as Germany and France claimed their readiness to do whatever is needed to save the Eurozone. The Dow Jones Index jumped 0.7 per cent, to 12,978.14, the Standard & Poor 500 soared 0.9 per cent, to 1,371.70 and the Nasdaq Composite added 0.7 per cent, to 2,913.20.
European policymakers are trying to keep Greece in the Eurozone, while ECB and central banks are ready to accept losses in further Greek national debt restructuring. While the total Greece's National Debt is around 220-230 billion euros, second restructuring of national debt may be a last chance to keep Greece solvent. One of the options, offered by ECB is a writedown of 30 per cent
As reported by the Commerce Department, the world's biggest economy expanded by 1.5 per cent in the second quarter, as Americans are getting more cautious on spending, because of the softening job market. While major forecasts were around 1.4 per cent increase in gross domestic product, still the economy grew by 0.5 per cent less, than in the prior quarter.
Farm commodities retreated on Thursday despite potential demand increase from the Eurozone after the ECB President pledged to save the Euro by any means. Improving weather conditions in Brazil and the US sent the commodity group down. Wheat dropped more than 2% despite reports that Russia's crops fell essentially this year because of the drought. Corn moved down as recent price rally
Energy markets soared on Thursday on easing worries over the Eurozone's economic instability after Mario Draghi promised to preserve the Euro. Unexpected increase in durable goods orders and positive labour market data from the US also spurred the upward trend of the commodity group. Crude oil surged on weaker US Dollar and brighter demand prospects. However, concerns over slowing China's economy
Industry metals were slightly higher on Thursday as Mario Draghi pledged to put any efforts necessary to save the single currency. Easing Eurozone's worries restored inventors' confidence, hence sending riskier assets higher. Aluminum rose on improved risk-sentiment after Mario Draghi comments. However, high Chinese output continued to weight on the light metal. Copper prices increased as the red metal's markets remain in
German stocks moved higher on Friday amid optimism over the Eurozone after the ECB hinted on additional measures to preserve the single currency. German DAX 30 Index inched up 0.18% to trade at 6,593.80 at the time of writing. Utilities were mixed, with E.ON retreating 0.53% and RWE climbing 0.08%. Financials declined by 0.12% . Commerzbank dropped 0.5% while Deutsche
UK stocks rose 0.14% on Friday to trade at 5,582.80 at the time of writing. UK equities were spurred by hopes that the ECB is preparing to purchase bonds of indebted member states. Barclays rose 7.32% as the bank reported a EUR2.9 billion profit, excluding changes in inventories and value of its stake in Sanofi-Aventis SA. The British bank also
Hong Kong equities rallied on Friday as market participants covered short positions after the ECB raised hopes that the bank may integrate further to save the Euro. Hang Seng Index rose 2.02% to end the week at 19,275. Even drop in China's industrial profits for the third month failed to restrict stocks' rally. Financials rose 2.1% as China's government is
Japan's shares extended previous gains on Friday on positive headlines from the Eurozone. Spanish and Italy's bond yields fell from record-highs after Mario Draghi reassured investors that the Euro will be preserved. Demand for risker assets was also bolstered by expectations for easing measures worldwide. Nissan erased previous losses caused by disappointing earnings report release on Thursday. Shares of Nissan
Dow Jones Industry Average surged 1.67% on Thursday as hopes for stabilization in the single currency union boosted risk-sentiment. Moreover, positive US jobs market data lifted the US blue chips index. Oil and gas companies were among the top-performers, rising 1.86%. Exxon Mobil rose 1.5% after reporting a 49% increase in profits in Q3 due to sales of stake in
S&P 500 rallied on Thursday after the ECB President pledged to save the Euro by any means. The announcement raised demand for riskier assets as investors hope the ECB will resume its bond purchasing program. Yields on Spain's and Italy's bonds dropped sharply after Mario Draghi comments. S&P 500 posted the first gain of 1.65% after five days of losses.