Sugar production is expected to decrease for the first time in 5 years due to low prices. Sugar supply will drop 1.8% as demand for the commodity will rise 1.9% in the market year, which starts October 1. Sugar prices slid 55% after it reached 30-year highs in 2011 as producers increased their output. It is expected that demand for
According to a report on trade confidence index in U.K., more than 1700 businesses showed a significant gain in export revenue in the second quarter. The gauge advanced 2.85% to 118.12 and is by 2.94% higher than the index a year before. The government of the U.K. has aimed its policy to improve balance of trade since 2010, but trade
European and emerging-market stocks rose together with U.S. S&P 500 futures after China's premier's claims that the economy will not grow less than 7%. The Stoxx Europe 600 Index jumped 0.3% to 301.25, while the MSCI Emerging Market Index increased 1.3% to the highest level in 6 weeks.. Future contracts on S&P 500 index climbed 0.2%
Global stocks jumped after Chinese authorities vowed to increase spending on railway projects in order to ensure that GDP growth doesn't drop below 7%. MSCI Asian-Pacific shares, excluding Japan, rose 1.3%, while FTSE EuroFirst 300 index climbed 0.4%. MSCI world equity gauge increased 0.2% as Nikkei 225 was lifted 0.8%.
WTI crude declined after disappointing U.S. housing data was posted. WTI crude oil futures retreated 0.64% to $106.26 per barrel and the European benchmark Brent crude decreased 0.19% to $107.94. North American crude oil declined the most in over a week amid concerns that the U.S. economy has not grew enough.
U.K. government bonds dropped together with U.S. and German securities as rising European stock market reduced demand for safer assets. Yield on 2-year gilts rose 3 basis points to 0.36% after better-than-expected mortgage approvals data showed signs of improving Britain's economy. Yields on 10-year U.K. securities increased 3 basis points to 2.29%, while the Pound was virtually unchanged.
The U.S. Dollar dropped against the Yen for a second consecutive day as investors speculated that the Fed will not increase rates after unwinding of the QE. The Greenback slid 0.2% to 99.44 Yen so far today after touching 99.15, the lowest point since July 17. The currency was virtually unchanged against the Euro and traded at $1.3196 after it
U.K. shares were little changed before the U.S. earnings that are awaited by investors. The FTSE 100 Index gained 0.1% to 6,627.39 as of 9:15 a.m. London time after advancing 0.5% earlier. The equity-benchmark slid 0.1% on Monday after rising for four weeks in a row. The FTSE All-Share Index climbed less than 0.1% today, while Ireland's ISEQ Index dropped
U.S. shares advanced, with equity exchange-traded funds receiving money at the fastest pace in five years, as housing report and revenue from companies boosted speculation the Federal Reserve will maintain bond-purchases. The S&P 500 added 0.2% to 1,695.53 and the Dow Jones Industrial Average jumped 0.1% to 15,545.55.
German government bunds were unchanged ahead of a regional data that analysts said will indicate consumer sentiment in the Euro block increased for the eight month in a row in July. The European Commission report will indicate sentiment jumped to minus 18.3 in July. German 10-year note yield was flat at 1.51% and the price of the 1.5% bund maturing
The Sterling remained steady versus the U.S. Dollar and the Euro ahead of data that analysts said will indicate U.K. banks boosted lending for mortgages last month. Mortgage approvals increased from 36,102 in May to 38,300 in June. The Sterling was unchanged at $1.5367 and remained flat at 85.85 pence against the 17-nation currency.
Asian shares prolonged rises to the highest level in two months, after the U.S. released disappointing housing report and Chinese Premier Li Keqiang ensured that the Chinese economy will not fall below 7% economic growth index. Japanese benchmark the Nikkei 225 increased 0.80% to 14,778.51 and the Topix jumped 0.48% to 1,222.72.
The Canadian currency touched the strongest level in four weeks ahead of retail sales data that are expected to show an increase. The Canadian currency advanced 0.3% to C$1.0334 per U.S. Dollar as of 5 p.m. Toronto time after it reached C$1.0322 per U.S. Dollar, the strongest in more than a month. One Canadian Dollar buys 96.77 U.S. cents.
European shares increased for the fifth day, extending their longest streak of gains in about three months, after Telenor ASA and Swatch Group AG posted higher profit. Royal KPN NV advanced 11% after announcing that Telefonica Deutschland Holding AG. may take over KPN's German mobile operator E-Plus. The Stoxx Europe 600 Index added 0.4% to 301.4.
The Euro remained flat at its last ending price, after jumping to the strongest level in one month versus the U.S. Dollar, boosted by weaker-than-forecast U.S. home sales data. The common currency was steady at $1.3188 and remained unchanged at 0.8588 against the Sterling, as well as it was trading flat at 131.34 versus the Yen.
The Aussie and Kiwi prolonged their climb to a third straight day as commodity prices continued to rise and the volatility dropped supporting higher-yielding asset demand. The Australian currency gained 0.1% to 92.57 U.S. cents at 10:46 a.m. Sydney time after adding 0.9% over the last two days. The Kiwi rose 0.2% to 79.81 U.S. cents after reaching 79.91 previous
The Japanese Yen advanced after the Prime Minister Shinzo Abe won the upper house elections and weaker-than-expected U.S. housing resales data came out. The U.S. Dollar lost 1.02% against the Yen to 99.58 at 3:17 p.m. GMT. Versus the Pound, Japan's currency added 0.45% to 152.91, while against the common currency the Yen advanced 0.64% to 131.31.
The Australian Dollar gained as any hopes of Federal Reserve curbing quantitative easing in the near future were dismissed. The Aussie climbed 0.3% to 91.99 cents at 6:13 p.m. Sydney time, after gaining 1.4% last week. It declined 0.3% to 92.01 versus the Yen. Australian 10-year bond yield dropped two basis points to 3.65%.
British Pound continued to advance versus the greenback as the Prime Minister of U.K. said he may reduce taxes on recovering economy. U.S. housing resale data showed lower-than-expected results, giving additional boost to the currency's appreciation. Sterling rose 0.71% to $1.5369 against the greenback at 2:51 p.m. GMT and it slightly climbed against the Euro, by 0.2% to 0.8584.
The demand for houses declined in the U.S. as prices grow quickly and mortgage rates become more expensive. Resales of previously owned houses dropped 1.2% in June to 5.08 million. Analysts predicted that the number would reach 5.25 million, a gain of 1.4%. Despite slowdown, the resale growth was the second largest since November 2009.
Gold kept to trade above the $1,300 level as investors continue purchasing the metal instead of the greenback. Federal Reserve Chairman Ben Bernanke said not to taper the quantitative easing unless employment data improves, which weakened the Dollar. Gold futures increased 2.21% to $1.321.60 an ounce as of 11:46 a.m. EDT, while silver went up 4.18% to $20.275 an ounce.
Main equity gauges remained flat after opening on Monday as McDonald showed disappointing earnings outlook. The Dow Jones industrial average decreased 0.06%, or 8.75 points, to 15,534.99. The Standard & Poor's 500 gauge gained 0.07%, or 1.15, to 1.693.24. The Nasdaq Composite Index added 0.17%, or 6.2 points, to 3,593.81.
Copper futures increased on Monday amid speculation of China's growing demand and U.S. expanding housing sector, stimulated by depreciating Dollar. Copper futures rose 1.46% and ended at $3.186 per pound on New York Comex. Both China and the U.S. are the largest metal-consumer countries. Commodities expressed in dollars typically rise when the greenback weakens.
The Sterling advanced for a fifth straight day versus the U.S. Dollar after the U.K. Prime Minister David Cameron revealed that economic recovery might allow tax reduction. The Pound increased against major counterparts before this week's report that is expected to show the economy's acceleration in the second quarter. The currency climbed 0.4% to $1.5334.