Energy futures were mixed on Wednesday after a release of the EIA crude oil inventory report. Ongoing concerns over political instability in Spain and Italy as well as caution ahead of the ECB policy meeting also weighed on energy prices. Crude oil retreated after the EIA report showed slightly smaller than expected increase in the US crude oil inventories. US stockpiles
Industrial metals were bearish on Wednesday ahead of the ECB press conference scheduled on Thursday and China's trade numbers due out on Friday. Meanwhile, worries over political instability in the Eurozone also weighed on the commodity group. Aluminum slumped despite hopes for stronger demand. The major aluminum producers predict an increase in aluminum usage in automobile industry. At the same time,
Precious metals except for palladium moved higher on Wednesday as caution ahead of the ECB press conference due on Thursday boosted safe haven appeal of the commodity complex. Gold climbed ahead of the ECB policy meeting scheduled on Thursday. Moreover, signs of strong physical demand continued to support the precious metal. At the same time, weak Eurozone's data as well
The Euro declined toward the lowest level in a week against the U.S. Dollar ahead of the ECB's meeting, at which policy makers will discuss banking and political tumult that threatens to renew the bloc's debt crisis. The common currency lost 0.4% to $1.3523 at 5 p.m. in New York and fell 0.4% to 126.63 yen after rising to 127.71,
U.S. equities advanced, halting their earlier declines, on better-than-expected profits that offset growing concerns over the euro-are falling into a debt crisis. The S&P 500 climbed 0.1% to 1,512.12. Six out of ten groups in the benchmark index edged higher. Among the best performing blue chip companies was First Solar that rose as much as 7.3% to $31.13 to cap
Most Asian stocks fell amid earnings concern as News Corp. and Nikon Corp. cut forecasts as well as Japan's Nikkei 225 Stock Average declined from the highest level in 4 years. The MSCI Asia Pacific Index slipped 0.1% at 3:06 p.m. Tokyo time. Australia's S&P/ASX 200 Index gained 0.3%, while Hong Kong's Hang Seng Index fell 0.1% and the Shanghai
The Chinese Yuan declined to a six-week low as the nation's central bank reduced its reference rate for a second consecutive day, boosting speculation it is willing to slow appreciation to support exports amid weakening Yen. The PBOC cut the fixing by 0.03% to 6.2898 per U.S. Dollar, the weakest since December 27. The Yuan lost 0.04% to 6.2340 per
South Korea's Won declined for a third straight day amid concern Japan will debase a value of its currency further, clouding outlook for Korea's exporters. The Won depreciated as much as 0.2% to 1,089.66 per U.S. Dollar at 10:13 a.m. in Seoul. The currency fell to 1,098.25 on February 1, the lowest level since October. One-month implied volatility fell 13
The Australian Dollar touched the lowest level since November as employment data did not show an improvement, which would rule out the central bank's further stimulus to prop up economy. The Aussie traded at $1.0315 as of 3:40 p.m. Sydney time, after earlier gaining 0.1%. Australia's currency declined 0.3% to 96.37 yen. The kiwi lost 0.4% to 83.61 cents and
European stocks extended their losses on Wednesday on disappointing results in the earning season pairing with political conflict between France and Germany over the single currency exchange rate. The DAX index dropped 0.1%, or 77.61 points, to 7,590.12 by 17:19 p.m. in Frankfurt. All but one group in the benchmark index inched lower. Merck KGaA paired biggest losses as it
U.K. equities stayed little changed, halting earlier gains on speculation the political instability in Italy and Spain might cause the euro area's sovereign –debt crisis. The FTSE index slid 0.1%, or 4.06 points, to 6,279.18 by 4:24 p.m. in London after earlier rising 0.6%. Four out of ten groups in the benchmark index declined with technology shares tumbling the most
Hong Kong stocks rebounded from their losses yesterday on strength in China Mobile shares. The Hang Seng index rose 0.5% to 23,256.9 points after falling as much as 2.3% on Tuesday. All but one group in the benchmark index surged at least 0.2%. AIA Group Ltd, a provider of financial and insurance services, rallied 2.7%, the most in the
Japanese equities advanced, sending the Nikkei 225 Stock Average to its highest level since 2008 on speculation Masaaki Shirakawa, the governor of BOJ, announced he will step down earlier than scheduled. The Nikkei 225 advanced 3.8% to 11,463.75, its highest level in more than four years. All ten groups in the benchmark jumped at least 2%. All ten groups
Rural commodities tumbled on Tuesday on weak demand for riskier assets amid political instability in the single currency union. Moreover, speculation that weather conditions in the US and Argentina may improve weighted on the grains. Ample global supplies also put pressure on farm commodities. Wheat sagged 0.72% on speculation that US inventories may be higher than predicted. US wheat stockpiles are
Energy futures were bullish on Tuesday on positive news from the US. US budget deficit is expected to fall to USD845 billion this year, according to the US Congressional Budget Office. However, market players remained cautious ahead of the EIA weekly report due on Wednesday. Crude oil climbed on the US deficit hopes. Meanwhile, analysts expect the EIA report to show
Industrial metals except for aluminum slumped on Tuesday as market sentiment remained weak amid political turmoil in Spain and Italy. Spain's PM Mariano Rajoy faced allegations of corruption and was called to resign by the opposition party. Meanwhile, uncertainty over Italy's general elections also weighed on risk appetite. Aluminum was the only gainer, recovering some of the previous losses amid weaker
Precious metals apart from gold advanced on Tuesday amid persistent supply concerns and broadly weaker US Dollar. Disappointing economic data from the Eurozone coupled with political instability in Spain and Italy boosted safe-haven appeal of the commodity complex. Gold was the only loser as a recent increase in prices spurred profit taking. Meanwhile, signs of strong physical demand from central
The Euro strengthened against the Yen to the strongest level since April 2010 on a purchasing manager's index signaled services output in the Euro-zone shrank less than forecast, increasing demand for the shared currency. The Euro appreciated 1.4% to 126.56 Yen after reaching 126.97 Yen on February 1, the highest in more than 2.5 years. The Euro advanced 0.2%
Most of the U.S. blue chips advanced on Tuesday rebounding from their decline earlier this week, as corporate profits topped the analysts' estimates and Dell Inc. decided to be taken private. Dell's CEO Michael Dell and Silver Lake Management LLC agreed on buying the PC maker. The Dow Jones Industrial Average rose 0.7%, or 99.22 points, to 13,979.30. All but
U.S. equities edged higher after pairing their biggest loss this year on higher than expected profits. The S&P 500 index advanced 1% to 1,511.29 after slipping as much as 1.2% on Monday amid growing concerns about the European debt crisis. All ten groups in the benchmark gauge rose at least 0.2%. Computer Sciences Corporation jumped 9.2%, the most in the
Thailand's Baht halted a 3-day rally amid concern the nation's central bank will intervene to combat appreciation that undermines exports. The Baht weakened 0.1% to 29.76 per U.S. Dollar at 9:02 a.m. Bangkok time. The currency fetched 29.66 on January 21 and January 31, the highest level since August 2011. One-month implied volatility inched down 17 basis points or 0.17
Asian stocks advanced, with Japan's Nikkei 225 Stock Average poised for the highest close in 4 years, as the Yen declined, brightening the outlook for exporters. The MSCI Asia Pacific Index rose 1.4% to 133.36 at 2:51 p.m. Tokyo time. Hong Kong's Hang Seng Index gained 0.8%, while China's Shanghai Composite slid 0.2%. Australia's S&P/ASX 200 Index added 0.8% even
The Australian Dollar dropped to the weakest level this year as data showed the country's retail sales missed expectations falling 0.2% in December, spurring concerns the central bank will cut its key rate next month. The Aussie lost 0.4% to $1.0351 as of 3:44 p.m. Sydney time and fetched $1.0346, the weakest level since December 21.
South Korea's Won declined to the lowest level in 3 months as the Yen's weakening to a 3-year low alleviated concerns Korea's government will intervene to support exporters. The Won fell 0.2% to 1,089.25 per U.S. Dollar at 11:01 a.m. in Seoul. The currency traded at 1,098.25 on February 1, the lowest level since October. One-month implied volatility fell 23