German private sector halted to slowdown in November according to Markit Economics. Yet, the services activity shrank the most in more than three years this month. The flash composite output index, tracking private sector's performance, including manufacturing and services, advanced to 47.9 in November from 47.7 the prior month. The flash purchasing managers' index increased from 46 in October to
The pound depreciated against the Euro, halting its advance throughout the last two days, as data showed U.K. manufacturing was close to its 10-month low this month. The currency slid against the greenback to $ 1.5954, down from its two-week high of $1.5978. Sterling slipped 0.4% to 80.72 pence per Euro after yesterday's surge to 80.06 pence.
The French Flash Manufacturing PMI inched higher than expected in November, indicating the nation's manufacturing sector improved. The Markit Economics data showed the index rallied from 43.7 in October to 44.7 this month. Meanwhile, the purchasing managers' activity in the services sector increased to the highest level in three months of 46.1 in November, surging from last month's 44.6."Although the
German shares rose on Thursday after flash PMI data indicated that the country's manufacturing activity contracted at slower pace this month. However, flash services PMI showed that German services sector shank more-than-expected in November. Easing concerns over Greek bailout after Angela Merkel hinted that the Eurogroup may agree on Greek bailout terms on Monday were supportive for German blue chips.
UK stocks advanced on Thursday on strong PMI data from the eurozone and China. Meanwhile, the market sentiment was also lifted by hopes for progress in talks over Greek bailout. German Chancellor Angela Merkel said that agreement on Greek bailout is still possible after finance ministers resume talks on Monday. The FTSE 100 Index gained 0.6% to trade at 5,786.64.
Japanese equities soared on Thursday after upbeat PMI data from China. Moreover, on-going speculation that opposition party that is expected to win next-month election will put pressure on the BoJ to ease its monetary policy continued to lend support for the Japanese shares. Meanwhile, the Yen reached a seven and a half month low, sending Japan's equities even higher. The
The Aussie halted its two-day drop as China's manufacturing showed growth signs the first time in more than year. The Australian Dollar traded up 0.2% to $ 1.0387, after declining 0.4% throughout the prior two days. Meanwhile, the currency appreciated 0.2% against the yen to 85.791, after Asian stocks advanced, fostering appetite for higher-yielding assets.
Energy futures rallied on Wednesday after the EIA supply report indicated an unexpected drop in stockpiles last week. However, concerns over demand from the US and eurozone coupled with a cease of fire in the Middle East weighted down on energy prices.Crude oil surged after the EIA reported that US inventories sank 1.47 million barrels last week versus a forecast
Industrial metals except for nickel slumped amid escalated concerns over the eurozone after the Eurogroup meeting resulted in no decision on the next Greek bailout installment. Moreover, recent Ben Bernanke comments that fiscal cliff may lead to recession created heavy selling pressure on the commodity group. Aluminum declined on combination of rising output, especially in China, and falling consumption amid
Precious metals advanced on Wednesday despite stronger US Dollar. The commodity group found support on mixed US data and increased buying of the central banks around the globe. However, market sentiment remained weak due to US fiscal cliff concerns and mounting uncertainty over Greek bailout.Gold inched up amid improving physical demand from central banks. Central banks of Brazil, Kazakhstan and
Hong Kong shares climbed after HSBC Flash PMI indicated that the country's industrial activity expanded to 50.4 this month compared to October's figure of 49.5. Moreover, hopes that Chinese government will implement property taxes gradually also helped Hong Kong shares to move higher. However, persistent concerns over looming US fiscal cliff and lack of progress over Greek bailout restricted the
Dow moved higher on Wednesday on mixed signals from the national economy. US preliminary PMI data showed that manufacturing activity expanded more than expected this month. However, positive numbers were partly offset by a downward revision on the UoM consumer sentiment index. Capping gains of the US blue chips index, the eurozone's finance ministers again failed to agree on the
US stocks closed higher ahead of Thanksgiving day on mixed data from domestic economy. US flash PMI rose more than expected in November, while UoM consumer sentiment was revised down. Meanwhile, the number of jobless claims in the US declined to 410,000, in line with market consensus. At the same time, the US stock index came under heavy pressure after
European shares rose for the fourth consecutive day as recent report showed Chinese manufacturing expanded. The Stoxx Europe 600 Index gained 0.3% to 270.79. The reading has surged 16% from its lowest level in June 4 when the ECB and Federal Reserve launched their asset-purchasing programmes. SABMiller added 4.6% to 2,755, whereas EasyJet Plc advanced 0.7% to 686.5 pence, as Barclays
China's manufacturing sector expanded for the first time in more than a year, signalling that economic growth in the world's second-largest economy is rebounding following a 7-quarter slowdown. The preliminary reading of PMI was 50.4 released today by Markit Economics and HSBC Holdings Plc compared to 49.5, a final level in October.
Oil was trading close to its highest level in three days as Chinese manufacturing expanded and stockpiles dropped unexpectedly in the U.S. The inventory of crude fell 1.47 million barrels the last week. Contracts on oil were slightly changed after yesterday's advance of 0.7%. Futures on Crude for January were at $ 87.54 a barrel, soaring 16 cents on the
The 17-nation currency advanced versus most of the major peers before European officials resume talks on bailout for Greece next week. The Euro rose versus the U.S. Dollar and Yen as Eurozone's leaders meet today for budget discussions. The common currency gained 0.1% to $1.2846 after earlier fetching $ 1.2868, the strongest level since November 7. It touched 105.95 yen
South Korea's Won weakened for a second day as Deputy Finance Minister Choi Jong Ku said measures should be undertaken to curb fluctuations in the exchange rate. The won lost 0.2% to 1,085.73 per U.S. Dollar, after earlier touching 1,080.05, the highest level since September 9, 2011. One-month implied volatility declined 10 basis points to 5.70%.
Farm commodities apart from coffee retreated on Wednesday on weak risk appetite on the market amid lack on Greek bailout decision and concerns over the US fiscal cliff. Moreover, stronger US Dollar and favorable weather conditions in South America added pressure on the commodity group.Wheat was almost flat after Deere & Co revised down its wheat price forecast for 2012-2013
Gold advanced after banks joined to investors in enhancing the holdings and the common currency appreciated against the dollar. Spot gold gained 0.2% to $ 1,730.65 an ounce. The U.S. Mint sales of gold coins inched higher to 67,000 ounces in November from 59,000 the prior month. Futures on gold for December increased 0.2% to $1,730.80 an ounce on the
Asian shares advanced to their highest level in two weeks on positive U.S. unemployment and Chinese manufacturing data. The MSCI Asia Pacific Index (MXAP) surged to 0.8%, while the Nikkei 225 Stock Average gained 1.1%, touching its six-month high. China's manufacturing index showed first expansion in more than year, and U.S. jobless claims data indicated a decrease in the number
The common currency appreciated versus majority of its major counterparts amid growing optimism that the eurozone's finance ministers will finally agree on Greek debt-reduction plan. The euro was at $ 1.2818, after reaching the highest level since November 7 of $ 1.2833. The Japanese yen fell 0.8% to 105.58 per euro, down to its six-month low, as Japan's exports tumbled
U.S. consumer confidence dropped in November on concerns over federal tax increase and government spending cut programs in the year 2013. The index tracking consumer sentiment slightly increased to 82.7, up from 82.6 in October; yet lower than the initial forecast of 84.5. The drop in the reading was also triggered by political uncertainty that disturbed in reaching a consensus
The National Bank of Belgium reported Belgian consumer confidence dropped in November, touching its lowest level in three years. The consumer sentiment indicator fell to -24 from -17 the prior month, showing the biggest month-on-month decline since November 2011. The consumer's confidence index was dragged down mainly by consumers' negative view on the nation's current economy and growing concerns over rising employment paring with companies' restructuring