Europe's equities fell on Wednesday reflecting drop in investor sentiment after Spain's downgrade in Tuesday evening. Stoxx Europe 600 declined 1.5%, Spanish IBEX 35 plunged 2.6% and Italian FTSE MIB dropped 1.8%. Athens General index lost 3.2% and British FTSE 100 shed 1.7%. German DAX index edged 1.8% lower.
The Asian market faced uncertainty and dropped on Thursday as growing concerns surrounded Europe. Investors turned their backs on high risk assets and leaned towards a safer option – the U.S. debt stocks. In morning trade Nikkei 225 Index declined by 1.6% while Kospi Composite Index and Hang Seng Index each slumped by 1.3%.
Swiss economy unexpectedly expanded in the first three months this year, supported by stronger consumer demand. GDP soared 0.7% compared to a fourth quarter of 2011, posting a biggest gain since 2010. Analysts predicted the economy would stagnate. Swiss Franc traded against US Dollar at CHF 0.9693.
China's growth indicators are dropping below the anticipated estimates, thus requiring the government to reconsider its policies to ensure future stability. Nonetheless, some analysts believe that even such a downturn can be rationalized with the lowering demand outside the domestic market as well as fading effect of accommodative policies taken after 2008. On top of that, the current government is more concerned with ensuring stability rather
Dow Jones Industrial Average index lost ground on Wednesday as investor sentiment was ruined by developments in European troubled countries. Blue chip index slipped 1.28% or 160.83 points and finished at 12,419.86. 29 of 30 index's stocks posted loss. Economy linked shares fell most. Aluminium giant Alcoa dropped 3.5% and oil provider Chevron gave up 2.6%. Financial shares of Bank
In April retail sales in Germany soared more than predicted by economists. The surge was supported by record low unemployment rate and higher wages. Retail sales added 0.6% in April compared to a previous month, Federal Statistics Office reported on Thursday. The median estimate of analysts surveyed by Bloomberg was a gain of 0.2%.
S&P 500 index erased earlier gains on Wednesday as borrowing costs in Italy and Spain surged while Greece renewed worries it may leave Eurozone. US benchmark index tumbled 1.43% or 19.10 points and closed at 1,313.32. Monsanto jumped 2.2% after firm's CEO said earnings for 2012 will likely soar 25%. Apple remained on the positive side with a 1.2% gain
Gold futures kept declining in electronic trade on Thursday as global slump in stock and currency markets amid stronger US Dollar damped the demand for precious metals. Gold to be delivered in August slipped 0.1% or USD 1.90 to USD 1,561.50 per ounce. On monthly basis gold has depreciated around 6.2%. Silver for July delivery dropped USD 0.19 or 0.7%
Crude oil kept following a bearish trend on Wednesday and moved towards the largest monthly fall in 3 years on worries the deepening European debt turmoil and slowing growth in US will curb demand for fuel. Oil futures today are 20% down from the highest value this year, implying a bearish path. July oil lost USD 0.17 to USD 87.65
Due to European debt woe, India's economic growth for the first three months this year expanded at slower pace than was predicted by analysts. India's GDP for the first quarter added 5.3% compared to an expected gain between 6.5% and 6.7%. Rupee weakened after the release of the data.
US shares erased previous session's gains on Wednesday as borrowing costs in Italy and Spain climbed while Greece renewed threats it may leave Eurozone. S&P 500 index fell 1.43% or 19.10 points and closed at 1,313.32. Dow Jones Industrial Average shed 1.28% or 160.83 points and finished at 12,419.86. Nasdaq Composite dropped 1.17% or 33.63 points settling at 2,837.36.
Canadian currency fell to one-week record low as banking crisis in Spain fuelled worries, European debt woe is accelerating. Lonnie fell 0.8% versus US Dollar to CAD 1.0301 in Toronto session. Canadian Dollar is headed for a 4.2% drop in May. Currently USD/CAD is trading at CAD 1.0282.
The 17-nation currency plunged to almost two-year record low on Wednesday boosted by growing concerns over rising tensions across Europe. Italy auctioned less than planned amount of debt at surging yields. Spain kept struggling with its indebted banks and loss in investor confidence. European Commission's announcement permanent bailout fund should inject money directly into banks was not supported by main
On Wednesday European Commission supported Spain in offering than prospective permanent bailout fund inject money into banks rather than channel cash through countries' governments. Proposals for direct aid meet resistance from main creditor nations Finland, Germany and the Netherlands. Common currency plunged versus US Dollar to almost two-year record low at USD 1.2386.
Ireland hopes to ensure additional funding beyond the received EUR 85 billion in December, which will be determined by the upcoming referendum Thursday 31 May. The purpose of the referendum is to receive the approval (or rejection) of the Irish people for imposing austerity in terms of taxes and spending control. According to Enda Kenny, Prime Minister, if the Irish agree to the treaty, the
Standard & Poor's 500 Index lost 0.8% and slid to 1322.39 by 12:30 GMT today. Index has lost 5.4% of its value since the start of the month. S&P 500 intraday futures lost 0.74% giving away 9.9 points and decreasing to 1323.5. NASDAQ futures lost 21 points (0.82%) and decreased to 2538.5. Dow Jones futures lost 0.64% and decreased to
It could be observed that the price of crude oil dropped nearly by 14-15% during the month of May from USD 105 per barrel to the current USD 90. However, Richard Surrmeier, the Chief Market Strategist working at ValuEngine.com, anticipates that an even further slump to USD 79 will be experienced by the end of June. Suttmeier also highlights that hurricanes as well as tropical
The pressure continues to grow upon the EUR/USD currency pair, as the dollar has reached its peak in almost 2 years with the EUR dropping below USD 1.25. The trigger has mainly been the troubling situation in Spain and, according to Kathleen Brooks, Forex.com research director, Spain is in need of an unrealistic EUR 380 billion bailout. Accordingly, the U.S. Dollar Index measured against six key currencies
UK FTSE 100 index tumbled on Wednesday as investors anticipated news about the Spain's credit rating cut to grade B by Egan Jones. Most of index's constituents dropped during session. Resource stocks and financials provided the most significant downside contribution. Fresnillo lost 2.5% and Rio Tinto fell 3.3%. British banks also sharply declined with Royal Bank of Scotland giving up
German DAX index sharply fell on Wednesday after Spain's downgrade. Surging Italian and Spanish borrowing costs weighted on investor sentiment. Italy sold its bills at higher yields than in previous auction. Moreover ECB rejected Spain's government plan to recapitalize Bankia SA through government debt. German car maker shares retreated from yesterdays gains and traded lower. BMW AG fell 2.3% while
Precious metals were mostly lower on Tuesday after Spain's credit rating was cut by rating agency Egan Jones. Negative news from the Eurozone pushed the EUR/USD below 1.25 creating strong pressure on the commodity pack.Gold, being highly risk-sensitive at the moment, slid amid growing uncertainty in the Eurozone. However, dismal consumer confidence data from the US restricted the downswing. Silver was
Industry metals moved higher on Tuesday on speculation that China will ease its monetary policy to stimulate cooling economic expansion.Aluminum was among gainers as China's demand perspectives are positive due to rural automobile subsidy.Copper managed to climb as China's may revive financial incentives that in turn is likely to boost industrial demand for the red metal. However, persistent turmoil in
Energy commodities tumbled on Tuesday as global demand concerns lingered after unexpected Span's credit rating downgrade.Crude oil balanced between gains and losses as demand concerns from the Eurozone and supply worries from Iran increased volatility of the commodity group.Brent oil depreciated despite lack of resolution of Iranian nuclear issue. Traders are cautious ahead of the EIA inventory report release. Natural
Farm commodities dropped on Tuesday as crop conditions in the top-growing regions continued to improve. At the same time, economic instability in the Eurozone continued to dampen investors' risk-appetite.Wheat posted the largest fall in the last four weeks on speculation that rains are likely to revive crops in Russia and Ukraine. Adding to global supplies, US started harvesting wheat crops.Corn