German DAX index plunged on Wednesday as disappointing economic data sent shares sharply lower. Final Euro Zone PMI for March affirmed contraction across the region amid climbing Spanish borrowing costs. Moreover ECB left its benchmark rate steady at 1%. German car makers and financials contributed most to the downside. Volkswagen AG lost 1.1% and Daimler AG declined 1.2%. Commerzbank AG
FTSE 100 index extended losses on Wednesday driven by miners as commodity prices tumbled. Fresnillo PLC slipped 5.2%, Evraz PLC lost 4.1% and Xstrata PLC edged down 2.4%. Insurer Resolution Ltd. dropped 1% after UBS downgraded the share from buy to neutral. Next Plc tumbled 3% on news its CEO Simon Wolfson sold 125,000 stocks in the firm. Financials also
USD/JPY rebounded twice from the resistance level at 83.02, then at 82.99, forming a Channel Down pattern on the 1H chart. The formation has 61% quality along with 88% magnitude in a 67-bar period.The price skyrocketed to the pair's resistance level at 82.99 on April 3, and eased afterwards. The RSI indicator jumped above 70% level, and eased, which can
Japan's Nikkei Stock Average plunged under 10,000 on Wednesday posting the biggest daily drop since November 1 on Fed decision. Nikkei 225 index tumbled 2.29% or 230.4 points and settled at 9,819.99. Clothing retailer Fast Retailing fell 5.7% after Credit Suisse Group said company's sales failed to rebound from the March 11 earthquake. Asahi Group Holdings advanced 2% after the
Japanese automobile sales soared by 78.2% in March on a yearly basis, reported the Japan Automobile Dealers Association. The government's subsidies for 'green' cars essentially contributed to the sales increase. Toyota was the leading company in sales of the new cars while Nissan and Honda occupied second and fourth place, respectively.
Australia's S&P/ASX 200 index slightly declined on Wednesday as country posted a trade deficit instead of predicted surplus in February. S&P/ASX 200 index dropped 0.07% or 3.10 points and closed at 4,333.90 with miners posting major losses as copper and gold futures declined. BHP Billiton lost 1.3% and Fortescue Metals edged down 1%. The main gainers were Ardent Leisure and
Dow Jones Industrial Average index dropped on Tuesday after Fed executives expressed concerns about slower hiring and refused to purchase more bills to boost economy. Blue chip index lost 0.49% or 64.94 points and finished at 13,199.55 with all nine sectors posting loss. Financials provided the main downside effect with Bank of America slipping 2% and JP Morgan & Chase
S&P 500 index retreated on Tuesday as Federal Reserve muffled the hopes for extra monetary stimulus. US index fell 0.4% or 5.66 points and closed at 1,413.38. Molson Coors Brewing tumbled 5.4% on news the company made an USD 3.5 billion investment in 9 European breweries. Express Scripts Inc. rallied 3.9% after completing its USD 29.1 billion acquisition of Medco
The primary reading of the Euro Zone's composite PMI indicated further contraction of the economic activity in the region. However, the final estimate of the PMI was above the preliminary reading of 48.7. The final PMI in the Euro Zone attained 49.6 in Q1, signaling on the mild contraction as compared to the preceding quarter reading of 47.2.
China is set to boost investments as well as competition in banking and financial sector. The country increased the amount that foreign money managers are allowed to invest in China's economy to 80 billion US Dollars. The monopoly of the state-banks has to be broken, said Wen Jiabao, China's PM. The move is also likely to stimulate growth and internationalize
The greenback advanced against 17-nation currency on Tuesday as Federal Reserve cooled speculations for extra monetary stimulus. The US Dollar added 0.3% versus Euro to USD 1.3199 and slipped 0.2% versus Yen to JPY 82.64. Currently EUR/USD is trading at USD 1.3205 and USD/JPY is trading at JPY 82.68.
Australian currency fell against most of its peers on Wednesday as data showed nation unexpectedly faced a trade shortfall in February. Aussie lost 0.5% versus greenback to USD 1.0278, close to the lowest since reading January 16. Meanwhile Kiwi gave up 0.3% to USD 0.8168. Currently AUD/USD is trading at USD 1.0289 and NZD/USD is trading at USD 0.8173.
Crude prices declined for a second straight day as US oil supplies expanded and Fed signalled no additional accommodation currently is needed. May oil gave up USD 0.41 to USD 103.6 a barrel. Yesterday the contract dropped 1.2% to USD 104.01 a barrel. Brent oil to be delivered in May shed USD 0.23 to USD 124.63 per barrel. Oil supplies rose by 7.8 million
Precious metal futures fell in electronic trading on Wednesday as Federal Reserve erased hopes for additional monetary stimulus. Gold to be delivered in June slumped 1.6% or USD 27.50 to USD 1,644.30 an ounce while May silver fell 2.9% or USD 0.97 to USD 32.30 per ounce. June palladium lost 1.1% or USD 9.6 to USD 650.00 per ounce. Platinum
Australian trade gap unexpectedly widened in February as metal and coal exports tumbled, putting extra pressure on RBA to consider further interest rate cuts. Imports surpassed exports by AUD 480 million (USD 493 million) in February. In contrast analysts have predicted a surplus of AUD 1.1 billion. Australia's exports declined to AUD 24.4 billion in February.
US stock markets headed South on Tuesday after Federal Reserve minutes indicated reduced need for additional monetary stimulus. S&P 500 index fell 0.4% or 5.66 points to 1,413.38, Dow Jones Industrial Average slipped 0.49% or 64.94 points and closed 13,199.55 and Nasdaq Composite lost 0.2% or 6.13 points to 3,113.57.
European markets closed down on Tuesday as banks pushed major stock indices lower amid surging Italian and Spanish borrowing costs. Stoxx Europe 600 index fell 1.1%, German DAX lost 1% and UK FTSE index shed 0.6%. French CAC 40 index fell 1.6%, Spanish IBEX 35 gave up 2.7% and Italian FTSE MIB index tumbled 2%.
The gauge measuring British construction activity through a number of new orders unexpectedly surged in March, stimulating hopes UK has avoided recession. Construction PMI soared from 54.3 in February to 56.7 in previous month, the sharpest growth in almost two years. Analysts had predicted the reading to decline to 53.6.
Federal Reserve board claim the recovering US economy reduces the urgency for additional stimulus. FOMC explained the new accommodation may be implemented only in case if economy slows sharply. Fed also reiterated it still plans to keep its key interest rate close to zero by the end of 2014. US stock indices declined on the news.
USD/CHF bounced off the resistance level at 0.9003 and formed a falling wedge pattern on the 1H chart. The formation has 72% quality along with 53% magnitude within 125 bars.Greenback has been depreciating against Swiss Franc during last two weeks, and decreased to 0.9038. The price was capped twice at 0.9092, then at 0.9071, and dropped to the resistance around
Rural commodities were mixed on Monday with growing coffee and corn prices and falling wheat and sugar futures. The commodity group was supported by the upbeat PMI data from the US and China; however, firmer US Dollar created some pressure. Wheat was lower as Russia exports are expected to be higher than initially estimated during current marketing season. At the
Australia's retail sales improved less than initially expected in March, according to Australian Bureau of Statistics. Australian retail sales increased by 0.2% on a seasonally adjusted basis as compared to a 0.3% gain in February. Experts had predicted the retail sales to advance by 0.3% in March.
The Euro Zone's rate of unemployment hit record high in February, reported Eurostat. The jobless rate in the region hit 10.8% on a seasonally adjusted basis in February as compared to a January reading of 10.7%. The figure was mostly in compliance with expectations. The number of individuals without job in the region attained 24.55 million people. The lowest jobless
Canadian currency strengthened versus its US peer on Monday on report which showed US manufacturing index climbed to 53.4% in March. Loonie added 0.8% versus greenback to CAD 0.9906 and advanced 1% against the Euro to CAD 1.3351. Currently USD/CAD is trading at CAD 0.9895 and EUR/CAD is trading at CAD 1.3197.