US crude oil stockpiles soared by 2.8 million barrels last week, reported the EIA. The inventories of crude oil approached 375.9 million barrels, being near the upper level of average range in this year period. At the same time, total gasoline inventories dropped by 2.0 million barrels, approaching the middle level of average range.
Jobless rate in New Zealand increased unexpectedly in Q1 of 2012, reported Statistics New Zealand. The unemployment rate in the country advanced to 6.7% in Q1 as compared to 6.3% in the previous quarter. Experts predicted the jobless rate to stay unchanged at 6.3% in Q1. After the release of data, New Zealand Dollar posted losses against its US counterpart
Final reading of the Euro Zone's PMI indicated that Markit Euro zone Manufacturing PMI contracted to 45.9 on a seasonally adjusted basis in April as compared to March figure of 47.7. The earlier flash PMI estimate indicated a decline to 46.0. Manufacturing weakness has spread to the strongest Euro zone's economies as German manufacturing activity fell to 33-month low while
US non-farm employment change increased less that initially expected in April, reported ADP. Non-farm payrolls edged up to 119K as compared to 209K in March. Experts projected non-farm payrolls to advance to 177K in April. After the data release, the greenback added to the previous gains as Euro Zone's risk concerns continued to weight on the Euro. EUR/USD currently approached
Rural commodities balanced between favorable weather conditions in the US planting regions and expected frosts in Brazil.Wheat decreased for the first time in four sessions after US government reported that farmers accelerated planting due to warm and wet weather. Corn faced some gains despite expectation that US farmers will plant the most acres since 1937.Sugar approached one-year low as amount
Energy commodities were mixed amid inspiring manufacturing data from the US and China and increasing US oil stockpiles.Crude oil gained more than 1% as positive PMI data lifted hopes for better demand prospects. Brent oil tumbled after Nigeria reported it aims to increase its oil output to four million barrels per day by 2020. Falling imports of the Iranian oil
Industry metals followed upward trend along with positive PMI releases from the US and China. China's HSBC PMI advanced from 48.3 to 49.3 in April but remained below the level of 50 that divides contraction from expansion.Aluminum found support on the strengthening demand from Aero-space sector; however, expectation for 11% decrease in China's demand this year continued to weight down
Standard and Poor's has upgraded Greek credit rating from "selective default" to "CCC" after Greece has finished its debt restructuring. The credit agency reported that the fiscal pressure is likely to ease in the near term; however, the amount of debt still remains high. Greece has received the bailout package twice and currently the country depends on favorable economic conditions to meet its obligations, the
Precious metals opened higher on Tuesday but did not manage to sustain the rally as positive manufacturing data from the US revived the greenback. US ISM index indicated factory activity expanded to 54.8 in April sending the US Dollar index higher by 0.11%.Gold ended the day marginally lower amid stronger global equities and diminishing ETF buying interest. The yellow metal
FTSE 100 index traded lower on Wednesday as record high unemployment level and weaker manufacturing activity in Euro Zone weighed on investor sentiment. Another report from U.S. showed companies added less new jobs than expected in April. Standard Chartered tumbled 3.5%, Lloyds Banking Group lost 3.1%, while Barclays PLC shed 4.1%. On the upside Next rallied 2.1% on news its
German DAX index pared morning gains after data showed nation's unemployment level unexpectedly increased by 19 000 people in April, marking the first increase in six months. Moreover other report showed Euro Zone jobless rate jumped to all time record 10.9% in March while manufacturing declined. Financials led the decline with Commerzbank dropping 2.4% and Deutsche Bank falling 2%. At
Euro Zone jobless rate jumped to the highest level in nearly 15 years whereas region's production fell for a ninth straight month, signalling the Euro Area economy keeps weakening. The unemployment rate in 17-nation region climbed from 10.8 in February to 10.9% in March, EU statistics office said today. Region's manufacturing index dropped from 47.7 in the third month of the
German jobless rate unexpectedly climbed first time in last six months as debt turmoil curbed economic growth. The number of unemployed people increased by 19 000, reaching 2.87 million, compared to an expected drop by 10 000 people. The adjusted unemployment rate was 6.8%.
Hong Kong's Hang Seng index followed its Chinese counterpart and rallied on Wednesday supported by positive manufacturing expansion in mainland. China's official PMI climbed from 53.1 in March to 53.3 in April. Hang Seng index jumped 1.02% or 214.87 points and settled at 21,309.08. Eight sectors within the index posted substantial gains. China Coal Energy gained 1.4% and Cathay Pacific
Asian share markets traded mostly higher on Wednesday as most of investors returned from holiday and anticipated optimistic Chinese official PMI data which indicated expansion. Hang Seng index climbed 1%, Shanghai Composite index added 1.8% and South Korea's Kospi gained 0.8%. Japanese Nikkei 225 index surged 0.3% and Australia's S&P/ASX 200 soared 0.1%.
Dow Jones Industrial Average index traded higher on Tuesday as higher than expected manufacturing activity in April lifted investor sentiment. Blue chip index rose 0.50% or 65.69 points and closed at 13,279.32. reaching the record high since late 2007. 22 stocks of 30 posted gains. Alcoa and Bank of America led the gains each adding 2.5%. On the downside Cisco
Japan's Nikkei Stock Average rebounded on Wednesday as Chinese official data showed manufacturing activity in world's second biggest economy improved in April. Nikkei 225 index climbed 0.31% or 29.30 points and finished at 9,380.25. Japan Tobacco advanced 2.4% on news the cigarette producer will increase its dividend and prepares to boost prices in order to meet its earnings target. Kansai
S&P 500 index advanced on Tuesday lifted by better than expected U.S. ISM-manufacturing data. US index added 0.57% or 7.91 points and finished at 1,405.82. Archer Daniels Midland jumped 7% after beating analyst earning estimates. Chesapeake Energy rallied 6.3% on news it will hire a new chairman and stop executive incentive program. Avon products tumbled 8% as its profit disappointed
The US Dollar advanced for a second straight day versus Japanese currency ahead of US employment change report due today which is predicted to show the nation added more jobs in April. Greenback soared 0.3% versus Yen to JPY 80.35. US Dollar gained 0.1% against European shared currency to USD 1.3219. Currently USD/JPY is trading at JPY 80.55 while EUR/USD
Canadian currency appreciated versus its US peer after production data in US surpassed even the most optimistic analyst forecasts. Canada's Dollar strengthened 0.2% against greenback to CAD 0.9854 in Toronto session yesterday. Last month currency appreciated to 7-month record high. Currently USD/CAD is trading at CAD 0.9860.
HSBC's April manufacturing PMI climbed to 49.3 up from a initial figure of 49.1 compared to gauge of 48.3 in March. HSBC indicator contrasted with the official Chinese PMI figure which showed April gauge climbed to 53.3 signalling expansion. HSBC analysts predict economic expansion to slump in next three months and then rebound in second half of the year.
US stock markets closed higher on Tuesday with Dow Jones index reaching almost 5-year record high as data showed US production activity expanded at faster pace than expected. S&P 500 index gained 0.57% or 7.91 points and finished at 1,405.82, Dow Jones Industrial Average rose 0.50% or 65.69 points to 13,279.32 and Nasdaq Composite added 0.13% or 4.08 points down
Switzerland's largest bank UBS AG reported its profit for the first three months of 2012 dropped by 54%, damped by loss on its investment bank division and lender's own debt charge. The net profit tumbled CHF 827 million (USD 910 million), UBS reported on Wednesday. Analysts had predicted a slightly smaller drop of CHF 810.9 million.
Mitt Romney announced that Yuan's 23% appreciation versus U.S. Dollar in last five years is not enough and branded world's second largest economy as currency manipulator. Romney promised in his campaigns to put more pressure on China as he claimed Obama hasn't done enough to boost stronger Yuan. Economists questioned by Bloomberg expected Yuan to climb versus greenback to CHY 6.15 by the