The central bank of China announced that it would maintain its prudent monetary policy this year. The bank added it would attempt to ensure stable economic expansion while holding the energy prices at the reasonable level. The PBOC also reported it would maintain its social financing measure that comprises corporate bond issuance, bank lending and other financing sources.
Gold futures decreased at Asian session on Friday amid broadly stronger US Dollar. COMEX Gold June contract traded at 1661.65 US Dollars per troy ounce on the New York Mercantile Exchange, losing 0.48%. Meanwhile, COMEX silver for delivery in May traded at 32.255 US Dollars per troy ounce, jumping by 0.82%.
The unemployment rate in Japan tumbled to 4.5% on a seasonally adjusted basis in February as compared to a 4.6% in January reading. Experts predicted the jobless rate to stay unchanged last month. After the data release, the Japanese Yen appreciated against its US counterpart and the pair USD/JPY traded at 82.06, falling by 0.49%.
Economic confidence in common currency area unexpectedly dropped in March indicating economy is likely to struggle to get back on the track in the 1st quarter. Index measuring consumer and executive sentiment edged down from a reviewed 94.5 in February to 94.4 in March. Economists questioned by Bloomberg expected the measure to improve from initial reading of 94.4 to 94.5.
European equities dropped rapidly on weak economic statistics from US and Europe amid surging bond yields for Italy and Spain. Stoxx Europe 600 lost 1.3%, German DAX tumbled 1.8% and British FTSE 100 shed 1.2%. French CAC 40 index fell 1.4% and FTSE MIB plunged 3.3% after Italian 10- year borrowing costs climbed by 0.18 percentage points, reaching 5.21%.
The number of applications for jobless benefits fell last week attaining the lowest reading since 2008 supporting evidence of a recovery in US labour market. Initial jobless claims declined by 5000 to 359 000 last week. Economists questioned by Bloomberg predicted a bigger fall to around 350 000 jobless claims.
Agricultural commodities retreated on Wednesday on the firmer US Dollar and improved prospects on the US crops. Wheat approached five-year low amid speculation about ample US supplies as recent rainfalls are likely to boost winter harvest. Corn continued to be pressured as US farmers are expected to plant the most acres since the Second World War. Sugar dropped as possible
Energy commodities apart from heating oil declined on Wednesday on easing supply and lingering demand concerns. Broadly stronger US Dollar and weaker global equities also added to the pessimistic mood of the commodity group. Lower than expected increase in the US durable goods orders and cooling China's economy escalated worries over the Brent and crude oil demand. At the same
Industry metals followed a downward trend on Wednesday, being pressured by broadly stronger US Dollar. Disappointing durable goods data that undermined confidence in stable US recovery also weighted down on the base metals pack. Moreover, weakening China's demand and soft global equities pushed the growth-sensitive commodities even lower. Aluminium continued to slide amid expected oversupply in the market while uncertainty
Precious metals tumbled on Wednesday amid weaker equities and firmer US Dollar. The commodity group lacked clear direction over the week as further actions of the Fed stayed uncertain. Meanwhile, a smaller than expected increase in the durable goods orders sparked mass commodity selling among investors. Gold and silver moved in tandem during the day while platinum and palladium seemed
German DAX index faced a choppy session on Thursday as economic sentiment for the Euro region declined unexpectedly. All nine sectors traded into negative area led by heavyweight auto makers which contributed most to German benchmark's loss. Daimler AG fell 2.4%, BMW AG dropped 0.6% and Volkswagen AG tumbled 2.8%. ThyssenKrupp AG lost 1.2% after Exane BNP Paribas downgraded its
GBP/USD was traded in a wide range during the last month and has formed a Channel Up pattern on 4H chart. The formation has 60% quality along with 100% magnitude in a 80-bar period.Cable tested its resistance level twice and bounced off from $1.6000 to its support level near $1.5849. The price tried to recover but did not succeed and
FTSE 100 dropped on Thursday as data showed home prices declined in March and oil prices tumbled. UK retailers fell after their Swedish rival H&M posted disappointing 1st quarter results. Marks & Spencer Group fell 3.2% and Kingfisher shed 1.4%. Oil stocks pushed index lower with BP fading 2.4% and Royal Dutch Shell slipping 1.3%. On the upside International Power
Japan's Nikkei Stock Average declined further on Thursday giving up 0.67% or 67.78 points and settling at 10,114.79. The index was negatively affected by slower than predicted growth in US durable goods orders amid appreciating Yen. On the upside Sharp extended gains and rallied 7% on yesterday's news Foxconn Technology Group will buy a stake in the company. Ebara Corp
Hong Kong's Hang Seng index prolonged its losses on Thursday as drop in commodity prices pressed the index into negative territory. Hang Seng index plunged 1.32% or 276.03 points and closed at 20,609.39 with energy sector posting the biggest daily drop. Aluminum Corp. of China lost 1.3% while PetroChina gave up 2%. Cnooc tumbled 3.3% despite reporting better than expected
Dow Jones Industrial Average index traded lower on Wednesday weighed down by production-oriented Alcoa which tumbled 2.3% and Caterpillar which fell 3.5%. Overall the index shed 0.54% or 71.52 points and settled at 13,126.21 with seven out of nine sectors posting losses. Walt Disney Co lost 1.5% on news its competitor Rupert Murdoch's News prepares to start national sports network
Thousands of people in Spain are going participate in the general strike against the new reform. The reform stipulates reduction of the maximum severance payment to 33 days' remuneration from 45 days currently provided. The measure is aimed at combating with unemployment and saving billions of Euros for the country. However, labour unions claim the legislation will ease firing for
The retail sales of Japan surged by 3.5% in February on a monthly basis, according to the Trade Ministry. Experts predicted the sales to jump by 1.3% last month. The rise of the sales figures and improving equity markets indicate recovery of the Japanese economy. However, experts do not expect the domestic consumption to gain further because of weak labour
The average house price in the UK declined by 1% this month while taken annualized rate home prices decreased by 0.9% in March. Experts say the fall was expected as the duty stamp easing that boosted the demand in the beginning of 2012 has expired. However, in case the overall outlook improves and the government's stimulating measures prove to be
S&P 500 index extended downward path on Wednesday as oil prices tumbled and orders for durable goods in US rose only 2.2% compared to predicted 2.9% gain. US benchmark gauge lost 0.49% or 6.98 points and closed at 1,405.54. Medco Health Solutions rallied 3.2% on news it may be acquired by Express Scripts, a deal worth about USD 29 billion.
EUR/USD was capped at 1.3385, tumbled to 1.3277, forming a Channel Up pattern on 4H Chart. The pattern has 62% quality along with 40% magnitude within 21 bars.The pair has been growing since March 15, after two-week depreciation by 3.7%. Most of indicators remain neutral, while MACD and SAR lead to the pair's possible fall. If the price decreases, investors
The yellow metal advanced during Asian session on Thursday amid bargain buying as gold slid after dismal data on the US durable goods sales. COMEX gold for delivery in June traded at 1,666.05 US Dollars per troy ounce on the New York Mercantile Exchange, jumping by 0.33%.
Fitch Ratings has lowered its forecast of Japanese economy's growth for this year from 2.2% to 1.9%. The agency reported that the decision was made because of statistical changes of the base year computation using the national accounts. Fitch also added that it expects slightly stronger domestic consumption growth in Japan amid the better incomes.
The CPI in Germany increased mainly in compliance with expectations this month, reported German Federal Statistics Bureau. The CPI added 0.3% in March as compared to a 0.7% increase in the preceding month. Considering yearly moves, the CPI advanced by 2.1% in March while analysts projected a 2.2% rise.