German equities extended their losses on Monday, as China's service sector contracted and U.S. spending cuts threatened the recovery of the world's largest economy. The DAX index tumbled 0.1% to 7,704.06 by 17:19 p.m. in Frankfurt. Four out of nine sectors edged lower. Utility and technology shares soared the most in the index. Fresenius SE & Co KGaA rallied 1.6%
U.K. equities dropped after report showed Chinese services contracted last month, and Chinese government tightened mortgage rules to curb the residential property market. The FTSE 100 Index slid 0.5% to 6,348.69. Seven out of ten sectors in the index inched lower. Kazakhmys posted biggest losses, dragging down the basic materials group by 2.4%. Furthermore, Lloyds Banking Group added to losses
Shares on Wall Street recorded losses after markets opened on Monday as unfavorable outlook of global economic growth prompted investors to close their positions in equities that are close to reaching their record highs. The Standard and Poor's 500 Index dropped 0.22% to 1,514.91, the Nasdaq Composite Index slid 0.33% to 3,159.35 and the Dow Jones industrial average shrank 0.10% to 14,075.30.
Hong Kong equities slumped on Monday, as investors took short positions in mainland markets after Beijing launched measures to curb the rising prices of property in China. Chinese government announced that owners of homes who sell off their houses, would need to pay 20% on their profits as a capital gains tax. The Hang Hang Seng index decreased 342.41 points
Construction activity in the U.K. dropped at the steepest pace in more than three years in February as the output and new works recorded a notable reduction, the Markit Economics survey showed on Monday. The Markit/Chartered Institute of Purchasing & Supply Purchasing Managers' Index went down from 48.7 in January to a 46.8 level in the last month, compared to a 49 points figure initially
Japanese Nikkei 225 Index edged higher on Monday, as the nominee for central bank's position of governor outlined a sound policy to tackle deflation, as he pledged to not set any boundaries to the amount of money that needs to pumped into economy. Gains in the index were mainly led by real estate and financial companies. The Nikkei climbed 0.4%
The industrial producer price index was up 0.6% in the first month of 2013, compared with the month before, in both the 17-nation bloc and the European Union, the data reported by the statistical office of the European Union showed on Monday. Year-on-year, industrial producer prices added 1.9% in the Eurozone and 1.8% in the larger 27-nation EU.
The U.K. currency was less than 0.4% of its lowest level in a 2 ½-year period against the U.S dollar as a data showed the largest decline in U.K. construction output in more than 3 years in February. The pound dropped below $1.50 on March 1, the lowest figure since July 2010, and was at $1.5036 earlier on Monday's session as a construction activity
Falling inflation and increasing unemployment of the 17-nation bloc might be the reasons of further interest rate cut by the European Central Bank, which is expected to discuss its monetary policy at a meeting taking place next week. Latest reports showed that the Eurozone's inflation slowed down from January's 2% to 1.8% in February, while unemployment recorded 11.9% in January.
European shares and the shared currency tumbled on Monday's trading session due to lack of progress in negotiations over the new government in Italy and as the U.S. and China's tighter property market measures brought worries about the world's economy outlook. The Euro fell 0.1% to $1.2985, while the London's FTSE 100 index, Paris's CAC-40 and Frankfurt's DAX lost around 0.5%.
Unemployment rate of Spain grew to 4.98 million, reaching 26.2% in January. According to the Spanish Ministry of Labor, in January alone, number of jobless people increased by 132,055, after a decline of 59100 unemployed in December. Analysts forecast that 77500 unemployed will add to the figure in the nearest future. Economic expansion of Spain will continue to falter due
U.S. shares climbed for week, pushing the Dow Jones Index to its highest in five years, as data on U.S. economy topped the forecasts. Purchases in the U.S. rallied to the highest in four years. The Dow Jones Industrial Average jumped 0.6%, or 89.09 points, to 14,089.66, the highest level since October 2007. All but two groups in the gauge
U.S. equities advanced on better-than-forecast economic data that offset concerns over budget spending cuts and Italian parliamentary election. The Standard's & Poor's 500 Index rallied as much as 0.2% to close at 1,518.20 on Friday. The gauge has rallied 1.1% in February, extending its gains for a fourth consecutive month. Seven out of ten groups in the gauge edged higher.
The Chinese service sector growth slowed down to its lowest pace in a five-month period in February, adding to concern that the world's second largest economy recovering slower than expected. The country's non-manufacturing purchasing managers' index (PMI) stayed at the level of 54.5 recording its slowest expansion pace since last September, compared to January's 56.2.
The Japanese currency strengthened broadly as a notable decline of Chinese shares due to the Japan's government announcement about stronger curbs on mainland's property market made investors to buy Yen. The U.S. dollar tumbled 0.4% to 93.32 yen, while the Japan's currency rose 0.7% against the Australian dollar to 94.76.
The Australian currency fell to its lowest level in an eight-month period after the Bureau of Statistics released a report showing an unexpected decline of building approvals, adding to a speculation of interest rate cut by the Reserve Bank. The so-called Aussie dropped against most of its 16 major counterparts, decreasing 0.8% to $1.0125 and 0.9% to 94.61 yen.
Taiwan's Dollar forwards declined as China's PMI dropped to 50.1 in February, the lowest level in five month, clouding the outlook for exporters to the nation's biggest market. One-month non-deliverable forwards fell 0.1% to NT$29.688 per U.S. Dollar, while one-month volatility rose 8 basis points to 4.83%.
Farm commodities apart from sugar advanced on Friday despite weak data out of China and broadly stronger US Dollar. Grains found support on speculation that US export sales may jump due to strong demand from Asia and North Africa. Wheat rose after China Cereal said it plans to sell 1.29 million tonnes of wheat to ease tight market
Energy futures ended the week in the red territory on concerns over global demand prospects amid weak PMI reading in China and political turmoil in Italy. Also weighing on prices were worries that the Fed may halt its bond-buying plan earlier-than-planned. Crude oil was the top-loser after the data showed on Thursday the US crude oil production surged above a
Industrial metals apart from nickel tumbled on Friday on weak PMI data from the Eurozone and US. Final manufacturing PMI in the US reached 54.3 last month, compared to expectations of 55.6. Moreover, political uncertainty in Italy as well as solid greenback weighed on base metals. Aluminum declined amid soft demand and elevated LME stockpiles. Stocks at the LME rose 950
Precious metals except for silver moved lower on Friday on renewed concerns that the Fed may end its growth-boosting activities sooner-than-expected amid upbeat US data. Moreover, worries over political instability in Italy pushed the US Dollar higher, putting additional pressure on the commodity complex. Gold retreated on signs of weak investment demand and anticipation of a further decline in prices. Assets
Indonesia's currency fell the most in almost 3 weeks as data showed inflation unexpectedly rose. The Rupiah weakened 0.3% to 9,704 per U.S. Dollar at 9:12 a.m. in Jakarta, the biggest decline since February 12. Consumer prices rose at the fastest pace since June 2011, with gains being 5.31% last month. Bank Indonesia expects the inflation to be in a
Asian shares fell, with the regional benchmark index set for the second day of drop, as China tighten mortgage rules in order to cool the property market. The MSCI Asia Pacific Index declined 0.9% to 133.53 at 3:39 p.m. in Tokyo. China's Shanghai Composite Index plummeted 3.2%, poised for the lowest close since January. Meanwhile, Japan's Nikkei 225 Stock Average
Canada's real GDP rose 0.2% in the fourth quarter and posted a 0.6% rally on annual basis. Final domestic demand surged 0.6%, in comparison with the 0.2% increase in the third quarter. Construction, public sector, utilities, finance and insurance sector posted positive growth as well, while manufacturing sector slid 2.2%,dragging down the production of both durable and non-durable goods."Obviously the