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
German shares dropped, yet showing an increase on a week, as U.S. spending cuts raised concerns that the global economy might reduce its pace of growth. The DAX index declined 0.3%, or 23.10 points, to 7,718.78 by 16:59 p.m. in Frankfurt. Deutsche Bank AG tumbled to its lowest level in 2013 after Goldman Sachs Inc. cut its stock rating. Commerzbank
Hong Kong blue chips dropped, with the benchmark index heading for its first decline in three days after Chinese Manufacturing contracted prior to the National People's Congress next week where the next growth target will be set. The Hang Seng Index retreated 0.6% to close at 22,880.22 at the close, cutting the weakly gain to 0.4%. Five out of nine
The U.K Manufacturing Purchasing Manager`s Index slumped to 47.9 in January, despite expected gain to 51.0. In the Q4 of 2012, a plummet in factory output fell 0.1% point off economic growth, leading to a slump in GDP that brought U.K within sight of its third economic crisis since the one in 2008. New orders rapidly declined for a second
Japanese stocks advanced after retreating yesterday as decline in consumer prices raised hopes the Bank of Japan will add more monetary stimulus to fight the deflation. Japan's consumer prices dropped for a third straight month. The Japanese benchmark index Nikkei 225 Stock Average rose 0.4% to close at 11,606.38. Three out of ten groups in the gauge edged higher. Heiwa
Unemployment rate of Italy rose to the highest level since 1992 in January, due to the reason that businesses stopped hiring after Italy`s economic crisis deepened. The jobless rate added to 11.7% in comparison with 11.3% in December. For people in the age range of 15 and 24, unemployment rate increased to 38.7% in January.
The Sterling plunged to a 2 ½ year low versus the U.S. Dollar after data indicated that manufacturing decreased more than it was expected in February. The Cable weakened 0.8% to $1.5048 and 0.7% to 86.67 pence versus the Euro. The Pound has dropped 5.6% during the current year, showing the worst performance among its 10 major peers.
Rural commodities except for coffee rallied for the second consecutive session on Thursday on hopes lower prices will attract more demand. Moreover, better-than-expected US grains export data was supportive for the commodity pack. Wheat climbed on ideas that a recent decline in prices will result in strong demand from livestock producers. At the same time, better weather conditions in the US
Energy futures apart from natural gas moved lower on Thursday on signs of rising US production. At the same time, bullish EIA inventory reports as well as positive US data limited the downward trend of the commodity complex. Crude oil ended Thursday's session on the negative note on reports that the US crude oil output soared to more than
Industrial metals tumbled ahead of China's manufacturing PMI reading due on Friday. Putting additional pressure, concerns over lack of physical demand outweighed upbeat figures from the US. Moreover, increased caution before the US PMI numbers scheduled on Friday also sent base metals lower. Aluminum plunged amid global oversupply concerns as inventories at LME and SHFE are rising along with increasing lightweight
Precious metals were bearish on Thursday amid renewed concerns that signs of the US economic recovery will mean an end to loose policies by the Fed. However, hopes for robust physical demand from India supported the commodity complex. On Thursday, Indian government unexpectedly refrained from increasing import duties on precious metals. Gold slumped after the data showed assets in the
U.S. equities erased their gains in the last trading minutes prior to investors rebalancing of benchmark gauges. In addition, Senate rejected the plan for replacing sequester. The Dow Jones Industrial Average erased 0.2%, or 20.88 points, to 14,054.49, 1% down from its October record. Three out of nine sectors edged higher. Hewlett-Packard posted biggest gains in the index, as it
Canada's Dollar declined to an 8-month low as slower-than-anticipated growth in the U.S., the country's largest trading partner, boosted concern a report will show the economy shrank. The loonie lost 0.8% to C$1.0306 per greenback at 5 p.m. in Toronto. The currency earlier touched C$1.0313, the weakest level since June 29. One Canadian Dollar buys 97.03 U.S. cents.
U.S. equities fell from their gains earlier this week, as a vote of Senate kept the automatic spending cuts of $85 billion. The Standard & Poor's 500 Index dropped 0.1% to close at 1,514.68 after earlier surging as much as 0.6%. Only five out of ten groups in the index advanced. Mylan Inc. rose 3.6% to $29.61 at its close
The Euro was set for the longest period of weekly drops since June amid prospects for lower interest rates in the currency bloc as data today is expected to show a manufacturing contraction deepened. The Euro gained 0.2% to $1.3078 at 6:05 a.m. in London and has fallen 0.9% this week. It added 0.1% to 121.03 yen, heading for a
Asian shares advanced, trimming earlier losses, as Japan's stocks rose after a decline in consumer prices boosted speculation the BOJ will expand its monetary policy to combat deflation. The MSCI Asia Pacific Index gained 0.1% to 135.23 at 1:47 p.m. in Tokyo, halting losses of 0.4%. Japan's Nikkei 225 Stock Average climbed 0.5%, while Australia's S&P/ASX 200 Index and Hong
The Australian Dollar strengthened against most of the major peers amid prospects the RBA policy makers will opt out of cutting borrowing costs during a meeting next week. The Aussie rose as much as 0.2% to 94.76 yen and 0.2% to $1.0235 at 4:48 p.m. in Sydney, heading for a weekly decline of 0.8%. The New Zealand Dollar gained 0.3%
Bullion posted the biggest fall since May and the longest period of plummets since 1997, as improving economy boosted up demand for gold as a safe asset. Supply of spot gold contracted 0.5% to $1589.9 for an ounce at 10:11 a.m. in London. The metal went for a 5th monthly decline, decreasing 4.7% during February. Gold for April settlement dropped
Demand of U.S citizens for unemployment claims dropped by 22,000 in the week ending February 23, reaching seasonally adjusted figure of 344,000. The 4-week moving average was 355,000, showing 6,750 decrease from the last week`s adjusted average of 361,750. Seasonally adjusted insured unemployment rate decreased 0.1% from 2.4% revised prior week. The figure for people who received unemployment aid contracted