Energy futures were bullish on Thursday on positive US housing and employment data. US jobless claims dropped more than expected last week while housing starts soared by 12.1% in December, beating forecasts of a 4.6% increase. Crude oil continued to gain inspiration from falling US inventories. The EIA reported on Wednesday that US stockpiles dropped by 0.9 million barrels compared
Industrial metals advanced on Thursday despite an unexpected contraction of manufacturing activity in Philadelphia region. Base metals complex found support on better-than-expected numbers from the US job and housing market. Meanwhile, market players continued to anticipate Chinese data releases due on Friday.Aluminum climbed, tracking gains of the US equities. However, the upswing was limited by bloated LME inventories. LME stocks
Precious metals jumped for the fourth session in a row amid broadly softer US Dollar and weak manufacturing data from the US. Philadelphia region's manufacturing activity unexpectedly contracted in January, boosting hopes for additional stimulus from the Fed. However, upbeat data from the US labour and housing market limited gains of the commodity group.Gold climbed, being supported by weaker US
U.S. shares accelerated on Thursday, with the S&P 500 reaching its highest intraday level in five years as optimism was brought to the market after a data showed decline in jobless benefits claims and a residential construction gain in December. The benchmark S&P 500 Index climbed 0.43% to 1,478.99, the Dow Jones industrial average added 0.46% to 13,572.72 and the
Manufacturing activity in the Philadelphia area decreased notably in the first month of 2013 as companies are becoming more concerned about the U.S. government spending abroad which could have a negative impact on economic growth. The Federal Reserve Bank of Philadelphia's general economic index fell from 4.6 in December to minus 5.8 in January, where reading below zero is used as a sign of
U.S. weekly fillings for unemployment benefits declined to its lowest level in five years as a sign of recovering domestic economy and labor market, the Labor Department reported on Thursday. Initial jobless claims for state benefits declined 37,000 and fell to a seasonally adjusted 335,000 the lowest figure since January 2008, and created the largest drop in a one-week period
Inflation of producer and import price in Switzerland declined in the last month of 2012, beat the expectation of economists though, when it fell to 1.0% in December from a November's 1.2%, the Federal Statistical Office reported on Thursday. On a monthly basis, the producer and import prices index recorded a modest gain of 0.1% following an unchanged November."Should the
German shares rose after U.S. housing starts climbed more than expected in December, offsetting the weak data for initial unemployment claims. The DAX index advanced 0.76% to 7,749.67. All but one sector increased in the gauge with consumer services rallying the most by 2.1%.HeidelbergCement advanced 2.6% to 46.95 euros to pace gains in the industrial shares that were
U.K. stocks surged as the number of building permits in the U.S. rose at a faster pace than analysts forecast pairing with gains in the stocks of Associated British Foods. The FTSE 100 index increased 0.3% to 6,121.96 by 15:29 GMT. All but three sectors in the index edged higher. Consumer services posted second biggest increase, as Associated British Foods
Hong Kong stocks slid on Thursday, extending their losses for a third straight day as investors closed their positions on growth-sensitive sectors prior tomorrow's data on Chinese economy. The Hang Seng index lost 0.1% to close at 23,339.8 points, declining further from its this high on Monday. However, five out of nine groups edged higher in the gauge with consumer
Japanese stocks climbed today after Nikkei 225 Stock Average fell as much as 2.6% yesterday, the biggest lost in 8 months, as the concerns rose about the currency moves. The Nikkei 225 added 0.1% to 10,609.64 at its close., as the Yen depreciated against its major counterparts. However, only four out of ten groups edged higher. Telecommunications posted the
U.S. blue chips declined after their gains yesterday on growing concerns about the global economy after World Bank forecast it to grow at a slower pace than in 2012. The world's largest economy improved last month, as industrial production extended its gains for a second month and auto and home sales also advanced, offsetting the weak data for unemployment in
Farm commodities apart from sugar advanced on Wednesday, drawing strength from the last week's USDA Wasde report. The sentiment on grains was also underpinned by South America weather concerns. Soil moisture in Argentina, Paraguay and southern Brazil is expected to decline in the next ten days, reported World Weather Inc. Wheat edged higher on worries that dryness in many US
Energy futures were mixed on Wednesday amid rising concerns over global economic recovery after the Word Bank cut its world's growth estimate from 3% to 2.4%. Uncertainty over US debt ceiling dispute also weighed on the market sentiment. Meanwhile, investors awaited the data from the US jobs and housing market due on Thursday.Crude oil rallied after the EIA report indicated
U.S stocks mostly edged lower after gaining yesterday, as the World Bank forecast the global economy to contract in 2013, offsetting an increase in the Apple's shares. The S&P 500 index added less than 0.1% to 1,472.63. All but three sectors declined. Telecommunications shares lost the most by dropping 1.16%, followed by basic materials that erased 0.76%. Northern Trust Corporation
Industrial metals were bearish on Wednesday amid lingering global economic concerns. Investors shunned riskier assets and turned to safe-havens after the World Bank lowered its global growth forecast from 3% to 2.4% for 2013, citing slower-than-expected recovery of the developed economies. Meanwhile, US Dollar rallied versus its major counterparts, putting heavy pressure on base metals.Aluminum dipped on worries that slower
Precocious metals rallied for the third consecutive session on Wednesday on hopes that the Fed will prolong its stimulus measures. In the recent speech, Ben Bernanke stated he is still unsatisfied with the pace of economic recovery. At the same time, the upward trend was limited by profit-taking and solid greenback. Gold lost momentum as worries over the global economic
Majority of Asian stocks fell after reaching the highest level in 17 months. The MSCI Asia Pacific Index was slightly changed at 131.5after gaining as much as 0.6% and declining 0.6%. The Nikkei 225 gained 0.1%, while China's Shanghai Composite Index lost 0.9% and Hong Kong's Hang Seng Index slid 0.2%. South Korea's Kospi Index slipped 0.2%, whereas Australia's S&P/ASX
Malaysia's Ringgit gained, snapping its tow-day loss, before a report that might show acceleration of China's economy growth, brightening the outlook for Asian export. GDP in China increased 7.8% in the last quarter of 2012 compared with 7.4% in the Q3. The Ringgit rose 0.2% to 3.0150 per U.S. Dollar, after touching 3.0125 earlier, close to the strongest level since
Japan's Yen declined, snapping its two-day advance, as investors awaited for fresh monetary easing stimulus by the nation's central bank next week. The Yen fell as much as 0.3% to 88.64 per U.S. Dollar, after rising 1.2% during the previous 2 days. It slid to 89.67 on January 14, the weakest level since June 2010. The Yen lost 0.3% to
The Australian Dollar fell against all of the 16 major peers as data showed unemployment rate rose, adding to concern the nation's economy is weakening. The Aussie declined 0.6% to $1.0513 and lost 0.3% to 93.19 yen. Meanwhile, the New Zealand Dollar dropped 0.2% to 83.96 U.S. cents after rising as much as 0.2% yesterday. The currency was little changed
German shares fluctuated between gains and losses and advanced by 15:54 GMT even though the nation's government forecast the Europe's largest economy to contract in 2013 and Jean-Claude Juncker, the Prime Minister of Luxembourg, said the strength of common currency might injure the Eurozone's economy. The German DAX index slightly increased by 0.18% to 7,688.77, rebounding from earlier losses.
U.K. stocks posted their biggest losses this year after the World Bank forecast that the Eurozone economy will shrink this year, pairing with Jean-Claude Juncker's statement that the strength of Euro currency threatens the growth of euro area. It was also forecast that the global economy will slowdown its pace of growth in 2013. The FTSE 100 index dropped
Business inventories and business sales increased in November, but the total business inventories/sales ratio stayed unchanged at 1.28, the Commerce Department reported on Tuesday. The report revealed that business sales rose notably, when it felt 0.3% in October, but recorded a 1.0% gain in November, while business inventories jumped in line with forecast 0.3% in the same month.