US blue chips traded in the red territory, after reopening from two day long closure in wake of Hurricane Sandy. Dow came under heavy pressure after Chicago PMI showed worse-than-expected improvement in October. However, encouraging headlines from the eurozone capped losses of the US blue chips. Greece finally agreed on its budget while Spanish PM said that the country needs
US stocks inched up at after-hurricane trading on Wednesday amid positive news from the eurozone. Greece agreed on its budget plan and Spain hinted that it needs EU help to meet its deficit targets. However, worse-than-expected Chicago PMI reading coupled with mixed quarterly reports created heavy pressure on the US stock index. The S&P 500 Index added 0.02% to end
On Thursday, U.S. stock-index futures were gaining after a report showed that the number of Americans filing for unemployment benefits was less than expected. Pfizer Inc. declined by 0.7% after it decreased the forecast for 2012. December futures on the Standard & Poor's 500 Index added 0.2% to 1,409.1 by 8:47 a.m. New York time.
The U.S. Bureau of Labor Statistics reported on Thursday that U.S. non-farm productivity increased more than expected during the last quarter. Non-farm productivity added 1.9% on a seasonally adjusted basis in Q3, unchanged from a revised down figure of 1.9% growth in the preceding quarter. Economists expected a 1.6% gain.
On Thursday, European stocks were advancing on reports that showed an increase in U.S. employment and a rebound in China's manufacturing. The Stoxx 600 added 0.7% to a level of 272.09 by 1:14 p.m. London time. Earlier, the index was also gaining during the five previous trading sessions.
Farm commodities apart from coffee moved higher on Wednesday, supported by broadly softer greenback and easing worries over Hurricane Sandy. Adding to the positive mood of rural commodities, weather in Brazil deteriorated prompting buyers to turn to US supplies.Wheat climbed as US winter-varieties are in the worst condition in 27 years due to severe drought this summer.Corn jumped as adverse
Energy futures tumbled on Wednesday despite weaker US Dollar and easing concerns over Hurricane Sandy. Meanwhile, market players awaited fresh report on the US crude oil stockpiles due on Thursday. Experts predict the US supplies may have stockpiled further last week, thus pushing energy prices down.Crude oil moved down as US inventories are expected to have increased last week. At
The greenback advanced for the first time in three days against the Euro as traders believed in safety of the U.S. currency after factory data from Sweden and Norway fueled belief that Europe's debt crisis is weakening growth. The Dollar added 0.2% to $1.2937 per Euro and rose 0.3% to 80 Yen, while the Yen slid 0.1% to 103.49 per
Russia's factory output increased for the second straight month in October, posting its best total performance since May, Markit Economics showed on Thursday. The HSBC Russia Manufacturing PMI climbed to 52.9, exceeding the long-run Markit survey average of 52.1. The advance was led by a 1.5-year fast growth rate in new orders.
Hong Kong's retail sales advanced at a significantly higher pace in September, Census and Statistics Department reported on Thursday. Retail sales volume, measured in constant prices, soared 8.5% on year way above expected 5.8% increase, after a 3.2% rise in August. In the January-September period, retail trade expanded 3.2% from the same period in 2011.
Base metals were mixed on Wednesday on encouraging news from China. The POBC pumped USD62.7 billion into financial system via reverse repos to ease liquidity conditions at the end of October. Industrial metals also received a boost after Greece approved its budget plan.Aluminum was the top-loser despite improved spot demand. Aluminum inventories remained elevated in spite of a recent drop
Precious metals rebounded on Wednesday amid short-covering and buying on dips. Broadly weaker US Dollar also added to gains of the commodity group. However, persistent uncertainty over easing measures in the US capped the upswing. Gold moved higher on stronger demand as traders started to cover short positions. However, market participants remained cautious ahead of key US data scheduled for
The Federal Statistical Office reported on Thursday that growth of retail sales in Switzerland slowed its pace last month. Year on year, the turnover of Swiss retail trade increased by 5.4% in September compared to a reading of 6% in the preceding month. Analysts, however, expected that the gauge for goods sold at retail outlets would grow by 6.4%. Retail
The Labor Department reported on Thursday that the amount of Americans that filed for unemployment benefits decreased during the week ended October 28, which added to signs of recovery in the economy. Initial claims for unemployment insurance fell by 9,000, reaching a level of 363,000 on a seasonally adjusted basis. Economists, however, expected a higher reading of 370,000. "Jobless claims have
On Thursday, treasuries were traded lower, trimming 3-day gains, following a report that showed that Chinese manufacturing activity expanded last month, amid an upcoming U.S. data, which is widely expected to be optimistic. The yield on benchmark 10-year notes grew by 1 basis point, reaching a level of 1.70%, at 6:53 a.m. London time.
Stoxx Europe 600 Index climbed almost half of a percent yesterday closing fifth consecutive positive month with total of 16% gain. Analysts speculate this mainly happened due to upcoming announcements which should show that U.S. consumer confidence increased and Chinese manufacturing accrued for the first time in the last quarter. Index gains were mainly fueled by news that Sinopec Group is considering a takeover bid on Etablissements Maurel & Prom whose
After gaining throughout the last three days, China's Yuan depreciated on central bank's lowered reference rate. The value of Yuan has to be held within the permitted reference rate of 1%. The currency dropped 0.03% to 6.2392 per dollar, after advancing 0.76% the prior month. End October the Yuan reached its highest level against the dollar of 6.2371, which was the strongest since 1993.
On Thursday, German government notes held yesterday's gains, before a report that is widely expected to show a decrease in Spanish manufacturing activity last month. The yield on benchmark 10-year government bonds was 1.47% at 8:22 a.m. in London, following a decrease to 1.44% yesterday.
On Thursday, copper extended gains for the third trading session on optimistic data from China. On the London Metal Exchange, three-month copper edged up by 0.6% to trade at $7,805.75 per metric tonne at 7:17 a.m. London time. Earlier, the commodity rose by 0.5% during the previous trading session.
On Thursday, gold was traded flat, as traders eyed the upcoming U.S. employment data and election, looking for clarity about the global economy. Spot prices for gold held still at $1,721.41 per troy ounce at 6:56 a.m. in London. Earlier, the settlement level for the precious metal hit a 1-week high of $1,725.55.
On Thursday, oil was traded higher, almost reaching a 3-day high, as New York refineries resumed their operations, underpinning demand for the commodity. On the Comex, December delivery futures for light sweet crude were traded at $86.37 per barrel by 7:51 a.m. London time. Elsewhere, December delivery Brent witnessed a settlement price of $108.76.
British factory activity decreased for a sixth consecutive month in October, Markit Economics said on Thursday. The seasonalized CIPS Purchasing Manager's Index dropped to the three-month lowest level of 47.5, after a downwardly revised reading of 48.1 in September. Economists had forecast a smaller decline to 48.Production volumes slipped for a fourth month, with the rate of decrease the second-fastest
European stock futures dropped on concerns about the upcoming U.S. report, as it might show a slowdown in manufacturing growth. Futures on the Euro Stoxx 50 maturing in December fell 0.5 % to 2,942, as data on China's manufacturing improved. The futures of the U.K.'s FTSE Index slid about 0.1%. S&P's 500 Index Futures erased 0.4 %. The Stoxx 600 has been rising for five
Asian stocks tumbled after Panasonic Corp. plunged 19%, reaching its biggest drop since 1974. The MSCI Asia Pacific Index declined 0.3% to 121.67. The index showed a 0.4% drop in September after the majority of companies posted lower than expected corporate earnings. South Korea's Kospi index fell 0.7%, and Taiwan's Taiex index plunged 0.3%.