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As It Pressures DollarTitle:
Oil hits 2012 low under $107 on euro zone turmoil
Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom.
Brent crude was down 51 cents to $106.98 a barrel by 1122 GMT after earlier slipping to its lowest level for the year at $106.40. U.S. crude was up 16 cents to $92.72.
"The driving factor is still what is going on in Europe with the downgrades of the Spanish banks and very negative sentiment towards risk investments," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt. "It's not surprising to see further falls in Brent today."
The euro fell to fresh four-month lows as the dollar strengthened .DXY, putting commodities priced in ...
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Brent hits 2012 low on Europe turmoil, weak U.S. data
Brent crude slipped below $107 per barrel on Friday to its lowest in 2012 as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand.
Worries about the euro zone, already roiled by Greek political chaos, mounted as Spain slipped into a recession, pushing the euro to a four-month low while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer.
Brent crude was down 64 cents to $106.85 by 2:47 a.m. EDT after slipping to its lowest level for the year at $106.40. Front-month Brent is on track to post its largest three-week fall since May 2011.
U.S. crude was down 58 cents to $91.98, heading for its largest three-week fall since August 2011.
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Asian stocks returned to losses on collective downgrades including Spanish banks, Greece and China
As Europe’s debt crisis is threatening the global recovery, market participants limited their risk exposure while some inventors locked on to their profits ahead of the weekend, driving the Asian stocks lower where the MSCI Asia Pacific Index dropped 2.2% at 11.28 in Tokyo, and is down 0.8% this year.
Global equity markets lost almost $4 trillion dollars this month as Europe’s debt crisis is worsening threatening the global economic stability. Moody’s downgraded 16 Spanish banks on Thursday after the nation fell into recession during the first quarter while loan losses are mounting.
Meanwhile Fitch Ratings downgraded Greece by one notch to CCC from B- since its political deadlock is pushing the country out of the euro zone, as attempts to form a new government failed, leading to new ...
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Brent steady above $107, heads for weekly fall as Europe weighs
Brent crude held steady above $107 per barrel on Friday, but prices were headed for a third straight weekly drop as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand.
Worries about the euro zone, already roiled by a Greek political chaos, mounted as Spain slipped into a recession, while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer.
Brent crude edged up 7 cents to $107.56 a barrel by 11:34 p.m. EDT after slipping to as low as $106.62. Front-month Brent is on track to post its largest three-week fall since May 2011 after settling at the lowest level in 2012 on Thursday.
U.S. crude inched up 3 cents to $92.59, but is still ...
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Crude above $93.00 on reversal of the Seaway pipeline
Caution is still keeping sentiment subdued on Thursday, although Japan witnessed a better than expected growth in the first quarter, while the ECB limited its exposure to risk as fears over Greece continue, yet crude slightly rose.
Greece is closer to exiting the euro zone, after attempts to form a new government failed, leading to new election on June 17, during which the far-left anti-bailout party Syriza is expected to win, putting the euro at risk.
Moreover, the trading losses suffered by JPMorgan surged in recent days surpassing the bank’s initial $2 billion estimate by at least $1 billion, while Spain fell into recession in this year’s first quarter.
However the Japan`s economy grew 1.0% during this year’s first quarter compared with -0.2% previous, on solid consumer spending, ...
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Markets Hold Ground, Awaiting Central Banks to Move
Taking a general look at markets before the end of this week, we can see that the bearishness started to lose momentum as traders are speculating now what tools Central Banks might provide to revive the slowing pace of recovery, especially the European Central Bank amid the current political instability in Greece, the confirmed recession in Spain and Italy and the deepening debt crisis.
Moreover, investors are still worried and concerned regarding the general trend in markets, where after the Federal Reserve reassured that a slowing recovery in the U.S. might trigger another round of quantitative easing, volatility dominated markets as predicting the coming moves became highly uncertain as Politicians failed to calm markets and the fueled debt crisis, leaving policymakers with a difficult ...
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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Wall Street Goes Higher On Housing Starts, Industrial Production Data
Wall Street opened green higher on Wednesday, following the three-day slide for the Standard & Poor`s 500 Index, as better than expected housing starts and industrial production reignited optimism about the economy.
American equities rose at the opening following governmental reports that showed output at manufacturing, mines and utilities increased 1.1 percent in April. Homebuilders broke the ground on more homes than forecast in the same period.
Housing starts rose 2.6 percent to a 717 thousand annual rate last month, the Commerce Department reported early morning. Analysts called for a median annual rate of 685 thousand. Building permits fell to 715 thousand in the same period.
Sentiments went somehow neutral with ongoing political crisis in Greece and speculation the nation will ...
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Bank of England Quarterly Inflation Report downgrades growth slightly
Mervyn King, the Bank of England`s Governor, represented the quarterly inflation report on behalf of the Monetary Policy Committee, explaining the Bank`s new projections for inflation and growth. The Bank of England sees inflation slowing below 2% in two years, while continued risk of disorderly euro-area outcome forces downside pressures on growth.
The BoE Mervin King while presenting the inflation report said that inflation will remain above the target in the coming year as well, while growth is seen now weaker, compared with the previous projections in February.
However, recovery will gradually return on track, but at the moment higher energy prices and credit conditions hampered the pace of recovery significantly. The royal economy will also continue to face strong headwinds ...
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