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BankingTitle:
Oil dips as China data outweighs upbeat U.S. consumers
Oil fell on Friday and posted a second straight weekly loss as pressure from weak industrial growth in China countered news that U.S. consumer confidence hit a four-year high.
Brent crude's 6.2 percent slide in the past two weeks was the biggest two-week percentage loss since December 16. U.S. crude fell 8.4 percent the past two weeks, its largest since September 30.
Crude prices felt early pressure from data showing China's industrial production in April grew at its slowest pace in nearly three years.
The report followed disappointing trade numbers released on Thursday, indicating China's economy is showing vulnerability to a global slowdown.
Oil pared losses later on news that U.S. consumer sentiment rose early this month to its highest in more than four years, according to the ...
Title:
Stocks rebound, euro gains on U.S. sentiment data
Global stocks rebounded on Friday on data that showed U.S. consumer sentiment rose to its highest level in more than four years in early May, but commodity prices fell after weak data from China reduced demand expectations.
European and U.S. stocks turned higher after the Thomson Reuters/University of Michigan survey showed nearly twice as many Americans reported hearing about new job gains than fresh job losses, despite a recent slowdown in job growth.
The gains in equity markets helped trim losses in crude oil and led the euro to rebound against the U.S. dollar.
"Households are feeling more comfortable. It's pretty good news for consumer spending," said Gus Faucher, senior macroeconomist at PNC Financial Services in Pittsburgh.
The Dow Jones industrial average .DJI was up 35.12 ...
Title:
Euro near 3-1/2-month low vs dollar as Greece churns
The euro edged higher against the dollar on Friday but hovered near a 3-1/2-month low as political uncertainty in Greece and hefty losses unveiled by U.S. bank JPMorgan Chase kept investors wary of placing bets in favor of the currency.
The euro rose for a second day after falling for eight straight sessions, with investors squarely focused on Greece, where inconclusive election results last Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
"The recent decline in the euro/dollar is clearly a direct response to the decline in global equity markets," said Gareth Sylvester, senior currency strategist at Klarity FX in San Francisco.
"These declines have been driven by the shifting political landscape in Europe, most notably in Greece and ...
Title:
Euro near 3-1/2 month low vs dollar as Greece wrangles
The euro hovered near a 3-1/2-month low on Friday as Greek political parties made efforts to form a coalition government, and looked fragile as risk sentiment struggled on weak Chinese data and JPMorgan's shock trading losses.
The common currency was steady at $1.2936 after earlier hitting a trough of $1.2905, its lowest level since January 23. Investors were heavily focused on Greece, where inconclusive election results on Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
The euro climbed to a session high of $1.2956 as Greek conservative leader Antonis Samaras said there were still hopes a government could be formed, but came further pressure when the leader of the moderate Democratic Left said the country was heading for a repeat poll.
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Title:
Gold hits 4-month low as dollar rises, stocks slide
Gold prices fell to a four-month low on Friday as worries over the financial health of Greece and Spain and huge trading losses for JPMorgan hurt stock markets and the euro, prompting investors to seek refuge in the dollar.
Investors liquidated gold holdings to cover losses on other markets, analysts said, as a rise in risk aversion sparked selling across assets seen as higher risk, while lifting the U.S. currency and safe-haven German Bunds.
Spot gold slid to $1,573.29 an ounce, its weakest since January 3, after support gave way at $1,579, and was down 0.7 percent at $1,582.19 an ounce at 1145 GMT.
Prices pared the worst of their losses as hopes that a Greek government may be formed soon lifted the euro from lows, but spot prices were still down nearly 4 percent so far this week, ...
Title:
European shares drop on worries from the euro area, downbeat earnings
European shares dropped by midday trading on Friday on worries from Greece and Spain and after the release of worse than expected earnings by some companies.
In Greece, political worries as five days of negotiations between political parties failed to create a new coalition government, thereby casting doubts regarding the adoption of spending cuts vows.
Today, the turn is on Pasok leader Evangelos Venizelos to form a government, where his failure means that another election will take place by mid-June.
On the other hand, the Spanish government will announce today other measures to clean up Bankia balance sheet in another attempt from the government to regain confidence in the ailing banking sector.
In the same context, the European n Commission said it expects the euro area to record ...
Title:
Germany To The Rescue?
This is the fifth day without a firm government in place for Greece; if a coalition is not found soon then we could be heading back to the polls, which open up the possibility of a prolonged period of Greek political instability. There was some hope this morning of the Conservatives forming a coalition with the Socialists and other moderate pro-bailout parties that would have a mandate to govern until 2014. This helped to lift the euro from its daily lows; however for a sustained rally in risk we need to get a firm commitment that a 'moderate' pro-European government will take the reins of power in Athens. Unless that happens then the markets are likely to remain jittery.
Mixed signals
The markets are particularly cloudy today. Some bullish reversal patterns that formed yesterday were ...
Title:
EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
Title:
Euro continues on the offer on Greece and Spain
Forex Morning Briefing : Euro continues on the offer on Greece and Spain
What’s new:
US: Mixed to higher session on first monthly budget surplus since 2008. Weak JPM earnings kept gains limited.
Europe: Green equities across the board with Spain leading the pack on back of government support. EUR continue on the offer to new 3-month lows.
Asia: Falling equity markets on weak corporate earnings and Chinese inflation in line with expectations.
Rates in Asia and Indices:
EUR/USD 1.2905 1.2944 -0.11 %
USD/CHF 0.928 0.9307 -0.12 %
GBP/USD 1.6099 1.6154 -0.21 %
USD/JPY 79.73 79.98 0.18 %
EUR/CHF 1.20099 1.20131 -0.00 %
EUR/JPY 102.97 103.49 ...
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