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S&P on track for 5th straight day of losses
Stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Both the S&P and the Nasdaq fell as much as 1 percent, with the Nasdaq's losses wider as large-cap tech shares fell.
A gauge of future U.S. economic activity fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, compounding worries about a struggling economic recovery.
Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report. Bankia shares (BKIA.MC) fell 14 percent after sliding as much as 30 ...
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Euro zone fears starting to hit trade, financing
The euro zone debt crisis is affecting trade as companies shy away from dealing with firms and banks in countries deemed at risk of contagion, a senior banker said on Thursday.
Tan Kah Chye, London-based global head of trade and working capital at Barclays Bank, said companies were recoiling from doing business on an open-account basis, whereby an exporter ships and delivers goods before the importer pays.
An exporter can greatly reduce the risk attached to such 'buy now, pay later' transactions, which make up an estimated 80 percent of global trade, by buying a bank letter of credit.
But Tan, speaking as chairman of the International Chamber of Commerce's commission on banking, said firms were also nervous about being exposed to banks away from the euro zone periphery that were at risk ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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Aussie Mixed in Choppy Trading
Aussie is turning in a mixed performance today as choppy markets look for direction, and try to process all of the difficulties happening in the eurozone. On one hand, Aussie is lower against the US dollar as risk aversion makes an appearance. But, on the other, the Australia dollar is gaining against European currencies weighed down by difficulties.
Against the US dollar, the Australian dollar is losing ground. US dollar is considered a safe haven in times of economic turmoil, so it’s not much of a surprise that the greenback is in demand versus the Aussie. With concerns about bond yields in Spain and Italy, and worries that Greece will end up leaving the eurozone after its political difficulties are sorted, it’s not much of a surprise that many Forex traders seek safe haven in the US ...
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Eurozone Bank Worries Send Euro Lower
Eurozone bank worries are sending the euro lower today, along with rises to funding costs. Uncertainties about what’s next for Greece and for the eurozone remains, and that is weighing on the euro in Forex trading right now.
German bund futures hit record highs today, reaching 143.79 at one point, and Spanish bond yields are on the rise. Spanish borrowing costs continue to be of concern, since it means that the debt will soon be unaffordable for Spain, and a crisis could ensue. Italian bonds are higher as well, but that country remains somewhat in the background as focus remains on the growing political difficulties in Greece and the banking problems in Spain. However, the fact that Italy has its own problems is likely to become an issue at some point, when Forex traders and others move ...
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Euro slides on Greece, banking sector worries
The euro slid to a four-month low against the dollar on Thursday and was expected to remain under pressure as concerns grow about problems facing some periphery euro zone banks and the prospect of contagion if Greece exits the euro.
Growing aversion to risk drove investors towards the safety of the U.S. dollar, which rose to a four-month high against a basket of currencies, while the euro also dropped to a three-month low versus the yen.
Talk of possible Spanish bank downgrades pushed European equities .FTEU3 sharply lower. Shares in Spanish lender Bankia fell more than 20 percent following a report in the El Mundo newspaper that its customers had withdrawn more than 1 billion euros from their accounts over the past week.
This followed news on Wednesday that the European Central Bank ...
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Jobless claims hold steady at 370,000
New claims for unemployment benefits were unchanged last week, according to government data on Thursday that will do little to ease concerns about a recent slowdown in jobs growth.
Initial claims for state unemployment benefits held steady at a seasonally adjusted 370,000, the Labor Department said.
The prior week's figure was revised up to 370,000 from the previously reported 367,000.
Economists polled by Reuters had forecast claims falling to 365,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, fell 4,750 to 375,000.
The data comes on the heels of three straight months of slowing employment gains. Companies added 115,000 new jobs to their payrolls in April, the fewest in six months.
Thursday's report on claims covered ...
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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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