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Data And Optimism Over Europe'sTitle:
Oil falls as IAEA sees deal with Iran near
(Reuters) - Oil fell on Tuesday in choppy trading as indications a deal may be near on Iran's nuclear program eased worries about oil supply disruptions, countering supportive U.S. home resale data.
The U.N. International Atomic Energy Agency's (IAEA) director said he expected to sign a deal with Iran soon, to boost cooperation with the investigation into Tehran's nuclear activity, although differences remained.
U.S. crude fell more approaching the June contract's expiration at the end of Tuesday's session and ahead of weekly oil data expected to show crude stockpiles rose last week in the United States.
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Asian Stocks Advance On China's Call For Stronger Growth But Sentiment Still Fragile
After China's premier called for additional efforts to support growth, Thailand's economy grew firmly in Q1 and world leaders urged Greece to stay in the euro zone, Asian stocks recovered some of last week's losses, the yen slid while commodities gained.
The MSCI Asia Pacific Index added 0.5% at 12:56 in Tokyo as worries eased on believes China and Japan may take steps to support growth, while world leaders called for Europe to balance austerity with growth during the G-8 summit.
China's Premier Wen Jiabao said over the weekend that his country must adopt a “proactive fiscal policy and a prudent monetary policy” to support growth, spurring speculations of additional stimulus since inflation is moderating.
Meanwhile, Japan is expected to ease its monetary policies even more during BoJ's ...
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World stocks ease, euro at 4-month low on Greece woes
World stocks dropped and the euro fell to a four-month low against the dollar on Tuesday after Greece said it would hold new elections and worries increased about its possible exit from the euro zone.
Gold touched a 4-1/2-month low, with the euro's weakness unnerving investors over the profitability of holding euro-denominated assets.
The political turmoil in Greece kept pressure on markets. Investors have been concerned that long-lasting problems in the euro zone and a likely recession will hit global growth.
Greek politicians again failed to agree on a new government, nine days after an inconclusive election. After Greece's president said the country will hold new elections, the euro slumped and investors fled to the safe-haven dollar.
The Greek news "triggered the fall through $1. ...
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European factories falter, Asia flourishes
(Reuters) - Euro zone factories sank further into decline last month but manufacturers in Asia upped their tempo to meet growing demand from the United States and China, exposing a widening gulf between Europe and the rest of the world.
Worryingly for European policymakers, a downturn that is hitting Italy and Spain hard, now appears to be taking root among core members France and Germany.
The data hit the euro and dented optimism following a similar survey on Tuesday that showed the pace of growth in U.S. manufacturing picked up much more than expected.
"The numbers coming out of the euro zone give no cause for comfort. The China economy is holding up, but the debt crisis in Europe is weighing on growth and its rippling across the world," said Peter Dixon at Commerzbank.
"Global ...
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Dollar rises from 2-1/2 month low vs yen as U.S. data eases fears
(Reuters) - The dollar rebounded from a 2-1/2-month low versus the yen on Tuesday after a barometer of the U.S. manufacturing sector showed unexpected strength, allaying fears the economy was slowing.
The Institute for Supply Management's factory data bucked the trend of other recent data that suggested the economy was losing steam, prompting traders to rebuild long dollar bets that had grown stale as the economy's outlook weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get too concerned about the path of the U.S. economy at this point."
The ISM data, which showed the strongest rate ...
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Dollar jumps vs euro, yen after U.S. factory data
(Reuters) - The dollar rose from a one-month low against the euro and a 2-1/2-month trough versus the yen on Tuesday in thin trading, after a key U.S. manufacturing gauge showed factory activity unexpectedly picked up last month, offsetting recent weak economic reports.
The Institute for Supply Management's factory data was one of the rare instances of positive U.S. economic news in recent weeks. Traders used the stronger-than-expected ISM manufacturing report to rebuild long dollar bets that had grown stale as the economy's outlook weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get ...
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Dollar turns higher vs euro, yen after ISM report
(Reuters) - The dollar rallied from a one-month low against the euro and a 2-1/2-month trough versus the yen on Tuesday in thin trading, after a key U.S. manufacturing gauge showed factory activity unexpectedly picked up last month, offsetting recent weak economic reports.
The U.S. Institute for Supply Management's data was one of the rare instances of positive U.S. economic news in recent weeks and traders used this to rebuild long dollar bets that had grown stale as the outlook for the economy weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get too concerned about the path of the U.S. ...
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Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
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Brent steady around $119; Fed comments support
(Reuters) - Brent crude was steady around $119 a barrel on Thursday, as optimism over a recovery in the U.S. economy offset easing concerns of a disruption in Iranian oil exports and high U.S. crude stocks.
The U.S. Federal Reserve said on Wednesday it would support growth in the world's top oil consumer if necessary as it left the door open for another round of monetary easing, raising hopes of higher energy demand.
"The Fed's comments are supporting crude oil prices, despite a higher-than-expected U.S. inventory figure," said Miguel Audencial, a trader with CMC Markets in Sydney.
Brent crude slipped 11 cents to $119.01 a barrel by 0425 GMT after settling up 55 cents at $119.12 on Wednesday.
U.S. crude edged down 4 cents to $104.08. The benchmark settled at $104.12, up 57 cents.
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