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Copper at one-week low as global growth worries weigh
(Reuters) - Copper fell to its lowest in a week on Thursday after mixed U.S. economic data and a bond sale by Spain failed to ease investor concerns that the heavily indebted nation may hinder the bloc's recovery, denting growth and commodities demand.
Three-month copper on the London Metal Exchange was down half a percent to $8,258.50 a metric ton (1.1023 tons) at 1023 GMT, down from a $8,305 close.
Prices, which had rallied by more than 14 percent by early February have shed five percent since then, trimming the year's gains to around 9 pct.
"There's a lot of people asking about Europe and how bad things are. Recent events in the Netherlands and France may have underlined people's concerns, but if you're really looking for something to worry about, Spain is top of the list," metals ...
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Euro dips after Spain auction, ECB eyed
(Reuters) - The euro dipped against the dollar on Thursday as a jump in borrowing costs at a Spanish debt auction highlighted market concerns about Madrid's economic problems, and the shared currency looked vulnerable ahead of a European Central Bank rate decision.
Spain sold 2.5 billion euros of three- and five-year bonds to solid demand, but yields jumped compared with previous auctions. It was the first test of market appetite for Spanish debt since the country slipped into recession and had its credit rating cut.
The euro was last down 0.15 percent at $1.3136, hovering within sight of the 10-day low of $1.3121 hit on Wednesday after weaker-than-expected euro zone manufacturing data and rising unemployment figures.
Immediate support was seen around the 100-day moving average at $1. ...
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European shares gain as ECB eyed, euro steady
(Reuters) - European shares rose while the single currency languished near 10-day lows on Thursday as investors waited to see if a gloomier economic outlook would prompt the European Central Bank to hint at further stimulus measures at a policy meeting.
Fears in the debt market that the deepening euro zone recession and a two-notch downgrade would hit Spain's ability to fund itself eased after the government sold new three- and five-year debt although its borrowing costs rose sharply.
But the spotlight is on the world's major central banks after surprisingly weak economic data from the United States and across the European Monetary Union (EMU) rekindled concerns about the strength of the global economic recovery.
"Given the recent weakness in the EMU economy indicators, we suspect the ...
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Gold eases ahead of euro zone rate decision
(Reuters) - Gold eased on Thursday, under pressure from a decline in the euro ahead of a rate decision from the European Central Bank, while concern about Spain's ability to finance itself simmered after yields shot up at a debt auction.
The ECB meets in Barcelona to discuss monetary policy and is expected to resist pressure to do more to fight the debt crisis by maintaining its bond-buying program to help Spain, which has fallen into recession.
Spain attracted solid demand for its three- and five-year bonds at auction, but saw its borrowing costs jump, reflecting investors' concern about Madrid's ability to finance itself and avoid a more protracted economic slowdown.
Gold has fallen by about 1 percent so far this week, having dropped for three out of the last five weeks, prompting ...
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European Market Update : 03/05/2012
Markets focus to see whether the ECB paves the way for further easing
Economic Data
(RU) Russia Gold & Forex Reserve w/e Apr 27th: $523.3B v $519.5B prior
(IN) India Apr Markit Services PMI: 52.8 v 52.3 prior
(UK) Apr Nationwide House Prices M/M: -0.2% v +0.5%e; Y/Y: -0.9% v -0.3%e
(IE) Ireland Apr NCB Services PMI: 52.2 v 52.1 prior
(CH) Swiss Q1 UBS Real Estate Bubble Index: 0.95 v 0.80 prior
(HU) Hungary Feb Final Trade Balance: €691.2M v €690.1M prelim
(TR) Turkey Apr Consumer Prices M/M: 1.5% v 1.4%e; Y/Y: 11.1% v 11.0%e; Core CPI Y/Y: 0.1% v 7.9% prior
(TR) Turkey Apr Producer Prices M/M: 0.1 v 0.4% prior; Y/Y: 7.7% v 8.2% prior
(BR) Brazil Apr FIPE CPI: 0.5% v 0.2% prior
(UK) Apr PMI Services: 53.3 v 54.1e
(HK) Hong Kong Mar Retail Sales Value Y/Y: 17.3% v 14.0%e; Retail Sales ...
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The euro continues the decline after downbeat Spanish bond sale ahead of ECB rate decision
The European common currency continued the decline today against other majors, affected by the downbeat Spanish bond sale, which raised fears the instability in the debt market might continue, making the financing operations through issuing debt difficult for other highly indebted European nations.
The volatility and rising borrowing cost reflects fears and doubts in addition to fragile confidence, where European and international investors doubt the ability of Spain to pay back the funds borrowed. Therefore, they demand more return in order to bare the additional risks associated with holding Spanish debt.
The Spanish Treasury auctioned today 2.52 billion euros of bonds maturing after two and five years, slightly above the maximum target of 2.5 billion despite the increase in borrowing ...
Title:
On to Barcelona
Forex News and Events:
Expectations are increasing for today’s ECB rate announcement and press conference. It's generally consensus that no major decision on interest rates or change in operations will come out of the ECB's meeting in Barcelona. There is a growing anticipation that Draghi will sound significantly more dovish considering the recent deterioration in Eurozone economic data. Also it has not been disregarded that President Draghi endorsed the theme of encouraging growth within the context of a broader fiscal compact. The market is also buzzing over the change in the meeting's location to in Barcelona this suggested that the ECB want to illustrate the gravity of the facing the EU periphery. FX risk appetite stabilized in the Asian session but only after a very hard day for USD ...
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Research Note: ECB Preview
On Thursday 3rd May at 1245 BST/ 0745 ET the European Central Bank (ECB) will announce interest rates. It is widely expected to remain on hold at a record low 1%, for the fifth consecutive month. Of more importance to the market will be ECB President Draghi's press conference at 1330 BST/ 0830 ET as we will likely find out the Bank's view on weakening economic growth and sovereign strains in Spain. Draghi may also shed more light on the 'growth compact' that he suggested at a speech to the European Parliament last week.
We don't believe the Bank will announce any new 'special' measures to try and ease the problems in the Eurozone periphery. President Draghi did not hint in his speech last week that the Bank would re-start its Securities Markets Programme (SMP), which purchases domestic ...
Title:
Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
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