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Economies Along WithTitle:
Oil turns upwards, Greece still weighs
(Reuters) - Oil prices rose back towards $108 per barrel on Monday, after last week's falls, supported by tension between Western countries and Iran as talks were resuming this week and further lifted by the possibility of growth stimulus in China.
Fears of a Greek exit from the euro continued to weigh, however.
A summit of the Group of Eight major economies at the weekend failed to deliver any signal Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors on alert and curb an upturn in oil prices.
"Gains may be short-lived as EU politicians as usual are having a hard time agreeing on anything. However (there is) an interesting week ahead with the European debt crisis posing a risk on the downside and the potential for nuclear talks with ...
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Consolidation Continues Post The Spanish Bond Auction
Consolidation Continues Post The Spanish Bond Auction
The big event of the morning was the Spanish bond auction, however it failed to generate anything more than an immediate ripple in the FX market. The auction raised just below the top of its target amount of EU2.5bn, at EU 2.49bn. Although demand was strong, Madrid had to pay up to attract investors to its debt. The yield on the 2015 debt it sold jumped to 4.375% vs. 2.89% at an auction in April, the 2016 debt sold with a yield of 4.876% vs. 4.037% at an auction earlier this month.
Will Germany soften its stance?
In the aftermath, EURUSD is down about 20 pips but it remains above 1.27, while Spanish bond yields have actually fallen. The consolidation period in the market may continue as we lead up to the G8 summit in the US this ...
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Crude finds relief after better than expected German GDP
Crude oil found strong support from the German data today to halt the sharp downside wave and starts an upside correction after the sharp losses. Germany remains the rescuer for the Euro area’s economy after it grew better than expected in the first quarter, offering room in the market for relief.
Crude oil opened today’s session at $94.04 and reached so far a high of $95.01 and a low of $93.95, where it is currently trading around $94.75 a barrel. The commodity found strong support from the weakening dollar that declined from the opening at 80.70 to the low of 80.48.
Uncertainty remains in Europe but relief is seen after the Euro’s biggest economy Germany released its first quarter GDP figures beating all estimates. The German economy grew by 0.5% over quarterly basis recovering from ...
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French, Greek Elections Set to Impact Euro
A disappointing US jobs report resulted in the safe-haven US dollar sliding against the Japanese yen while rallying against riskier currencies like the AUD and EUR to close out last week's trading session. Turning to today, elections held in France and Greece over the weekend are forecasted to generate significant market volatility. Any indication that Greece could back away from recent austerity measures as a result of the election could result in the euro extending its current bearish trend.
Economic News
USD - US Jobs Report Causes USD/JPY to Tumble
Last Friday's US Non-Farm Payrolls figure came in at 115K, well below the forecasted 173K. The news represented the third month in a row of declining hiring in the US, and resulted in renewed speculation that the Fed may initiate a new ...
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Oil extends slide after French, Greek polls
(Reuters) - Oil fell sharply on Monday, extending steep losses from the previous session, after elections in France and Greece raised concerns over their ability to carry out further austerity measures and renewed worries about the euro zone debt crisis.
The bad news from Europe came after data showing U.S. nonfarm hiring slowed for the second month in a row in April, which fueled a sell-off in oil markets on Friday on fears of falling energy demand at the world's top oil consumer.
Since Friday, U.S. crude has lost more than 6 percent, while Brent has dropped over 4 percent.
"There are great fears that the new government in Greece will end austerity measures and that will lead to a disorderly default, and that has led to a sell-off across all risk markets," said Ben Le Brun, a market ...
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Wall Street posts worst week of 2012 as job growth slows
(Reuters) - Wall Street ended its worst week this year with a sharp selloff on Friday after a slowdown in job creation in the world's top economy raised the biggest question mark yet about the prospects for U.S. growth.
Employers reduced hiring for the third straight month, adding 115,000 workers in April, well below forecasts of 170,000. Traders' expectations had fallen during the week, but the softer jobs number missed even more pessimistic forecasts.
Energy shares were the worst performers, with the S&P energy index .GSPE down 2.2 percent on fears a worsening economy would sap demand. U.S. crude oil fell 4 percent, dropping below $100 a barrel for the first time since February.
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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 ...
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Stocks head for monthly loss; euro slips
(Reuters) - Global shares edged lower on Monday, heading for their first monthly loss this year as Spain sank into recession and the U.S. economy showed signs of slowing.
Treasury prices rose, while the euro fell and the dollar slipped to a more than two-month low against the yen as anxiety over economies on both sides of the Atlantic led investors to favor lower-risk investments over stocks and other risky assets.
Spain, the euro zone's fourth-largest economy, slipped into recession in the first quarter as domestic demand fell, joining Italy, Portugal, Ireland, Greece, Belgium and the Netherlands on the list of countries with shrinking economies.
In the United States, consumers boosted spending only modestly last month and a gauge of Midwestern business activity fell sharply in April, ...
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Asian Region in a Week
The Asian Pacific ended a week full of heavy and significant economic data. The region’s major economies such Australia, New Zealand and South Korea released upbeat data this week except for China that reported unexpected weak results.
Starting with Chinese economy, Chinese PMI continued to contract during April, where HSBC PMI remained below 50. The HSBC Flash Manufacturing PMI reading rose to 49.1 in comparison with the previous reading of 48.3.
Moving to Australia, consumer prices unexpectedly dropped during the first quarter of the year, which could determine the central bank to continue to cut interest rates, while the local currency and bond yields fell as well.
The consumer price index for the first quarter of the year came below expectations at 0.1% from a previous of 0.0% while ...
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