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Euro To Trade CloserTitle:
Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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OECD fears euro woe to snap brittle world recovery
(Reuters) - The United States and Japan are leading a fragile developed world recovery that could be blown off course if Europe fails to contain the damage from its problem debtor states, the OECD said on Tuesday.
It urged euro zone leaders to embrace all options for tackling the crisis, potentially including common bonds to go with the common currency.
In its twice-yearly economic outlook, the Paris-based Organisation for Economic Co-operation and Development forecast that global growth would ease to 3.4 percent this year from 3.6 percent in 2011, before accelerating to 4.2 percent in 2013, in line with its last estimates from late November.
"The global economic outlook is still cloudy," OECD Secretary General Angel Gurria told reporters.
"At first sight the prospects for the global ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Vale sees iron ore price rising in second half of 2012
Brazilian mining company Vale SA (VALE5.SA) remains confident the price of iron-ore, its main product, will rise in the second half of 2012, relieving environmental and economic pressures on the company which have hurt growth and delayed new projects.
Iron ore .IO62-CNI=SI fell to its lowest level in nearly six months on Friday, slipping 1.7 percent to $131.30 a metric ton (1.1023 tons). The medium- to long-term price, though, should be in the range of $120 to $180 a metric ton, Jose Carlos Martins, Vale's head of ferrous metals and strategy, said at a lunchtime gathering with reporters in Rio de Janeiro.
Demand for steel remains strong in China, thanks to housing, Vale Chief Financial Officer Tito Martins added. At the same time, declines in prices push higher-cost Chinese producers out ...
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London copper inches above 4-month lows; euro zone weighs
London copper peeked above four-month lows on Friday on short-covering and signs that Greeks are warming to pro-austerity parties, allaying some fears the country could leave the euro zone.
Still, worries about Spain's finances and reports of Chinese copper inflows onto the London Metal Exchange (LME) will likely cap gains in the session.
Three-month LME copper inched up 0.4 percent to $7,682 a metric ton (1.1023 tons) by 00:25 a.m. EDT, after closing almost flat in the previous session.
The most active August copper contract on the Shanghai Futures Exchange (ShFE) fell 0.3 percent to 55,580 yuan ($8,800) a tonne, a partial rebound after a steeper fall at the open.
The Shanghai contract rose 1.9 percent on Thursday, much more than its London counterpart, after diving on Wednesday to ...
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Most Asian stocks rise on Japan’s growth, yet fears over Europe persist
Most Asian stocks advanced on Thursday dragged by the better-than-expected growth in Japan and by ECB’s decision to limit its risk exposure by stopping lending to some Greek banks. The MSCI Asia Pacific Index rose 0.7% at 13:42 in Tokyo.
Japan`s economy grew 1.0% during this year’s first quarter compared with -0.2% previous, while annually the economy grew 4.1% from -0.7% previous, on solid consumer spending, public investment and some improvement in exports.
Sentiment was also boosted by Japan’s industrial production which rose in March by 1.3% from 1.0% previous, and the Feds pledge to intervene and add stimulus if growth momentum slows and risks to the economic outlook increase.
Meanwhile the European Central Bank decided on Wednesday to limit its risk exposure and temporarily atop ...
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Oil down as equities dip on Greek, euro zone woes
Crude oil futures tumbled on Wednesday, coming under pressure with U.S. equities, as banking troubles in Greece further highlighted the euro zone debt crisis, sparking risk aversion across markets.
The European Central Bank confirmed a Reuters report that it has stopped providing refinancing to some Greek banks as they are severely undercapitalized, keeping oil and other commodity prices pinned down.
The ECB move had erased an uptick in oil prices in morning trading after U.S. data showed that domestic stockpiles rose much less than what an industry group reported late on Tuesday.
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U.S. stocks, euro fall on ECB news, Fed minutes
U.S. stocks and the euro slid on Wednesday on news that some Greek banks face emergency funding needs, while minutes from the Federal Reserve's April meeting showed U.S. economic prospects remain sobering.
The European Central Bank stopped funding operations for some Greek banks as they are undercapitalized, the ECB said, confirming a Reuters report that fanned concerns about Greece's financial difficulties.
The Reuters report highlighted the weak state of the banking sector in Greece, where many Greeks are withdrawing money from banks out of fear their country may soon leave the euro zone.
The euro traded just below break-even and shares in Europe closed lower in choppy trade as worries mounted over the stability of the euro zone. Greece plans to hold elections in mid-June that will ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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