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Stocks eke out gains, euro falls
(Reuters) - Global stocks eked out gains on Thursday while the euro fell as data suggested Europe's debt woes were spreading and worsening a global economic slowdown, adding to investor concerns about Greece's possible exit from the euro zone.
In a volatile session, investors looking for bargains initially bought equities, oil and gold, which have been beaten down this week by worries a Greece exit would deepen the euro zone debt crisis.
The appetite for growth-oriented assets faded as fears about the euro zone's drag on the world economy returned. Then for a second straight day, a wave of buying emerged shortly before Wall Street's close.
"The market has pulled back far enough that people are trying to assess if we've priced the worst of what's known. But with the problems in Europe ...
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Western Asset Management sold European bank debt: CIO
(Reuters) - Fixed income money manager Western Asset Management Co slashed its holdings of European bank debt and shifted to borrowings in the United States, which will benefit from stronger economic growth, Chief Investment Officer Stephen Walsh said on Thursday.
Western Asset's biggest concern is the mounting economic challenge facing Europe that is likely to tip the region into recession, Walsh, who helps oversees $446.7 billion, said on a webcast for the firm's fund investors.
The situation is unlikely to be resolved soon, he said, making it a good time to reduce risk by selling European bank debt "and bringing it back to the U.S."
Western, a unit of Baltimore asset manager Legg Mason Inc (LM.N), is just one of a number of major bond managers grappling with how to treat their ...
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Global stocks, euro slip on weakening growth
(Reuters) - U.S. stocks and the euro edged lower on Thursday as data suggested Europe's debt woes were spreading and worsening a global economic slowdown.
In a volatile session, investors looking for bargains earlier bought equities, oil and gold which have been battered this week by worries Greece would leave the euro zone. But the buying of growth-oriented assets faded as worries about the euro zone's drag on the world economy returned.
Stocks and other riskier assets turned negative as disappointing data from Europe, China and the United States compounded concerns about the economic contraction moving across Europe.
Amid speculation of more coordinated efforts from major central banks to stem further deterioration of the euro zone debt crisis, bond yields of Spanish, Italian and ...
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European Shares End Green After Strongest Rout In A Month
European equity markets rebounded from the biggest sell-off in a month, pushing the stock benchmarks to settle higher on Thursday, led by gains in commodity and utility companies, neglecting the escalating financial and political strains in the 17-nation euro zone.
Regardless of a drop in European manufacturing and services and German business confidence, equities managed to advance despite the tensions in markets following yesterday’s EU summit and status of anxiety on speculations Greece may exit the euro area.
The summit showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
The benchmark index for Europe, the STOXX 600 ended higher by 1.00% at 241.91, ...
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Dukascopy Afternoon Forex Overview : 24/05/2012
Fundamental Analysis
EUR
European stocks returned to growth, despite services and manufacturing purchasing managers indices across Europe and German business confidence shrank more than expected. The Stoxx Europe 600 Index added 1.0 percent to 241.81. Cable & Wireless Communications Plc soared 19 percent. Sonova Holding AG gained 2.5 percent. Bayer AG declined 1.1 percent. U.S. futures and Asian stock little changed. S&P 500 futures gained 0.3 percent, MSCI Asia Pacific index added 0.1 percent.
USD
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance ...
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Fed's Dudley: New policy actions unlikely: CNBC
(Reuters) - The Federal Reserve likely will not need to ease monetary policy further but it cannot rule it out if the economy were to take a turn for the worse, New York Federal Reserve Bank President William Dudley said on Thursday.
"My view is that, if we continue to see improvement in the economy, in terms of using up the slack in available resources, then I think it's hard to argue that we absolutely must do something more in terms of the monetary policy front," he said in an interview on CNBC.
However, Dudley, a voting member of the U.S. central bank's monetary policy committee, said if Europe's debt crisis or a potentially sharp tightening of U.S. fiscal policy at the end of the year began to threaten the recovery, the Fed might need to act.
"If employment gains were to falter, if ...
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Gold rebounds on the dollar’s drop, yet still faces pressure
Gold managed to rebound after the release of softer than expected U.S. durable goods report which pushed the dollar down and gave an advantage to dollar-denominated commodities.
The report showed that durable goods advanced 0.2% in April from a revised of -3.7%.
Accordingly, the U.S. dollar reversed its earlier gains to drop against a basket of major currencies. The dollar index fell to a low of 81.84 after touching a high of 82.36.
Recently, the inverse relation is becoming stronger and mainly the shiny metal’s direction is relying on the dollar’s movements.
However, gold may once again track the losses in the euro which remains under pressure amid worries the debt crisis is intensifying.
Yesterday, the informal EU summit showed disagreement over introducing Eurobonds as German ...
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EU Data Deteriorates
The euro remained under pressure against most of the majors after disappointing economic data and as the EU summit concluded without giving markets any indication of significant progress. European leaders debated the topic of eurobonds and whether or not it would contribute to growth. Germany remaining firmly opposed to the joint bonds saying that it would give countries with already large deficits incentive to continue to spend.
Economic data out of Europe added to the deterioration in sentiment as German, French, and Eurozone May PMI figures printed below expectations. Manufacturing PMI's in Germany, France, and the EZ fell to 44.4 (cons. 47.0), 45.0 (cons. 46.8), and 45.0 (cons. 46.0) respectively. The below 50 readings indicated ongoing contractions in manufacturing. Furthermore, ...
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Gold prices rise 1 percent as dollar retreats
(Reuters) - Gold rose 1 percent on Thursday, snapping three days of losses to climb towards $1,580 an ounce, as the dollar swung back into negative territory versus the euro after a softer-than-expected U.S. manufacturing report.
Confidence in the single currency remains fragile after it earlier hit a near two-year low against the dollar. Dire German manufacturing and business climate data spooked investors already weighing up the risk of Greece leaving the euro zone.
But gold got a lift from International Monetary Fund data showing another rise in central bank gold holdings in April, after the largest purchase in over four years by the Philippines.
Spot gold rose as high as $1,577.50 an ounce and was up 0.8 percent to $1,573.11 an ounce by 9:50 a.m. EDT (1350 GMT), while U.S. gold ...
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