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Oil bounces with stocks on hopes of euro action
(Reuters) - Oil bounced back from seven-week lows on Monday as hopes rose of stronger action to solve the euro zone crisis and avert wider financial contagion and global recession.
European shares gained .EU, while gold and copper, which had both tumbled more than 5 percent in early trade, pared losses.
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Gold eyes biggest 3-day fall in 28 years, investors flee
(Reuters) - Gold was set for its biggest three-day loss in 28 years on Monday, as investors fled commodity markets in a scramble to secure cash in the face of mounting fear over the impact of a potential Greek debt default on the rest of the euro zone.
European policymakers began working on new ways to stop fallout from Greece's near-bankruptcy from inflicting more damage on the world economy after stinging criticism for failing to stem the debt crisis.
European equities fell, while industrial commodities such as crude oil and base metals bore the brunt of investor desire for cash in the face of mounting uncertainty.
In the last three days alone, gold has fallen by nearly 10 percent in its largest three-day slide since February 1983 and implied volatility has risen to a 2-1/2 year high.
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World stocks off lows on ECB easing hopes
(Reuters) - World stocks came off their lows and the euro inched up from an earlier 10-year trough against the yen on Monday as speculation that the European Central Bank might cut interest rates to help the economy countered concern over the euro zone debt crisis.
Concerns about the global economic slowdown have not gone away, with gold tumbling and copper suffering its biggest one-day drop since the 2008 financial crisis.
ECB Governing Council member Ewald Nowotny was quoted as saying that the possibility of interest rate cuts should not be ruled out.
Germany's Ifo economist Klaus Abberger also said he expected the ECB to cut interest rates toward 1 percent, although it was not clear what the time frame would be for such a move.
Speculation over euro zone easing countered investor ...
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EUR/USD Falls to a 10-Month Low amid Europe Crisis Fears
As this week's trading begins, there's little doubt that the debt crisis is the most pressing issue at hand. All eyes are currently watching what the European policymakers do with Greece's debt crisis. At the moment, the market seems rather pessimistic regarding the future of the European-Union and the euro is falling on all fronts.
Economic News
USD - Dollar Closes a Bullish Weekly Session as Risk-Aversion Soars
The U.S. dollar rallied against most of its major currency counterparts during last week's trading session as concerns regarding the European-Union stability have turned investors to long the dollar as a safe-haven.
During Monday's morning session the greenback continues to strengthen against the euro amid skepticism that Europe's latest efforts to contain its sovereign debt ...
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Forex - Markets Fade Risk Rally as IMF Fails to Provide Solutions
Forex News and Events:
A clear pull back in risk appetite was apparent at the start of this trading week. The catalyst was the lack of action by policymakers despite plenty of hype and anticipation of a strong guiding hand. Once again, European policymakers failed to grasp the severity of the current crisis. I guess that what happens when academic economists hand civil servants an innovative economic union to enact.
The currency wars continued to heat up on Friday with Poland entering the fray with an FX intervention. The massive flight to quality has taken its toll on the Zloty and sovereign bonds and Polish authorities attempted to smooth the stark erosion of value. In Switzerland, SNB Chairman Hildebrand stated the SNB would " enforce the exchange rate cap with all consequences," ...
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Oil hits 7-week lows on euro crisis, recession fears
(Reuters) - Oil fell to seven-week lows, around 2 percent down, on Monday as the euro zone crisis deepened fears of wider financial contagion and recession, encouraging investors to dump commodities and stocks in favor of safer assets.
Gold and copper both tumbled more than 5 percent and silver lost more than 16 percent at one point, while U.S. Treasuries rose.
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European debt concerns add to worries, eyes on possible EFSF expansion
Once again, with the start of a new week the jittery situation continue in markets on speculations the European debt woes would intensify as the debt contagion may spill over from Greece to other highly indebted nations in the region.
This week, the main focus will be on expanding the European rescue fund, where euro area countries are doing votes in their Parliaments to expand the European Financial Stability Facility (EFSF).
Commissioner Oli Rehn said the euro area should expand the capacity of the EFSF clarifying that "leveraging the EFSF resources to have more firepower and thus have a stronger financial firewall to support our member states that are doing the right thing."
Votes will take place in Germany, Finland and Slovakia to pass legislation for expanding the EFSF, yet the ...
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Euro nears 8-mth low on doubts over EU crisis steps
(Reuters) - The euro dropped sharply on Monday, moving toward an eight-month low hit last week, as riskier assets were hammered across the board with markets waiting for more details on fresh efforts from European officials to tackle the debt crisis there.
The euro started cautiously higher, bobbing up to $1.3585 amid reports that the E.U. leaders were considering beefing up the European Financial Stability Fund and new measures to ring-fence debt-ridden Greece, Portugal and Ireland.
But that was short-lived as Asian bourses opened sharply lower and emerging economy currencies, like the Korean won, suffered more substantial losses.
"We believe this type of plan would be seen as a credible solution to the crisis," said Warren Hogan, chief economist at ANZ Bank in Sydney.
"However, this ...
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Brent crude rises above $104; euro zone debt eyed
(Reuters) - Brent crude edged above $104 on Monday as investors weighed reports that euro zone policymakers were taking action to deal with a debt crisis that helped wipe as much as 9 percent off oil prices last week.
But market participants are likely to tread cautiously until more concrete steps are taken to prevent the crisis from affecting the global economy, analysts said.
"Absent some formal measures to deal with the debt problem, the general statements coming out of the euro zone are unlikely to reassure the markets," said Ric Spooner, chief market analyst with CMC Markets in Sydney. "Until we get something more concrete, there will be limited upside for oil."
Brent futures pared gains to trade 22 cents higher at $104.19 a barrel by 10:55 p.m. EDT, after rising to as much as $104. ...
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