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European And Us DebtTitle:
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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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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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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Better Data Boosts Risk Appetite, Sending US Dollar Lower
US dollar is moving lower right now, thanks to improved risk appetite. Most of that risk appetite is coming from enthusiasm over better data in the United States. Improvements to the US economy are helping high beta currencies, even after continued disappointment in Europe and China.
Good news in the United States is providing a boost to high beta currencies, and sending the US dollar lower, as risk appetite returns to the markets. Jobless claims in the United States fell to 370,000 last week, dropping by 2,000. Additionally, there was a rise in US durable good orders of 0.2% for April. This good news is providing some relief from all of the bad news coming out of Europe.
The sovereign debt crisis continues to dominate in the eurozone as European Union leaders look for a way for Greece ...
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Weaker euro zone economy sends dollar higher
(Reuters) - The U.S. dollar climbed to a 20-month high and safe-haven German bonds set record low yields, after data showed Europe's economic woes intensifying as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis.
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.
But U.S. stock index futures have edged higher as investors remain hopeful that pending data on durable goods orders and initial jobless claims will show the world's largest economy is staying on track for recovery.
The slowdown in economic activity in Europe's powerhouse Germany sent the euro ...
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Copper up from 4-1/2 month low, EU data weighs
(Reuters) - Copper firmed a little on Thursday after sinking to a 4-1/2 month low in the previous session but remained under pressure as downbeat data from the European Union raised worries that global economic weakness will hit demand for industrial metals.
Benchmark copper on the London Metal Exchange was trading at $7,589.50 a tonne by 0939 GMT, 0.8 percent up from a close at $7,531 on Wednesday.
The metal, used in power and construction, has dropped on risk aversion triggered by worries about Greece's possible exit from the euro zone.
Business surveys showed Germany's manufacturing sector has been shrinking at the fastest rate in three years in May and the euro zone's private sector has sunk further into the doldrums this month as new orders shrivel, forcing firms to run down ...
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Rupee Suffers on EU Summit & Poor Prospects for India’s Growth
The Indian rupee dropped today as a disagreement for the European leaders about a way to tackle the debt problems lead to risk aversion sentiment on the Forex market that hurt riskier currencies of emerging markets. Still, the currency managed to rebound at present.
As was expected, the summit of the European Union chiefs has not provided a positive result. And the rupee desperately needs a bullish story, but it has not found it in Europe and it is not likely to find it in India itself. The Organization of Economic Cooperation and Development predicted that India’s growth may remain “subdued” in the fiscal year through March 2013. Indeed, analysts forecast that the economy would expand 6.1 percent in the first quarter of this year from a year ago, at the same rate as in the previous ...
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