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Financial Markets HadTitle:
Oil slides below $118 on euro zone worries
Oil fell below $118 a barrel on Monday, pressured by concern over the euro zone debt crisis, although supply worries due to tightening Western sanctions on Iran checked the slide.
The outlook for Europe's economy worsened in April, raising the likelihood that oil consumption will slow. Fresh data for Germany, France and the euro zone showed a much faster rate of economic contraction than had been expected.
The wobbly financial state of some big euro zone economies has unsettled markets, despite signs at the start of the year that Europe's long-running debt crisis was easing.
Brent crude dropped $1.23 to $117.53 a barrel by 1320 GMT, while U.S. crude tumbled $1.66 to $102.21.
Analysts say world oil markets may be poised for a downward correction.
"Supply outages and geopolitical ...
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European fears grip investors, sending shares lower
(Reuters) - Fears of a Europe-wide recession undermining political will to tackle the region's debt crisis gripped financial markets on Monday, sending shares and the single currency lower and driving demand for safe-haven assets.
U.S. stocks were also poised to open lower on Wall Street.
The economic outlook for Europe was hurt by poor flash Purchasing Manager's Indexes (PMIs) for April, which are a guide to future activity. The reports for the euro zone, Germany and France pointed to a much faster rate of economic contraction across the debt-laden region than had been expected.
The gloomier view came as the Dutch government, a close ally to Germany in calling for tougher austerity measures to fight the crisis, was preparing to resign because of a crisis over budget cuts, according to ...
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German manufacturing shrinks at fastest pace since 2009: PMI
(Reuters) - Germany's manufacturing sector unexpectedly shrank at the fastest pace in nearly three years in April, denting hopes it can drive growth in the euro zone and casting a shadow over upbeat business sentiment surveys.
Markit's manufacturing Purchasing Mangers Index (PMI) fell sharply to 46.3 from March's 48.4, according to a flash estimate released on Monday, well below the 50 mark which would sign al growth in activity.
It marked the fastest rate of contraction since July 2009 in the sector, which has been hit by a decline in some exports as the debt crisis in the euro zone has choked demand from
key trading partners.
Reports are that sales to southern Europe are particularly weak, so there is some evidence of troubles in the periphery (of the euro zone) spilling over to the ...
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Asian shares, euro ease; China factory output up
(Reuters) - Asian shares and the euro eased on Monday, but losses were kept in check after a report showed Chinese factory activity stabilizing in April, alleviating worries about a sharp deceleration in the world's second-largest economy.
European shares were also expecting a lower start, with financial spreadbetters predicting that major European markets would open down as much as 0.6 percent. U.S. stock futures were down 0.2 percent.
The HSBC Flash Purchasing Managers Index showed China's factory output ticked higher, new business rose from multi-month lows and export orders perked up, though not sufficiently for a private sector survey of purchasing managers to flag a return to expansionary territory.
The index, the earliest indicator of China's industrial activity, improved to 49.1 ...
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Eyes to Track European Confidence Data, GDP Figures from the Royal Economy
Tomorrow is a fresh new start for the euro-area region, where another week had finished on Friday, ending a session full of volatility and tensions, where European market in the past week remained under pressure, tracking the changes in borrowing costs with fears Spain might fall following other vulnerable economies such as Greece and Portugal, which sought bailouts and pulled the euro to the verge of collapse.
This week the tension will shift from the debt market to the heavy load of fundamentals awaited from the euro zone, Germany and the United Kingdom, where due to the lack of major auctions all markets will pay attention to European confidence data, the performance of the European manufacturing and services sectors and most importantly the gross domestic product figures from the ...
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UK Q1 GDP to Put the Brakes on More QE
The Week Ahead
Highlights
UK Q1 GDP to put the brakes on more QE
French political risk comes to a head
Italy and Spain turn attention to fiscal targets
BOJ to back up rhetoric with action
FOMC still in wait-and-see mode
Market Moves
UK Q1 GDP to put the brakes on more QE
The major data release in the UK this week will be the preliminary Q1 GDP reading. There is considerable uncertainty around this figure due to some strong data in the services sector, especially retail sales, balanced by some disappointments in the manufacturing and construction sectors. Retail sales for March rose 1.5%, more than the 0.4% expected. This was mostly due to the effects of good weather boosting demand for clothes, footwear and gardening equipment. This helped to reverse some of the ...
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Weekly Economic and Financial Commentary : 20/04/2012
U.S. Review
Look Past the Monthly Volatility and See the Trend
This week of economic releases painted a somewhat mixed picture, but the underlying trend still reflects an economy that is growing at a modest pace. The milder-than-usual winter likely brought some activity forward and below-consensus readings are due in part to payback. Housing starts, existing home sales and industrial production all posted disappointing readings in March that are likely not indicative of the underlying trend.
Headline retail sales, however, came in more than double the consensus estimate in March, ending the first quarter on a positive note.
Early Spring Brings Payback Period
The full week of economic releases painted a somewhat mixed picture, but the underlying trend still reflects an economy ...
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The Weekly Bottom Line : 20/04/2012
HIGHLIGHTS OF THE WEEK
United States
Economic data out of the U.S. gave mixed signals of the state of the economy. While retail sales started the week with a strong 0.8% increase, industrial production stalled and housing starts and existing home sales both fell.
A feeling of déjà vu has gripped economy watchers remembering back to last year's spring slowdown. While we expect growth to slow from relatively strong first quarter growth, we continue to expect real GDP growth of around 2.0%. The recent decline in gasoline prices contributes to our relative optimism.
The U.S. economy is healing, but the shock from the financial crisis is still reverberating and will keep a lid on growth rates. The biggest risk to economic growth remains fiscal drag in 2013.
Canada
The Bank ...
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Dukascopy Afternoon Forex Overview : 20/04/2012
Fundamental Analysis
EUR
Spain faced increasing borrowing costs during successful sale of bonds with two and ten-year maturity. The country's Treasury sold 1,116 billion Euros of two-year bonds at yield of 3.463% and 1,425 billion Euros in ten-year bonds with yield of 5.743%. Demand for Spain's debt was strong as bids surpassed demand 3.3 times.
USD
The American session also gained from the higher-than-estimated German Ifo business climate reading released today. The increase in stocks was also accompanied by a gain in commodity prices and a decline of treasury yields.
GBP
British FTSE 100 index traded modestly higher on Friday as data showed UK retail sales rallied in March, reaching 1.8% growth instead of predicted 0.4% gain. IMI Plc jumped 1.8% after engineering group reported an ...
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