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Brent slips towards $106 as economy worry lingers
(Reuters) - Brent crude futures slipped towards $106 a barrel on Friday, on track for a fourth weekly loss and the longest losing streak since early 2010, as investors remained jittery on signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude was down 32 cents to $106.23 a barrel by 0503 GMT after touching a session high of $106.98. U.S. crude dropped 17 ...
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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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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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Oil climbs above $106 as Iran talks stall
(Reuters) - Brent crude oil rose above $106 a barrel on Thursday as reports of a hiccup in talks with Iran over its nuclear program balanced weak economic data from China and Europe.
Iran accused world powers on Thursday of creating "a difficult atmosphere" that hindered negotiations on its atomic energy program, signaling a snag in diplomacy to defuse fears of an Iranian attempt to develop nuclear bombs.
Brent futures rose 90 cents to trade at $106.46 by 1336 GMT after earlier touching a high of $106.90 before weak Chinese and European economic data sparked a bout of selling.
U.S. crude for July rose $1.44 to a high of $91.34 after settling at $89.90 a barrel on Wednesday, its lowest close for front-month U.S. crude since October 21.
Investors are worried that failure to agree a deal ...
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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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Oil steadies above $105 as Iran talks stall
(Reuters) - Brent crude oil steadied above $105 per barrel on Thursday as reports of a hiccup in talks with Iran over its nuclear program balanced weak economic data from China and Europe.
Iran accused world powers on Thursday of creating "a difficult atmosphere" that hindered negotiations on its atomic energy program, signaling a snag in diplomacy to defuse fears of a covert Iranian bid to develop nuclear bombs.
Brent crude oil fell 53 cents to a low of $105.03 per barrel, a five-month low, but then rebounded to trade around $105.71, up 15 cents, by 0945 GMT. It had earlier touched a high of $106.68 before the Chinese and European data sparked a bout of selling.
U.S. crude advanced 55 cents to $90.45, after earlier reaching a high of $90.81 per barrel. It settled at $89.90 a barrel on ...
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Greek Exit Fears Weigh, Gold Bounces Epically
The euro (EUR) dropped to a 22-month low falling to 1.2545 from 1.2686 against the US dollar on a heightened risk aversion in the markets. Concerns that Greece may face a damaging default and a messy exit from the eurozone weighed on the single currency after talks said that Eurogroup was asked to prepare a Greek exit plan. Wednesday’s informal EU summit did little to restore sentiment in the market after it showed no progress on how EU leaders are planning to tackle the eurozone debt crisis but all agreed on the importance that Greece stays in the euro. France pushed a proposal of joint eurozone bonds, which can help with funding difficulties for some heavily-indebted eurozone countries but that policy is rejected by Germany.
The US dollar (USD) strengthened against a basket of ...
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Asian Market Update : 24/05/2012
EU leaders call on Greece to work harder, June meeting to provide more details on measures; China flash PMI contracts again Thu, 24 May 2012 1:41 AM EST
Economic Data
(CN) CHINA MAY HSBC FLASH MANUFACTURING PMI: 48.7 V 49.3 PRIOR FINAL (7th consecutive contraction)
(NZ) NEW ZEALAND APR TRADE BALANCE (NZ$): 355M V 400ME (11-month high); TRADE BALANCE YTD: -541M V -651ME
(NZ) NEW ZEALAND ANNUAL BUDGET RELEASE: AFFIRMS TARGET OF RETURNING BUDGET TO SURPLUS IN 2015
(AU) AUSTRALIA Q1 CBAHIA HOUSE AFFORDABILITY: 61.8 V 58.5 PRIOR
(JP) JAPAN BOJ MONTHLY ECONOMIC REPORT: Increasingly Evident Japan Economy Is Shifting To Pickup
(KR) SOUTH KOREA Q1 HOUSEHOLD CREDIT Y/Y: +7.0% V 7.8% PRIOR (lowest level since Sept 2009)
(VN) Vietnam May CPI m/m: 0.2% v 0.1% prior; y/y: 8.3% v 8.9%e
(JP) ...
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Copper rises from 4-1/2 month low, EU crisis weighs
(Reuters) - London copper rose 0.8 percent on Thursday as the market took a breather after sinking to a 4-1/2 month low in the previous session on risk aversion triggered by worries over Greece's possible exit from the euro zone.
Copper, which has lost almost 10 percent this month, may find support from positive U.S. housing data, although gains were capped as the market remains vulnerable to the implications for the global economy after European leaders were unable to deliver meaningful measures to resolve the region's debt crisis.
"Prices of copper have come off quite heavily in recent weeks so there might be some sense that maybe it was an overreaction," said Alexandra Knight, an economist with National Australia Bank. "From my perspective Greece will ultimately stay in the euro zone ...
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