Fourth Straight Weekly

(Reuters) - Gold eased on Wednesday extending sharp losses made in the previous session as investors were skeptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis. Gold fell to as low as $1,555.03 an ounce earlier in the day, its lowest level in nearly a week, tracking a weaker euro as investors fretted about the possibility of a Greek exit and its implications for the global economy. Investors will be watching the outcome from the EU summit, but confidence is on the wane since Germany and France are likely to confront each other on the idea of mutualized European debt. "Can it solve the debt crisis? No," said Dick Poon, manager of precious metals at Heraeus in Hong Kong, "Everyone is worried about Greece withdrawing ...

(Reuters) - Global stocks rebounded from their lows for the year on Monday as world leaders emphasized their support for economic growth in the euro zone, but the euro dipped on persistent concerns that Greece could leave the bloc. Many investors and analysts see the pause in selling of stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17. On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro. Despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems. "More ...

(Reuters) - Global stocks rose on Monday from their lows for the year as world leaders voiced support for economic growth in the euro zone and China, but the euro dipped on persistent concerns that Greece could leave the bloc. Many investors and analysts reckon the pause in selling stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17. On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro. But despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems. "More ...

Brent crude held steady above $107 per barrel on Friday, but prices were headed for a third straight weekly drop as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand. Worries about the euro zone, already roiled by a Greek political chaos, mounted as Spain slipped into a recession, while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer. Brent crude edged up 7 cents to $107.56 a barrel by 11:34 p.m. EDT after slipping to as low as $106.62. Front-month Brent is on track to post its largest three-week fall since May 2011 after settling at the lowest level in 2012 on Thursday. U.S. crude inched up 3 cents to $92.59, but is still ...

Crude oil futures tumbled on Wednesday, coming under pressure with U.S. equities, as banking troubles in Greece further highlighted the euro zone debt crisis, sparking risk aversion across markets. The European Central Bank confirmed a Reuters report that it has stopped providing refinancing to some Greek banks as they are severely undercapitalized, keeping oil and other commodity prices pinned down. The ECB move had erased an uptick in oil prices in morning trading after U.S. data showed that domestic stockpiles rose much less than what an industry group reported late on Tuesday. Uncertainty in Greece, already shaken by the inability of politicians to form a government, pulled the euro to near a four-month low against the U.S. dollar while Wall Street dropped in choppy trading. ...

Sunrise Market Commentary - Fixed Income Weak US payrolls push core bonds higher again - On Friday, it was weaker US payrolls that helped core bonds eke out more gains, but non-core bonds held up quite well. Spreads even narrowed in the intra-EMU bond markets. We fear that this won't be the case today, as French and Greek election results inject uncertainty into markets. - Currencies: Euro testing key support levels - On Friday, trading in the major euro cross rate was rather calm, but the pressure remained to the downside. The US payrolls were unable to change this pattern. This morning, EUR/USD is testing the key 1.2974 support while EUR/GBP is trading south of the 0.8068 level. A sustained break below these levels would raise a red alert for the single currency. The ...

Major European Services PMI again disappoints; Focus now on US April Non-Farm Payroll report Economic Data (EU) ECB: €983M borrowed in overnight loan facility v €638M prior; €805.7B parked in deposit facility v €803.1B prior (RU) Russia Narrow Money Supply (RUB): 6.90T v 6.91T prior (SE) Sweden Apr Services PMI: 48.6 v 52.6 prior (First contraction since Nov) (ES) Spain Apr Net Unemployment M/M: -6.6K v -15.0Ke (UK) Apr Halifax House Prices M/M: -2.4% v -0.8%e; 3M/Y: -0.5% v +0.4%e (ES) Spain Apr Services PMI: 42.1 v 45.4e (10th straight of contraction) (CH) Swiss Mar Real Retail Sales Y/Y: 4.2% v 1.1%e (SE) Sweden Mar Service Production M/M: 0.9% v 0.4% prior; Y/Y: 2.8% v 1.5%e (IT) Italy Apr PMI Services: 42.3 v 43.7e (FR) France Apr Final PMI Services: 45.2 v 46.4e (DE) ...

(Reuters) - The euro slipped against the dollar from a fourth straight day on Thursday as European Central Bank chief Mario Draghi gave a more upbeat than expected assessment of the region's economy but left the door open for policy easing. The euro bounced from a two-week low against the greenback after Draghi said the euro zone economy was likely to recover this year, although the outlook remained vulnerable to downside risks. He spoke after the ECB kept rates unchanged at 1 percent. While the euro initially rose after Draghi's comments, the "market reaction soon became muted because the ECB really did not change anything and it was pretty much status quo," said Mark McCormick, G-10 currency strategist at Brown Brothers Harriman in New York. "ECB action is still possible," he said. " ...

Weekly Economic and Financial Commentary U.S. Review First-Quarter GDP Growth Slows The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending. In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector. Business Spending Poised for a Slowdown? Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...