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U.S. factories rack up best growth in 10 months
(Reuters) - U.S. manufacturing grew in April at the strongest rate in 10 months, easing concerns the economy had lost momentum at the start of the second quarter.
The Institute for Supply Management said on Tuesday its index of national factory activity rose to 54.8 from 53.4 in March. The figure bested expectations for a decline to 53.0 and came in above the top end of forecasts in a Reuters poll.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX Strategy for North America at Wells Fargo.
"ISM suggests there's no real reason to get too concerned about the path of the U.S. ...
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Copper slightly higher, China data supports
(Reuters) - Copper moved slightly higher on Tuesday helped by brisk manufacturing data in top metal consumer China and in the United States but concerns about the euro zone crisis and lower expectations of U.S. monetary stimulus kept a lid on prices.
Trading was thin with many markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was at $8,445 by 1522 GMT, after hitting a session high of $8,454. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough.
China consumes about 40 ...
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Copper dips on economy concerns, China data supports
(Reuters) - Copper dipped on Tuesday as brisk manufacturing data in top metal consumer China and a softer dollar failed to offset concerns about the fragile U.S. economy and the euro zone crisis.
Trading was thin with most Asian markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was down 0.1 percent at $8,391 a tonne by 1058 GMT, after hitting a session high of $8,450. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough. (nL4E8G10UO)
"I'm not sure there was enough in it to ...
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Asian Market Update : 30/04/2012
Yen at 2-month highs in the wake of disappointing BOJ and sluggish US GDP
Economic Data
(AU) AUSTRALIA MAR PRIVATE SECTOR CREDIT M/M: 0.4% V 0.3%E; Y/Y: 3.4% V 3.2%E
(AU) AUSTRALIA MAR HIA NEW HOME SALES M/M: -9.4% V +3.0% PRIOR (multi-year low)
(AU) AUSTRALIA APR TD SECURITIES INFLATION M/M: 0.3% V 0.5% PRIOR; Y/Y: 1.9% V 1.8% PRIOR
(NZ) NEW ZEALAND MAR BUILDING PERMITS M/M: 19.8% V 6.0%E
(NZ) NEW ZEALAND APR NBNZ ACTIVITY OUTLOOK: 36.1 V 38.8 PRIOR; BUSINESS CONFIDENCE: 35.8 V 33.8 PRIOR (8-month high)
(NZ) NEW ZEALAND MAR TRADE BALANCE (NZ$) 134M V 417ME
(KR) SOUTH KOREA MAR INDUSTRIAL PRODUCTION M/M: -3.1% V +0.2%E; Y/Y: 0.2% V 2.2%E
(KR) SOUTH KOREA MAY BUSINESS SURVEY MANUFACTURING: 90 V 85 PRIOR; NON MANUFACTURING: 85 V 82 PRIOR
(SI) SINGAPORE Q1 UNEMPLOYMENT RATE PRELIM: 2.1% V 2. ...
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The Weekly Bottom Line : 27/04/2012
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
- Europe provided plenty of negative headlines this week. Both Spain and the U.K. confirmed their economies fell back in recession, while the former saw its unemployment rate jump to 24.4%.
- The Dutch government collapsed over a dispute regarding fiscal tightening measures and S&P downgraded Spain's sovereign rating by two notches to BBB+.
- Although unspectacular, things were better in the U.S. First quarter GDP growth came softer than expected. However moderate, a 2.2% q/q annualized economic expansion feels comforting against the European backdrop.
Canada
- Retail trade slid by 0.2% in February as auto sales declined following strong January results.
- Newfoundland and Labrador brought down its budget, ...
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Oil pares losses after data
(Reuters) - Oil pared lossed on Friday to trade at around $119.90 a barrel after disappointing U.S. data revived hopes of further liquidity injections from the Federal Reserve to boost the flagging economic recovery.
Brent crude, widely used as a global oil benchmark, was down just 5 cents to $119.87 a barrel by 1341 GMT. U.S. crude oil was off 7 cents to $104.48 a barrel.
Oil was sold off earlier in the session after S&P downgraded Spain's credit rating but pared losses when U.S. first quarter GDP figures missed the consensus forecast. The data hit the dollar, and a weaker U.S. currency is supportive of commodities priced in dollars as it makes them cheaper for holders of other currencies.
Some traders also took the view that the below-expectations GDP figure would open the door to a ...
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Oil down near $119.50, Spanish downgrade weighs
(Reuters) - Oil prices eased on Friday, trading at around $119.50 a barrel, due to renewed fears about the state of debt-laden eurozone economies following a downgrade of Spain's credit rating.
Traders and investors took a more cautious stance after Standard & Poor's reduced its credit rating on Spain by two notches to BBB+, citing expectations that the government's finances will deteriorate more than previously thought due to a shrinking economy and an ailing banking sector.
S&P also put a negative outlook on the credit and said Madrid's situation could deteriorate further unless ambitious measures were taken at the European level.
Brent crude, widely used as a global oil benchmark, was down 50 cents to $119.42 a barrel by 1030 GMT, after rising in the past two sessions. U.S. crude oil ...
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SunBirdFX Daily Market Analysis : 04/27/2012
www.sunbirdfx.com
The US stock markets continued the bullish rally and the indices looks as if they are one the track back to the annual highs. The investors concentrated on the improving pending home sales data instead of the disappointing continuing jobless claims, as today the focus will be on the annualized GDP.
AUD/USD
The rising in Wall Street helped weakened the USD against most of the major currencies, although the weakening is not as sharp as the rising of the stocks. The Australian dollar managed to break-through the channel that it has been moving through for several weeks and this might be the opportunity for the AUD to start a strengthening session against the USD. The current resistance is around 1.04 and if the Aussie manages to cross the 50 EMA, it might continue rising ...
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Stimulus speculation lifts copper, most markets
(Reuters) - Commodities ended broadly higher on Thursday, with copper one of the biggest gainers, after high claims for jobless benefits in the United States fed expectations that the Federal Reserve may approve another U.S. economic stimulus.
Investors also bought copper, oil and other key commodities as U.S. housing data that showed contracts to purchase previously owned homes was near a two-year high in March, and on a weaker dollar which boosts demand for dollar-denominated raw materials.
The dollar fell .DXY a day after Fed Chairman Ben Bernanke said the central bank was willing to do more -- including approving a new stimulus -- to help U.S. recovery.
"Yesterday's Fed proclamation that they are prepared to take additional easing steps even in the face of slightly positive growth" ...
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