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Global stocks, oil drop on latest euro zone fears
World stocks and oil prices fell on Thursday on concerns about the health of Spain's banks and the prospect of Greece leaving the euro zone.
Adding to pressure on Wall Street stocks was a U.S. government report showing manufacturing in the mid-Atlantic states unexpectedly contracted in May.
The data helped lift safe-haven U.S. Treasuries prices, and pushed the 10-year note yield to just 5 basis points from its lowest level in at least 50 years, while gold prices rallied 2.6 percent.
Worries about Spanish banks resurfaced after a media report said customers of Bankia (BKIA.MC) had withdrawn more than 1 billion euros from their accounts in the past week. The Spanish government said there had been no such exit of deposits.
Shares of the partly nationalized Bankia fell 13.5 percent but ...
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Copper steadies; Spain threatened by Greece's troubles
Copper prices steadied on Thursday after sliding for four straight days and touching four-month lows, but traders remained wary about the metal's prospects amid fears of more fallout from Europe should Greece exit the euro.
For the first time since Friday, copper futures in London and New York inched toward positive territory as support returned to commodities deemed oversold in the risk flight of the past week.
Still, worries about how Europe -- particularly Spain -- would manage Greece's exit from the euro hung heavily on markets, including copper.
A bond sale by Spain came at a markedly higher cost for the government than before, signaling investors' growing concern about the possibility of a contagion impact should Athens default on its own sovereign debt.
"Copper's still seeing ...
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Anxious investors send S&P lower for fifth day
U.S. stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery.
Growing worries over developments in the euro zone and lackluster economic data pushed the S&P's losing streak to five consecutive days. The index, which closed at a level not seen since mid-January, has now relinquished more than half of its gains from the first quarter.
"There is not a lot of interest in the equity market," said Jason Weisberg, managing director at Seaport Securities Corp in New York. "The overhang with Europe is so heavy, people are tired of playing whack-a-mole, and their portfolios are the mole."
The Dow Jones industrial average .DJI dropped 156.06 points, or 1.24 ...
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Oil falls on euro zone worries, weak economic data
Brent crude oil slumped more than 2 percent on Thursday, touching the lowest price since December, as investors avoided risky assets due to mounting fears that turmoil in Greece could spread to other stressed euro zone economies.
U.S. crude was down by less than Brent, which reduced Brent's premium against U.S. crude to below $15, from above $19 the previous session, as owners of the U.S. Seaway pipeline announced just after midday that its reversal was completed as expected.
The initial flow of crude that will head for the main U.S. refining center in Houston was to occur by the weekend, a development aimed at easing the supply glut of U.S. crude at the delivery hub in Cushing, Oklahoma. Easing that glut should narrow the premium that Brent has enjoyed over U.S. crude.
But market focus ...
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Gold jumps 2.6 percent after slump; dead-cat bounce?
Gold rallied more than 2.6 percent on Thursday, its largest one-day gain since late January, as technical buy signals and new signs of a sluggish U.S. economy more than offset deepening despair over the euro zone.
After flirting with a bear market on Wednesday, down more than 20 percent from its September record, bullion rallied early after Philadelphia Federal Reserve data showed a contraction in factory activity in the U.S. mid-Atlantic region that rekindled some hope the Fed would plough more money into the system to stimulate the economy, traders said.
Technical buying also fueled gains after gold had nearly hit a key December low, trading just shy of key technical long-term support at the 100-week moving average of $1,515 per oz.
But with the euro and U.S. stocks in decline and ...
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S&P on track for 5th straight day of losses
Stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Both the S&P and the Nasdaq fell as much as 1 percent, with the Nasdaq's losses wider as large-cap tech shares fell.
A gauge of future U.S. economic activity fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, compounding worries about a struggling economic recovery.
Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report. Bankia shares (BKIA.MC) fell 14 percent after sliding as much as 30 ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Euro, stocks dip on spreading euro zone fears
The euro slipped along with world stocks on Thursday as deepening turmoil in Greece and Spain kept investors wary of riskier assets, with weak U.S. economic data adding to the cautious mood.
Worries about the health of Spain's banks also resurfaced after a report that customers at Bankia (BKIA.MC) had withdrawn more than 1 billion euros from their accounts in the past week, though the Spanish government said there had been no exit of deposits from the lender.
The report followed suggestions that customers of Greek banks were moving funds in anticipation of its exit from the euro, adding to anxiety among investors about the lack of a firm plan to deal with the region's worsening crisis.
"The whole equities market is being driven by a macro trade based upon contagion fear in Europe, and ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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