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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Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report.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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Business conditions lost significant strength throughout the Philadelphia Area…
Although overall business conditions of the superpower keep on supporting the present growth of the country along with its moderate revival yet we watch mixed manufacturing conditions being released with in fact today`s US Philadelphia Fed Manufacturing Index of May dropping significantly.
In fact today`s Philadelphia Fed Manufacturing Index, which is as know a survey questioning manufacturers in the Third Federal Reserve District on general business conditions, plummeted gloomily by 5.8 percent from actually a prior incline of 8.5 percent while that the market in point of fact projected a higher incline of 10.0 percent.
Accordingly it is clear that according to this index throughout this area business conditions lost some strength within the month of May, which is no real big surprise ...
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Crude above $93.00 on reversal of the Seaway pipeline
Caution is still keeping sentiment subdued on Thursday, although Japan witnessed a better than expected growth in the first quarter, while the ECB limited its exposure to risk as fears over Greece continue, yet crude slightly rose.
Greece is closer to exiting the euro zone, after attempts to form a new government failed, leading to new election on June 17, during which the far-left anti-bailout party Syriza is expected to win, putting the euro at risk.
Moreover, the trading losses suffered by JPMorgan surged in recent days surpassing the bank’s initial $2 billion estimate by at least $1 billion, while Spain fell into recession in this year’s first quarter.
However the Japan`s economy grew 1.0% during this year’s first quarter compared with -0.2% previous, on solid consumer spending, ...
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Euro slides on Greece, banking sector worries
The euro slid to a four-month low against the dollar on Thursday and was expected to remain under pressure as concerns grow about problems facing some periphery euro zone banks and the prospect of contagion if Greece exits the euro.
Growing aversion to risk drove investors towards the safety of the U.S. dollar, which rose to a four-month high against a basket of currencies, while the euro also dropped to a three-month low versus the yen.
Talk of possible Spanish bank downgrades pushed European equities .FTEU3 sharply lower. Shares in Spanish lender Bankia fell more than 20 percent following a report in the El Mundo newspaper that its customers had withdrawn more than 1 billion euros from their accounts over the past week.
This followed news on Wednesday that the European Central Bank ...
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NZ Dollar Near This Year’s Low
The New Zealand dollar erased its earlier gains today as the potential Greece’s exit from the eurozone continued to spoil mood of Forex market participants. The currency traded near the lowest level this year.
Greece faces a new election on June 17 and traders are worried that it may result in the country leaving the euro-union. The announcement of the European Central Bank that it stopped lending to some Greek banks was not helping market’s mood either. Earlier, the kiwi rallied on speculations that recent losses were excessive. ANZ National Bank reported that the number of job advertisements fell 2 percent in April, following the March’s 0.9 percent decline.
NZD/USD fell from 0.7642 to 0.7634 as of 12:27 GMT today, near yesterday’s low of 0.7623, which was the lowest level since ...
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Markets Hold Ground, Awaiting Central Banks to Move
Taking a general look at markets before the end of this week, we can see that the bearishness started to lose momentum as traders are speculating now what tools Central Banks might provide to revive the slowing pace of recovery, especially the European Central Bank amid the current political instability in Greece, the confirmed recession in Spain and Italy and the deepening debt crisis.
Moreover, investors are still worried and concerned regarding the general trend in markets, where after the Federal Reserve reassured that a slowing recovery in the U.S. might trigger another round of quantitative easing, volatility dominated markets as predicting the coming moves became highly uncertain as Politicians failed to calm markets and the fueled debt crisis, leaving policymakers with a difficult ...
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Loonie Drops On Speculation Of Worsening Turmoil In Europe
Loonie Drops On Speculation Of Worsening Turmoil In Europe
Tradervox (Dublin) - The Canadian dollar has weakened to its lowest last seen in January after the European central bank indicated that it is going to reduce its lending to some banks in Greece to reduce its risk. Investors have taken this to mean that Greece might lose its position in euro zone which has caused risk aversion.
Earlier, the loonie had erased some of the losses it had experienced against the dollar after economic data showed positive economic outlook for North American region lending support to sentiments that Bank of Canada might increase interest rates. However, the crisis in Europe has led to a decline in crude oil prices which is the biggest export commodity from Canada hence forcing the nation's currency to ...
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Brent crude steady ahead of Seaway pipeline reversal
Brent crude held steady above $109 on Thursday, supported by a rebound in U.S. oil prices on hopes that a reversal in oil flow for the Seaway pipeline will reduce a supply glut in the U.S. Midwest.
Investors cast aside worries about higher oil supply and the euro zone crisis that have dogged the market for the past few weeks and bought U.S. crude futures, allowing the front-month contract to rebound for the first time in five sessions.
West Texas Intermediate (WTI) crude was up 61 cents to $93.42 by 0641 GMT, after rising to an intraday high of $93.72.
Brent crude for July edged down 21 cents to $109.54 but recovered from a low of $109.01, the lowest intraday price since January 25. Brent-WTI spread for July also narrowed to $15.74 after widening to $19.46 on Wednesday, the widest ...
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Loonie Weakens as Europe Hits Commodity Prices
The Canadian dollar yesterday as the crisis in Europe escalates, damping demand for commodities and commodity-dependent currencies. The loonie trimmed its losses today on good fundamentals in Canada and the United States.
Talks about Greece leaving the eurozone intensified after the European Central Bank paused lending to some Greek banks. The ECB said it would resume borrowing after the banks boost their capital:
Once the recapitalization process is finalized, and we expect this to be finalized soon, the banks will regain access to standard Eurosystem refinancing operations.
The central bank explained that it does not want to see Greece exiting the currency union, but the bank cannot break the rule to lend only to reliable financial institutions. Anyway, markets reacted negatively ...
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