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Yuan declined to the lowest in 10 weeks regarding China’s flash PMI
China’s Yuan declined to the lowest level in 10 weeks after the data signaled China’s manufacturing may decline for the seventh month in May during the uncertainty of global environment and European debt crisis.
Moreover, China’s economy released its HSBC flash manufacturing PMI for the month of May, where the actual reading dropped to 48.7 compared with a previous of 49.3. Chinese government announced yesterday that it must proactively take policies and measures to expand demand and create a favorable policy environment for stable and relatively fast economic growth.
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European future equities rise before the opening today
European stock futures signaled a positive start before the opening today timing some of the loses witnessed in the past few days as European decision makers instated that Greece must stick to the austerity measures in order to stay in the euro zone and to prevent major problems.
Spain announced Wednesday evening a 9 billion euro bailout to rescue Bankia, at the same time that the Spanish government is seeking ways to help reform the indebted banking sector that threatens to pull the economy deep into the heart of the debt crisis.
As for FOREX markets, we can see that currencies are performing differently from European stocks as investors see that it`s not time to risk yet since concerns over the European economic growth dominates markets.
The euro slipped during the last two days by ...
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Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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Guessing game begins over next Treasury chief
(Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis.
It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers.
Economists, investors and veterans of past administrations are appraising potential successors to Treasury Secretary Timothy Geithner, either in a new Obama administration, if President Barack Obama is re-elected, or under Mitt Romney.
Geithner has made it clear that he is leaving the post he has held since January 2009 even if Obama, a Democrat, beats Romney, the presumptive Republican presidential nominee, in the November ...
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Fed's Lockhart says circumstances not ripe for QE3
(Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday.
Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy.
"Circumstances today in the United States call for continued measured efforts to quicken the pace of recovery and shrink unemployment, while keeping inflation controlled," Lockhart said in a speech prepared for delivery to the Institute of Regulation and Risk, North Asia, in Tokyo.
The ...
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Oil rises on China call for growth, Iran
(Reuters) - Oil prices rose on Monday, supported by China's premier calling for efforts to stimulate growth and by positioning ahead of Iran's nuclear program talks with major powers.
Chinese Premier Wen Jiabao's call for, "giving more priority to maintaining growth" signaled Beijing's willingness to take action after several recent economic indicators suggested that the economy could continue to slow in the second quarter.
"China's central bank has already cut bank reserve requirements to stimulate growth and such comments suggest that even more may be done in the months ahead to ward off a hard landing," Addison Armstrong, a senior director at Tradition Energy, said in a note.
Group of Eight leaders backed keeping Greece in the euro zone at their summit on Saturday, but a lack of ...
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Crude drops on China’s downbeat data and worries over Europe
As demand on oil is seen dropping since the global recovery is at risk amid the uncertainties over Europe and China’s slowing economy, crude resumed its drop heading for a second weekly decline.
Risk appetite remained subdued on Friday as China’s moderating inflation signaled slower consumption while Greece’s political turmoil fuel concerns over Europe’s growth, keeping the dollar index above the 80.20 today.
Crude fell today from the highest $96.75 to the lowest $95.60, and as of this writing is trading around the $96.10 as the Chinese data show the economy is weaker than previously thought. Brent dropped 0.85% trading around $111.77.
In China, consumer prices rose slower than expected, indicating that domestic consumption is falling in the world’s second oil consumer, while retail ...
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Asian stocks drop on JP Morgan, Greece and China’s slower inflation
Asian stocks are heading towards their steepest weekly fall since November as China’s moderating inflation signaled slower consumption while Greece’s political turmoil fuel concerns over Europe’s growth, keeping risk appetite subdued.
The MSCI Asia Pacific Index dropped 0.7% at 12:53 in Tokyo, as Europe’s debt crisis seem to be deepening with the political deadlock in Greece, which puts the eurozone unity at risk especially after the political changes seen in France.
Greek Socialist leader Evangelos Venizelos will meet again with conservative leaders later today in an attempt to form a coalition government, while Spain is expected to announce further measures aimed to reform its banks
Moreover, only one day after China’s slowing growth was confirmed due to the steep drop in exports, ...
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Bye bye expensive oil prices !
Crude oil continued in its biggest decline this year amid high uncertainty in Europe due to elections in several countries, and signs of a weakening recovery in the world’s biggest oil consumer. Also, the world leaders led by Saudi oil minister try to push crude prices downwards as it is much expensive than it should be.
By assembling many factors together, a very strong downside pressure has been formed on crude, after it declined last week below $100 level on a bad U.S. jobs report which triggered fears over its weak recovery pace and a high uncertainty in Europe with a new French president and dark outlook for Greece.
However, the downside pressure on crude has intensified after a failure in Greece’s parliamentary vote for a new coalition government, which called fears back to cover ...
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