Worries
Gold prices ticked higher on Thursday, after data from China showed factory activity shrank in May for the first time in seven months, adding to concerns that a recovery in the world`s second-largest gold consumer is sputtering.
Data released earlier in the session showed Chinese manufacturing sector slowed during May, adding to signs that the world’s second largest economy faces many challenges an obstacles.
Chinese flash manufacturing purchasing managers’ index reading fell to 49.6 in May, compared with a previous reading and analysts’ expectations of 50.4.
As of 09:44 ( GMT +3) gold for immediate delivery lost 0.05 percent or 0.72 points to trade at $ 1,375.22 after opening at $1,368.53, having earlier hit a high of $1,376.70, and a low of $1,356.59.
Gold lost ground on ...
Crude oil may extend its losses on Wednesday ahead of Bernanke`s testimony later in the day, as concerns over demand from the world`s top oil consumer were triggered following the unexpected rise in crude stockpiles last week.
Besides the housing and retail sales data set for later in the day from the U.S. and UK, investors are awaiting the U.S. Federal Reserve chief Ben Bernanke`s testimony amid believes the bond-buying stimulus has further to run.
Adding to the downside pressures on oil was the report by the American Petroleum Institute released Tuesday and which showed that U.S. crude oil stockpiles rose by 532,000 barrels last week although inventories were expected to drop.
The U.S. Energy Information Agency (EIA) will release its data on inventories later on Wednesday. The report ...
Thailand`s economy grew slower-than-expected in the first three months of this year deepening the worries over the region’s growth.
Thailand’s economy contracted by 2.2% during this year’s first quarter, compared with a 5.3% growth the same quarter a year ago.
This dada adds to a slew of recent disappointing data from other Asian economies that darkens the outlook of the world`s fastest-growing regions.
The slower growth was the result of weaker Chinese, eurozone, and U.S. demand as well as the strong baht which is found around its highest in 16 years.
“The general picture (emerging from economic data) is that Asia is slowing”, said Daniel Martin from Capital Economics in Singapore.
“The recent data have generally been weaker than most expected but to my mind that is because ...
Crude oil is trading in a tight range around the $97.00 a barrel level as the rising tensions in the Middle East and the weakening dollar ahead of Bernanke’s testimony to Congress on Wednesday offset concerns about moderating demand growth.
The rising tensions in the Middle East rise increase worries a possible spread of the Syria’s civil war to neighboring oil producers. Lebanese Hezbollah guerrillas were reported to be involved in fierce fighting for Syria`s president Bashar al-Assad.
Further support to oil prices is given by the weakening dollar ahead of U.S. Federal Reserve chief Ben Bernanke`s testimony. Investors are paring back on expectations that the U.S. central bank will start reducing its bond-buying program anytime soon.
- The dollar index is trading around 83.95; oil ...
U.S. stock futures signaled a higher open on Friday, as investors aim to overcome a pause in the rally in the prior session and anticipating good news from consumer sentiment and leading indicators data.
Futures on the Dow Jones Industrial Average rose 0.237% to 15248 points. The S&P 500 futures rose 0.237% to 1652.00 points. The NASDAQ 100 futures climbed 0.125% higher to 3002.00 points. As of 06:23 ET
Just a handful of data is due Friday. The University of Michigan and Thomson Reuters consumer sentiment report, due at 9:55 a.m. Eastern Time, is expected to rise to 77.9 from 76.4 by analysts’ expectations. Fading worries about sequester cuts, jobs growth and stock-market gains are seen as contributing to that potential lift.
A Conference Board report at 10 a.m. in New York may show the ...
The disappointing U.S. economic data on Thursday revived worries over demand growth, while the stronger dollar added to the downside pressures on prices.
“All U.S. economic indications in the last few days have been weak and that is raising doubts about demand”, said Tetsu Emori from Astmax Investments, Tokyo.
The world’s biggest oil consumer showed fresh signs of slowing in the second quarter, as with factory activity slipped in April while the jobless claims rose last week.
The dollar index continues to trade near a 10-month high. Oil tends to move inversely against the dollar as it reduces the appeal of dollar dominated commodities.
“The dollar will influence oil quite a bit over the next few sessions because at some point it will start to weaken as it has strengthened too much in ...
Despite the stronger-than-expected GDP data from Japan, Nikkei fell in a correctional move and after some Japanese banks forecasted lower earnings. The MSCI Asia Pacific Index slid 0.2% to 142.84 as of 15:45 in Tokyo.
The drop in Japanese banks and the fall in capital spending for a fifth straight month weighed on Nikkei which was already facing downside pressures from a correctional move after it climbed yesterday above the 15,000-mark for the first time since January 2008.
“The market, particularly in Japan, looks overbought and needs a pullback. We’re not going to see a full reversal at this stage. The effects of aggressive monetary stimulus in Japan is just starting to gain traction”, said Nader Naeimi from AMP Capital Investors, Sydney.
Japan’s gross domestic product rose an ...
European equity market was little changed on Thursday’s early trading session after data showed Eurozone entered a sixth quarter of contraction at the first quarter of 2013 as worries about a prolonged recession in the eurozone kept the Markets under pressure.
Meanwhile, most stock markets in Asian rose on Thursday after solid growth data from Japan improved sentiment. While Wall Street closed higher on Wednesday as disappointing data fueled bets the Federal Reserve will be in no hurry to scale back stimulus
The benchmark Stoxx Europe 600 Index hit its highest level since June 2008 on Wednesday; the equity benchmark has gained 10 percent so far in 2013.
- STOXX Europe 600 lost 0.22 percent or 0.678 points to 307.38
- STX Europe 50 fell 0.40 percent or 11.33 points to 2,798.25
Data ...
Crude oil fell for the fifth time in six days amid signs of economic weakness in the U.S. and Europe that darkened the outlook for demand on oil.
The sharper-than-expected drop in U.S. factory output and manufacturing activity in New York, the recession in the eurozone and the slower growth in China at a time when supplies are rising are weighing on oil prices.
“The economy doesn`t support prices at these levels so why should they be there? The rise in oil we saw yesterday was because of the surprise draw in U.S. crude stockpiles. It caught some people short”, said Jonathan Barratt from BarrattBulletin, Sydney.
The U.S. crude inventories unexpectedly fell by 624,000 barrels last week according to the EIA report. Gasoline inventories rose 2.59 million barrels to 217.7 million, the ...