Precious metal prices remain in negative territory in early trade this morning. Gold retreated sharply to a 5-year low at $1086/ounce early in the session. The yellow precious metal has slightly rebounded and hovered around $1100/ounce.
The USD index rebounded strongly this morning and climbed above 98.00 against a basket of currencies following increasing optimism after yesterday’s release of the latest FOMC minutes. The minutes revealed that US Federal Reserve policy makers were split regarding the timing of an upcoming interest rate rise.
As the US markets are closed today for President’s Day, trading volumes were fairly thin. European equity markets retreated amid concerns regarding the Greek debt crisis, while investors remain cautious ahead of any decisions coming out from the Euro-group meeting later today.
Brent front month futures breached below $80 per barrel for the first time since October 2010, suggesting further downside momentum in the oil market. Brent futures have retreated more than $35 in nearly 5 months, weighing heavily on market sentiment.
Asian equity markets rallied strongly with the Hang Seng Index climbing more than 200 points (0.9%) towards 24450. The Nikkei also posted strong gains, breaching above 15,500, rising more than 0.45%. Profits earned by Chinese industrial companies surged by 17.9% in June.
European equity markets rebounded strongly in today’s trading session as investors saw the recent low levels as a buying opportunity. The USD index climbed higher towards 80.8 as the US dollar rallied strongly against the euro and sterling following robust US economic indicators.
European equity markets posted fresh gains in today’s trading session as risk appetite increased. The CAC, DAX and IBEX gained between 0.4% and 0.65%, while the London benchmark index missed the uptrend and retreated by 0.3%.
European equity markets rebounded and edged higher today, as stronger than expected economic data from the Eurozone improved market sentiment, bringing back risk appetite. Base metal prices climbed higher today, as Copper retested the $6,700 area.
European equity markets were fairly mixed on Friday, following a week of “choppy trading activity”. The US dollar index has consolidated around 80.00 today, while the euro has been trading sideways today, around 1.37 against the US dollar.
European equity markets were fairly mixed in today’s trading session, as tepid economic data weighed on market sentiment. The fairly disappointing corporate earnings results from HSBC weighed on market sentiment and prompted investors to some profit taking in the UK banking sector.
European equity markets remained closed today for the Labour Day holiday. The London equity benchmark index posted modest gains and ended 0.43% higher, while the US equity markets edged higher after mixed US employment data.
European equity markets ended today’s trading session fairly mixed. The CAC and IBEX managed to close in positive territory, gaining 0.42% and 1.4%, respectively, while the DAX and the London benchmark index ended fairly unchanged within the recent range.
European equity markets extended gains on Wednesday, supported by stronger than expected US economic data which boosted market sentiment and increased risk appetite. The CAC, DAX, IBEX equity indices gained between 0.84% and 1.5%, while the London benchmark index gave back earlier strong gains to finish flat around the 6600 area.
Fairly disappointing Chinese economic data weighed on market sentiment in early trade today, adding pressure to Asian equity markets. New Zealand became the first developed nation to increase interest rates since the US commenced its QE tapering programme.
The fairly weak economic data from the US and Eurozone did not impact market sentiment today, as the US and European equity markets continued their upside momentum, posting modest gains. The London equity benchmark rallied for a sixth consecutive session, ending 0.4% higher on the day.
The London equity benchmark index surged today, climbing more than 65 points (1.01%), supported by a strong rally in mining stocks as well as robust gains in the real estate sector after a Rightmove house price survey showed asking prices for the UK houses rose by 3.3% in February. Mining stocks also outperformed in today’s trading session as base metals and precious metals stocks climbed higher.
European equity markets have rebounded this morning, while the euro has been trading sideways around the 1.35 area against the USD. UK Halifax house prices jumped by 1.1% in January. ICE Arabica coffee futures climbed to retest a 9-month high on Wednesday, showing its steepest 7-day rally since July 2000.
It has been another quiet day for the European equity markets, which consolidated within the recent range, struggling for some direction. Due to the absence of major macroeconomic data and significant currency movements, the equity markets continue to trade range-bound.
UK house prices expectations hit a 14-year high in December, supported by low interest rates. European equity markets have been trading sideways in early trading ahead of the releases of key economic data from the US and Eurozone. Crude oil prices finished at a two-week high on Wednesday after following a bullish EIA oil inventories report.
UK Nationwide house prices jumped by 1.4% in December, showing an 8.4% rise y/y, beating analysts’ expectations. On the other hand, disappointing Chinese PMI data (manufacturing and services) weighed heavily on market sentiment.