| Important Financial Indicators of the day | Forecast | Previous | ||
|---|---|---|---|---|
| EUR | 08:00 (GMT) | German Ifo Business Climate | 109.4 | 109.9 |
| GBP | 08:30 (GMT) | Revised GDP q/q | -0.2% | -0.2% |
| USD | 12:30 (GMT) | Core Durable Goods Orders m/m | 1.1% | -0.8% |
| USD | 12:30 (GMT) | Unemployment Claims | 372K | 370K |
| EUR | 13:00 (GMT) | ECB President Draghi Speaks | ||
Currencies
- EUR/USD The euro was 0.2 percent from the lowest level since July 2010 after German Chancellor Angela Merkel said following a European Union summit that her nation stands by its opposition to jointly issued common bonds.
- The euro was at $1.2575 as of 6:15 a.m. in London from $1.2582 at the close in New York yesterday, when it touched $1.2545, the least since July 13, 2010.
- EUR/JPY The 17-nation currency maintained a drop versus the yen before data forecast to show Europe’s services and manufacturing industries shrank for a fourth month.
- The common currency traded at 99.98 yen after losing 1.4 percent to 100 yen yesterday.
- USD/JPY The Japanese and U.S. currencies remained higher after gaining yesterday against most major counterparts on increasing demand for haven assets amid Europe’s deepening debt crisis.
- The dollar was little changed at 79.51 yen.
Commodities
- Oil rebounded after closing below $90 a barrel for the first time in seven months amid speculation the drop was exaggerated and signs China will accelerate efforts to spur economic growth.
- Crude for July delivery gained as much as 91 cents to $90.81 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.28 at 1 p.m. Singapore time. The contract yesterday slid 2.1 percent to $89.90, the lowest close since Oct. 21. Prices are 8.7 percent lower this year.
- Gold may climb for the first time in three days as optimism that China will support its economy overshadowed concern European leaders won’t be able to stem the region’s debt crisis. Silver gained.
- Spot gold was little changed at $1,560.95 an ounce at 10:43 a.m. in Singapore, after swinging between gains and losses. It dropped to a one-week low of $1,533.70 yesterday, before trimming losses as data showed demand for new U.S. homes rose more than forecast in April, with sales of previously owned homes rising in every region in the same period.
Equities
- Asian stocks fell as a survey showed China’s manufacturing may shrink for a seventh month and European leaders meeting in Brussels clashed over how to fight the region’s debt crisis.
- The MSCI Asia Pacific Index fell 0.5 percent to 111.46 as of 12:51 p.m. in Tokyo with eight of the 10 industry groups dropping. It swung between gains and losses at least six times.
- European stocks slid the most in a month amid growing concern that Greece may leave the euro as the region’s leaders prepared to meet in Brussels.
- The Stoxx Europe 600 Index slid 2.1 percent to 239.51 at the close of trading after surging 2.5 percent over the previous two days. That’s the biggest drop since April 23.
- U.S stocks erased early losses amid optimism that European leaders will do more to halt contagion from the region’s debt crisis, helping the market reverse a plunge triggered by growing concern Greece will leave the euro.
- The S&P 500 rose 0.2 percent to 1,318.86 at 4 p.m. New York time, reversing a decline of as much as 1.5 percent. Earlier yesterday, it approached the average price from the last 200 days of about 1,280.
- The Dow Jones Industrial Average decreased 6.66 points, or 0.1 percent, to 12,496.15, trimming this year’s gain to 2.3 percent.
