After the initial surprise and shock generated by the Euro rescue mission worth $1 trillion, the ominous economic woes loomed large over the global markets and as a result the safe haven quotient of gold soared again and the yellow metals again started its upward journey with the prices jumping above $1,200 per ounce levels. Mostly the gold futures market across the globe witnessed the surge as investors were skeptical about the IMF-EU-sponsored bailout package for the Euro zone.
Global oil prices dropped below $76 a barrel in Asian trade Wednesday mainly on declining market enthusiasm over a huge Eurozone rescue package. Light sweet crude for June delivery was seen trading at $75.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.34 a barrel at the same time in London.
Nissan Motor Co expects growth in emerging markets and launches of new models such as its Micra compact to provide only a modest boost to profits this year, in a cautious view echoing its larger Japanese rivals.
Global oil prices dropped below $76 a barrel in Asian trade Wednesday mainly on declining market enthusiasm over a huge Eurozone rescue package. Light sweet crude for June delivery was seen trading at $75.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.34 a barrel at the same time in London.
OPEC on Tuesday said it's forecast for global oil demand remained unchanged at 1.1 percent or by 0.9 million barrels per day. In its monthly oil market report, OPEC said although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year.
The last recession forced the auto industry to slash costs, shutter factories, tear up contracts and rely on government funding.
Platinum and palladium markets received some good news this week with the auto sales zooming in India and China. Platinum and palladium, two metals used in the high end car exhausts to cut pollution, prices depend mostly on the auto sales across the globe. With India and China reporting huge car sales in April, the prices of platinum and palladium are set to gain from this news.
Sales of Mercedes-Benz brand vehicles rose 15.3 percent to 93,100 units in April, the third German luxury carmaker to confirm that a recovery in demand continued over last month.
The euro fell on Tuesday and stocks retreated as a relief rally ignited by a $1 trillion plan to contain Greece's debt crisis ran out of steam, while doubts on how the country will cut its budget deficit persisted.
Chinese annual inflation pushed up to an 18-month high in April and property prices rose at a record clip, showing that the government still has its work cut out to keep the world's third-largest economy from boiling over.
SINGAPORE (Reuters Life!) - Nothing makes us happier than our families and loved ones, a new study shows, with face-to-face socializing beating reaching out to people online hands down.
Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fell 1.0 to 1.1 percent, pointing to a weaker open on Wall Street on Tuesday.
The euro and stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece's debt crisis gave way to doubts as to how the country will cut its budget deficit.
The euro and stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece's debt crisis gave way to doubts as to how the country will cut its budget deficit.
Chinese annual inflation pushed up to an 18-month high in April and property prices rose at a record clip, showing that the government still has its work cut out to keep the world's third-largest economy from boiling over.
At a time when China is tightening its realty industry and which in turn is impacting the demand for steel, Gulf countries have decided to abolish the 5% steel import duty soon to ease supply strain that has been mostly felt in Saudi Arabia. Finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. There is consensus among GCC countries about this proposal.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
SAIC Motor Corp, China's biggest automaker, sold 33.7 percent more vehicles in April than a year earlier, as policy incentives continue to bolster automobile demand in the world's largest auto market.
Car sales in China and India, the world's two fastest growing major markets showed solid growth in April as government incentives and strong economic expansion continued to pull buyers into showrooms.
With the International Monetary Fund (IMF) and European Union chipping in to rescue Greece from the financial mess by announcing schemes worth billions of dollars, the biggest beneficiary is metal market.
