Asian shares and the euro steadied on Monday on hopes European leaders would agree on a definitive plan to solve the euro zone's debt crisis at a crucial summit this week, with sentiment also getting a lift from Italy unveiling austerity steps.
The HSBC Purchasing Managers' Index for China's services sector fell to 52.5 from 54.1 in November, signalling its slowest rate of growth in three months and the latest in a series of data points portraying a quickly cooling economy in need of policy support.
As macroeconomic developments helped boost stock prices on the one hand, comments from central bankers, politicians and others, on the other hand, dampened the party in the equities market.
European shares rose on Friday, recording their biggest weekly gain since late 2008, on hopes Eurozone leaders were coming together to find a solution to the Eurozone debt crisis.
It seemed like it was only yesterday (perhaps because it actually was only three days ago, on Tuesday), when the shares of the banking giant teetered precariously above the $5 mark, a few cents off the dreaded "4 handle." Many were predicting a catastrophic sell-off. Fast-forward to today and Bank of America is trading at $5.74 per share, a jump of 13.66 percent in slightly over 60 hours.
Palladium prices are on a tear, with the white metal rocketing up more than 10 percent in the last week on growing optimism about European and U.S. economic prospects.
HSBC Securities is raising its forecast for the average price of silver in the next two years on strong retail investment demand and a narrowing market surplus.
India's manufacturing sector expansion slowed in November as factory output grew at its slowest pace in nearly three years although export demand should provide some cheer for factories.
China's central bank cut the reserve requirement ratio for its commercial lenders on Wednesday for the first time in nearly three years to ease credit strains and shore up an economy running at its weakest pace since 2009.
Stocks fell and the euro weakened Wednesday after Standard & Poor's hit some of the world's leading banks with a credit downgrade and euro zone leaders' move to ramp up the regional bailout fund drew a tepid response.
The escape route from risky peripheral euro zone debt into higher-yielding emerging markets is becoming increasingly tortuous, as the debt crisis marries the performance of all assets closer together.
Gold prices fell Wednesday as investors sold the metal to raise cash but bargain hunting and short covering pared the losses so the yellow metal ended the session just shy of its opening price.
Gold prices fell Wednesday on negative economic news from China and Europe and concerns that the U.S. economy is barely advancing.
S&P stock futures extended losses to more than 1 percent after a key gauge of Chinese manufacturing activity slumped to its weakest level in nearly three years.
Chinese factories battled with their weakest activity in 32 months in November, a preliminary purchasing managers' survey showed, reviving worries that China may be skidding toward an economic hard landing and compounding global recession fears.
U.S. S&P stock futures extended losses to more than 1 percent early on Wednesday after a key gauge of Chinese manufacturing activity slumped to its weakest level in nearly three years.
Gold prices on Tuesday clawed back four days of losses after ratings agencies decided not to punish the U.S. for its inability to cut the national debt.
A light sentence handed down on Friday for a former top UBS private banker who became a U.S. government informant on wealthy American tax cheats ramps up pressure on the Swiss banking industry.
Banks in London, already on high alert for how to deal with a break-up of the euro zone, will on Tuesday be tested to see how they would cope with a cyber attack on their operations.
A former senior UBS banker who helped the U.S. government expand its crackdown on offshore tax evasion was sentenced to five years probation on Friday for advising wealthy Americans on ways to hide their money from U.S. tax authorities.
The top aftermarket NYSE gainers Thursday were: Ann Inc, Parker Drilling, Meritor, Western Alliance Bancorporation, Companhia Brasileira de Distrib, Carnival Corp, Basic Energy Services, Woori Finance Holdings, Gerdau, Hewlett-Packard and Sprint Nextel Corp.
A San Jose, California, man faces charges of tax evasion after failing to report $1.3 million in interest income from HSBC Holdings Plc's India unit, U.S. prosecutors said on Thursday.
