Saturday, 14 July 2012
Asian stocks fell, with the regional benchmark posting its largest weekly retreat since May, amid concern a slowdown in economies from China and Korea to Australia will hurt corporate profits.
Stocks surged on Friday, lifted by economic figures that eased concerns about growth in China and earnings at JPMorgan that eased fears about the impact of failed trades that cost the bank billions.
U.S. crude rose $1.02 to settle at $87.10 a barrel, after reaching $87.61. It scaled the front-month 50 day moving average of $87.50, pushing above it for the first time since early May on its way to posting a 3.14 percent gain for the week.
Brent August crude rose $1.33 to settle at $102.40 a barrel, reaching $103.44 intraday and moving above its 50-day moving average for the first time since April when it pushed past $101.65.
The most-active October copper contract on the Shanghai Futures Exchange rose 0.5 percent to 55,420 yuan ($8,700) a tonne and is on track to end the week down 0.6 percent.
Three-month copper on the London Metal Exchange rose to $7,605.50 per tonne, its highest since July 6, but pared gains afterwards, trading 0.3 percent up at $7,575 per tonne by 0411 GMT.
Copper rose to a one-week high on Friday after data showed China’s economy grew at an expected 7.6 percent in the second quarter after many investors had bet on a much worse showing.
Gold rose about 1.5 percent on F riday, boosted by sharp rallies in equities and commodities after data showed that China’s economic growth, though slower, was stronger than some had expected.
Friday, 13 July 2012
Asian shares marked time with small gains on Friday ahead of China’s second-quarter gross domestic product figures which could depress risk appetite while a Moody’s downgrade of Italy’s credit rating threatened to rekindle worries over Europe’s debt crisis.
The Nikkei average was little changed at 8,717.25,though sentiment remained fragile after it pierced below its 25-day moving average on Thursday, when it fell 1.5 percent in the sixth consecutive day of decline.
Brent crude futures for August delivery settled at $101.07 a barrel, up 84 cents. It shot up to a session high of $101.36 a barrel, moving toward its 50-day average of $101.86.
Three-month copper on the London Metal Exchange inched down 0.3 percent to $7,535 per tonne by 0101 GMT, after rising 0.2 percent on Thursday, on track to end the week up 0.2 percent.
Wednesday, 11 July 2012
Asian shares fell on Wednesday on worries that the global economic slowdown will erode corporate earnings, with the market unconvinced the euro zone can decisively bring down struggling member states’ borrowing costs even after yields pulled back.