Gold futures rose to a record $1,260.90 an ounce on demand for a haven amid Europe’s fiscal woes and dimming prospects for the U.S. economy.
The metal has climbed 15 percent this year, outperforming equities and bonds, while the euro has slumped 14 percent. A majority of Greeks believe the country may go bankrupt, an opinion [...]
Archive for June, 2010
Gold Rises to Record on Haven Demand Amid U.S., Europe Concerns
June 18th, 2010 by Financial Writer
Tags: economists, euro zone, european economy, financial, money, precious metal, us economy, us federal reserve, us recovery
more...Spanish Bond Auction Brings Strong Demand
June 17th, 2010 by Financial Writer
PARIS — The Spanish government sold €3.5 billion of bonds Thursday, the maximum set for the auction, easing investor worries that the country will struggle to make ends meet without outside help.
The successful sale, worth about $4.3 billion, helped push European stocks and the euro higher.
The yield on the benchmark 10-year Spanish note fell 5 [...]
Tags: business, economic recovery, euro zone, european economy, european stocks, financial markets, financial stocks, financial system, IMF, wall street
Industrial Production in U.S. Increased 1.2% in May
June 16th, 2010 by Financial Writer
Production in the U.S. rose in May by the most since August, led by increases in automobiles and utilities and showing manufacturers are weathering the effects of the European debt crisis.
Output at factories, mines and utilities increased 1.2 percent last month after a 0.7 percent gain in April, figures from the Federal Reserve in Washington [...]
Tags: business, commerce department, economy recovery, european economy, Global Economy, interest rates, us federal reserve, us housing market
German Investor Sentiment Plunges on Debt Crisis
June 15th, 2010 by Financial Writer
German investor confidence plunged in June on concern that the sovereign debt crisis will undermine export prospects and crimp growth in Europe’s largest economy.
Greece’s near default has prompted governments from Berlin to Madrid to implement budget cuts to convince investors they can tame deficits, threatening to damp demand and hurt the region’s economic recovery. While [...]
Tags: business, debt crisis, economic recovery, euro zone, european central bank, european economy, european stocks, germany, investors, unemployment rate
Temasek to invest up to $300 million in AgBank IPO: source
June 14th, 2010 by Financial Writer
Singapore’s state investment fund Temasek plans to invest up to $300 million in the Agricultural Bank of China, ahead of its roughly $20 billion IPO, a source with direct knowledge of the matter said on Saturday.
Temasek’s commitment to China’s third largest bank is a positive step for the offering, though it is less than the [...]
Tags: banks, central bank, China, economy, financial, financial markets, financial system, investors, money
Oil ends down after U.S., China data disappoint
June 12th, 2010 by Financial Writer
U.S. oil prices fell more than 2 percent on Friday as an unexpected fall in May retail sales in the United States and easing industrial output in China revived concerns about the economy and oil demand.
Friday’s slide snapped a three-day string of higher closes, but for the week oil prices still managed a 3.17 percent [...]
Tags: Chinese economy, commerce department, euro zone, investors, oil prices, stock market, us consumer, us retail sales
Gold firms as risk-averse buyers exploit dip
June 11th, 2010 by Financial Writer
Gold rose above $1,220 an ounce in Europe on Friday as buyers took advantage of the previous session’s price retreat to buy into the market, with concerns over the economic recovery firmly underpinning prices.
Spot gold was bid at $1,223.55 an ounce at 1434 GMT, against $1,215.80 late in New York on Thursday. U.S. gold futures [...]
Tags: consumers, european economy, money, precious metal, stock market, us consumer, us retail sales, us stocks, wall street
TREASURIES-Bonds down on jobs improvement, looming auction
June 10th, 2010 by Financial Writer
* Jobless claims, looming auction weighs on bonds
* 30-year bonds fall a point
* $13 bln long bond auction at 1 p.m.
* Pre-sale losses yield strong auction demand this week (Adds quote, details, updates prices)
U.S. Treasuries fell on Thursday as signs of improvement in weekly jobs data added fuel to a sell-off ahead of a $30-year [...]
Tags: economy, economy recovery, european economy, european union, financial crisis, fiscal crisis, global financial markets, unemployment rate, us economy, US Treasuries
Bernanke Says the Federal Debt Is ‘Unsustainable’
June 9th, 2010 by Financial Writer
WASHINGTON — The chairman of the Federal Reserve, Ben S. Bernanke, warned on Wednesday that “the federal budget appears to be on an unsustainable path,” but also recognized that the “exceptional increase” in the deficit had been necessary to ease the recession.
Mr. Bernanke’s comments before a hearing of the House Budget Committee, reiterated his view [...]
Tags: busimess, economic recovery, economy recovery, european economy, federal debt, Federal Reserve, financial, financial markets, Global Recession, recession, United States economy, us economy
Gold touches record high as investors fear recession
June 8th, 2010 by Financial Writer
Palladium contract rallies as copper bucks sector’s upward trend.
Gold futures rose to a record Tuesday, spurred by continued fears about prospects for a worldwide slide into recession and as investors sought out an alternative to currencies.
Gold for August delivery, the most active contract, added $6.40, or 0.5%, to $1,246.10 an ounce on the Comex division [...]
Tags: business investment, Debt, debt crisis, economy recovery, financial markets, inflation, investor market, money, recession, us stocks