Tag Archives: Gold Prices

German Industry Output Sees Biggest Fall In 2 Years

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Main Trading Event Of The Day: NZD NZIER Business Confidence @ 22.00 GMT

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German Industry Output Sees Biggest Fall In 2 Years

German industrial output fell 1.8 percent on the month in May, its biggest drop in more than two years, with analysts pointing to weakness in construction and geopolitical effects and the way public holidays fell. The drop came as a surprise particularly as industrial output was forecast to be unchanged. The second quarter is gradually turning into a massive disappointment. So far, May has brought disappointing retail sales, falling industry orders and now a significant fall in production. Even if some of this was down to missing days at work because of the bridge days, and might be recovered later, there has not been the momentum in the second quarter. The Economy Ministry did not specify which geopolitical areas were of concern but economists are worried about the Ukraine crisis and the impact on oil prices of the insurgency in Iraq. Following 0.8 percent growth in the first three months of the year, the German economy is widely expected to slow in the second quarter. The general state of the German economy is, nevertheless, not in question and is expected to be strong again. The government forecasts growth of 1.8 percent for the year as a whole on the back of strong domestic demand and a healthy jobs market.

Gold Falls As Strong Equities & Data Tarnish Safe-Haven Appeal

Gold nudged down on Monday as firm equity markets dented the precious metal’s safe-haven appeal, while speculation over an earlier than expected hike in U.S. interest rates after strong jobs data also took it’s toll on prices. Gold has been under pressure since data on Thursday showed U.S. employment growth increased in June and the jobless rate closed in on a six-year low, supporting evidence of brisk economic growth. Spot gold slipped 0.3 percent to $1,316.50 an ounce today after five consecutive weekly gains. A bullish U.S. jobs report prompted several economists to toy with the idea of bringing forward their forecasts for a Federal Reserve interest rate hike, although most held firm, preferring to wait for more data. A rate hike would dent gold’s appeal as a hedge against inflation. Geopolitical tensions in Iraq and Ukraine should, however, continue to underpin bullion and curb losses.

Shares To Watch: Apple Hires Tag Heuer Executive Before Smartwatch Launch

Apple is rumoured to have hired Swiss luxury watch maker Tag Heuer’s Watch-Sales Head, Patrick Pruniaux, in anticipation of its October launch of its smart-watch - a sign that the company is positioning its iWatch device as a luxury item. Last month, it was reported that the iWatch will be marketed primarily as a fashion accessory, despite featuring multiple health-monitoring and fitness-tracking sensors. The rumours about the health-monitoring aspects of the iWatch were further bolstered when Apple unveiled the HealthKit data storage platform at the Worldwide Developers Conference last month. It has also been suggested that Apple will release multiple iWatch models which may be geared toward different market segments with at least two different versions of the iWatch planned for release. One model may be aimed at the luxury watch market, while a less expensive version may be aimed at the mainstream wearable tech market. While the exact nature of the iWatch launch remains to be seen, it is likely to have the same status symbol power as many other Apple products with the potential to be a threat for the industry.

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Asian Stocks Extend Gains On Technology Shares

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Asian Stocks Extend Gains On Technology Shares

Asian stocks rose, today as technology shares gained, with the regional index heading for the biggest quarterly rally since September. The MSCI Asia Pacific Index rose 0.4 percent to 145.63 with eight of its ten industry groups advancing. The gauge is headed for a 5.5 percent increase this quarter and a 2.7 percent jump in June for a second month of gains. Data on Chinese manufacturing and the Bank of Japan’s survey on business sentiment are due tomorrow. Japan’s Topix index gained 0.8 percent as the nation’s industrial production expanded 0.5 percent in May from April, when it shrank 2.8 percent, according to a report. The median forecast of economists was for a 0.9 percent increase. The government projects production will decrease 0.7 percent in June and increase 1.5 percent in July.

Gold Close To 2-Month High

Gold held close to a two-month high today on a softer dollar and looks set to post its second straight quarterly gain as geopolitical tensions boosted the metal’s safe-haven appeal. Market watchers were observing U.S. jobs data and the European Central Bank meeting later this week for the outlook on stimulus measures before placing any big bets. The metal has gained 2.4 percent in the second quarter of the year after rising nearly 7 percent in the previous quarter, helped by violence in Ukraine and Iraq. The technical picture for gold looks good with support at $1,300 and resistance at about $1,335 according to one Hong Kong-based precious metals trader.

U.S. To Allow Oil Exports

The Wall Street Journal has reported that the Obama administration is set to lift a four-decade ban on U.S. exports of crude oil. While the initial exports of condensate, light crude oil being pumped from shale fields, will be limited, the market reaction Thursday was quite strong. There were many winners, with the S&P 1500 Composite Oil & Gas Equipment and Services subs-sector rising 3.5% and the Oil & Gas Exploration and Production sub-sector up 2%. The Oil & Gas Refining and Marketing subsector, however, dropped 6%. Refiners had been enjoying soft domestic oil prices, with the continued expansion of domestic production as the export ban continued. Even though the initial exports will be limited, the market is looking ahead to profit pressure for the refiners. The Oil & Gas Refining and Marketing subsector is up 2% this year, while most other oil and gas subsectors have seen double-digit returns driven by production and a rise in oil prices.

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UK House Price Growth May Finally Be Slowing

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Main Trading Event Of The Day: CAD CPI @ 12.30 GMT

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UK House Price Growth May Finally Be Slowing

The pace of house price growth in the U.K. may finally be slowing, amid concerns about interest rates rising sooner than expected. Home-owner sentiment about what will happen to the value of their house fell in June for the first time in six months, according to recent housing data. This may increase hopes of a soft landing for the property market. There have been fears in recent months of a bubble building, particularly in London. House prices in the U.K. were 9.9 percent higher in April compared with the same month 2013, but in London, they leapt by 18.7 percent over the year, according to data from Britain’s Office for National Statistics. The index was measured between June 11 and 16. On June 12, Bank of England Governor Mark Carney rattled the markets by suggesting interest rates would rise sooner than thought. Those predicting a soft landing pointed out that for most of the U.K., there has not been a recovery in house prices comparable to that in London.

Lagarde: ECB Should Consider QE

IMF Managing Director, Christine Lagarde has expressed that the European Central Bank should contemplate quantitative easing measures by way of purchasing of sovereign bonds, if inflation in the single currency bloc remains low for an extended period of time. Eurozone consumer prices rose by just 0.5 percent year-on-year in May, down from 0.7 percent in April and well short of the ECB’s target of close to 2 percent. The ECB has so far resisted embarking on a quantitative easing program, but has said it stands ready do so if needed. Earlier this month, the central bank revealed new measures to stimulate the economy including taking an unprecedented step on of imposing a negative interest rate on banks for their deposits which essentially means charging lenders to park money with it. Lagarde also pointed to three major risks currently facing the global economy; job creation, a sovereign and corporate debt overhang and geopolitical tensions which, she said “is creating massive uncertainty, and massive uncertainty is not conducive to investment decisions”.

Gold Gains And Moves Further Above $1,300

Gold held strong above the $1,300 level today, maintaining its upward momentum amid escalating violence in Iraq, along with the promise of steady interest rates. Gold for August delivery was up $1.50 to $1,315.60 an ounce. A day earlier, gold exploded for a 3.3% rally to reach its highest point since April 14. Analysts believe gold is destined to stay in a fairly tight range over the short term, with a bias to the upside. The metal should enjoy a degree of underlying support from geopolitical headlines which still remain of concern as they have the ability to seriously destabilise the markets, especially if they result in a further spike in oil prices.

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Oil Prices Increase As Iraq Tensions Brew

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Main Trading Event Of The Day: U.S. Unemployment Claims @ 12.30 GMT

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Oil Prices Increase As Iraq Tensions Brew

Surging U.S. oil production was expected to drive oil prices lower this year, but a number of geopolitical events, in particular, a Sunni militant uprising in Iraq could now drive already high prices even higher and keep them there. Citigroup raised its price forecast for Brent crude several weeks ago to an average $109 per barrel this year, and $105 for next year, based on a cluster of geopolitical events. Crude prices have been trading near 52-week highs. Brent was up slightly Wednesday, hovering at $110 per barrel. West Texas Intermediate has been moving higher with it, closing at $104.40 per barrel on Wednesday. Outages in Libya, the ongoing boycott against Iranian crude and security concerns in Nigeria are all adding to worry that global oil supplies could become tighter. Russia’s foray into Ukraine also has added slightly to the price premium since it is a major source of oil to Europe. Another factor driving prices is China’s growing demand for oil. But at the same time, U.S. oil production continues to surge. The latest U.S. government data, released Wednesday, shows domestic oil production rose to 8.46 million barrels a day last week, up from 7.2 million barrels at the same time last year and 8.38 million barrels just a week earlier. So far, with OPEC pumping 30 million barrels a day and the U.S. producing more oil now than it imports, prices have risen but not spiked on fears about Iraq. However, this could be set to change.

RBNZ Signals Further Tightening After Third Rate Rise

New Zealand’s central bank raised interest rates for the third time this year and signaled more tightening to come. The dollar surged jumping from 1.2 percent to 86.47 U.S. cents in Tokyo and headed for its biggest daily gain in four months. The kiwi rallied at least 1 percent versus all of its 31 major counterparts as Reserve Bank of New Zealand Governor Graeme Wheeler said it was important to contain inflation expectations. New Zealand’s central bank boosted its official cash rate by a quarter-percentage point to 3.25 percent. Wheeler is the first central banker from a developed nation to raise official interest rates this year, fueling gains in the nation’s currency. Wheeler added that “the bank does not believe the exchange rate is sustainable at current levels. The exchange rate has not yet adjusted to weakening commodity prices, but is expected to do so.”

Gold Holds Near Two-Week High

Gold held near the highest level in two weeks as a rally in equities faltered, boosting demand for alternative investments. Gold for immediate delivery was at $1,261.12 an ounce yesterday. The metal yesterday climbed to $1,265.32, the highest level since May 28, as the Dow Jones Industrial Average halted a five-day advance after the World Bank cut its forecast for global growth. While gold has seen a bit of bounce, the outlook for prices remains negative as U.S. economic data continues to improve, supporting strength in the stock markets and tapering. Bullion sank 28 percent in 2013 to end a 12-year bull run on speculation the Fed will trim asset purchases used to fuel growth as the economy recovers.

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Yen Touches Week Low Against Euro

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Main Trading Event Of The Day: U.S. Core Durable Goods @ 12.30 & U.S. CB Consumer Confidence @ 14.00 GMT

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Yen Touches Week Low Against Euro

The yen touched the lowest level in a week against the euro as speculation that global policy makers will add to measures supporting economic growth damped demand for haven assets. Japan’s currency dropped versus most of its 16 major counterparts before Bank of Japan Governor Haruhiko Kuroda speaks at a conference tomorrow. The BOJ is still more inclined for easing. If global risk appetite and the global economy continue to improve, the risk is that the yen will weaken. The yen lost 0.1 percent to 139.20 per euro at 7:07 a.m. in London yesterday, after touching 139.37, the weakest level since May 16. It was little changed at 101.93 per dollar in New York, when it touched 102.05, the lowest since May 15. The euro gained 0.1 percent to $1.3658 after falling to as low as $1.3615 yesterday, a level unseen since Feb. 13.

Gold Prices Hold Steady

Gold prices dipped a touch lower today with little sign that prices would break out of their narrow range ahead of a busy week of economic reports. Gold for June delivery was down $5.10 to $1,268.60 an ounce, ending last week with a slight loss, though it didn’t stray too far away from the key $1,300 level. Analysts say that gold desperately needs some stimulus to break it out of its lethargy. Gold’s appeal this year has been burnished by the geopolitical risks in Ukraine which have heightened tensions between Russia and the West.

Investors will have plenty of economic data to chew on throughout the week, starting with durable goods, the FHFA price index and the S&P/Case-Shiller price index all before Tuesday’s opening bell. Then, after that, consumer confidence numbers, as well as manufacturing data from the Richmond Fed and the Dallas Fed will be released.

Pfizer Drops AstraZeneca Deal

U.S. pharmaceutical Pfizer has confirmed that it would not be making a further multibillion-dollar offer for AstraZeneca U.K. Last week, AstraZeneca had rejected a revised £69 billion ($116 billion) offer from Pfizer as inadequate and presenting significant risks for its shareholders. Under U.K. takeover regulations, Pfizer had until Monday to make a full and final offer for AstraZeneca. It will now have to wait six months before it can make another approach or three months if it is invited to do so. Pfizer intends to continue focusing on the execution of its plans while remaining responsible stewards of their shareholders’ capital. Meanwhile, AstraZeneca said it welcomed the climb down and would continue building on the momentum already demonstrated as an independent company. AstraZeneca’s U.K.-listed shares had come under pressure following the rejection of last week’s offer with investors voicing their disappointment that the company had not pursued a deal with Pfizer.

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Euro Hovers Near Lows As Draghi Speech Awaited

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Main Trading Event Of The Day: EUR President Draghi Speaks @ 08.00 GMT

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Euro Hovers Near Lows As Draghi Speech Awaited

The euro touched a new three-month low against the dollar today as investors awaited comments from ECB head Mario Draghi and took on board the results of the weekend elections. Critics of the European Union more than doubled their presence following the elections, as voters registered discontent over immigration, austerity and unemployment. Although it is unlikely that Draghi will say anything new or surprising, his speech will be closely watched for any signals about the ECB’s next steps. The euro has fallen more than 2 percent on the greenback since May 5 against a backdrop of rising expectations that the ECB will ease policy next month, which in turn increased wagers on the common currency coming under pressure. The Euro last traded at $1.3619, down about 0.1 percent on the day. Early in the session, it briefly dipped to $1.3615, a low not seen since mid-February. Against its Japanese counterpart, the euro slipped about 0.2 percent to 138.80 yen. Traders said the policy outlook will continue to be a negative factor for the euro rather than results of the weekend elections.

Gold Steady Below $1,300 As Ukraine Elections Eyed

Gold continued to hover below $1,300 an ounce on today after ending flat for two straight weeks but the metal could gain from developments in the Ukraine where pro-West billionaire Petro Poroshenko claimed the Ukrainian presidency on Sunday. Analysts say the relationship between Russia and the newly elected president in the Ukraine will be key for gold prices. Since the new president is not pro-Russia, it could make Ukraine more divided. There is still a lot of uncertainty and political risk there, which could boost gold’s safe-haven appeal. Spot gold was steady at $1,293.01 an ounce after ending flat for a second straight week. The metal has closed between $1,291 and $1,296 in the last seven sessions. Liquidity is likely to be thin today with U.S. markets closed for Memorial Day and Britain shut for a bank holiday.

Lagarde: Central Banks Should Cooperate On Policy Moves

IMF Managing Director, Christine Lagarde is urging central banks to cooperate on policy moves as the Federal Reserve debates the timing of its first interest rate hike since 2006. Lagarde stressed that in times of distress, the potential gains from cooperation can be huge by reducing the risk of tail events with large international feedback effects. The Fed and the Bank of England are expected to start raising interest rates in 2015. The Fed’s decision to unwind quantitative easing last year threw emerging markets into turmoil, prompting sharp currency and equity market declines in India, Indonesia, Brazil, South Africa and Turkey, and underscoring the impact of Fed policy on global markets. The case for policy cooperation may seem less compelling as urgency fades with the global economy turning a corner and as the gains from cooperative policy responses are unclear but it is precisely this uncertainty that would make us remiss in discounting the gains from cooperation in a post-crisis. Reducing vulnerabilities and reinforcing macroeconomic and financial frameworks should be the order of the day for emerging markets-and indeed for all countries according to Lagarde.

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Euro Declines Before German Sentiment & Elections

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Main Trading Event Of The Day: U.S. New Home Sales @ 14.00 GMT

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Euro Declines Before German Sentiment & Elections

The euro was set for a three-week decline today before data that may show German business confidence fell and prompt the European Central Bank to boost stimulus as soon as next month. The Euro approached a three-month low versus its U.S. peer amid concern that euro-skeptic parties will gain ground in elections for the European Union Parliament. The dollar remained higher against most major counterparts before a U.S. report due today that may indicate an increase in new home sales last month. The euro bought $1.3651 from $1.3656 after touching $1.3635 on May 21, the weakest since Feb. 13 and fetched 138.81 yen from 138.93.The dollar was little changed at 101.72 yen after climbing 0.4 percent yesterday. The euro has fallen 0.3 percent since May 16, extending a 1.3 percent decline in the previous two weeks.

U.S. Stocks End Higher For Second Day

U.S. stocks rose modestly yesterday, extending the prior day’s rally, as investors weighed varied economic reports a day after the Federal Reserve signaled interest rates would remain low for the foreseeable future. Yesterday’s data included the Markit Economics preliminary index of U.S. manufacturing, which rose to 56.2 this month from 55.4 in April. Other reports had sales of previously owned homes rising last month, the Conference Board’s index of leading economic indicators gaining in April and more Americans than estimated filing claims for jobless benefits last week. After a 43-point fall and 32-point gain, the Dow Jones Industrial Average rose 10.02 points, or nearly 0.1 percent, to 16,543.08. After rising within 2 points of its record close, the S&P 500 added 4.46 points, or 0.2 percent, to 1,892.49 while the dollar gained against the currencies of major U.S. trading partners.

Gold Trades Below $1,300 As Palladium Continues To Rise

Gold traded below $1,300 an ounce this week as investors assessed the health of the U.S. economy and the impact on monetary stimulus. Platinum and palladium were poised for a second week of gains. Bullion for immediate delivery traded at $1,294.13 an ounce today after climbing 0.2 percent yesterday, following data that showed U.S. jobless claims rose more than forecast. Gold has advanced 7.7 percent this year partly on tension in Ukraine and concern that the U.S. economic recovery may be fragile. U.S. data continues to be mixed which keeps gold in a tight trading range.

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Dollar Falls As Investors Await Fed Minutes

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Dollar Falls As Investors Await Fed Minutes

The U.S. dollar fell against its major rivals on Monday as investors struggled to get a better perception of how the Fed views the current pace of economic growth. Fed Chair Janet Yellen said while the overall economy is on track to improve this year, recent weakness in the housing market has become a concern. The Fed is on track to finish its bond-buying program by the end of the year, setting up expectations for an eventual hike in interest rates. Higher interest rates are likely to boost the dollar because they make dollar-denominated assets more attractive. Nevertheless, the Fed has emphasised that it will keep rates near zero for a while after its bond purchases end. Minutes from its latest meeting, due this week, may shed light on how an eventual rate hike could be carried out. The dollar USDJPY traded at ¥101.41 versus ¥101.53 late Friday, rebounding from its intraday low of ¥101.11. Its intraday low was below its 200-day moving average of ¥101.25.

Could A Shift In Sentiment Be Underway For Stocks?

Traders are watching to see whether a shift in sentiment may be underway for Stocks. Nasdaq, at the heart of the market’s recent selling, found its footing late last week and built on it Monday, outperforming the Dow and S&P 500, gaining 0.9 percent to 4,125. Nasdaq has been pressured for weeks by selling in tech, social media, biotech and other momentum names, while the Dow and S&P hit new highs. The S&P and Dow, meanwhile were up 0.4 percent and 0.1 percent respectively. Apple and Google were both higher, with Apple closing above the psychological $600 level. Analysts noted the negative head and shoulders top that looked to be forming in the Nasdaq chart is less apparent as the Nasdaq trades higher. The worst performers in the S&P Monday were all defensive sectors, led by utilities. The sector was off 1.5 percent, while tech was the best performer, up 0.8 percent. In the Treasury market, Traders said the positive action in stocks weighed on Treasury prices. But the debate continued over whether Treasury yields are responding to a weakening economy or something else.

Gold Trades Below $1,300 On Lower Demand

Gold traded below $1,300 an ounce after its advance yesterday hurt purchases and as investors assessed the outlook for monetary stimulus in the U.S. Bullion for immediate delivery traded at $1,293.85 an ounce from $1,292.97 yesterday. The metal climbed to $1,305.48 yesterday on speculation that a newly elected government in India will relax import restrictions in the world’s second-largest consumer. In China, the top buyer, volumes for the benchmark spot contract in Shanghai fell to 11,419 kilograms yesterday, compared with a two-month high of 20,820 kilograms on April 24. Chinese purchases helped stem a price rout last year on record redemptions from bullion-backed exchange-traded products. Gold continues to trade in range as Ukraine uncertainty is still providing short-term support - but buying interest falls once prices get above $1,300. Euro weakness is also hurting gold.

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Euro Inches Away From 2 1/2-Month Lows

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Euro Inches Away From 2 1/2-Month Lows

The euro staged a rebound today from a 2-1/2-month trough rising 0.1 percent to $1.3718. It had fallen as far as $1.3648 on Thursday, its lowest level since late February, in response to data showing the Eurozone grew much less than expected at the start of the year. The euro was down about 0.3 percent for the week at its current levels, putting it on track for its second straight weekly decline. The euro has fallen roughly 2 percent since May 8 when European Central Bank (ECB) President Mario Draghi persuaded markets that the bank was ready to inject fresh stimulus next month. The disappointing growth figures on Thursday only served to fuel those dovish expectations. The euro eased 0.1 percent to about 139.17 yen, not far from a 2-1/2-month low near 138.97 yen set on Thursday.

Stock Market Slumps As Economy Stuck In Low Growth

The big debate about the U.S. economy as the country emerges from the winter is whether the growth it has been experiencing is modest or accelerating. Recent figures show that recovery is “modest” which has big implications for stock prices. April Industrial Production, down 0.6 percent, was a big disappointment since it was only expected to be down 0.2 percent. That joins April Retail Sales, released on Tuesday, which were also disappointing. Bond yields are dropping in the U.S. and most of Europe, but importantly bond yields are higher in the periphery in Europe…in Italy, in Greece and in Spain. The final number we are looking for is April Housing Starts, out today. Starts are expected at 984,000, the best since December, but some are expecting more than 1.0 million Permits. The numbers so far have not been optimistic for housing. The NAHB Housing Market Index, an indicator of sentiment among home builders was also a disappointment, at 45, below expectations of 48. If we get disappointing Starts and Permits, could it be the nail in the coffin for a robust housing recovery this spring?

Gold Settles Lower After Jump In Consumer Prices

Gold prices on Thursday gave back some of the gains they notched a day earlier after a jump in consumer prices in the U.S. and a drop in jobless claims pointed to an economy on the mend, dulling the precious metal’s safe-haven appeal. Gold for June delivery fell $12.30, or 0.9%, to settle at $1,293.60 an ounce. This comes a day after the precious metal closed up $11.10, or 0.9%, at $1,305.90 an ounce. Gold reacted on the positive U.S. economic news of a lower reading of initial jobless claims which were below 300,000 - a positive sign for labour markets going forward. Consumer prices rose by 0.3% in April to mark the biggest gain since June, with core prices up 0.2%, while jobless claims fell to the lowest level since 2007. Analysts say jobless claims and CPI data have triggered a shift in sentiment for markets. Traders are punishing gold on the back of this data as it shows an improvement in the economic growth.

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Euro Steadies After Falling On Dovish Draghi Comments

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Main Trading Event Of The Day: GB Manufacturing Production m/m @ 08.30 GMT

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Euro Steadies After Falling On Dovish Draghi Comments

The euro struggled to gain traction today after dovish comments from European Central Bank President Mario Draghi sent the currency tumbling from a 2-1/2 year high. The Euro held steady at $1.3839, having pulled back from a peak of $1.3995 on Thursday, the highest since October 2011. Draghi said the euro’s strength was “a serious concern” and that the ECB bank might act to stem falling inflation at its June meeting, signaling possible easing. Before Draghi’s comments, the single currency had surged after the ECB on Thursday kept monetary policy unchanged as expected. Traders say the ECB, which has focused on the euro’s strength in the past few weeks, gets uneasy when the euro rises towards $1.40. A Reuters poll on Wednesday showed most economists expect ECB action if the euro hits $1.42.

The dollar was little changed at 101.70 yen, still not very far from a three-week low of 101.43 yen set on Wednesday. For the week, the greenback is down 0.5 percent against the yen, weighed down by persistently dovish comments from the Federal Reserve and low U.S. Treasury yields. Simmering tensions in the Ukraine have also supported the safe-haven yen currency. The Australian dollar eased 0.1 percent to $0.9364, edging away from a three-week high of $0.9395 hit on Thursday, when it gained a lift from upbeat Australian and Chinese economic data.

European Stock-Index Futures Little Changed Amid Earnings

European stock-index futures were little changed, after the Stoxx Europe 600 Index climbed yesterday to its highest level in more than six years, as investors weighed corporate earnings. U.S. index futures and Asian shares were also little changed. Futures on the Euro Stoxx 50 Index expiring in June declined 0.2 percent to 3,164 at 7:20 a.m. in London. Contracts on the U.K.’s FTSE 100 Index fell 0.1 percent, while Standard & Poor’s 500 Index futures slipped less than 0.1 percent. The MSCI Asia Pacific Index added 0.1 percent. The Stoxx 600 climbed yesterday for the first time in five days, sending the benchmark gauge to its highest level since January 2008, after European Central Bank President Mario Draghi pledged to ease monetary policy next month if needed. Thirteen companies in the Stoxx 600 are reporting quarterly results today. Profits for companies on the Stoxx 600 will climb 8.3 percent this year on average, according to analysts’ estimates. The gauge is up 0.5 percent so far this week, poised for the fourth straight weekly gain.

Gold Steady On Ukraine Tensions But Poised For 2nd Weekly Drop

Gold prices were steady on Friday, supported by geopolitical tensions in Ukraine, but poised to post its second straight weekly decline as more strong U.S. data showed that the world’s largest economy was recovering well, supportive of the Federal Reserve’s stance to keep trimming monetary stimulus. Spot gold was little changed at $1,290.34 an ounce. The metal is down 0.7 percent for the week, its second straight weekly decline. Ukraine tensions have been behind much of gold’s 7 percent rise this year, but traders fear the gains would dissipate quickly once the situation is resolved and on the back of a U.S. economic recovery. Physical demand has also been muted despite the drop in prices, with many hoping that a stabilisation in prices would bring back buyers.

That sums up today’s highlights! We hope you have a profitable day on the markets.