Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Investing.com Weekly Wrap-Up 11 January 2012

admin by admin
January 11, 2013
in Uncategorized
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Closing the Week with Investing.com

by Investing.com Staff

U.S. stock prices ended Friday largely flat as investors jumped to the sidelines to await more fourth-quarter earnings next week, when many players from the financial sector are due to release results.
investing.com-logo
A widening trade deficit kept investors away from stocks as well.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.13%, the S&P 500 index was largely unchanged, while the Nasdaq Composite index rose 0.12%.

Many U.S. financial firms will release fourth-quarter earnings next week, and many investors opted to spend Friday away from trading desks to see how earnings come in.

Elsewhere, the U.S. government reported earlier that the country’s trade deficit widened unexpectedly in November, expanding to USD48.7 billion from a USD42.1 billion deficit reported during the previous month.

Analysts had expected the trade deficit to narrow to USD41.3 billion in November, though gains in imports of consumer goods painted a picture of improving consumer demand in the U.S., which gave investors room to breathe easier and take on some risk, which bolstered stocks.

Consumer spending drives about 70% of total U.S. economic output.

Higher-than-expected Chinese inflation figures capped gains after fueling sentiments Beijing may hold off on stimulus measures, which would boost stock prices globally.

In a report, the National Bureau of Statistics of China reported that the country’s December consumer price index rose 2.5% on year from 2.0% in the preceding month.

Analysts had expected the Chinese CPI to rise by 2.3% last month.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.40%, Chevron, up 1.15%, and Merck, up 1.08%.

The Dow Jones Industrial Average’s worst performers included Boeing, down 2.52%, Bank of America, down 1.27%, and Pfizer, down 0.86%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.35%, France’s CAC 40 rose 0.08%, while Germany’s DAX 30 finished up 0.09%. Meanwhile, in the U.K. the FTSE 100 finished up 0.33%.

Forex

The dollar traded mixed to lower against most of its peers on Friday after the U.S. government reported the country’s trade deficit widened in November, defying expectations for the gap to narrow.

In U.S. trading on Friday, EUR/USD was up 0.49% at 1.3336.

Meanwhile, the euro continued to see support in wake of the ECB’s unanimous decision to leave interest rates unchanged at 0.75% after a Thursday monetary policy meeting.

While most market participants were expecting the monetary authority to leave benchmark lending rates unchanged, not all did, while others were expecting more cautious language from ECB President Mario Draghi, who predicted recovery to gain steam later this year.

The greenback, meanwhile, was up against the pound, with GBP/USD trading down 0.31% at 1.6118.

The pound slumped against other currencies after government data revealed that U.K. manufacturing production fell unexpectedly in November, ticking down 0.03% after a 1.3% decline the previous month.

Analysts had expected manufacturing production to rise 0.5% in November.

In addition, industrial production in the U.K. rose 0.3% in November, less than the expected 0.8% increase, after a 0.9% contraction the previous month.

The dollar strengthened against the yen on Friday Japanese Prime Minister Shinzo Abe’s government announced plans to spend JPY20 trillion to stimulate the economy, with USD/JPY up 0.45% at 89.19.

The dollar, meanwhile, was down against the Swiss franc, with USD/CHF trading down 0.08% at 0.9134.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.10% at 0.9843, AUD/USD down 0.62% at 1.0531 and NZD/USD trading down 1.09% at 0.8364.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.23% at 79.64.

Gold

Gold prices fell on Friday after investors sold the yellow metal to take profits, especially after Chinese inflation rates came in higher than expected.

Gold made solid gains earlier this week after the European Central Bank voted unanimously to leave interest rates unchanged at 0.75%, sparking a risk-on trading session that sent the U.S. dollar tumbling and the euro gaining, a recipe for a gold rally.

Gold and the dollar traditionally trade inversely from one another.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 1.10% at USD1,659.55 a troy ounce in U.S. trading, up from a session low of USD1,653.55 and down from a high of USD1,676.25 a troy ounce.

Gold futures were likely to test support USD1,643.25 a troy ounce, Monday’s low, and resistance at USD1,678.75, Thursday’s high.

In Europe, the ECB voted unanimously to leave interest rates unchanged, which sent gold prices soaring on Thursday to levels ripe for profit taking, which kicked in Friday.

While most market participants were expecting the monetary authority to leave benchmark lending rates unchanged, not all expected unanimous support, while others were expecting more cautious language from ECB President Mario Draghi, who predicted recovery to gain steam later this year.

Gold prices rallied to levels ripe for profit taking especially after Chinese inflation data came in stronger than expected, quelling expectations for Beijing to stimulate its economy, a potentially bullish event for gold.

In a report, the National Bureau of Statistics of China reported that the country’s December consumer price index rose 2.5% on year from 2.0% in the preceding month.

Analysts had expected the Chinese CPI to rise by 2.3% last month.

Meanwhile on the Comex, silver for March delivery was down 1.67% and trading at USD30.403 a troy ounce, while copper for March delivery was down 1.33% and trading at USD3.660 a pound.

Oil

Crude oil futures fell on Friday after data revealed the U.S. ran a wider trade deficit than expected in November.

Fears that demand for fuels and energy may ease sent prices falling as well.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at USD93.36 a barrel on Friday, down 0.49%, off from a session high of USD94.10 and up from an earlier session low of USD92.67.

The commodity did see some support, as gains in imports of consumer goods painted a picture of improving consumer demand in the U.S.

Fears demand for oil may cool kept prices in negative territory as well.

Saudi Arabia said earlier this week that it had cut its crude oil production by about 700,000 barrels per day over the last two months of 2012, bringing December output at around 9 million barrels per day, Reuters reported, quoting an industry source familiar with the country’s oil policy.

Saudi Arabia over the past year ramped up production to offset any output snags should tensions with Israel and Iran escalate into military conflict and disrupt supply, though talk the oil-rich kingdom cut output to account for still sluggish demand amid a tepid global recovery allowed crude prices to soften.

Meanwhile, China’s consumer price index rose more than expected in December, official data showed on Friday.  The numbers sparked talk that Beijing may hold off on plans to roll out economic stimulus measures, which tend to push up demand for oil.

Meanwhile on the ICE Futures Exchange, Brent oil futures for February delivery were down 1.35% at USD110.38 a barrel, up USD17.02 from its U.S. counterpart.

Natural Gas

Natural gas futures shot up on Friday as weather services reported that cooler temperatures are due to return for a good portion of the U.S. in the coming weeks.

Government reports that supplies are on the decline pushed up prices as well.

On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD3.333 per million British thermal units, up 4.40%.

The commodity hit a session low of USD3.179 and a high of USD3.337.
In the U.S., MDA Weather Services reported earlier that colder-than-normal temperatures will settle in over the northeastern U.S. and Great Lakes region from Jan. 21 through Jan. 25.

The news sent natural gas prices soaring on sentiments businesses and households will turn up the heat as temperatures fall, demanding more of the commodity in the process.

Falling supplies pushed up prices as well.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Jan. 4 fell by 201 billion cubic feet, compared to expectations for a decline of 186 billion cubic feet.

Inventories fell by 95 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 149 billion cubic feet.

Total U.S. natural gas storage stood at 3.316 trillion cubic feet as of last week. Stocks were 88 billion cubic feet less than last year at this time and 320 billion cubic feet above the five-year average of 2.996 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 93 billion cubic feet above the five-year average, following net withdrawals of 113 billion cubic feet.

Stocks in the Producing Region were 156 billion cubic feet above the five-year average of 996 billion cubic feet, after a net withdrawal of 61billion cubic feet.

Previous Post

Averages Close Flat And Mostly In The Red

Next Post

Rick Santelli Is Right!

Related Posts

Blockchain-Based Reusable KYC Is A ‘Breakthrough’ For Web3 Security
Business

Blockchain-Based Reusable KYC Is A ‘Breakthrough’ For Web3 Security

by John Wanguba
May 29, 2023
Unlock the Future of Fashion with NFTs and Wearables
Business

Unlock the Future of Fashion with NFTs and Wearables

by John Wanguba
May 27, 2023
Are Bitcoin Casinos Legal?
Business

Are Bitcoin Casinos Legal?

by John Wanguba
May 26, 2023
What Are Deposit Tokens?
Economics

What Are Deposit Tokens?

by John Wanguba
May 22, 2023
If The Stock Market Crashes, What Will Happen To Bitcoin?
Finance

If The Stock Market Crashes, What Will Happen To Bitcoin?

by John Wanguba
May 20, 2023
Next Post

Rick Santelli Is Right!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Blockchain-Based Reusable KYC Is A ‘Breakthrough’ For Web3 Security
  • Unlock the Future of Fashion with NFTs and Wearables
  • Are Bitcoin Casinos Legal?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish