Global Economic Intersection
Advertisement
  • Home
    • 카지노사이트
  • 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
    • 카지노사이트
  • 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 28 June 2013

admin by admin
June 28, 2013
in Uncategorized
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

by Investing.com Staff, Investing.com

U.S stocks drop on June rebalance, Fed comments; Dow dips 0.76%

U.S. stocks ended largely lower Friday due to a June rebalancing of the Russell Index and to mixed signals from Federal Reserve officials suggested that stimulus investing.com-logoprograms may stay in place for now but end later this year.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.76%, the S&P 500 index ended down 0.43%, while the Nasdaq Composite index rose 0.04%.

Each June, the Russell Index rebalances its list of investible stocks, which tends to fuel volatility, especially on the last trading day of the quarter.

Earlier Friday, Federal Reserve Governor Jeremy Stein suggested that asset purchases may begin to taper in September provided the economy improves, which boosted stocks earlier.  Stein said in prepared remarks in a speech he gave earlier:

“The best approach is for the Committee to be clear that in making a decision in, say, September, it will give primary weight to the large stock of news that has accumulated since the inception of the program and will not be unduly influenced by whatever data releases arrive in the few weeks before the meeting — as salient as these releases may appear to be to market participants.”

Separately, San Francisco Federal Reserve President and noted inflation dove John Williams said that it was still too early to scale back stimulus tools yet, though stocks rose earlier on the notion that liquidity injections from asset purchases will keep stocks high, and by the time the Fed begins to scale back, better economic fundamentals will support equities.

However, Federal Reserve Bank of Richmond President Jeffrey Lacker said markets will experience more volatility while figuring out what the Fed will do, which added to the day’s  declines.

Elsewhere, the Thomson Reuters/University of Michigan consumer sentiment index rose to 84.1 for a final reading in June, up from a 82.7 reading the previous month and also above expectations for a 82.8 reading.

The upbeat numbers came in wake of a report that revealed that the Chicago purchasing managers’ index fell to 51.6 this month from 58.7 in May, exceeding expectations for a decline to 56.0.

Any reading over 50 signifies expansion, which fueled demand for stocks during the volatile session.

Leading Dow Jones Industrial Average performers included Home Depot, up 1.13%, Intel, up 0.87%, and Hewlett-Packard, up 0.16%.

The Dow Jones Industrial Average’s worst performers included IBM, down 2.35%, DuPont, down 2.00%, and Merck, down 1.65%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.66%, France’s CAC 40 fell 0.62%, while Germany’s DAX 30 finished down 0.39%. Meanwhile, in the U.K. the FTSE 100 finished down 0.45%.

 

Forex

Rising U.S. consumer sentiment data and comments from a Federal Reserve governor suggesting monetary stimulus tools may taper in September sent the dollar strengthening against most of its counterparts Friday.

Monetary stimulus tools such as the Fed’s monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling often firms the greenback.

In U.S. trading on Friday, EUR/USD was down 0.23% at 1.3010.

Meanwhile in the eurozone, official data showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain after a 0.1% contraction the previous month, though U.S. events served as the market’s chief steering current.

The greenback was up against the pound, with GBP/USD trading down 0.38% at 1.5201.

In the U.K., house price inflation rose 0.3% this month, in line with expectations after a 0.4% gain in May.

The dollar was up against the yen, with USD/JPY up 0.94% at 99.28, and flat against the Swiss franc, with USD/CHF trading down 0.01% at 0.9450.

Japan’s manufacturing purchasing managers’ index rose to 52.3 in June from 51.5 in May, the index’s fastest expansion in almost two years.

A separate report showed that industrial production in Japan rose 2% in May, exceeding expectations for a 0.2% rise after a 0.9% increase a month earlier.

In addition, housing starts in Japan jumped 14.5% in May, far more than the expected 6.2% increase after a 5.8% rise the previous month.

Investors, however, opted for the dollar over the yen in wake of U.S. consumer sentiment numbers and Stein’s comments.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.27% at 1.0505, AUD/USD down 1.41% at 0.9145 and NZD/USD trading down 0.68% at 0.7742.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.29% at 83.41.

The dollar traded higher against the yen on Friday despite a slew of Japanese economic indicators that beat expectations.

The pair was likely to find resistance at 99.45, the earlier high, and support at 98.35, the earlier low.

The dollar traded higher against the yen on Friday despite a slew of Japanese economic indicators that beat expectations.

Gold

Gold prices shot up on Friday as short covering marked the last trading day of the quarter and allowed for choppy trading.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 1.12% at USD1,225.15 a troy ounce in U.S. trading on Friday, up from a session low of USD1,180.35 and down from a high of USD1,228.55 a troy ounce.

Gold futures were likely to find support at USD1,180.35 a troy ounce, the earlier low, and resistance at USD1,300.55, Monday’s high.

Short covering sent gold soaring, as the yellow metal has plummeted 24% during the second quarter of this year.

Uncertainty as to when the Federal Reserve begins to taper monetary stimulus measures has repelled investors away from the precious metal, which benefits when monetary policy is loose due to its role as a hedge to a weakening dollar.

Elsewhere on the Comex, silver for September  delivery was up 5.15% at USD19.508 a troy ounce, while copper for September delivery was up 0.03% and trading at USD3.060 a pound.

Oil

Crude prices rose in rather subdued trading on Friday, buoyed by rising consumer sentiment numbers in the U.S., which reflected an improving economy that will demand more fuels and energy going forward.

Comments from a Federal Reserve governor suggesting an end to monetary stimulus programs starting in September quieted trading as investors digested the news.

On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded up 0.27% at USD97.31 a barrel on Friday, off from a session high of USD97.82 and up from an earlier session low of USD96.55.

Stimulus tools such as a monthly USD85 billion bond-buying program tend to push oil up as a side effect by weakening the greenback, which makes the commodity attractive in dollar-denominated exchanges.

On the ICE Futures Exchange, Brent oil futures for August delivery were up 0.15% at USD102.98 a barrel, up USD5.67 from its U.S. counterpart.

Natural Gas

Natural gas prices extended Thursday’s heavy losses into Friday after official U.S. inventory data revealed the country’s stockpiles shot up way more than expected last week.

In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.531 per million British thermal units, down 1.44%.

The commodity hit a session low of USD3.528 and a high of USD3.618.

The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended June 21 rose by 95 billion cubic feet, above expectations for an increase of 88 billion.

The data sent prices tumbling by more than 4% after release.
Inventories rose by 58 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a rise of 79 billion cubic feet.

Total U.S. natural gas storage stood at 2.533 trillion cubic feet as of last week. Stocks were 522 billion cubic feet less than last year at this time and 31 billion cubic feet below the five-year average of 2.564 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 89 billion cubic feet below the five-year average, following net injections of 58 billion cubic feet.

Stocks in the Producing Region were 13 billion cubic feet above the five-year average of 944 billion cubic feet after a net injection of 24 billion cubic feet.

Further depressing prices were weather reports calling for below-normal temperatures in pockets of the eastern U.S. in the coming days.

Mild summer temperatures cut into the need for gas-fired electricity to cool homes and dampen demand for natural gas.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were up 0.23% and trading at USD97.27 a barrel, while heating oil futures for August delivery were up 0.10% at USD2.8908 per gallon.

Natural gas accounts for about a quarter of U.S. electricity generation.

Previous Post

Markets Closed Mixed With Large Caps Leading The Way Down

Next Post

Global E-Commerce Sales to Reach $1.2 Trillion This Year

Related Posts

Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars
Econ Intersect News

Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars

by John Wanguba
September 29, 2023
Unlocking the Future: Google's Game-Changing Move to Advertise NFT Games Starting September 15th
Business

Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th

by John Wanguba
September 8, 2023
Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by John Wanguba
August 5, 2023
Can Worldcoin Overtake Bitcoin?
Economics

Can Worldcoin Overtake Bitcoin?

by John Wanguba
August 4, 2023
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures

by John Wanguba
August 4, 2023
Next Post

Global E-Commerce Sales to Reach $1.2 Trillion This Year

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 market blockchain BTC BTC price 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

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • 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

  • Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars
  • Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th
  • Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

© 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.