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 19 July 2013

admin by admin
July 19, 2013
in Uncategorized
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

by Investing.com Staff, Investing.com

U.S stocks end mixed on Fed outlook, earnings misses; Dow dips 0.03%

U.S. stocks ended mixed on Friday, buoyed by hopes that U.S. monetary policy will remain accommodative for the long term, though disappointing earnings out investing.com-logoof the technology sector dampened the session.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.03%, the S&P 500 index rose 0.16%, while the Nasdaq Composite index fell 0.66%.

Stocks inched higher on sentiments that U.S. monetary policy will remain loose long after the Federal Reserve winds down its monthly USD85 billion asset-purchasing program, which lowers interest rates to spur recovery, sending stocks gaining as a result.

Fed Chairman Ben Bernanke told U.S. lawmakers in his semi-annual congressional testimony this week that monthly asset purchases will remain in place for the foreseeable future though they may begin to wind down later this year if the economy improves.

Still, the top U.S. central banker stressed that an end to stimulus programs does not mean tighter monetary policy such as hikes to benchmark interest rates will quickly follow suit, which was bullish for stocks Friday.

Disappointing earnings from tech giants Google and Microsoft dampened gains, though better-than-earnings at General Electric offset those losses somewhat.

Leading Dow Jones Industrial Average performers included General Electric, up 4.66%, Johnson & Johnson, up 2.31%, and Pfizer, up 2.18%.

The Dow Jones Industrial Average’s worst performers included Microsoft, down 11.48%, Hewlett-Packard, down 4.63%, and IBM, down 2.26%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.07%, France’s CAC 40 fell 0.06%, while Germany’s DAX 30 finished down 0.07%. Meanwhile, in the U.K. the FTSE 100 finished down 0.06%.

Forex

The dollar softened against most major currencies on Friday after markets digested Federal Reserve Chairman Ben Bernanke’s congressional testimony this week and concluded that monetary policy will remain accommodative even after the U.S. central bank wraps up stimulus tools.

Stimulus programs such as the Fed’s USD85 billion monthly bond-buying program tend to weaken the dollar to spur recovery.

In U.S. trading on Friday, EUR/USD was up 0.23% at 1.3138.

The dollar hovered lower throughout the day after Federal Reserve Chairman Ben Bernanke told U.S. lawmakers in his semi-annual congressional testimony this week that monthly asset purchases will remain in place for the foreseeable future though they may begin to wind down later this year if the economy improves.

While the dollar firmed in recent sessions on sentiments that stimulus programs are on their way out in a matter of months to about a year, the currency weakened on Friday on expectations that the Fed may even delay such a decision should economic data disappoint.

Meanwhile in Europe, official data showed that Germany’s producer price index came in flat in June, defying expectations for a 0.1% contraction after a 0.3% decline the previous month. 

The greenback, meanwhile, was down against the pound, with GBP/USDtrading up 0.28% at 1.5268.

Public-sector net borrowing in the U.K. fell less than expected in June, declining to GBP10.2 billion from GBP12.8 billion the previous month. 

Analysts had expected public sector net borrowing to fall to GBP9.5 billion last month, and the numbers provided support for the pound a day after a separate data revealed that U.K. retail sales rose 0.2% in June from May and were up 2.2% from June of last year.

Monthly retail sales met analysts’ expectations though the on-year numbers beat market calls for  a 1.7% increase.

The dollar was down against the yen, with USD/JPY down 0.15% at 100.27, and down against the Swiss franc, with USD/CHF trading down 0.38% at 0.9411.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.10% at 1.0368, AUD/USD up 0.24% at 0.9192 and NZD/USD trading up 0.49% at 0.7940.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.28% at 82.71.

Gold

Gold prices extended Thursday’s gains into Friday after Federal Reserve Chairman Ben Bernanke told lawmakers that any decision to taper the pace of its monthly asset purchases that weaken the dollar to spur recovery won’t signal the arrival of tighter monetary policy. 

Gold and the dollar tend to trade inversely with one another, especially in times of loose monetary policies.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 0.67% at USD1,292.85 a troy ounce in U.S. trading on Friday, up from a session low of USD1,281.45 and down from a high of USD1,297.05 a troy ounce.

Gold futures were likely to find support at USD1,269.45 a troy ounce, Wednesday’s low, and resistance at USD1,299.45, Wednesday’s high.

Bernanke told U.S. lawmakers in his semi-annual congressional testimony this week that the Fed’s bond-buying program will remain in place for the foreseeable future, and even though monetary authorities may begin to taper later the program this year if the economy improves, policy will remain loose for the longer term.

Stimulus programs such as the Fed’s USD85 billion monthly asset-purchasing program tend to weaken the dollar to spur recovery, making gold an attractive hedge.

A weaker dollar, also the product of growing expectations for the Fed to take its time unwinding stimulus tools, pushed the yellow metal higher in quiet trading on Friday as well.

Elsewhere on the Comex, silver for September delivery was up 0.37% at USD19.460 a troy ounce, while copper for September delivery was up 0.28% and trading at USD3.140 a pound.

Oil

Profit taking sent crude prices falling on Friday after investors locked in gains and sold, ending a rally stemming from better-than-expected U.S. jobs and supply data.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded down 0.53% at USD107.24 a barrel on Friday, off from a session high of USD108.92 and up from an earlier session low of USD107.04.

Oil prices posted strong gains on Thursday after the U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits last week fell by 24,000 to 334,000, compared to expectations for a drop of 13,000 to 345,000.

Also on Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose 19.8 for July from June’s 12.5 reading. Analysts had expected the index to decline to 7.8, and the better-than-expected readings sent prices gaining.

Positive U.S. indicators often send oil prices rising by stoking sentiments the world’s largest economy is gaining steam and will demand more fuel and energy going forward.

Adding to the week’s buying spree, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.9 million barrels last week, compared to expectations for a decline of 2 million barrels. 

The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.

On the ICE Futures Exchange, Brent oil futures for September delivery were down 1.15% at USD107.46 a barrel, down USD0.08 from its U.S. counterpart.

Natural Gas

Natural gas prices edged lower on Friday after investors locked in gains from Thursday’s 5% rally and sold the commodity for profits.

In the New York Mercantile Exchange, natural gas futures for delivery in August traded at USD3.788 per million British thermal units, down 0.64%.

The commodity hit a session low of USD3.762 and a high of USD3.827.

Natural gas prices soared by over 5% on Thursday after the U.S. Energy Information Administration reported that natural gas storage in the week ending July 12 rose by 58 billion cubic feet, below market expectations for an increase of 64 billion cubic feet.

Inventories rose by 29 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 70 billion cubic feet.

Total U.S. natural gas storage stood at 2.745 trillion cubic feet as of last week. Stocks were 414 billion cubic feet less than last year at this time and 34 billion cubic feet below the five-year average of 2.779 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 101 billion cubic feet below the five-year average, following net injections of 37 billion cubic feet. 

Stocks in the Producing Region were 36 billion cubic feet above the five-year average of 977 billion cubic feet after a net injection of 15 billion cubic feet.

Weather forecasts supported prices as well, as a heat wave continued to sear the heavily populated eastern U.S. though calls for a return of less intense summertime mercury readings allowed prices to edge lower on Friday as well.

 

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

Previous Post

Google’s Revenue Growth Drops to 3-Year Low

Next Post

PC Growth Choked by the iPad’s Arrival

Related Posts

What Are BRC-30 Tokens?
Econ Intersect News

What Are BRC-30 Tokens?

by John Wanguba
June 2, 2023
XRP Explosive Boom Results In Record-Breaking Address Activity
Economics

XRP’s Explosive Boom Results In Record-Breaking Address Activity

by John Wanguba
June 1, 2023
What To Consider When Evaluating Low-Code And No-Code Platforms
Business

What To Consider When Evaluating Low-Code And No-Code Platforms

by John Wanguba
June 1, 2023
Crypto Bear Phase Gone, ‘Explosive’ Bull Market Imminent – Veteran Investor
Economics

Crypto Bear Phase Gone, ‘Explosive’ Bull Market Imminent – Veteran Investor

by John Wanguba
June 1, 2023
Only 2 Exchanges Registered In Hong Kong As Crypto Ban Is Removed
Economics

Only 2 Exchanges Registered In Hong Kong As Crypto Ban Is Removed

by John Wanguba
May 31, 2023
Next Post

PC Growth Choked by the iPad's Arrival

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

  • 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

  • What Are BRC-30 Tokens?
  • XRP’s Explosive Boom Results In Record-Breaking Address Activity
  • What To Consider When Evaluating Low-Code And No-Code Platforms

© 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