Breaking News

Sterling hammered after weak data, oil hits new lows.

News Date: 8/12/2015 09:40:50

Britain's manufacturing production for October fell unexpectedly by 0.4% m\m, against forecasts of no-change, and compared with September's 0.9% growth. In other negative news for Britain, Halifax house price index fell 0.2% m\m in November, compared with October's 1.0% rise. Sterling slumped 0.52% against the dollar to 1.4977, marking the third consecutive session of decline. It hit a six-week low against the euro at 0.7275, with a near 1.0% loss. Sterling touched a seven-week trough against the yen, losing 1.03% to 183.86.


Oil prices extended their heavy losses, tumbling to new seven-year lows, with Brent futures sliding 80 cents, or 2.0% to $39.93 a barrel. U.S. crude futures plunged a dollar, or 2.60% to $36.68 a barrel.


The fall in oil prices led the Canadian dollar to a fresh eleven and a half years low, since a big chunk of Canada's economy depends on oil exports; the loonie fell 0.82% to C$1.3613. Other commodity currencies were badly hit, especially after China' data showed a contraction in trade activity, with the Australian dollar hitting a week-low to $0.7192, losing 1.04% for the day.


Euro regained some of its strength after data showed the Eurozone growing by an annualized 1.6% in third quarter, and 0.3% q\q. Euro's index, which measures the common currency's performance against a basket of major currencies, rose 0.54% to 87.82. Euro advanced 0.54% against the dollar to 1.0893, while inching up 0.04% against the yen to 133.74.


The oil rout led European shares to a six-week trough; with the pan-European index FTSEurofirst 300 diving 1.66% to 1,439. Germany's DAX lost 183 points, or 1.69% to 10,702. France's CAC 40 plunged 80 points, or 1.69% to 4,676. Britain's FTSE 100 gave up 86 points, or 1.39% to 6,137.


Wall Street opened sharply down, with energy shares leading the decline. Dow Jones lost 200 points, or 1.11% to 17,533. NASDAQ squandered 55 points, or 1.09% to 5,046. S&P 500 fell 22 points, or 1.11% to 2,054.    


Latest news

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

Today gold futures and crude oil futures rose during the Asian session. As the gold futures contract was traded in December at $1,685.30 an ounce, its price increased by 0.42%, after it had previous
09-2022 20 02:56:35

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this w
09-2022 19 01:28:27

More News