Breaking News

Commodities wallow in the red after BoJ

News Date: 15/3/2016 03:47:15
Commodities and Asian shares registered losses on Tuesday after the meeting of the Bank of Japan earlier in the day, where the bank decided to keep its stimulus program unchanged, while hinting at no more interest rates cuts deeper into negative levels, disappointing some investors and taking steam out of risky assets across the globe.

Gold futures tumbled 15 dollars, or 1.22% to trade at $1,229 an ounce, while silver futures tagged along, skidding nearly 30 cents, or 1.87% to hover around $15.31 an ounce. Copper futures, affected by China's worries, gave up 1.21% to move around $2.213 a pound, away from recent highs.

Oil prices similarly suffered losses, mainly on profit-taking and as Iran insists on pumping more oil to regain its pre-sanctions market shares, with Brent crude futures shedding 84 cents, or 2.12% to trade at $38.68 a barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped eighty cents, or 2.15% to move around $36.38 a barrel.

Asian shares fell as well, with Japan's Nikkei index retreating 0.70% to 17,117, away from a six-week high hit yesterday at 17,291, while Australian shares plunged 1.43%. South Korea's KOSPI edged down 0.12%, but China's Shanghai index bucked the trend, registering a small gain of 0.17% as traders hope for more stimulus by the government.

Investors wait for an array of U.S. data later today, with retail sales expected to have fallen 0.1% m/m in February, compared with January's lively 0.2% growth, which would be a nuisance for the dollar's trading before the Fed's meeting.

The U.S. Producer Price Index is forecast to have fallen as well by 0.2% m/m in February, compared to January's 0.1% rise, and would be another piece of negative data for the greenback.

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News