Breaking News

Sterling tumbles to new 5-1/2 year low after surprisingly weak data.

News Date: 12/1/2016 09:29:57
Sterling plunged 0.80% against the dollar to a fresh 5-1/2 year low at 1.4431, after Britain's industrial production contracted 0.7% m/m in November, the highest such slide in three years. Manufacturing production also disappointed, falling 0.4% m/m, adding to its October's similar 0.4% decline. Sterling fell back towards a 11-month trough against the euro; trading at 0.7518, down 0.71% for the day. It changed hand at the rate of 169.93 against the yen, near a 15-month low.

European shares on other hand are having their best day in almost three weeks, boosted by the oil's recovery. The pan-European FTSEurofirst index jumped 1.80% to 1,359. Germany's DAX comfortably outperformed the wider market, surging 2.41% to finally get back above the 10,000 level. France's CAC is having it good as well, soaring 2.50% to 4,420. Britain's FTSE gained 1.81% to 5,978.

Oil prices rebounded handsomely from their 12-year lows in short-covering, with Brent crude futures up 57 cents, or 1.79% at $32.50 a barrel. U.S. West Texas Intermediary (WTI) crude futures rose half a dollar, or 1.53% to $31.90 a barrel.

Precious metals were dumped as risk appetite reigned in the markets, with gold futures down 9 dollars, or 0.80% at $1,087 an ounce. Silver futures lost five cents, or 0.37% to trade at $13.81 an ounce. Copper on the other hand showed some signs of recovery, edging up 0.15% to $1.976 a pound.

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