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Analytics, News, and Forecasts for CFD Markets: raw news — 01-10-2012.
Oil rose to a one-week high and the euro climbed against the dollar amid optimism that Spain’s latest budget and banking measures are moving the euro region closer to containing its debt crisis.
Futures advanced as much as 1.2 percent and the common currency gained as test results showed the stress to the Spanish banking system was less than estimated. Spain’s banks have a capital deficit of 59.3 billion euros ($76 billion), stress tests conducted by New York-based management consultancy Oliver Wyman showed last weekend. That was less than the 62 billion euros Wyman estimated in June that the lenders would need. Talks resume in Athens today between Greece’s creditors and the government. Crude fell earlier as China’s manufacturing contracted. China’s manufacturing shrank for a second month for the first time since 2009, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. The report added to signs that growth is at risk of reaching a 22-year low as the ruling Communist Party prepares to begin installing a new generation of leaders next month.
Gold jumped to the highest since November after Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank can do more to boost growth, fueling concern that inflation will accelerate.
Evans, who doesn’t vote on policy this year, said that unemployment probably won’t fall to 7 percent until 2014. The central bank can “back off” of its accommodation should inflation present a greater threat, he said. Gold rallied 11 percent last quarter, the biggest gain since June 2010, as the Fed announced additional stimulus measures.
Gold futures for December delivery rose 0.7 percent to $1,786.20 an ounce at 9:32 a.m. on the Comex in New York, after jumping to $1,794.40, the highest for a most-active contract since Nov. 14.
Bullion soared 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of bonds in two rounds of so-called quantitative easing. On Sept. 13, the central bank said it will expand holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month and keep the benchmark interest rate near zero percent “at least through mid-2015.”
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