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November 2013

Prospects Daily: U.S. equities edge higher on U.S. consumer spending and inflation data, U.S. Fed Chief and Bank of England hint at prolonged low short-term rates, South Africa’s headline inflation slows for the second month in a row

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Financial Markets…U.S. equities edged higher in morning trading Wednesday as encouraging data on U.S. consumer spending and inflation in October diminished expectations for Fed’s December tapering. The S&P 500 gained 0.2%, after climbing as much as 0.4% earlier, and the Dow rose 0.1%. Investors are awaiting a release of the Federal Reserve’s recent policy meeting minutes that may provide some clues on the timing of reduction in the monthly stimulus program.

Prospects Daily: Global equities climb to a near 6-year high, OECD Q3 economic growth stable at 0.5%, Nigeria’s GDP growth accelerates in Q3

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Financial Markets… Global equities climbed to a near 6-year high on Monday as Chinese government announced its most comprehensive economic and social reforms since the 1990s. Growing expectations of continued stimulus in the U.S. also weighed positively on market sentiments. The benchmark MSCI world stock index rose 1.6% to its highest level since January 2008. Notably, china’s offshore stock index (traded in Hong Kong) jumped 5.6%, while the country’s benchmark Shanghai Composite Index climbed 2.9% amid prospects of ambitious economic reforms. U.S.

Prospects Daily: U.S. equities reach new highs, Yellen signals continued stimulus program, Malaysia’s GDP growth strengthens in Q3

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Financial Markets…U.S. stocks extended their gains on Friday, with the Dow and the S&P 500 indexes hitting new record highs, following reassuring comments by Federal Reserve chair nominee Janet Yellen that the central bank will maintain stimulus. The Dow gained 0.3% in morning trade, while the S&P 500 added 0.2%, heading for a six-consecutive week of gains. Still, gains were somewhat limited after data showed manufacturing in the New York unexpectedly shrank in November while U.S. industrial production decline in October.

Prospects Daily: Developing country stocks drop for the 9th day, Japanese consumer confidence index falls, Indonesia’s central bank raises benchmark interest rate

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Financial Markets…U.S. and German government bond prices declined as signs of improvement in the world’s largest economy added the case for the Federal Reserve to taper its stimulus program sooner than expected. The benchmark 10-year U.S. Treasury yield climbed to as high as 2.79%, the highest level since September 18, while the comparable German bund yield rose to a nearly three-week high of 1.79%.  Notably, longer-term U.S. Treasuries have declined 11% thus far this year, the worst performer among major sovereign bonds worldwide.

Prospects Daily: Developing-country currencies weaken, Japan's current account balance jumps, China’s annual headline inflation edges higher

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Financial Markets… U.S. Treasuries fell the most in two months last Friday, with the benchmark 10-year yield jumping 15 basis points to a seven-week high of 2.75%, as a robust U.S. job data heightened speculation that the Federal Reserve will reduce its stimulus program sooner than expected. The bond market has been hit by a series of positive U.S. data points, which showed economic improvements. U.S. bond market is closed for Veterans Day on Monday.

Prospects Daily: Oil bounces back from 5-month low, German manufacturing orders posts large increase, Indonesia’s economic growth slows in Q3

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Financial Markets…Asian stock markets edged higher on Wednesday, advancing for the first time in five days, as a weaker yen sent Japanese shares higher.  The benchmark MSCI Asia Pacific Index rose 0.3% with Japan’s Topix index gaining 0.8%.   Japanese equity has been the best-performing mature-market stock market thus far this year amid Bank of Japan’s unprecedented stimulus program.

World Bank published latest commodity prices: October 2013

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In October of 2013, energy prices decreased by 2.5%, while the non-energy commodities were slightly up by 0.3%. Food prices were flat (up 0.1%), beverages increased by 0.7%, raw materials edged up by 0.3%, while fertilizers declined 3.8%. Metals moved up by 1.1%, while precious metals decreased 2.5%.
To access recent and long-term historical prices and other commodity-related information, please click here.

Prospects Daily: Yen at three-week high, European Commission: EU Growth to Gather Speed, South Africa’s Purchasing Managers’ Index rises

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Financial Markets… Global stock markets edged slightly lower on Tuesday, with the MSCI’s benchmark world stock index easing just 0.1%, as uncertainty over the next policy moves by the European Central Bank and the Federal Reserve damped market sentiment.  Asian markets were mixed, having swung between gains and losses, while Europe’s Stoxx 600 index dropped 0.4% from yesterday’s 5-year high in afternoon trading. Developing-country’s benchmark MSCI index fell 0.6%, led by sharp declines in Indian and South African shares.  Furthermore, U.S.