August 2013

Euro climbs on German PMI services data

The 17-nation currency euro made a slight rise against the US dollar on Monday, as the German PMI reports showed that the PMI in services from the country grew lesser than forecasted in July. While the currency is pushed by the disappointing US jobs data released on Friday.

Euro rose 0.08% to $1.3292 against the greenback as of 8:01am GMT, while it declined 0.46% to ¥130.74 against the yen at the same time. The German final services Purchasing Managers’ Index (PMI) remained at 51.3 in the month of July. Read more

Asian Stock Market Decline; China Services Data Climbs

The Asian stock market started the first day of the trading week in red, first time in three days as the Japanese shares led the decline on a stronger yen after the U.S. jobs data showed below-forecast data on Friday. The Chinese shares and European index futures advanced, while in Australia and Japan, bonds rallied with gold.

The disappointing figures from the below-forecast workforce data showed that the US economy is still at a slow recovery growth, which is not strong enough for the Federal Reserve to start scaling back on the monetary stimulus programme. Read more

Europe Shares open green ahead of US payrolls report

Stock in the European market started the day in green as investors focus on the US non-farm payrolls report, which is expected to be released later during the day as it may show when the Federal Reserve (Fed) may begin to scale back on its bond-buying program.

The European Euro Stoxx 50 advanced 0.29% to 2,816.66 at the market open, while the German DAX rose 0.24% to 8,430.51. The French CAC 40 jumped 0.25% higher at 4,052.69, while the UK’s FTSE 100 gained 0.23% to 6,697.53. Read more

Facebook share price tops $38 flotation

Shares for the world’s largest social network Facebook has surpassed the initial estimated price of $38 and has advanced as high as $38.31, first time since May 18, 2012.

Ever since the social network company reported the better-than-expected earnings report on July 24th, Facebook shares have been boosted.

Facebook shares moved back from its high $38.31, to $36.80 at market close in New York. Read more