Economic News

LONDON (Thomson Financial) - Copper dipped after two days of strong gains, as traders were reluctant to bid up the metal ahead of key US data to be released later today. The metal was also affected by news that possible strike action at Grupo Mexico had been averted. At 11.24 pm, LME copper for three-month delivery was down at 7,376 usd a tonne against 7,456 usd at the close yesterday. Unions in ...

(Updates prices, adds details) LONDON (Thomson Financial) - Oil eased below 71 usd in London as market attention turned to fears of slowing oil demand, following a two day rally sparked by US refining concerns and further instability in the oil rich Middle East. Analysts said prices were pressured by concerns oil demand might slow if central banks in key consumers the US and China raise interest ...

FRANKFURT (Thomson Financial) - European Central Bank (ECB) board member Jose Manuel Gonzalez-Paramo said the ECB can only give markets guidance on interest rates for the very near term and must avoid giving commitments on the course of rates further ahead. "Central bankers should stress the 'conditional' nature of the guidance provided to the markets and should also limit the horizon of ref ...

LONDON (Thomson Financial) - The yen weakened further as gains on equity markets allowed the carry trade to continue and as Bank of Japan governor Toshihiko Fukui gave no hints on the timing of the next interest rate rise Carry trades are where investors borrow in low-yielding currencies, most often the yen, as well as the Swiss franc, in order to invest in higher-yielding assets elsewhere. &quo ...

TOKYO (XFN-ASIA) - Bank of Japan governor Toshihiko Fukui, speaking after the central bank decided to keep interest rates steady, gave no new hints about when they will be increased, only reiterating that the central bank would gradually adjust interest rates while monitoring downside risk and upside potential for the economy. "We will gradually adjust interest rate levels to harmonize them  ...

CAMBRIDGE, England (Thomson Financial) - Paul Tucker, a rate-setter at the Bank of England, dismissed calls for the nine-member Monetary Policy Committee to spell out individual views when minutes to their meetings are published. Addressing a conference on inflation targeting, Tucker made clear his reluctance to go down this "postal voting" route in favour of preserving proper interacti ...

(Updating to add further details from speech) CAMBRIDGE, England (Thomson Financial) - Paul Tucker, a rate-setter at the Bank of England, dismissed calls for the nine-member Monetary Policy Committee to spell out individual views when minutes to their meetings are published. Addressing a conference on inflation targeting, the executive director of markets at the BoE made clear his reluctance to  ...

TOKYO (XFN-ASIA) - Bank of Japan governor Toshihiko Fukui, speaking after the central bank decided to keep interest rates steady, gave no new hints about when they will be increased, only reiterating that the central bank would gradually adjust interest rates while monitoring downside risk and upside potential for the economy. "We will gradually adjust interest rate levels to harmonize them  ...

- (Adds further details from monthly report) TOKYO (XFN-ASIA) - The Bank of Japan has left its economic assessment unchanged in June, saying the world's second-largest economy is expanding moderately and will continue to do so as deflationary pressures ease. "Japan's economy is expanding moderately," the BoJ said in its latest monthly report, repeating what it said in May. The central ...

TOKYO (XFN-ASIA) - The Bank of Japan has kept its overnight call rate target unchanged at 0.50 pct for the fifth straight meeting, as widely expected by the market. The central bank said the vote by its nine-member policy board had been unanimous. Analysts said this would reduce expectations in the markets that interest rates will rise next month. A split vote would have been regarded as a harbin ...