Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Asian Shares Struggle, Euro Near 1-Week High Ahead of ECB
Published in Amwal Al Ghad on 07 - 11 - 2013

Asian stocks struggled on Thursday as investors waited for stimulus-sensitive U.S. payroll data, although the euro perked up ahead of the European Central Bank's policy meeting.
The Australian dollar fell after a weak labor force report showed a big fall in full-time employment -- undermining a popular view that the Reserve Bank of Australia has finished cutting interest rates.
Financial bookmakers expect major European indexes .FTSE .GDAXI .FCHI to ease as much as 0.2 percent.
All eyes will be on Friday's U.S. nonfarm payrolls data for a chance to gauge when the Federal Reserve might begin winding down its $85 billion-a-month bond-buying program, which is linked to falling unemployment.
Before that, investors will look to the first reading of U.S. third-quarter GDP data later on Thursday. Economists surveyed by Reuters forecast a 2.0 percent annualized rate of growth compared with 2.5 percent in the second quarter.
"Buying is paused now as investors are looking for fresh macro cues," said Isao Kubo, equity strategist at Nissay Asset Management.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.4 percent after ending flat on Wednesday to break a four-day run of losses.
Japan's Nikkei share average .N225 dropped 0.8 percent.
The euro hovered near a one-week high against the dollar as strong German data prompted investors to scale back expectations of an ECB rate cut at its policy meeting later in the global day.
"Had the PMIs stepped down sharply, the ECB could have justified a cut, especially given last week's inflation print," analysts at JPMorgan wrote in a note.
"The recent data enables them to wait till December and announce the rate cut as part of their broader inflation/growth forecasting exercise."
The euro was up 0.1 percent at $1.3527, having risen 0.3 percent on Wednesday on the slight shift in expectations.
Against a basket of major currencies, the dollar .DXY was little changed after falling 0.2 percent in the previous session.
The euro was also aided by new research papers from two top Fed economists calling for the U.S. central bank to drive down unemployment by promising to hold interest rates lower for longer.
That helped drive U.S. stocks firmer overnight, with the Dow Jones industrial average .DJI at a record high, while the S&P 500 .SPX index closed shy of its own record. .N U.S. S&P E-mini futures dipped 0.1 percent in Asian trade on Thursday.
AUSSIE JOBS DISAPPOINT
Australian shares .AXJO edged down 0.2 percent as index heavyweights National Australia Bank Ltd (NAB.AX) and Australia and New Zealand Banking Group Ltd (ANZ.AX) traded ex-dividend.
The Australian dollar shed 0.5 percent to $0.9483 after news just 1,100 net new jobs were created in October, with a severe fall in full-time places.
Among commodities, U.S. crude prices steadied at around $94.7 a barrel after gaining 1.7 percent on Wednesday from four-month lows on an unexpectedly large fall in U.S. fuel supplies. O/R
"Overall, we will see oil and other markets trade in a tight range today as everybody is waiting for ECB's interest rate decision and US GDP numbers," said Ben Le Brun, market analyst at OptionsXpress in Sydney.
Gold was also steady, at just below $1,319 an ounce, pausing after gaining 0.5 percent overnight.
Source: Reuters


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