Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:
Main Trading Event Of The Day: U.S. Unemployment Claims @ 14.00 GMT
WHAT WE’RE WATCHING TODAY
Gold Falls Below $1,300 As Equities Gain
Gold broke below the key psychological level of $1,300 an ounce today as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data. Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest. Spot gold fell 0.7 percent to $1,295.00 an ounce after dipping 0.2 percent in the previous session. U.S. gold slid about $9 to $1,295.50. Asian stock markets edged higher on Thursday as China’s factory activity expanded at its fastest pace in 18 months in July, bolstering hopes for recovery in the world’s second-biggest economy. Gold had recently seen support build around the $1,300 level on deepening violence in the Middle East and Ukraine that burnished its safe-haven appeal. Bullion could still see some safe-haven bids as Gaza fighting continues. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6 tonnes to 805.44 tonnes on Wednesday - increasing for a second straight day.
Canadian Dollar Climbs On Sales
The Canadian dollar touched the highest level in almost a week after a report showed the nation’s retail sales rose for a second month. The May sales figures followed a report last week that showed consumer prices climbed the fastest in more than two years in June. The dollar strengthened as much as 0.3 percent to C$1.0711 per U.S. dollar, the strongest level since July 18, before trading at C$1.0728 at 5 p.m. in Toronto, up 0.1 percent. One Canadian dollar buys 93.21 U.S. cents. Retail sales increased 0.7 percent to C$42 billion ($39.1 billion) as automobile purchases rose to a record according to Statistics Canada. Economists forecast retail sales would increase 0.6 percent. They gained 1.3 percent the previous month, more than initially reported, Statistics Canada data showed.
Facebook Profit, Sales Above Expectations
Facebook posted a second-quarter profit yesterday that more than doubled while extracting more mobile-advertising dollars from its users. Revenue increased 61% as advertisers continued to pour money into the social network. Mobile-advertising accounted for 62% of advertising revenue in the quarter, up from 59% in the first quarter and 30% a year ago. Facebook is gaining ground on Google in the mobile advertising market, expecting to command 18.4% of mobile-ad dollars this year, up from 9% in 2012. Google’s share is expected to slip to 40% from 50% in that two-year time period. Facebook reported net income of $791 million, or 30 cents a share, up from $333 million, or 13 cents, a year earlier. Revenue rose to $2.91 billion from $1.81 billion. Analysts had projected earnings of 32 cents a share and revenue of $2.81 billion.
That sums up today’s highlights but remember you can check our Facebook, Twitter, Google+ and LinkedIn pages for regular trading news throughout the day. We hope you have a profitable day on the markets.
