U.K.'s service sector expanded at the slowest pace in almost two years last month as new orders declined, adding to signs the nation's economy might start shrinking again. The Markit/CIPS services PMI tumbled to 50.2 from 50.6 in October, missing economists' expectations of an increase to 51.1. However, a composite PMI for the U.K., which includes manufacturing, services and construction
Norway's current account surplus increased to 96 million Norwegian Krona in the third quarter, comparing with 86 million Norwegian Krona in the second quarter. Account surplus increase was mainly driven by strong improvements in income and transfer account - the surplus on the income and transfer balance was 29 billion Norwegian Krona in the third quarter, recovering from a deficit
The composite output index, indicating the combined output of manufacturing and service industries, increased to 46,5 in November, comparing with 45,7 in October, as a survey by Markit Economics revealed on Wednesday. The downturn continues in both sectors and analysts say that the EU will face a considerably bigger loss of GDP in the fourth quarter than it was 0.1%
The purchasing managers' index for a service sector was 46.2 in November, slipping from 50.2 in October, as Swedbank's survey revealed on Wednesday. That was the lowest level since August 2009. Volume of corporate business and new orders had the biggest negative effect for the index. The employment index felt in the slowest pace since August during this year.
The Czech Republic retail sales increased by 2.2% on a yearly basis in October, reversing from a 2.9% decline in September, as the Czech Statistical Office announced on Wednesday. The actual number was lower than economists' estimation of 2.5% growth in retail sales. Sales, including petrol, was higher by 2% comparing with last month, but a on monthly basis, trade
The Spanish business activity index increased to 42,2 in November, comparing with 41,2 in October, according to Markits Economics survey released today. Although the Spanish service sector shrunk slower and that was a second consecutive month as contraction eased, but the actual figure, which is much lower than 50, indicates a solid decline in domestic business activity.
The Euro Stoxx 50 Index futures, which expiring this month, were 0.8% higher to 2.607 points in the very beginning of London trading session on Wednesday. That is the third day as the index increases, but despite the positive sentiments, traders are waiting economic data from the U.S. and Europe, which will determine further market direction.
The Shanghai Composite Index was increased by 2.9% to 2,031.91 points at the end of Asia trading session on Wednesday. That was the biggest gain of China's stocks in three months, as the government enable insurers to invest in banking sector companies and traders speculated about a possible increase in profit in construction and cement companies.
The S&P 500 index felt by 0.2% to 1,407.05 points and the DJIA lost 0.1% to 12,951.78 points in the end of New York trading session on Tuesday. Equities markets edged lower on investors concerns about the U.S. budget for 2013. The main disagreement between Congress and Barack Obama was the U.S. President's position about increasing tax rates for the
U.S. shares dropped as the President Barack Obama did not step back from his intent to raise taxes for the higher income earners in the nation. The administration of Barack Obama rejected Republican plan to avert the fiscal cliff without raising taxes for highest-income residents only a month before $600 billion in tax increases and spending cuts are coming into
Asian stocks rose to the highest level in four months on Wednesday, with Chinese equities climbing on hopes for stable economic growth. The MSCI Asia-Pacific Index excluding Japan gained 0.8%, Hong Kong shares added 1.5%, Australia's stocks jumped 0.4% and Japan's Nikkei Stock Average erased losses earlier to end up 0.4%.
The Euro touched the strongest level in seven weeks versus the U.S. Dollar on Wednesday, propped up by efforts to address the debt issues in Spain and Greece, whereas speculation over a fresh bond buying programme by the Fed weighs on the greenback. The Euro climbed to $1.3125, the highest since mid-October and last traded at $1.3110, up 0.15% from
The Fed is ready to launch a fresh bond-buying programme, during its meeting next week, evading monetary policy tightening to keep the fragile U.S. economy afloat on uncertainty over the fiscal year. It is expected that the central bank of the U.S. will announce $45 billion monthly asset purchase scheme, indicating it will keep on pumping money into the economy
European stocks advanced for the second consecutive day, rebounding from its earlier losses, as lawmakers in the U.S. continue debating on the budget plans to avert the so called fiscal cliff and growing optimism on the Eurozone as Spain officially requested a bailout. The German DAX index gained 0.03%, or 2.06 points, to 7,437.27 continuing to rise towards its 2011
The FTSE index slightly increased 0.01%, or to 5,867.32 on improving outlook for the Eurozone, as Spain has officially requested for a bailout and Greece pledges to buy back the debt. However, today's construction PMI data added to concerns as it showed construction activity contracted last month. Six out of ten sectors within the index improved with Consumer Goods gaining
Honk Kong shares rebounded from Tuesday's losses. The advancements in alcohol sector prompted the equities to edge higher and triggered advancements in the Hang Seng index. The Index increased 0.15% or 32.12 points to 21,799.97. However, the gains were capped by persisting uncertainty about the fiscal cliff effects and weak manufacturing data in the U.S. In addition, Strong advancements in
Most Asian stocks declined on lower-than-expected manufacturing data in the U.S. and inability of the U.S. lawmakers to handle the budget proposals. The U.S. manufacturing data has favored profit-taking on exporters who benefit from weaker Yen. The Japanese Nikkei 225 Stock Average inched lower 0.3% to 9,432.46, dipping from its seventh-month closing high the prior session. However, experts see the
U.S. blue chips fell on Monday on growing concerns about U.S. entering economic recession as no agreement on the next year's budget has been made and the fiscal cliff threatens to injure the nation's economy. House Republicans rejected President Obama's request for tax increases and suggested $1.4 trillion in spending cuts and $800 billion of revenue by limiting tax relief
U.S. equities trimmed losses, after gaining the last two weeks and sending the S&P's index up, as data showed manufacturing shrank in November. The manufacturing PMI dropped more-than-expected to 49.5 the prior month from 51.7 in October adding to concerns about possible economic turmoil caused by the so-called fiscal cliff. The S&P 500 fell 0.5% to 1,409.46, after earlier reaching
European stocks advanced for the second consecutive day, rebounding from its earlier losses, as lawmakers in the U.S. continue debating on the budget plans to avert the so called fiscal cliff and growing optimism on the Eurozone as Spain officially requested a bailout. The German DAX index gained 0.03%, or 2.06 points, to 7,437.27 continuing to rise towards its 2011
The FTSE index slightly increased 0.01%, or to 5,867.32 on improving outlook for the Eurozone, as Spain has officially requested for a bailout and Greece pledges to buy back the debt. However, today's construction PMI data added to concerns as it showed construction activity contracted last month. Six out of ten sectors within the index improved with Consumer Goods gaining
Honk Kong shares rebounded from Tuesday's losses. The advancements in alcohol sector prompted the equities to edge higher and triggered advancements in the Hang Seng index. The Index increased 0.15% or 32.12 points to 21,799.97. However, the gains were capped by persisting uncertainty about the fiscal cliff effects and weak manufacturing data in the U.S. In addition, Strong advancements in
According to the BCC, the U.K. economic recovery will go worse than analysts estimated and British economy needs more help from the government through boosting company investment. The British Chamber of Commerce decreased its growth projection for 2013 from 1.2% to 1% in September and for 2014 growth from 2.2% to 1.8%. The U.K. recession resulted in 1% growth in
The Euro appreciated to almost a six-week high against the U.S. Dollar ahead of Euro-area finance ministers meeting in Brussels on speculations the region will manage to exceed debt crisis. The Euro traded at $1.3056, following yesterday's gain to $1.3076, the highest since October 23. The Euro was little changed versus the Yen and touched 107.30 yen after gaining for