The wellbeing of the global economy is under threat because of the spreading risk from the Euro Zone, said the IMF. The organization expects the world's economy to expand by 3.25% this year as compared to 4% initially projected. Considering the Euro Zone, the GDP growth is predicted to contract by 0.5% in 2012 while previously the IMF projected 1.1%.
Belgian business climate improved in January, but remained in the negative territory since May 2011. The business climate index added 1.1 point to minus 9.5 this month on a seasonally adjusted basis from minus 10.6 in the preceding month, reported the Bank of Belgium. Experts predicted the index to inch up 0.5 points approaching minus 10.1 this month.
Debts owed by a typical UK family surged 48% since January last year as increasing inflation rate impacted households' incomes, reported Aviva Family Finances. Average UK family owes about 7,944 Pounds in unsecured borrowings on loans, credit cards and overdrafts as compared to 5,360 Pounds in January last year. The debts represent over 32% of the overall net annual income
US stocks traded mixed on Tuesday amid investor concern about earnings reports and uncertainty in Greek debt talks. S&P 500 Index gave up 0.1% or 1.35 points and closed at 1,314.65 while Dow Jones Industrial Average Index fell 0.26% or 33.07 points to 12,675.75. Only Nasdaq Composite managed to end up in positive area, gaining 0.1% or 2.47 points and
European stock markets closed lower on Tuesday as EU finance ministers attempted to persuade Greek private lenders to accept lower borrowing costs on restructured Greece sovereign debt. Stoxx 600 lost 0.4% to 256.04, FTSE 100 fell 0.5% and finished at 5,751.90. German DAX edged down 0.3% to 6,419.22 and French CAC 40 index slipped 0.5%, ending at 3,322.65. Greek ASE
Japanese Yen weakened against its main counterparts on Tuesday after nation's statistics reported Japan in 2011 faced the first trade deficit in 30 years, fuelling concerns about country's economic outlook. Japanese currency lost 0.4% against US Dollar to ¥77.95. Currently USD/JPY is trading at ¥77.91.
Australia's annual core inflation, which exclude the biggest swings in prices, quickened in the last three months of 2011, climbing to 3%, compared to central bank's target of 2%. An increase in inflation reduced probability that the Reserve Bank of Australia might cut its benchmark interest rate further. The overall price index in 4th quarter was unchanged as banana price
Natural gas bounced, finding support in the production cuts as Chesapeake Energy reported it plans to decrease the output level due to low prices of the natural gas. Natural gas futures for delivery in February traded at USD2.596 per million British thermal units during the late US trade on Tuesday, on the New York Mercantile Exchange, soaring by 0.64%.
Japan reported the first yearly trade deficit in 30 years. The trade deficit of the country for 2011 amounted 2.49 million Yen, with imports adding 12% and exports decreasing by 2.7%, according to finance ministry. Experts blamed recent earthquake and tsunami as many factories and supply chains were damaged.
German business confidence may have increased in January to 5-month record high, as the European largest economy indicated recovery. According to economists questioned by Bloomberg, the business climate index, estimated by the Ifo institute, probably rose from 107.2 to 107.6. Economists also predict the measure of current situation to increase from 116.7 to 116.8. The report is due today.
Apple Inc. posted a 4th quarter's profit, more than two times higher than in corresponding period last year due to successful sales of Iphone and Ipad. Apple managed to sell 37 million Iphones and reach a net profit of $13.1bn in the last quarter of 2011. The profit per share for the particular quarter was $13.87. Apple shares jumped 12% on the earnings
US President Obama called the government to impose higher taxes on country's wealthy to restore income equality in US economy, fueling predictions he will use this call in his election campaign. Obama claims that those who earn millions must pay at least 30% tax to make sure more citizens have a fair share of income. President also demanded to create more jobs
German DAX Index climbed 0.5% on Monday, but pulled back 1.1% to 6,365.95 during Tuesday session, pushed down by domestic banks. DAX index posted loss, as private creditors put pressure on Greek officials to raise coupon rate above 4%. Commerzbank gave up 4%, and Deutsche Bank dropped 3.3%. Siemens AG declined 3.6% after reporting a fall in earnings. At the
After jumping 0.9% on Monday, UK FTSE 100 Index retreated on Tuesday, as investors lost patience on lingering Greek debt swap agreement. UK benchmark fell 0.8% to 5,737.97, weighted down by financial shares. Royal Bank of Scotland dropped 4%, while Lloyds Banking edged down 4.2%. Essar Energy PLC was among few winners, fluctuating into positive area after the company reported
Japan's Nikkei Stock Average slightly recovered on Tuesday amid surge in crude prices, though the gains were limited as trading volumes were low and BoJ reduced the growth outlook for 2012. Nikkei 225 index added 0.15% or 12.78 points and closed at 8,785.33, lifted by energy shares. Inpex Corp. advanced 2.2%, while Japan Petroleum Exploration Corp climbed 1.4%. Automaker Toyota
Australian S&P/ASX 200 traded flat on Tuesday, erasing early gains as worries about Greece and Portugal debt problems returned to markets. Australian benchmark index declined 0.02% or 0.9 points and settled at 4,224.20, supported by the jump in oil prices. Energy shares climbed, while mining stocks showed mixed performance. White energy soared 3.8%, Woodside Petroleum Ltd advanced 0.7% and Coalspur
Dow Jones Industrial Average Index pulled back on Monday, as investors remained worried about possible outcome of Greek debt talks. Blue chip index lost 0.09% or 2.53 points and finished at 12,708.82. 12 of 30 stocks within the index posted gains, led by technology shares. Bank of America jumped 10.3% despite the relatively poor performance of index's financial sector. Hewlett
Agricultural commodities advanced on Monday on the unfavorable weather conditions in South America that weighted down on the crop forecast. Softer US Dollar also contributed to gains. However, meteorologists claimed that cold front is likely to bring rains in the major grain-growing areas. The only loser was coffee that dropped by 2.64% over the day on the expected ample global
Energy futures, except for heating oil, advanced on Monday following the announcement that the EU agreed to ban Iranian oil exports from July 1, 2012, while Iran threatened to block the Strait of Hormuz. Natural gas rebounded from almost 10-year low as Chesapeake Energy reported an essential cut in drilling. The energy prices are expected to climb higher on the
Industrial metals advanced on Monday amid eased EU debt worries and inspiring base metals imports in China. However, Barclays projects fall in the China metals imports, especially copper, in Q1 of 2012 due saturation in the market. Nickel was the only loser amid the buildup of the LME inventory and weak cancelled warrants. Zinc, the top performer, soared 2.3% despite
Precious metals posted gains on Monday amid softer US Dollar and signs of further quantitative easing in the US. Gold futures attained six-week high, finding additional support in the global concerns about the Iranian oil embargo imposed by the EU. Market sentiment also was improved due to expected increase in gold purchases by the central banks. However, demand for gold-backed
Primary reading indicated that the Markit Eurozone PMI Composite Output Index rose to 50.4 in January from 48.3 in the preceding month. Manufacturing PMI expanded to 48.7 while analysts predicted the indicator to rise to 47.8. Services sector posted the largest gains, advancing to 50.5 in January from 48.8 in the preceding month.
S&P 500 Index traded almost flat on Monday, as investors remained cautious about the enduring Greek debt write down talks. US benchmark index closed 0.05% or 0.62 points higher at 1,316, the highest reading since July 26. Energy and technology stocks provided major contribution to the index, as oil prices rallied, after EU imposed embargo on Iran crude. Southwestern Energy
European markets closed higher on Monday as Greeks and private creditors continued to discuss debt swap and investors were hoping that both parties will reach an agreement about debt write down at around 70%. Stoxx 600 index added 0.5% to 257.01, Greek ASE composite rocketed 5.1% to 744.26 and French CAC 40 index gained 0.5%, finishing at 3,388.42. Meanwhile the