U.K. house prices rose for the first time in 3 months in August as demand improved after a summer lull. The average price of home in England and Wales increased 0.1% to 226,243 pounds from July. Prices increased 2.6% from the previous year, while in London prices soared 10.5%. As housing market struggles to recover, the the BOE and the
Farm commodities advanced on Thursday amid broadly weaker US Dollar and rising demand for grains form the world's top importers. Meanwhile, investors remained focused on weather forecasts in the US, Russia, Brazil and India. Wheat rallied on signs that high prices failed to dampen importers' demand. Jordan agreed to buy 100,000 tons from Ukraine while Egypt is seeking to buy at
Energy commodities were mixed on Thursday, with crude and Brent oil rallying and heating oil and natural gas retreating. Market sentiment was boosted by FOMC statement, indicating new round of QE. Escalated tensions in the Middle East also supported the commodity group. Crude oil surged on brighter demand prospects amid easing measures in the US. However, an unexpected inventory increase last
The Canadian Dollar rose to the highest level in 13 months against the U.S. Dollar as the Fed announced a third round of bond purchases to stimulate economic growth in Canada's largest trading partner. The Loonie strengthened 0.8% to 96.85 cents per greenback. It fetched 96.65 cents, the strongest since August 2011. Canada's Dollar bought $1.0325.
Industrial metals except for copper posted sharp gains on news that the US PPI rose last month. Market participants awaited the Fed decision on whether to loosen its monetary policy further that was due on Thursday after the end of LME trading session. Aluminum climbed on lower inventory levels at the LME warehouses and hopes that the Fed will announce stimulus
Asian currencies were set for the biggest weekly advance since June as the Fed Chairman Ben Bernanke unveiled a third round of quantitative easing. Thailand's Baht and Malaysia's Ringgit fetched the highest levels in 4 months as Asian stocks set for the best performance this year. This week the Ringgit advanced 1.8% to 3.0520 per U.S. Dollar, while the Baht
Precious metals skyrocketed after the Fed announced another round of QE. The Fed stated that it would buy mortgage-backed securities unless the US labour markets recover. Broadly weaker US Dollar after FOMC statement also created strong support for the commodity group. Gold jumped, erasing previous losses after the Fed launched the fresh round of QE to boost US economy. Dismal US
The U.S. Dollar dropped to the lowest level in four months versus the Euro amid the Fed Chairman Ben Bernanke's plan to launch open-ended monetary easing, which tends to debase the greenback. The Dollar fell to $1.3034 per Euro, the weakest level since May. During this week the Dollar has lost 1.6% versus the Euro and 0.8% versus the Japanese
Retail sales in the U.S. probably rose for a second consecutive month in August, economist said before the Commerce Department's data release today. Higher fuel and food prices along with disappointing increase in wages and payrolls might impact household finances. Labour market weakness spurred the Fed yesterday to announce QE3 to stimulate a 3-year expansion.
Oil futures for October settlement added $1.15 to $99.46 a barrel during New York trading session and was $99.28 on mid trading session on Singapore on Friday. Oil price surged as the Federal Reserve announced about $40 billion monthly operations on bond buying programme, thus boosting fuel demand in the U.S. Investors had concerns that unrest in North Africa and the Middle East will
The MSCI Asia Pacific Index gained 2.3% to 123.75 on mid trading session in Tokyo on Friday. Index showed a positive performance for seven consecutive trading sessions and added 3.9% during this week, the best weekly result since December. Markets rally as Ben Bernanke said that the FED will buy bonds to stimulate the nation's economy and decrease the unemployment level.
Japan's economy faces troubles in economic growth as in the second quarter GDP increased only 0.7% after 5.3% economy expansion in the first three months. Analysts say that Japan's economy might shrink this quarter as a consequence of deceleration of the world economy and the strong Yen, which curtails exports. The contraction of the economy might put pressure on the Bank of Japan to expand
One of the leading credit rating agency Standart & Poor's increased its long-term credit rating on South Korea. Agency changed rating to A+/AA from A/A+, also increasing county's outlook to stable. According S&P's representatives, new rating reflects reduced political or military confrontation risk in the Korean peninsula after leadership has changed in North Korea.
German equities halted previous rally on Thursday ahead of the FOMC report indicating future actions of the Fed. Experts expect the Fed to embark on QE3. Even rising optimism over Eurozone after the German Constitutional Court's ruling failed to buoy the index. The German DAX Index tumbled 0.69% to trade at 7,305.20. All but one business sectors included in the
UK stocks are slightly higher ahead of the FOMC statement due later in the day. Traders expect the Fed to announce asset-purchasing program to boost faltering economy. Strong US and Asian shares also supported the UK equities. The FTSE 100 Index halted its downward trend, gaining 0.14% to trade at 5,790.11. Seven out of ten sectors within the index jumped.
Hong Kong shares retreated on Thursday ahead of the FOMC press conference due later in the day. Recent comments of the China's Premier hinting on likelihood of stimulus measures failed to lift Chinese equities. The Hang Seng Index posted the first decline in five trading days, losing 0.14% to close at 20,047.63. Only four business sectors included in the index
Japanese equities moved higher ahead of the FOMC meeting results. Persistent speculation that the POBC will loosen its prudent monetary policy also supported Japan's stocks. The Nikkei 225 Index moved higher by 0.39% to trade at 8,995.15. Eight out of ten sectors included in the index soared. Utilities and industrials were the top-performers, climbing by 1.23% and 1.15%. Chubu Electric
South Korea has unveiled its second stimulus plan in four days, in order to revive nation's economy. Today's announcement involves plans for the central bank to inject 1.5tn won ($1.3bn) into the banking sector, which will be used to provide low interest loans to small businesses. In the meanwhile, the Bank of Korea's held its base rate steady at 3.00%, while analysts had predicted a
According to the Labor Department, the Producer Price Index rose 1.7% in August,above estimates for a 1.4% increase, as energy prices soared 6.4%. On a yearly basis, the producer price index rose at an annualized rate of 2.0% last month, above expectations for a gain of 1.4%. The core PPI added 0.2% in August, meeting analysts' expectations, after jumping 0.4% in July.
The number of people who filed unemployment benefit claims in the U.S. last week rose more than expected, the U.S. Department of Labor said on Thursday. Applications for U.S. jobless benefits jumped by 15,000 to a seasonally adjusted 382,000 in the week ended Sept. 8, up from 367,000 in the previous week. Analysts had predicted initial jobless claims to rise by 3,000 to 370,000.
The Bank of England published its 2012 Q3 issue of the Quarterly Bulletin today, saying it expects the inflation rate to be much more volatile in the coming years than it has been in the past. The report noted that investors' uncertainty about inflation rose substantially during the financial crisis, and that inflation expectations have become less anchored to the BOE's 2% target.
The Swiss National Bank left the target range for the three-month Libor rate unchanged at 0.0-0.25% on Thursday, in line with analysts' expectations. Moreover, the SNB trimmed its growth forecast. Bank expects an inflation rate of -0.6% for 2012, 0.2% for 2013, and 0.4% for 2014. Nation's GDP is to grow by 1% in 2012, down from 1.5% projected in the June forecast.
Irish EU harmonized inflation advanced for the second consecutive month in August, the Central Statistical Office said on Thursday. The HICP surged to 2.6% from 2% in July. The index rose 0.8% on month in August, rebounding from a 0.1% slid in preceding month. Meanwhile, the CPI grew to 2% from 1.6% in July, gaining 0.6% compared to a 0.1%
Italian EU harmonized inflation slowed more than initially measured in August, Istat posted the final data on Thursday. The HICP rose 3.3% on a yearly basis, lower than preliminary estimate of 3.5% growth and below a 3.6% increase in July. On monthly basis, HICP stayed stable, after a 1.7% rise in July. The CPI rose to 3.2% in August, after