Jobless rate in Germany declined more than expected in January, reaching 20-year record low. The number of unemployed people fell by 34 000, reaching 2.85 million. Economists earlier predicted a decrease between 8000 and 10 000. The adjusted unemployment rate eased from 6.8% to 6.7% indicating Germany is moving towards better performance than rest of Euro Area nations.
The jobless rate in the Euro Area was 10.4% last month, unchanged from November, said Eurostat on Tuesday. The reading matched previously made predictions. The number of jobless people in the Euro region increased by 20 000, reaching 16.469 million in December. The unemployment level of 10.4% is the highest figure since January 1999.
Asian share markets closed mostly up on Tuesday, lifted by earnings reports and better than expected production output data from Japan. Japan's Nikkei Stock Average gained 0.1%, South Korea's Kospi surged 0.1% and Hong Kong's Hang Seng Index rallied 1.42%. Shanghai Composite Index added 0.33% while Australia's S&P/ASX 200 index was the only index which posted losses, ending 0.2% down.
UK consumer sentiment index climbed 7-month record high in January, lifted by slowing inflation which boosted consumption. British consumer confidence gauge increased by 4 points and reached minus 29 which is the strongest figure since June 2011. The outlook for personal finances and nation's overall economy also improved. Experts previously predicted the index to be at minus 31.
European share markets tumbled on Monday, led by resource and financial stocks as enduring Greece debt swap agreement and surging Portuguese bond yields boosted investor pessimism. Stoxx 600 index lost 1.1% to 252.52, while French CAC 40 index dropped 1.6% at 3,265.64. German DAX 30 and UK FTSE 100 index fell 1% each and finished at 6,444.45 and 5,671.09 respectively.
US markets opened lower on Monday and extended losses later in the day as investor worries about situation in Greece and Portugal accelerated. However, main stock indices managed to offset biggest drops lifted by technology and telecommunication shares. S&P 500 Index closed 0.25% or 3.32 points down at 1,313.01, Dow Jones Industrial Average Index traded close to flat 0.05% or
Canadian Dollar fluctuated against US Dollar on Monday and jumped against its major counterparts as struggle over second Greek rescue package boosted demand for safer assets. Loonie was little changed against greenback and traded at C$1.0015 in Toronto evening session. It appreciated against 14 of 16 its main peers. Currently USD/CAD is trading at C$1.0005.
South Korea's manufacturing output declined in December for a third straight month as European debt woe sapped demand for nation's exports and hit business confidence. South Korean output fell 0.9% in December from a month earlier when it lost 0.3%. In contrast, economists surveyed by Bloomberg predicted an increase of 1.1%. On yearly basis production grew 2.8%, the reading which also
New Zealand and Australian Dollars appreciated sharply on Tuesday as European officials signalled they have taken measures to end two-year debt crisis. Both South pacific currencies also were fuelled by positive news about Australian business confidence and an increase in home building approvals in New Zealand. Aussie strengthened 0.3% to $1.0632 and Kiwi climbed 0.5% to $0.8233. Currently AUD/USD is
US Dollar fell against its major counterparts on Monday after Greece's PM Papademos confirmed the progress has been achieved in debt talks with creditors. Greenback dropped 0.3% against Euro to USD1.3187 and 0.2% against Japanese Yen to JPY76.18. The Euro is likely to face the first monthly appreciation against US Dollar since October. EUR/USD currently is trading at USD1.3193 and
Gold was slightly firmer during the Asian session as investors turned to the yellow metals after rally for US Dollars at the European and US sessions on Monday. COMEX gold for delivery in April traded at USD1,734.75 a troy ounce on the New York Mercantile Exchange, easing up 0.02%.
Crude oil found strong support after OPEC announced it expects the Iranian oil embargo to send prices higher even despite sufficient supply to offset oil shortage. Light, sweet crude oil futures for March delivery traded at USD99.31 a barrel on the New York Mercantile Exchange, gaining 0.54%.
Business confidence in Australia jumped to seven month high in December following the central bank's decision cut the interest rates. The business confidence index increased to three in December after hitting two in November, reported the National Australia Bank Ltd. However, the business conditions index remained unchanged at one last month.
Unemployment in Japan increased more than expected in December, the Statistical Bureau announced. The unemployment rate inched up to 4.6% on a seasonally adjusted basis last month from 4.5% in November. Meanwhile, experts predicted the rate stay unchanged at 4.5% in December.
New Zealand's building consents increased by 2.1% last month on a seasonally adjusted basis. However, excluding apartments, a small decline of 0.2% was observed. Considering yearly changes, building consents increased slightly in December but remained close to 46 year low, reported Statistics New Zealand.
Investors who have agreed to take part in essential cut of Greek debt would lose about 70% of the bond holdings, a person familiar with the issue said on Tuesday. The final deal on Greece's debt is likely to be signed in a couple of days along with the second bailout package aimed at saving the country from the default.
Japanese industrial production expanded more than predicted in December as car manufacturers recovered from Thailand flooding which disrupted their supplies. Japan's manufacturing output added 4% in December compared to previous month. Economists questioned by Bloomberg earlier predicted an increase of 3%. Nevertheless, Japan still is challenged by appreciated Yen which harms exporters.
European officials left Brussels summit Monday evening with no agreement on how to restrain Greek budged deficit. Euro Zone leaders are also likely to face additional challenges to agree on the next bailout package for Greece, as decelerating economic outlook in Portugal indicated new difficulties in taming debt turmoil. Angela Merkel during summit expressed her frustration about Greek government's inability
The index which measures executive and investor confidence in the Euro Zone, surged less than expected in January. The sentiment index climbed from 92.8 in December to 93.4 this month. Although it is the first increase since February 2011, the figure is below earlier predicted 93.8 and indicates investor cautiousness.
German DAX 30 index dropped 0.4% on Friday and prolonged losses also today as investors were cautious amid EU summit and lingering Greek debt agreement. German benchmark slipped 0.7%, led by financial and service stocks. Deutsche Bank tumbled 4.6% and Commerzbank AG fell 5%, while Metro AG and Henkel AG dropped 1.3% and 1.4% respectively. On the upside was electricity
After tumbling more than 1% on Friday trade, UK FTSE 100 extended losses on Monday, falling 0.9% amid EU summit and enduring Greek debt talks. UK benchmark was weighted down by mining and oil shares. Miners Evraz PLC plunged 4.7%, while Antofagasta PLC and Vedanta Resources PLC each fell 3%. Oil manufacturer Petrofac Ltd edged down 0.4% and BG Group
The CPI in Germany eased less than expected this month, reported the German Federal Statistics Bureau. The CPI fell by 0.4% this month while expert predicted the figure to drop by 0.5%. Considering yearly changes, the CPI increased by 2.0% in January as compared to 2.1% in the preceding month.
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper
Dow Jones Industrial Average Index declined on Friday after the government reported that 4th quarter economic growth reached 2.8% instead of expected 3%. Blue chip index lost 0.58% or 74.17 points and settled at 12,660.46 with all nine sectors posting losses. Chevron dropped 2.5% after announcing its quarterly net profit and revenue far below analyst expectations. Procter&Gamble fell 0.7% after