Private-sector activity across the 17-nation eurozone shrank in November, reaching the lowest level since July 2009, adding to concerns that the region's economy is on course for its deepest downturn in more than 3 years. According to the survey, made by Markit, eurozone Purchasing Managers' Output Index fell to 45.7 this month, down from 45.8 in the preceding month. The
Japan posted its fourth straight monthly trade deficit due to a dramatic fall in exports adding to signs that the world's third biggest economy is heading towards the recession. The Ministry of Finance said that nation's trade gap widened to 549 billion yen in October, while the deficit came much bigger than the ¥360 billion shortfall expected by the economists.
Swiss stocks closed higher on Wednesday, boosted by the better-than-expected U.S. labour data, which offset the failure of the Eurozone leaders to agree on conditions for further aid for Greece. While the world's biggest economy is expected to expand modestly during the next few months, the data from Conference Board showed, European leaders are adding to concerns that the region's
The British government borrowed much more than initially expected in October, adding to concerns that the country will not manage to meet its short-run deficit reduction goals and causing new challenges to the finance Minister George Osborne. Public sector net borrowing excluding the effects of banking bailout soared to £8.6 billion last month, up from £5.9 billion in the same
The number of people who applied for U.S. jobless benefits tumbled in line with analysts' expectations in the week ended November 17, as damage to the labour market caused by superstorm Sandy began to subside, the U.S. Department of Labor said Wednesday. Initial applications for unemployment benefits declined 41,000 to 410,000, down from 451,000 in the preceding week. The four-week
Eurozone finance ministers failed to approve the next 33 billion euros of bailout funds needed by Greece to avoid bankruptcy. After almost 12 hours of discussions, the Eurogroup said they are heading into their second confrontation this week. Greece's reforms and fiscal consolidation were thrown off the course by two subsequent parliamentary elections and a deep depression, even despite the
Switzerland posted a bigger-than-expected trade surplus in October, helped by the resilient demand for goods produced in domestic economy despite the global economic slowdown. According to the Federal Statistical Office, nation's trade surplus widened to 2.82 billion francs in October compared to a surplus of 1.93 billion in the prior month. However, exports from the country fell 7.7% in October
The Bank of Japan decided to keep its benchmark interest rate unchanged and held off from expanding its asset-purchase programme, switching the focus to a December's meeting, where more stimulus measures are expected to be announced to shore up a shrinking economy. The BoJ left its asset fund at 66 trillion yen, credit-lending facility at 25 trillion yen, while the
Mortgage lending in the U.K. reached an 11-month high last month, adding to signs that the property market is finally picking up, the Council of Mortgage lenders reported Tuesday. Overall mortgage lending rocketed 4% to £12.9 billion, after a sharp fall in September. In August, the British Treasury and the BoE have launched the £80bn funding for lending scheme in
The number of housing starts in the world's biggest economy soared to a four-year high, a sign nation's property market is gaining momentum. The U.S. Census Bureau said that starts rose 3.6% to an 894,000 annual rate, expanding at its fastest pace since July 2008. On a yearly basis, housing starts soared 42%, while the rate still remains far below
Eurozone finance ministers are expected to approve the next 33 billion euros of bailout fund needed by Greece to avoid bankruptcy. However, the money is unlikely to be disbursed before December and the deal on two-year delay to Greece's austerity programme may need further talks as well. Greece's reforms and fiscal consolidation were thrown off the course by two subsequent
The Bank of Japan is likely to expand its asset-purchase programme, as opposition's leader Shinzo Abe, which is expected to become the next prime minister, claimed his readiness to force the BoJ to buy the bonds from the government. Japanese central bank has already eased its monetary policy twice during the last two months by 21 trillion yen in order
The amount of cash Swiss commercial banks hold with nation's central bank rose slightly in the week to November 16, a sign that investors are getting less anxious over Eurozone's financial woes. Sight deposits of domestic banks jumped 0.4% to 292.700 billion francs last week, up from 291.522 billion a week earlier. Despite the improvement, the tendency remains negative, proving
The U.K. property market is showing some signs of recovery, as home sellers in London increased asking prices for a third consecutive month in November, report by Rightmove Plc (RMV) showed on Monday. Nationally property prices rose 2% from a year ago, posting the biggest gain since November 2007. Prices in the U.K. added 1.2% to an average of 483,709
Sales of previously owned homes in the world's biggest economy rose more than expected in October, indicating improvement in the property market helped by cheap borrowing costs. The number of purchases of existing homes added 2.1% to a 4.79 million annual rate in October, up from 4.69 million in September, the National Association of Realtors reported Monday.
The amount of loans at Spanish banks that fell into arrears soared to a new high in September, due to the damage caused by the collapse of country's property market. According to the Bank of Spain, the proportion of Spanish banks' bad loans jumped 10.7% (to 182 billion euros), compared to a 10.5% increase in the ratio the preceding month.
Japanese government downgraded its economic outlook for the fourth consecutive month, as slump in exports and weak domestic demand threaten to tip the country into a recession by the end of this year. This is the longest streak of downgrades since global financial crisis, however, the government has raised its outlook for the global economy for the first time since
The Swiss National Bank will continue enforcing the cap it imposed on the nation's currency to stave off the recession and avoid the risk of deflation, the SNB Chairman Thomas Jordan said on Friday. However, the Swiss currency still remains highly valued and represents a burden for the economy. The bank was defending its 1.2 cap by selling francs against
Britain's economy is facing risks of further instability and slowdown and is likely to slip into its first triple-dip recession in the last quarter of this year. Nation's gross domestic product is expected to fall by 0.1% in the three months through December, and will expand only by 1% in 2013, while the inflation rate will be around a 2%
Industrial output in the world's biggest economy declined in October, hit by the super storm Sandy, which knocked out power in the Northeast. The Federal Reserve said industrial production contracted 0.4% last month, down from a 0.2% gain in the preceding month. Economists had expected output from the factories to rise 0.2%, however, the Fed said the storm cut total
The eurozone trade surplus rose to 11.3 billion euros in September, up from 9.9 billion euros in the preceding month, a positive sign for the struggling economy. However, current account, which includes income flows, and unilateral transfers, narrowed in September, due to the significant drop in income. The European Central Bank said current account surplus declined to 800 million euros,
The eurozone economy returned to recession, as the output across the region was hit by the deepening sovereign debt crisis. According to the Europe's statistics office, Eurostat, GDP of the 17-nation bloc shrank by 0.1% between July and September, after contracting by 0.2% in the prior quarter. The eurozone slipped into a recession for the second time since 2009, when
Japan scheduled fresh elections on December 16, as country's Prime Minister is going to dissolve parliament on Friday. As Noda's party looks certain to lose, the leader of the main opposition Liberal Democratic Party, Shinzo Abe, is likely to become Japan's next leader. Earlier this week, both parties agreed on pushing ahead with the legislation authorizing the issuance of deficit
Swiss stocks turned lower on Thursday, dragged down by disappointing data from the eurozone and the U.S., which added to signs that the global economy is slowing. President Barack Obama is negotiating with Congress to reach a deficit-reduction deal, while the unemployment claims surged to the highest level since April 2011. In the meanwhile, eurozone economy entered its second recession