Finance Minister of France Michel Sapin announced on Wednesday that the country will not be able to reduce the budget deficit to 3% at least until 2017, as economic growth equals to zero and overall activity stagnates. As predicted, the budget gap is going reach 4.3% of GDP the next year and will continue declining further. Moreover, GDP growth forecast
The main Japanese stock market Topix Index advanced 0.6% at Wednesday's trading session to close at 1,306.79 points in Tokyo. Therefore, the benchmark has surpassed the highest level since 2008 and recovered all losses of the current year. Exporting companies rise strongly, with Canon Inc. adding 0.8% to 3,495 yen, as weaker yen is pushing up the profitability of local
Advance of core machinery orders in Japan slowed to 3.5% in July of this year, down from 8.8% a month before. Analysts expected the increase of 4%. Calculated year-on-year, the indicator added 1.1% in July. Meanwhile, excluding volatile orders from electric power firms and shipbuilding companies, the remaining ones dropped 13.5% on a monthly basis and rose 6.1% from July
Shares of Telecom Italia and ABB, an engineering group from Switzerland, advanced 3% and 2.7% respectively as Telecom Italia may have found a buyer for its Brazilian wireless operator: the Mexican America Movil and the Brazilian Oi SA. ABB gained on the account of its plans to buy back $4 billion worth of shares, to entice its investors as it
The Pound cooled to its lowest since November, as an opinion poll showed a gain in support for the Scottish independence campaign, a first before the September 18 vote. A positive outcome of the referendum would be a strong hit to the U.K. and the Bank of England, which chose to keep its record-low interest rates. The Pound slid 0.1%
The Dollar kept its gains strong versus the Yen as its pushed towards a six-year high. The Dollar touched a new range as investors found confidence in the U.S economy. In addition, the Federal Reserve is weighing on the increase of interest rates for the following year, with a policy markers meeting set for September 16-17. The Greenback gained 0.2%
After speculations arose that the Federal Reserve might increase the interest rates for the following year, gold abated to a three-month low as the demand for it as a substitute investment contracted. Bullion price stood at $1,255.55 an ounce midday in Singapore. The prices stepped down as much as to $1,251.52 on September 8. The metal has been on decline for four months straight,
The bull market has been going strong, surpassing 2,000 days of activity. Although many have not felt a strong increase in the stock prices, this is the fourth-longest positive streak on Wall Street since 1928. This long run is attributed to a renewed confidence and a return in earnings. The market collapse in 2009 saw the S&P to fall nearly
Bonds of a number of European countries surged on Thursday, as the European Central Bank decided to weaken its monetary policy even further. Yield on 10-year notes for Germany and the U.K. declined below 1%, while 2-year notes of Ireland give a negative return for the first time ever. Moreover, securities from France to Italy have seen an increase in
Industrial production in the biggest economy of the Eurozone added 1.9% in July of this year, as the growth pace picked up from only 0.4% a month before. Economists, in turn, expected a 0.4% gain in July. Year-on-year, the indicator advanced 2.5%. While in the second quarter the economy of Germany slumped 0.2%, the July-September period is likely to show
A total number of new manufacturing in Germany jumped 4.6% in July of the current year, reversing the negative trend of two past months, as in June they dropped by revised 2.7%. Analysts, in turn, forecasted the indicator to add 1.5%. The fastest orders' increase in more than a year heats up the expectations for economic rebound in Germany in
Negative trade balance in Australia decreased to A$1.359 billion in July of this year, as experts predicted the indicator to reach A$1.75 billion after A$1.564 billion in June. The data revealed a 1% increase in exports, while the largest part was contributed by iron ore deliveries' growth of 3.6% to other countries. Analysts are waiting for the improvement to continue
Volume of retail sales in Australia advanced 0.4% in July of the current year on a monthly basis, as the result matched analysts' expectations. It followed an increase of 0.6% in June. Consumer confidence level in the country is rebounding moderately, as it has declined sharply after budget spending cuts and tax rises for the 2014-15 financial year were announced
The Bank of Japan decided to implement no changes to its monetary policy course, while economists expected the stimulus to be widened amid slowing economic growth in the country. Asset purchases remained on the previous level of 60-70 trillion yen. Moreover, the BoJ inflation target of 2% still has to be reached by 2016, as the regulated denied to make
New car registrations in the United States reached a record high number in August of this year, as improving economic perspectives of the country force Americans to invest in durable goods, such as cars. On the annual basis, there were 17.4 million cars bought last month, the biggest number since 2006. Among leaders, Chrysler Corp. deliveries climbed as much as
U.K mortgage provider Nationwide has reported positive movements in U.K housing market, specifically increase in the house prices despite less positive numbers from other commercial and official data providers. According to Nationwide, house prices climbed to 11% over the year to August period, following 10.6% in a month before and above experts' forecasts. On monthly basis price edged up to
Gold traded just below its highest in a week as the tensions in Ukraine have increased the demand for the safe-haven. With the prices rising 0.6% for the week the spot rate for the precious metal was $1,289.03 an ounce, which is a bounce back from its lowest in two months of $1,273.14. Meanwhile, the spot rate for platinum was lower at $1,425.18 an
The economic data of the Euro zone's third wealthiest country continued to disappoint as its jobless percentage rose in July. The Italian unemployment increased from 12.3% to 12.6%, which is a further indication of the distress in the economy. Other signs of it were shown previously as Italy's GDP lost an annualized 0.2% last quarter and retail sales contracted 2.6% for the year last month.
The West Texas Intermediate seems to be heading toward a weekly gain, which would be its first in August. As the US GDP data came out at a 4.2% annualized rate in the second quarter the October futures gained 0.3% and were up 1.2% for the week. With the Texas light sweet trading at $94.75 a barrel Brent for delivery in the same month
The New Zealand Dollar dropped against the Greenback, after recent surveys indicated solid decline in business confidence levels in August. According to ANZ Business Outlook Survey, as few as 24.4% of 1,500 businesses participated expressed confidence in the future business outlook, as well as the economy in August, down from 39.7% in July. Additionally, businesses are expecting a decline in
The Australian Dollar retreated against the Greenback, after Reserve Bank of Australia reported a decrease in the private sector credit growth rate and better-than-expected U.S Gross Domestic Product numbers were released yesterday. The private sector credit growth rate declined in July to 0.4%, from 0.7% in June, slightly falling behind experts' forecast of 0.5%. The personal and business credit grew
The safe-haven Japanese currency was pushed higher as tensions in Ukraine flared up again. Ukraine's president stated that Russian soldiers had entered into Ukrainian territory, which sent the Greenback lower against the Yen and the pair was trading at 103.70. Furthermore, the Euro also declined against the Yen as both the situation in Ukraine and low inflation weighted on the currency and the EUR/JPY pair
The Swiss Franc edged up against the shared currency, reaching twenty-one month high. The demand for the safe haven currency, which was boosted by Mario Draghi's speech at Jackson Hole Symposium and the conflict between Ukraine and Russia, pushed the Swiss Franc to its limits, namely the 1.20 cap. The Swiss National Bank expressed intentions to defend the cap, by
The four biggest Italian banks are seeking up to 27 billion euros in the ECB's first auction of low cost cash. UniCredit is looking to take a loan of 7 billion, while the Banca Monte dei Paschi di Siena would want to receive 3 billion euros. Overall, with the largest economies in Europe either contracting or remaining steady the borrowing programme is looked forward