Credit rating agency Moody's Investors Service has downgraded Royal Bank of Scotland long-term rating to Baa1 on lower profit outlook. The RBS now has medium-grade rating with moderate credit risk. The British lender was downgraded after the credit agency reviewed the bank and received information that RBS might set aside nearly £3 billion to cover potential expenses.
The Czech Statistical Office announced slower industrial production growth in January. The industrial production advanced 5.5%, while most of the analyst expected the production to grow 6.7%. In previous month it rose 9.3%, the strongest development in almost three-year time. The biggest drop was experienced in manufacturing output, which slowed down from 11.8% to 7.6% in January.
The European Central Bank President Mario Draghi announced that the forward guidance might weaken the Euro and lower inflation-adjusted interest rates in order to align growth in price level with the bank's 2% target. The shared currency advanced 7.2% versus the U.S. currency in the past year, and posted a 7% gain against the basket of major peers.
The central bank of Chile has cut the interest rates to 4%, which is the fourth time in half year time. The economy in Chile has advanced 1.4% in January, thus still having the slowest economic growth in four years, after the destructive earthquake in year 2010. Despite the slow slow growth at the beginning of the year, the policy
The German annual inflation slowed to 1.2% in February, thus decreasing by 0.1% from January, and still having lower rate than European Central Bank's 2% target rate for the euro zone. The German consumers paid smaller amount for motor fuels, as the prices tumbled 6.3% in February, while prices for electricity soared 2.3% and for food 3.5%.
The Japanese shares tumbled, as the tension grows in the Crimea and demand for safe-heaven assets increased. The Topix Index retreated 3.2%, after all industry groups fell. Big drop was experienced for Toyota Motors Corp., which slumped 3% while the EBook Initiative Japan Co. plummeted 15%. The Topix Index has slumped 5.2% this week, thus having biggest weekly loss in
The Yen surged 0.2% against the greenback, thus heading for its five-day winning streak, as the tension between Russia and Ukraine increases demand for safe-heaven assets. The Japanese currency is set for 1.6% weekly gain against the U.S. currency, while Yen has soared 1.8% against the shared currency since March 7.
WTI picked up from its lowest price almost in a month amid speculation earlier dip was not justified. West Texas Intermediate crude for April delivery added 61 cents to $98.60 a barrel and was at $98.24 at 11:59 a.m. London time in trading on the NYMEX. The contract contacted 2% to $97.99 on Wednesday trading session, the biggest drop since
The U.K. currency added the most in one month versus the greenback amid speculation that the Bank of England will hike the rate. The Sterling strengthened 0.4% to $1.6681 as of 4:19 p.m. London time, the biggest advance since Feb. 14. The Pound appreciated 0.2% to 83.49 pence per 18-nation currency after the price contracted to 83.78 pence, the lowest
The Australian Dollar is set for a weekly decline against the Dollar and the Yen as Chinese economy is slowing and ahead of a referendum in Crimea on breaking away to join Russia. Australia's currency contracted 0.3% to 90.05 U.S. cents as of 5:15 p.m. in Sydney from Thursday trading session, when it gained 0.5%. It fell 0.6% to 91.44
Gold reached the highest level in half a year ahead of a referendum in Crimea on whether to leave Ukraine and as China's slowing growth prompted demand for a save haven. The yellow metal for immediate delivery gained 0.5% to $1,376.64 an ounce, the highest price since Sept. 10, and was set at $1,370.85 as of 2:39 p.m. in Singapore,
West Texas Intermediate crude fluctuated on Thursday trading session and traded near the weakest level in more than a month after a government data unveiled that manufacturing growth in the world's second largest economy slowed down. WTI for settlement in April fell 2% yesterday and slightly added 19 cents to $98.18 per barrel on the NYMEX as of 3 p.m.
The European currency increased on Thursday trading session rising towards the strongest level in over a two-year period as policy makers showed support for the area's recovery signaling that the interest rates may stay at current levels until the economy improves. The Euro jumped by 0.3% to $1.3938 by 6:43 a.m. London time following a gain to $1.3949, the most
Manufacturing sector in the 18-nation bloc continued to recover, according to the HIS Global Insight Chief European and UK Economists Howard Archer, pointing on the last economic data showing that the sector remains strong. However, the statistical office Eurostat reported that industrial production in Eurozone slipped 0.2% on a monthly basis in January following a 0.4% drop in December.
House prices in the United Kingdom continued to grow in February, however the pace of increased was lower than in the month before and reaching the lowest level in six months, a report revealed by the RICS showed on Thursday. According to the report, the U.K. house prices growth eased from 53 points to 45 in February, while it was
The European Central Bank will likely to keep its benchmark interest rates at current level or lower on signs that the euro-area gross domestic product is struggling despite signs of an improvement, Peter Praet from the bank's Executive Board said on Wednesday. He also added that the two percent inflation target is not achieved.
The New Zealand's national bank decide to increased its benchmark interest rates on Thursday rising the rates for the first time in over a three-year period, a report released by the bank showed on today. The Reserve Bank of New Zealand lift its benchmark Cash Rate from 2.5% to 2.75% matching economists' estimates.
Economic growth of the world's second largest economy will likely to record 7.5% increase in 2014, however the Chinese Premier Li Keqiang declared that the target is flexible, Li added on a press conference on Thursday. According to Li, China's income generations and job creation are key factors of policies and that the GDP growth will be tolerated either slightly
Japanese core machinery orders increased at the beginning of 2014 rising more than economists originally projected, a report released by the Cabinet Office showed on Thursday. According to the report, the country's core machinery orders gained by 13.4% in January totaling 843.5 billion yen, while it was estimated to rise by 7.1% after falling by 15.7% in December.
Inflation expectations indicator in Australia slowed down in the month of March staying below the Reserve Bank of Australia's inflation target of 2-3%, a report released by the Melbourne Institute showed on Thursday. According to the report, the country's expected inflation slipped from February's level of 2.3% to 2.1% in March.
Unemployment in Australia held steady in the month of February, according to the latest report revealed by the Australian Bureau of Statistics, with the jobless rate recording 6.0% in line with initial estimates. The report also showed that the country's economy added 47,300 jobs in February totaling 11,530,800.
The New Zealand's currency significantly increased on Thursday trading session after the Reserve Bank of New Zealand raised its benchmark interest rates by 25 basis points from 2.5% to 2.75%. The so-called Kiwi advanced to $0.8567, the highest level in a 10-month period and it hit the highest level in five years against the Japanese Yen at 87.98.
The Japanese Yen and Swiss Franc advanced on Thursday after gaining in overnight session against the U.S. Dollar as investors' risk appetite weakened amid signs that the Chinese economy is slowing and as Ukraine's geopolitical tension escalating. The U.S. Dollar was last traded at a level of 0.8741 Swiss Franc following a drop to 0.8731, while it was last seen
Wall Street stocks closed little changed on Wednesday trading session with the benchmark index Nasdaq Composite rising for the first time in five days as investors weighed prospects from escalating political tension in Ukraine and slowing China's economy. The Standard & Poor's 500 Index added 0.03% to 1,868.2, the Dow Jones industrial average slipped 0.07% to 16,340.08 and the Nasdaq