British construction industry surprisingly increased the pace of growth to its largest level since 2007. The benchmark PMI Index, which measures the level of activity in this particular sector of the U.K. economy, surged to 59.4 points in October from 58.9 points in September, while analysts predicted the index to decline. Alongside, the reading above 50 points indicates the rise
According to the new outlook of the U.K. Confederation of Industry, the country's economy will advance 1.4% in 2013, while the next year economic expansion will reach as much as 2.4%. The outlook was raised from 1.2% and 2.3%, respectively. Economists say that economy in Britain will grow faster than in continental Europe, as all the main industries will show
HSBC Holdings Plc, the largest bank in Europe by value, reported its earnings for the third quarter of this year, as the profit jumped 30% to $4.53 billion from $3.48 billion a year earlier on costs' cuts. At the same time, economists predicted the profit amount to reach $5.54 billion. Today, HSBC Holdings Plc shares are adding 3.27% to 709.80
European stocks reported gains as investors are waiting for Purchasing Managers' Index reports from Germany, France, the UK and the whole Eurozone. The French CAC 40 advanced 0.19% while the Euro Stoxx 50 jumped 0.25% and Germay's Dax gained and 0.28%.The largest climb was for the UK's FTSE, which surged 0.41%. For the most Euro-area countries PMI reports are expected
Euro Stoxx 50 Index futures jumped 0.4%, after a four-week climb of the Stoxx Europe 600 Index. Today the Stoxx 600 Index continues to advance as it surged 0.4%, after Dufry AG rallied 2.1% on report of gains in revenue. PostNL NV climbed 4.8%, while the European largest discount airlines Ryanair dropped 7.5%, after reducing profit forecasts. Last week Stoxx
Service sector in the world's second largest economy increased in October at a faster pace than in the month before, the latest date revealed by the National Bureau of Statistics showed on Monday. According to the report, the service sector purchasing managers' index rose from 55.4 in September to 56.3 recorded in October, while in August the figure was 53.9.
Spain's sovereign credit rating was upgraded from ‘negative' to ‘stable' by the rating agency Fitch Ratings stating that the government has made a notable progress in fiscal policy and the bank sector reforms were efficient. Fitch's rating of the nation's long-term debt and senior unsecured bond stayed at ‘BBB', while short-term foreign currency IDR is ‘F2' and country ceiling at
The Reserve Bank of Australia is forecast to keep its benchmark interest rates unchanged at a historic low 2.50% for the third successive time on Tuesday's policy meeting amid positive momentum of the country's economy presented by most reports. The Australian central bank has cut its cash rate by a cumulative 2.25% since November 2011.
U.S. Treasuries increased on Monday with the benchmark 10-year yields snapping a three day series of gains before a speech held by two Federal Reserve voting members as investors expect the central bank tapper off its stimulus program. The U.S. 10-year government yields slipped one basis point to 2.61% by 7:19 a.m. London time after the prices gained 12 basis
The majority of China's shares increased on Monday after a government data revealed that service industries in the area accelerated at a fast pace in seven months in October and as technology companies advanced. The Shanghai Composite Index traded at 2,149.64 with five stocks rising for every three falling as ZTE Corp. and Beijing Zhongke Sanhuan High-Tech Co. gained 3%.
German government bunds continued to increase on Monday before a government report showed that manufacturing sector in France contracted in the month of October signaling a slow-down of the sector for the whole Eurozone. German benchmark 10-year yields were at 1.68% as of 7:20 a.m. in London after the rates dropped to the weakest level since October 31 at 1.65%.
Gold declined on Monday falling for fifth day and was set to complete the largest drop in three months after a government report showed that manufacturing activity in the U.S. advanced to the strongest level in two years signaling no further stimulus by Fed. Bullion for delivery in November slipped 0.3% to $1,312.34 an ounce and was traded at $1,313.07
Copper slipped on Monday leading drops in industrial metals as it fell for a third day after Asian shares shrank amid speculation that the Federal Reserve may scale back its stimulus sooner than forecast. The metal for settlement in February slid 0.7% to $7,197 a metric ton following a 0.3% increase recorded earlier on the session, while it traded at
The Australian Dollar increased on Monday recording its largest climb in a two-week period after a government report revealed that retail sales in the country accelerated at the fastest rate in seven months signaling no further rate cuts by the RBA. The so-called Aussie added 0.5% to 94.88 U.S. cents as of 5:02 p.m. Sydney time, while the Kiwi Dollar
Emerging-market equities declined on Monday pushing the benchmark index towards the weakest level in three weeks as protests against the local government in Thailand dragged down the stock prices and South Korean largest financial company dropped for a fourth day. The MSCI Emerging Markets Index slipped 0.2% to 1,026.01 at 2:07 p.m. Hong Kong time.
South Korean and Thai stocks led falls in Asian gauge measuring performance of local equities amid speculation that the Federal Reserve may start tapering off its stimulus program sooner than expected as the economy is improving. Thailand's SET Index decreased 2.2% falling to a five week low, while the South Korean Kospi Index tumbled 0.5% to the weakest level in
Brent crude traded in London increased on Monday after a government report showed that service sector business activity in the world's second largest economy, China, accelerated to the highest level in 2013. Brent for delivery in December jumped 0.5% to $106.39 a barrel on the London's Futures Europe Exchange, while the crude's premium was at $11.57 to WTI.
West Texas Intermediate crude slipped on Monday and traded close to a four-month low after it declined 3.3% last week recording the largest drop since June on concerns that stockpiles on the world's largest consumer, U.S., are sufficient. WTI for delivery in December fell 0.5% to $106.39 a barrel on London's ICE Futures Europe Exchange.
The 17-nation bloc currency declined on Monday falling to the weakest level in six weeks after it recorded the largest drop in more than a year last week amid speculation that the European Central Bank may cut its benchmark interest rate on this week's policy meeting. The Euro traded 0.1% lower at $1.3478 after it dropped to $1.3442, the least
Asian equities traded lower on Monday as investors awaited result of a policy meeting of the European Central Bank and before a government report showed that payrolls in the U.S. declined last week. The MSCI Asia-Pacific index outside Japan was little changed at 478.58, while Australian gauge slipped 0.4% and South Korean index slid 0.6%.
Asian non-manufacturing index from China to South Korea strengthened on signs of economic recovery. China's PMI advanced to eighteen-month high and reached 55.4 point, comparing to 51.4 in September, surpassing economists' expectations, while GDP is estimated to grow 7.6% this year. Taiwan's PMI increased to 53 and Japan PMI rose to 54.2. High demand was also fueled by Fed monetary
The Pound depreciated 0.7% to $1.5933 as of 3:17 p.m. in London, following 1.4% decline this week versus the greenback, as signs of U.S. economic recovery provoked speculation the Fed will have to taper its monetary stimulus that lowers the currency value. Despite the fact that U.K. economy gradually expanding as well, it has no significant impact on the Pound's
Manufacturing sector in Greece continued to decline in October with a faster pace of contraction than in the month before, the latest report published by the Markit Economics revealed on Friday. According to the report, Greek purchasing managers' index fell from 47.5 in September to 47.3 recorded in October, while reading below 50 signal contraction.
Manufacturing activity in the United Kingdom accelerated in the month of October mainly due to a notable increase in domestic demand and exports suggesting that the country's economy is improving, a report published by the Markit Economics revealed on Friday. The report showed that the purchasing managers' index recorded a level of 56 staying above 50 signalling expansion in the