The Norges bank is likely to keep its interest rates unchanged and continue with its monetary policy at least until late-2014, as the strong Norwegian currency is preventing the government from increasing rates to weaken a housing boom, James Howat from the Capital Economics said on Monday. The Norwegian central bank maintained its benchmark rate stable as expected at 1.5%.
Commodities from oil to copper declined in Monday's session after demand prospects for raw material were weakened by the Eurozone finance ministers' agreement about taxing Cypriot banks depositors' in order to share costs of the latest bailout. June copper futures fell 2.7% to $7,545.75 a metric ton, zinc lost 1.4%, lead dropped 1.8% and aluminium shrank 1.1%.
The first estimate for the Eurozone's international trade in goods balance in January 2013 was a deficit of 3.9 billion Euros compared to a 9.1 billion deficit in January 2012, while in December 2012 the balance was +10.8 billion compared to +8.0 billion in December 2011, the Eurostat reported on Monday. The first estimate for the European Union's international trade
The Swiss economy is expected to grow at a faster pace than preliminary estimated due to signs of recovery in the global economy and an upbeat situation on foreign financial markets, the State Secretariat for Economic Affairs reported on Monday. The country's economy is forecast to accelerate 2.1% next year compared to a 2% expansion initially expected, while it is
Hong Kong stocks plummeted amid concerns that introduction of a tax levy on bank deposits in Cyprus can throw European economy back into recession. Hang Seng plunged 2%, or 449.75 points, to 22,083.36 and hit its lowest level since December 4, 2012. China Resources Power Holdings Co Ltd, a Chinese state power generating company, surged 3.7% to HK$20.950, pacing gains
Japanese equities dropped, sending down the Nikkei 225 Stock Average to cap its biggest decline in almost one year, as the Yen strengthened against its major peers after European policy makers decided to impose a 6.75% levy on all deposits under 100,000 euros in Cyprus. The finance ministers' agreement reached on March 16th raised concerns over deepening crisis in the
Total sales of new motor vehicle in Australia stayed flat in the month of February, when it recorded a total number of 95,708 units, just 41 units less than in January, the Australian Bureau of Statistics reported on Monday, while in January it dropped 2.2%. Year-on-year, sales of new motor vehicles increased by 9.4% in February following a 10.9% gain
West Texas Intermediate oil declined on Monday falling from its highest level in three weeks after the Eurozone's finance ministers decided to raise 5.8 billion euros by putting a levy on Cyprus bank savings, which brought worries about recovery in Europe. April WTI oil futures decreased $1.31 to $92.14 a barrel on the NYME after climbing to $93.45 on March
The National Institute of Statistics reported on Monday that the Italian trade deficit declined to a non-seasonally adjusted level of 1.62 billion euros in the first month of the year, compared to a figure of 2.10 billion in the preceding month. Analysts, however, expected a reading of 2.11 billion euros in January,
The survey by Rightmove showed on Monday that the average asking price in the UK hit the highest since the beginning of the crisis in March. The average price of a house reached a reading of 239,710 pounds this month. However, housing analysts of Rightmove warn that the growth could be slower because of high volatility and pessimistic sentiment.
The RTS Index decreased by 3.1% to 1,490.08 points in the beginning of Moscow trading session on Monday. Russian stocks dropped the most since November, as investors were concerned about companies' and banks' money deposited in Cyprus financial institutions and how they will be affected by a new levy on deposits. According to the Moody's Investors Service estimation, Russia is
U.S. equities jumped for the week, yet posting small losses on Friday. Dow Jones Industrial Average climbed for a fourth week, soaring 0.8% to 14,514.11 during the last week. Stocks edged higher as data released showed that U.S. retail sales jumped twice as much as expected in the last month, pointing out that improving labor market is contributing to consumers'
The Census and Statistics Department reported on Monday that Hong Kong unemployment rate remained stable in the last month. The unemployment rate stayed at the seasonally adjusted level of 3.4% during the three last months, compared to the preceding three-month period. In the period November—January, however, it fell to 1.5%.
Gold immediate delivery price was higher by 0.3% to $1,596.95 in the beginning of Singapore trading session on Monday. Previously the price jumped 1.1% to $1,608.60 and the commodity was the most expensive since 27th of February. Cyprus problems pushed gold to a $1,600 benchmark, but physical purchasing, which was supporting gold's price in recent weeks, disappeared at these levels.
The Thailand's Baht edged lower by 0.2% to 29.68 per U.S. Dollar in the morning of Bangkok trading session on Monday. Earlier the currency touched 29.45 level - the highest points since 1997. Traders were willing to sell the currency, as technical indicators signaled about an overbought situation and a potential rebound of the Dollar. The 14-day RSI slipped to 29.3
Wheat futures for May settlement were lower by 1.4% to $7.175 per one bushel on the Chicago Board of Trade during Singapore trading session on Monday. Volume was more than twice bigger than the 100-day SMA. Investors traded on speculations that supply from Russia and the EU will increase. Also, Cyprus problems put a pressure on commodities to step lower.
U.S. shares rose for a second consecutive week, with the Standard & Poor's 500 Index trading within 5 points of a record high on better-than-expected retail sales and unemployment claims data that bolstered optimism on the world's largest economy. The S&P 500 Index climbed 0.6% to 1,560.70. Four out of ten groups in the index edged higher. CenterPoint Energy Inc.
The Taiwan Dollar dropped 2.4% against the U.S. Dollar this year, comparing with a 9.1% decline of the Yen and a 4.5% slide of the Won. Investors were speculating that the central bank will intervene to influence the exchange rate to protect local exporters. However, the Governor Perng Fai-nan said that the local currency is stable versus export counterparts and
The Euro Stoxx 50 Index futures dropped by 2.6% to 2,590 points in very early London trading session on Monday. European equity set on a slide as the Euro area made Cyprus to introduce a levy on bank deposits, what increased concern that European debt crisis will reignite. That makes traders to avoid any additional risk and consider investments in
The Nikkei 225 Index slumped by 2.7% to 12,220.63 points in Tokyo trading session on Monday. The main Japanese equity gauge was traded in the highest level since September, 2008, and that was the biggest drop since 18th of May, 2012. Japan's stocks depreciated leading by exporters, which edged lower on the appreciating Yen.
The Bank of Korea revealed on Monday that the country's producer prices inched up last month. Producer prices index added 0.7% in February, compared to a more modest increase of 0.2% in the preceding month. Year-over-year, producer prices experienced a decline of 1.6%, which was the same as in January.
The Indonesian Rupiah slipped by 0.2% to 9,723 per U.S. Dollar in the morning of Jakarta trading session on Monday. That was the biggest slide since 4th of March. The currency depreciated, as global investors were concerned about situation in Cyprus and its impact for European debt crisis, thus traders were willing to buy less risky assets than emerging market
Farm commodities were mixed on Friday amid worries over weak demand for US supplies and unfavorable weather in Argentina. Meanwhile, market players continued to monitor weather conditions in the key growing countries to gauge crops supply potential. Wheat dropped despite speculation that demand from livestock producers may climb. Sending wheat futures lower, Sovecon raised its Russia's wheat crop estimate to 85-89
Energy futures rose on Friday after upbeat US industrial production data added to hopes that the country's recovery is gaining momentum. Broadly weaker US Dollar also pushed the commodity complex higher. However, signs of rising global output as well as a recent jump in the US crude oil inventories capped gains. Crude oil jumped on hopes economic recovery in the US