Consumer price index of the Organization for Economic Cooperation and Development area fell notably in January hitting its lowest level since November 2010, a data showed on Tuesday. OECD's inflation decelerated from December's level of 1.9% to 1.7% in January, when the biggest impact had a slower growth of energy price with the rise of 1.8% in January compared to
Service sector activity in the Eurozone slowed down less than previously estimated in February as the inflow of new orders was not as steep as forecast, while new businesses in services declined at the sharper rate than economists expected, the Markit Economics reported on Tuesday. The services activity index of the 17-nation bloc dropped from 48.6 in January to a
Service sector in the U.K. accelerated at the fastest pace in a five-month period in February supported with a notable increase of new businesses, the Markit Economics reported on Tuesday, bringing a sign of the country's economic revival. The Chartered Institute of Purchasing & Supply (CIPS) Purchasing Managers' Index for the service sector advanced from January's 51.5 points to 51.8
Hong Kong equities edged higher on Tuesday amid growing optimism that the Fed will extend easing measures. In addition, Chinese economic growth target for 2013 was maintained at 7.5%. The Hang Seng index rose 0.1% to 22,560.50 points. From all five groups that rallied, consumer goods and utilities sectors posted biggest gains in the benchmark gauge, by adding 1.6% and
The European currency advanced against its major counterpart the U.S. dollar for a second straight day on Tuesday after a report by the Markit Economics showed that manufacturing output in the euro-area declined less than economists initially forecast. The Euro added 0.4% to $1.3072 and it changed to 121.72 yen following a 0.5% drop earlier on Tuesday.
Industrial production in Estonia accelerated in the month of January due to increase of manufacturing and electronic products output, the Statistic Estonia reported on Tuesday. Year-on-year, Estonia's industrial output added 5.5%, when manufacturing output grew 4.2% and energy production was up 17.2%, however mining output recorded loss of 3.4%.
Most blue chips in the Nikkei 225 benchmark gauge edged higher amid speculation Japanese central banks will introduce more monetary easing to bolster the economic growth. However, firms depending on exports shrank, as the Yen climbed against its major counterparts. Taiyo Yuden Co., a ceramic-capacitor maker, jumped 9.2% to pace gains in industrial shares, as its stock rating was upgraded
Wall Street was green on Monday, with the Dow Jones Industrial Average reaching its highest since 2007, as Federal Reserve will continue boosting the economy with its stimulus measures offsetting concerns about the Chinese economy. The Dow Jones Industrial Average rallied 0.3% to 14,127.82, its highest in five years. All but one group in the gauge inched higher. Wal-Mart
China maintained its economic-growth target for 2013 unchanged at 7.5%, reflecting the nation's intention to keep more moderate growth rather than higher growth rates seen in the last decade as a part of the government aim to restructure economy and restore the growth model. Additionally, the government cut its inflation target from 4% last year to 3.5%.
Asian shares rose, with the regional benchmark index reversing two-day losses, on speculation central bankers will take measures and as China kept the economic-growth target for this year. The MSCI Asia Pacific Index jumped 0.6% to 134.66 at 12:50 p.m. in Tokyo. The Shanghai Composite Index rose 1.1% and Japan's Nikkei 225 Stock Average gained 0.6%, while South Korea's Index
U.S. shares climbed on Monday, as the Federal Reserve pledged to extend its stimulus measures to bolster the largest economy's growth offsetting concerns over spending cuts. The Standard's & Poor 500 advanced 0.5% to 1,525.20 after retreating 0.4% earlier. All but two sectors edged higher. Genworth Financial Inc. rallied 6.7% to $9.09, posting biggest gains in the gauge, and
Rural commodities were mixed on Monday, with softs moving higher and grains retreating. Softs found support on fears over spreading coffee leaf rust in Central America and talks that Brazilian farmers will direct more cane to produce ethanol instead of sugar. Wheat declined after the USDA reported that 24% of Kansas wheat crop was rated as good-excellent, compared to 23%
The Philippine Peso rose as stocks jumped toward the highest level touched last week, while the nation's central bank said it might take steps to cap inflows. The Peso gained as much as 0.1% to 40.725 per U.S. Dollar at 10.52 a.m. in Manila, with implied volatility holding at 3.9%. According to the exchange data, foreign investors bought $812 million
Energy futures except for natural gas declined on Monday amid US fiscal uncertainties and slowing manufacturing sector in China. Investors continued to avoid risky assets ahead of USD85 billion in automatic spending cuts in the US due to come in force on Friday. However, escalated tensions in Libya restricted the downswing. Crude oil slumped on weak demand for risky assets amid
Industrial metals apart from copper moved lower on Monday ahead of China's annual legislative session due on Tuesday. Elevated LME inventories as well as persistent global surplus added pressure on the commodity group. Political instability in Italy also sent base metals lower. Aluminum dropped as LME inventories continued to hover near a record high of 5.24 million tonnes. Moreover, weak PMI
Precious metals dived on Monday on concerns that the Fed may end its bond-buying activities amid signs of economic recovery. At the same time, hopes for monetary stimulus in Japan and the Eurozone supported the commodity complex. Gold traded lower as investors cut their holdings in ETPs by the most since 2008 in February. However, strong physical demand from central banks
The Australian Dollar advanced versus most of the major peers as the RBA refrained from cutting the benchmark interest rate and kept it unchanged at 3%. The Aussie gained as much as 0.4% to $1.0234 at 3:13 p.m. in Sydney from a day earlier, when it fetched $1.0115, the weakest level since July 12. The currency rose 0.1% to 95.42
The Japanese Nikkei Stock Index edged higher on Monday's session hitting its highest level since September 2008, as the new governor of the Bank of Japan unveiled an unlimited monetary policy to fight against deflation. Japan's Nikkei closed up at 11,652.29 after reaching a 53-month high at the level of 11,767.68, however, gains were trimmed due to technical problems on
Retail sales in Australia shrank for the third time in a row in the month of December, putting pressure on the central bank to loosen its monetary policy and pushing the Australian Dollar down. A report released by the Australian Bureau of Statistics showed a 0.2% decline in the last month of 2012 to A$21.42 billion ($22.3 billion), compared to
German equities extended their losses on Monday, as China's service sector contracted and U.S. spending cuts threatened the recovery of the world's largest economy. The DAX index tumbled 0.1% to 7,704.06 by 17:19 p.m. in Frankfurt. Four out of nine sectors edged lower. Utility and technology shares soared the most in the index. Fresenius SE & Co KGaA rallied 1.6%
U.K. equities dropped after report showed Chinese services contracted last month, and Chinese government tightened mortgage rules to curb the residential property market. The FTSE 100 Index slid 0.5% to 6,348.69. Seven out of ten sectors in the index inched lower. Kazakhmys posted biggest losses, dragging down the basic materials group by 2.4%. Furthermore, Lloyds Banking Group added to losses
Shares on Wall Street recorded losses after markets opened on Monday as unfavorable outlook of global economic growth prompted investors to close their positions in equities that are close to reaching their record highs. The Standard and Poor's 500 Index dropped 0.22% to 1,514.91, the Nasdaq Composite Index slid 0.33% to 3,159.35 and the Dow Jones industrial average shrank 0.10% to 14,075.30.
Hong Kong equities slumped on Monday, as investors took short positions in mainland markets after Beijing launched measures to curb the rising prices of property in China. Chinese government announced that owners of homes who sell off their houses, would need to pay 20% on their profits as a capital gains tax. The Hang Hang Seng index decreased 342.41 points
Construction activity in the U.K. dropped at the steepest pace in more than three years in February as the output and new works recorded a notable reduction, the Markit Economics survey showed on Monday. The Markit/Chartered Institute of Purchasing & Supply Purchasing Managers' Index went down from 48.7 in January to a 46.8 level in the last month, compared to a 49 points figure initially