U.S. shares dropped as the President Barack Obama did not step back from his intent to raise taxes for the higher income earners in the nation. The administration of Barack Obama rejected Republican plan to avert the fiscal cliff without raising taxes for highest-income residents only a month before $600 billion in tax increases and spending cuts are coming into
Asian stocks rose to the highest level in four months on Wednesday, with Chinese equities climbing on hopes for stable economic growth. The MSCI Asia-Pacific Index excluding Japan gained 0.8%, Hong Kong shares added 1.5%, Australia's stocks jumped 0.4% and Japan's Nikkei Stock Average erased losses earlier to end up 0.4%.
The Euro touched the strongest level in seven weeks versus the U.S. Dollar on Wednesday, propped up by efforts to address the debt issues in Spain and Greece, whereas speculation over a fresh bond buying programme by the Fed weighs on the greenback. The Euro climbed to $1.3125, the highest since mid-October and last traded at $1.3110, up 0.15% from
The Fed is ready to launch a fresh bond-buying programme, during its meeting next week, evading monetary policy tightening to keep the fragile U.S. economy afloat on uncertainty over the fiscal year. It is expected that the central bank of the U.S. will announce $45 billion monthly asset purchase scheme, indicating it will keep on pumping money into the economy
European stocks advanced for the second consecutive day, rebounding from its earlier losses, as lawmakers in the U.S. continue debating on the budget plans to avert the so called fiscal cliff and growing optimism on the Eurozone as Spain officially requested a bailout. The German DAX index gained 0.03%, or 2.06 points, to 7,437.27 continuing to rise towards its 2011
The FTSE index slightly increased 0.01%, or to 5,867.32 on improving outlook for the Eurozone, as Spain has officially requested for a bailout and Greece pledges to buy back the debt. However, today's construction PMI data added to concerns as it showed construction activity contracted last month. Six out of ten sectors within the index improved with Consumer Goods gaining
Honk Kong shares rebounded from Tuesday's losses. The advancements in alcohol sector prompted the equities to edge higher and triggered advancements in the Hang Seng index. The Index increased 0.15% or 32.12 points to 21,799.97. However, the gains were capped by persisting uncertainty about the fiscal cliff effects and weak manufacturing data in the U.S. In addition, Strong advancements in
Most Asian stocks declined on lower-than-expected manufacturing data in the U.S. and inability of the U.S. lawmakers to handle the budget proposals. The U.S. manufacturing data has favored profit-taking on exporters who benefit from weaker Yen. The Japanese Nikkei 225 Stock Average inched lower 0.3% to 9,432.46, dipping from its seventh-month closing high the prior session. However, experts see the
U.S. blue chips fell on Monday on growing concerns about U.S. entering economic recession as no agreement on the next year's budget has been made and the fiscal cliff threatens to injure the nation's economy. House Republicans rejected President Obama's request for tax increases and suggested $1.4 trillion in spending cuts and $800 billion of revenue by limiting tax relief
U.S. equities trimmed losses, after gaining the last two weeks and sending the S&P's index up, as data showed manufacturing shrank in November. The manufacturing PMI dropped more-than-expected to 49.5 the prior month from 51.7 in October adding to concerns about possible economic turmoil caused by the so-called fiscal cliff. The S&P 500 fell 0.5% to 1,409.46, after earlier reaching
European stocks advanced for the second consecutive day, rebounding from its earlier losses, as lawmakers in the U.S. continue debating on the budget plans to avert the so called fiscal cliff and growing optimism on the Eurozone as Spain officially requested a bailout. The German DAX index gained 0.03%, or 2.06 points, to 7,437.27 continuing to rise towards its 2011
The FTSE index slightly increased 0.01%, or to 5,867.32 on improving outlook for the Eurozone, as Spain has officially requested for a bailout and Greece pledges to buy back the debt. However, today's construction PMI data added to concerns as it showed construction activity contracted last month. Six out of ten sectors within the index improved with Consumer Goods gaining
Honk Kong shares rebounded from Tuesday's losses. The advancements in alcohol sector prompted the equities to edge higher and triggered advancements in the Hang Seng index. The Index increased 0.15% or 32.12 points to 21,799.97. However, the gains were capped by persisting uncertainty about the fiscal cliff effects and weak manufacturing data in the U.S. In addition, Strong advancements in
According to the BCC, the U.K. economic recovery will go worse than analysts estimated and British economy needs more help from the government through boosting company investment. The British Chamber of Commerce decreased its growth projection for 2013 from 1.2% to 1% in September and for 2014 growth from 2.2% to 1.8%. The U.K. recession resulted in 1% growth in
The Euro appreciated to almost a six-week high against the U.S. Dollar ahead of Euro-area finance ministers meeting in Brussels on speculations the region will manage to exceed debt crisis. The Euro traded at $1.3056, following yesterday's gain to $1.3076, the highest since October 23. The Euro was little changed versus the Yen and touched 107.30 yen after gaining for
The U.K. Construction PMI dropped below the weakest forecast ahead of a budget statement and amid the biggest decrease in the number of new orders in four years. PMI declined from 50.9 in October to 49.3 last month, the lowest level in four month, and below 50.0 for the third time since August that means that the U.K. construction turned
Spain's unemployment increased by 74,296 or 1.54% in November comparing with the previous month, as the Labor Minister announced on Tuesday. That was the fourth consecutive month of an unemployment rise, which totally reached 4.9 million. On an annual basis, unemployment sharply increased by 11.02%. The jobless rate surging mainly in service segment and is followed by losses in agriculture
Most Asian stocks declined on lower-than-expected manufacturing data in the U.S. and inability of the U.S. lawmakers to handle the budget proposals. The U.S. manufacturing data has favored profit-taking on exporters who benefit from weaker Yen. The Japanese Nikkei 225 Stock Average inched lower 0.3% to 9,432.46, dipping from its seventh-month closing high the prior session. However, experts see the
Oil futures for January settlement were 39 cents or 0.2% lower to $88.7 a barrel during Asia trading hours on the NY Mercantile Exchange on Tuesday. That was the first oil loss in last four trading sessions, during which oil gained 2.8%. Traders have expectations to see stronger than expected data from China's manufacturing sector and service PMI for November.
Average Czech real wage, adjusted for inflation, decreased by 1.8% on a yearly basis in the third quarter and that was more than economists estimation, a decline of 1.1%, as the Czech Statistical Office announced on Tuesday. In nominal terms, the monthly salary increased by 1.4% comparing with the same period in 2011.
German exports increased by 3.6% to 275 billion Euros in the third quarter, mostly driven by shipments outside the European Union, according to an announcement from the Federal Statistical Office on Tuesday. Shipments outside the EU surged by 9.9% and its share in German exports reached 44%. In contrast, German imports felt by 0.4% on yearly basis in the third
Copper futures with a settlement in three months was 0.4% lower to $7,970 a metric tone during London trading hours on Monday. Copper slipped from a six-week high, or the first time in four days, as the U.S. manufacturing unexpectedly contracted and American lawmakers faced difficulties to find an agreement on an upcoming years budget.
Coffee futures slipped about 50% since a 14-year peak at May 2011. Market price was pushed down by a surging Brazilian supply of Arabica coffee. In 2012 the harvest reached an all time high or 55.9 million 60-kilogram bags. According to analysts estimates Brazilian farmers will supply 50.8 million of bags in 2013 and push the price even lower -
The Euro Stoxx 50 Index's futures, a benchmark for the Euro area markets, was less than 0.1% lower to 2,580 points in early London trading hours on Tuesday. Traders of European equities were concerned about the U.S. budget for a upcoming year and waited more concrete actions from American lawmakers regarding the fiscal cliff issue. Congress and the President of