UK house sales improved slightly last month, reported Rics citing its latest survey. More people started to buy property ahead of adoption of a 1% stamp duty for houses priced less than 250,000 British Pounds. The duty comes in force 24 March. In effect, average sales per agency branch increased to 16 from 15.7 in February. Moreover, people do not
New Zealand and Australian Dolllars climbed on Tuesday as rally across Asian equity markets stimulated demand for higher yielding assets. Aussie surged 0.2% against its US peer to USD 1.0541 while Kiwi gained 0.5% and traded at USD 0.8218. Currently AUD/USD is trading at 1.0552 and NZD/USD is trading at 0.8225.
Italian GDP contracted in compliance with initial estimates in the last quarter of 2011, the figure remained unchanged from preliminary reading. Italy's GDP contacted by 0.7% on a seasonally adjusted basis in Q4 as compared to a 0.2% fall in the preceding quarter, according to ISTAT. On a yearly basis, the GDP plunged by 0.4% while preliminary estimate was a
US shares maintained gains on Monday lifted by upcoming monetary policy decision from Fed and several economic releases. Investors expect forthcoming statistics should lower the incentives for Federal Reserve to stick to record low interest rates. S&P 500 index traded almost flat, adding only 0.02% or 0.22 points and finishing at 1,371.09, Dow Jones Industrial Average index climbed 0.29% or 37.69
European markets traded mixed on Monday as investors anticipated news the China's trade shortfall increased to a 12-year record high in February. Stoxx Europe 600 index fell 0.22% at 264.84 and French CAC 40 index modestly climbed 0.07% to 3,490.06. FTSE 100 index added 0.09% to 5,892.75 and German DAX index surged 0.31% and closed at 6,901.35. Athens General Index
The Bank of Japan decided to expand its programme for US Dollar loans, adding JPY 1 trillion (USD 12 billion). BoJ also announced it will keep its key interest rate unchanged between zero and 0.1%. Central bank's stimulus follows a call from leading Democratic Party to implement more tough steps to tackle deflation. Japanese Yen climbed on today's decision.
The number of Australia's home loan approvals declined in January, first time since March 2011 while the business confidence index fell to a 5-month record low indicating the labour market recovery may slow down. Australian home loan permissions dropped 1.2% in January or twice as much as was predicted by economists. The business confidence lost ground and attained the lowest reading
German DAX index bucked the downward trend of other European stock indices and climbed on Monday as Greece finalized its debt swap agreement. Volkswagen AG lost 1% on news its operating profit for 2012 is likely to be flat while revenue will be erased by costs of new technology. Electric utilities company E.ON AG declined 0.8% as Deutsche Bank lowered
British FTSE 100 index traded slightly lower on Monday as news about Chinese record high trade gap weighed on miners and oil shares. Vedanta Resources fell 3%, Randgold Resources lost 0.4% while Rio Tinto PLC tumbled 1%. Essar Energy dropped 1.2% and Cairn Energy gave up 0.5%. Man Group fell 1.6% after HSBC downgraded the stock from overweight to neutral.
Rural commodities were mixed on Friday with advancing grain commodities and falling sugar and coffee futures. The commodity pack was pressured by the broadly stronger US Dollar and improved weather conditions in the US. Grains gained fresh stimulus after USDA lowered estimation of the global grain stockpiles. Wheat was also bolstered by bargain buying as commodity moved to the oversold
Energy markets closed higher on Friday on the inspiring data from the US labour market and anxiety over tensions between Iran and Western economies. Moreover, positive outcome of the Greek debt swap talks created fresh stimulus for the base metals pack. However, from the demand side, slowdown of Chin's economy continued to weight down on the group. Weaker world's equities
Industry metals ended last week on a positive note as progress over the Greece receiving the second bailout package and improved situation in the US labour market both contributed to the rally. However, weaker global stocks and dismal China's data capped the upswing. Copper and nickel faced falling inventories and better spot demand that pushed the price for these metals
Precious metals posted gains on Friday after Greece announced it has secured the second bailout. However, stronger than expected US labour market data lifted the greenback thus creating an additional pressure on the commodity pack. Further, weaker global equities also weighted down on the commodity group. Meanwhile, large gold and silver backed funds continued to show interest in precious metals
Although Greece has completed its debt swap agreement and yields for Spanish and Italian debt have declined, Portuguese borrowing costs for benchmark notes still fluctuate above 13%. The yield on 10-year notes currently is at 13.71%. Portugal's debt is evaluated as junk by Moody's, Fitch and Standard & Poor's agencies.
Nicolas Sarkozy, France's President, said that the country may consider withdrawing for Schengen zone unless more efforts are put in stopping illegal immigration. Sarkozy speaking at President's election rally stressed that the progress has to be made during next 12 months otherwise France will exit Schengen zone. Illegal immigration is expected to be the core issue during elections in France.
Asian markets faced a choppy session on Monday with stock indices mostly posting losses as China reported the biggest trade deficit in more than ten years. Japan's Nikkei Stock Average lost 0.4%, China's Shanghai Composite slipped 0.2% while South Korea's Kospi fell 0.8%. Australia's S&P/ASX 200 index gave up 0.4% and Hong Kong's Hang Seng Index added 0.2%.
Japan's Nikkei Stock Average retreated after gains in previous two sessions as Yen appreciated and China reported a record high trade shortfall in February. Nikkei 225 index edged 0.4% or 39.88 points down to 9,889.86 with eight of ten industries posting losses. Nippon Paper Group led the drop among paper firms on a report which showed the wholesale prices of
Hong Kong's Hang Seng index climbed on Monday supported by heavyweight China Mobile Ltd. Hang Seng index advanced 0.23% or 48.18 points and closed at 21,134.18. China Mobile jumped 3.9% after Credit Suisse and HSBC upgraded stock's ratings. On the downside shipping companies declined after China said its February trade gap was the biggest in ten years. Cosco Pacific Ltd
Dow Jones Industrial Average index traded higher on Friday as Greece managed to conclude the biggest debt restructuring in history and February jobs report confirmed the labour market in US continues to recover. Blue chip index added 0.11% or 14.08 points and settled at 12,922.02.The best performing stocks were those of JP Morgan Chase adding 1.5%. On the downside Hewlett
S&P 500 index appreciated on Friday supported by optimistic US job report which showed payrolls rose by 227,000 in February and unemployment rate matched analyst forecasts. US benchmark surged 0.36% or 4.96 points and finished at 1,370.87 with nine of ten sectors posting gains. Financials led the gains with Morgan Stanley adding 1% and Citigroup climbing 0.6%. Sprint Nextel jumped
India has canceled a cotton export ban because of protests from farmers. The country imposed the ban in an attempt to protect local textile industry. However, farmers expressed protests as well as China announced that the export ban is irresponsible. Nayan Mirani, vice-president of the Cotton Association, said that the country has a large cotton surplus that has to be
New Zealand and Australian Dollars declined before US retail statistics due tomorrow which are expected to show sales advanced and reduced scope for further monetary easing. Federal Reserve is holding a meeting on Tuesday to decide upon necessary measures. Aussie and Kiwi each dropped 0.4% versus greenback to USD 1.0532 and USD 0.8182 respectively. Currently AUD/USD is trading at USD 1.0542 while
US equities advanced on Friday as data showed payrolls accelerated by 227 000 in February and Greece managed to persuade 83.5% of private investors to write off debt. S&P 500 index surged 0.36% or 4.96 points and finished at 1,370.87, Dow Jones Industrial Average index added 0.11% or 14.08 points to 12,922.02 and Nasdaq Composite index soared 0.6% or 17.92
Nouriel Roubini, economist, predicts Greece to leave the Euro Zone in one or two years, citing record high unemployment of 22% in Greece. Moreover, the country still is insolvent despite recent agreement on the second bailout package and debt restructuring. Meanwhile, Portugal potentially remains the weakest nation in the region and may be the second after Greece to swap its