The jobless rate in Australia increased to 5.2% in February as businesses cut above 5,000 jobs. The rise in unemployment rate met the initial forecasts, reported Australian Bureau of Statistics. The deteriorating labour market may create a stimulus for further interest rate cut. On Tuesday, the RBA held the interest rate unchanged at 4.25%.
Greece has to agree with private bondholders on the debt swap deal until 20:00 GMT on Thursday otherwise the country will fail to fulfill its financial obligations and may leave the Euro Zone. Greece has to agree on the 53.5% reduction in the current debt with not less than 75% of the private investors. Moreover, creditors were asked to lower
Carlos Slim has been announced as the richest billionaire for the third consecutive year, reported Forbes magazine. Forbes estimated his assets that vary from construction to telecommunications as 69 billion US Dollars. Bill Gates took the second place with 61 billion US Dollars and Warren Buffet was the third with 44 billion US Dollars.
Japan has announced a record wide trade deficit of 5.4 billion US Dollars in January, according to the Ministry of Finance. The fall in the current account was mostly attributed to the growing energy imports coupled with uncertain economic recovery of the country. However, the GDP growth for last quarter of 2011 was revised up on Thursday. Japan's economy contracted
Natural gas price moved down, hitting the new low as market sentiment remained bearish amid soft weather forecasts in the US and elevated inventory level. Natural gas April contract traded at 2.307 US Dollars per million British thermal units at the US session, on the New York Mercantile Exchange, falling by 2.1%.
Adidas reported record high profits for 2011 ahead of Olympics due in 2012 that is expected to push the income even higher. The company announced 18% surge in net income for the last year. The total profit approached 671 million Euros mainly due to soaring sales in China and Eastern Europe in Q4. In total Adidas sales grew by 13%
More private bond holds have agreed on the Greece's debt swap. Currently about 39.3% of private lenders opt for voluntary debt exchange. However, at least 75% of all investors have to sign up to the deal to enable Greece to avoid default and stay in the Euro Zone. Creditors can agree on the debt swap only until 20:00 GMT on
Rural commodity futures declined on Tuesday on the negative global economic outlook. Stronger US Dollar also weighed on the group. Grain commodities lost spree provided by the lift in the soybean futures due to firm China's demand. Further, eased worries over South American crop conditions pushed grain prices down. Sugar lost 2.55% over the day as it came under additional
Energy markets were mostly lower on Tuesday on the firm US Dollar and demand concerns. Decline in Euro Zone's GDP, lower than expected GDP expansion in Australia and lower economic growth target in China all weighted down on the commodity group. Moreover, supply side worries that pushed oil prices to several months high vanished. Iran allowed UN nuclear agency to
Base metals tumbled on Tuesday along with broadly stronger US Dollar and weaker equities. Industry metals were also pressured by disappointing GDP data from the EU and Australia that added to concerns over the global stagnation. Moreover, recent cut of China's economic expansion weighted down on the base metals pack. Aluminium continued to fluctuate on the high stockpiles at Shanghai
Precious metals moved down on Tuesday amid appreciating US Dollar and lingering concerns over the Euro Zone debt crisis. Weaker equities also added to losses. Traders switched from commodities to the greenback as risk appetite was dampened after negative economic data. Moreover, the OECD reported lower than expected inflation rate that created pressure on traditional inflation hedges. Moreover, the commodity
After a sharp fall of 3.4% yesterday, German DAX index recovered on Wednesday, led by banks. Commerzbank advanced 2.9% and Deutsche Bank soared 1.2%. Henkel AG gained 0.9% after Goldman Sachs raised stock's rating from neutral to buy before company's earnings report due Thursday. On the downside Adidas AG lost 2.3% after reporting profit that missed analysts predictions. RWE AG
After a rapid drop of 1.9% in previous session, British FTSE 100 index retreated and climbed 0.5% on Wednesday as investors awaited results of a Greek debt swap agreement. Mining sectors recovered from losses with Kazakhmys PLC adding 2.6% and Eurasian Natural Resources Corp gaining 2.3%. Admiral Group PLC jumped 10% on better than expected pre-tax profit for 2011. On
Germany's factory orders unexpectedly slipped in January as overseas demand for machinery and similar investment goods fell. Factory orders lost 2.7% compared to a 1.6% gain in December, said Economy Ministry. Economists questioned by Bloomberg earlier predicted an 0.6% increase. On yearly basis orders have dropped 4.9%. Euro erased morning gains on report.
Asian markets showed a weak performance on Wednesday led by resource stocks and banks as investors remained concerned about possible outcome of Greek swap deal. Australia's S&P/ASX 200 index fell 1.5%, Hong Kong's Hang Seng index declined 0.9% and Japan's Nikkei Stock Average lost 0.6%. South Korea's Kospi slipped 0.9% and China's Shanghai Composite shed 0.7%.
Hong Kong's Hang Seng index prolonged its downward trend on Wednesday as fears about possible Greece's financial collapse and global slowdown returned. Hang Seng index lost 0.86% or 178.47 points and closed at 20,627.78. China Life Insurance tumbled 6.5% after the firm released a profit warning. Worries about global growth pressed commodities with China Coal Energy giving up 1% and
Japan's Nikkei Stock Average extended losses for a third straight day and fell 0.64% or 61.57 points to 9,576.06, marking the lowest value in two weeks. Exporters maintained downward path on stronger Yen. Sony Corp lost 2.3%, Mazda Corp declined 3.38% and Fujitsu Ltd tumbled 2.3%. Financials also deteriorated on Greek default worries. Nomura Holdings Inc slipped 1.9% and Daiwa
Dow Jones Industrial Average index faced its worst day in three months giving up more than 200 points on Tuesday. Blue chip index plunged 1.57% or 203.66 points and closed at 12,759.15 with 29 of 30 stocks posting losses. Industry sector overall declined 2.7% as aluminium giant Alcoa and construction and mining-equipment producer Caterpillar fell 4% and 3.8% respectively. Merck
S&P 500 index experienced the biggest decline in 2012 on renewed concerns about the outcome of Greek deal. Moreover data showed European GDP contracted in 4th quarter. US index tumbled 1.54% or 20.97 points and finished at 1,343.36 pushed down by banks and industrials. Morgan Stanley fell 5.3% and Goldman Sachs dropped 4.2%. Apple Inc. lost 0.5%, prolonging its two
Indonesia will oblige overseas investors to cut stakes in coal and mineral mining to 49% of ownership, announced the Energy and Mineral Resources Ministry. The Ministry requires foreign owners to sell about 20% during first six years of mining to the local investors. After the seventh year about 30% should belong to the local investors, after eight year their stake
Australian construction industry contracted by 21st consecutive month in February. Australian PCI declined by 4.2 points approaching 35.6 in February on a seasonally adjusted basis. The index below 50 indicates contraction. The slowdown of the building activity signaled that the recent cut of the interest rates have not provided sufficient spree for the industry.
Swiss unemployment rate was stable in February for the third month in line, reported the Swiss State Secretariat for Economic Affairs. The jobless rate remained at 3.1% on a seasonally adjusted basis last month, being in compliance with expectations. However, the number of individuals without job increased slightly by 1,163, approaching 133,154.
China will cut taxes on various consumer goods this year, said Wei Jianguo, a former deputy commerce minister. The move will enable stimulating domestic consumption that is the primary aim of the government, he added. The tax reductions are likely to be done in two rounds and will cover wide range of luxury and consumer goods. However, Ministry of Finance
US equities experienced a worst day in last three months on returning fears about Greece's default and the impact of China's slowdown on global economy. S&P 500 index fell 1.54% or 20.97 points and finished at 1,343.36 while Dow Jones Industrial Average index plunged 1.57% or 203.66 points and closed at 12,759.15. Nasdaq Composite tumbled 1.36% or 40.16 points to