The ECB held its interest rate at low level as the Euro area bounces back from its all-time longest recession. The interest rates were kept at 0.5% for the fifth month as expected. The overnight rate as was at 0.21% today, while it has decreased from 0.3% on September 5.
According to predictions of the Asian Development Bank, economic growth in Asian countries will reach 6% this year and 6.2% in 2014, while analysts are still decreasing forecasts for China and India. The growth expectations do not include Japan. Economists point out that economic expansion in 2013 and 2014 can be the slowest in four years, while growth forecasts distinctly
Japanese car sales jumped in September of this year, as total deliveries were up 17% to 522,760 units. It was the first car sales increase in last four months, turning the total four-month sales into the green zone of increase by 2.3%. Since October 2012 till June 2013 sales were down 4.8%, however, it is still much lower than economists
U.S. Secretary of Treasury Jacob Lew addressed to Congress that his department stated to take some measures to extend the period, in which the government will be able to pay for its liabilities. On October 17 it will be only $30 billion in budget left, while on some days federal expenditures exceed revenues by $60 billion, so the Congress must
The U.S. economy will face a 0.1% cut from economic growth each week, if the shutdown of government services continues. Alongside, some economists expect the world's largest economy to lose 0.4% from growth every week. The governmental shutdown began yesterday, as the Congress did not accept the budget, while 800,000 workers went on unpaid vacations, closing museums and national parks.
Car sales in the largest economy of Eurozone have slipped slightly in September of this year, according to information by industry sources on Wednesday. In August sales lost 5% to 214,000 units, but the pace of decline in September will be slower. Economists say that economic recovery in the common currency area will continue and it may raise durable goods
American car dealers have posted the first decline in car sales for 27 months, while the September sales lost 4.2% on the annual basis. Car makers say that it can be a temporary correction. Ford and Chrysler have registered a 5.7% and 0.7% rise, respectively. On the other hand, General Motors lost 11% in sales, mainly driven by decrease in
Construction sector in the United Kingdome slowed down surprisingly in September, however, the sector expanded for the fifth consecutive month suggesting that the country's economy is improving, the Markit Economics reported on Wednesday. The report showed that the purchasing managers' index dropped from 59.1 in August to 58.9 in September.
The total figure of unemployed people in Spain advanced in the month September, a report published by the labour ministry revealed on Wednesday. According to the report, the number of unemployed increased by 25,572 on a monthly basis in September standing at 4.7 million, while on an annual basis the figure rose 0.41%.
Emerging-market shares increased for the second straight session on Wednesday led by technology companies as Samsung Electronics Co. rose 2.6% and the whole sector reached the strongest level in 13 years and as the Philippines economic forecast was raised by the Asian Development Bank. The MSCI Emerging Market Index advanced 0.2% to 997.91 at 2:32 p.m. Hong Kong time.
Building approvals in Australia decreased by much more than economists originally expected in August, a data published by the Australian Bureau of Statistics unveiled on Wednesday. The data showed that the total number of building approvals fell 4.7% in August standing at 13,687, while the figure was projected to drop by 0.5% after it rose 10.2% in July.
Merchandise trade account in Australia came in deficit in the month of August, a report released by the Australian Bureau of Statistics showed on Wednesday. According to the report, the country's merchandise trade deficit recorded A$815 million in August rising by 41% from the previous month, while it was forecast to record a shortfall of A$400 million.
European shares dropped on Wednesday trading session following the biggest increase in three weeks recorded yesterday as investors weighed impact on the global economy after the U.S. government shut down partially for the first time in 17 years. The benchmark Stoxx Europe 600 Index fell 0.4% to 311.73 as of 8:08 a.m. London time.
Japanese stocks dropped on Wednesday pushing the local benchmark index down as investors weighed sale-tax hikes and a $51 billion monetary stimulus plan announced by the country's Prime Minister Shinzo Abe. Japanese Topix index decreased 1.5% to 1,175.16 at close in Tokyo following a 0.5% advance earlier on Wednesday trading session.
German and Spanish government bonds were little changed on Wednesday before the European Central Bank announced the latest monetary policy decision about benchmark interest rates. Spanish benchmark 10-year yields were traded at 4.17% after touching its weakest level since May 9 at 4.10%, while the country's securities advanced 9.9% and German's fell 1.6%.
Italian government bonds gained for the second straight day on Wednesday as the country's Prime Minister Enrico Letta was expected to save the government in a confidence voting taking place today after Silvio Berlusconi said he would back Letta. Italian benchmark 10-year yields dropped 2 basis points to 4.40% as of 8:07 a.m. in London.
Gold futures gained on Wednesday trading session after they were traded near the lowest level in an 8-week period as investors weighed the outlook for the U.S. Federal Reserve's stimulus package after the U.S. government shut down partially for the first time in 17 years. Bullion for delivery in October advanced 0.5% to $1,293.60 an ounce and was traded at
The Canadian currency dropped versus the Australian Dollar as the U.S. officials could not find compromise and that has led to first partial government shutdown in almost two decades. Canada's Dollar fell 1% to 97.02 cents per Aussie as of 5 p.m. Toronto time, while the Loonie slid 0.1% to C$1.0322 per U.S. Dollar.
The Australian Dollar slid from the highest level in a week against U.S. Dollar after data that indicated on bigger-than-estimated trade deficit in eight month of the year. The Aussie weakened 0.4% to 93.58 U.S. cents at 4:44 p.m. Sydney time after reaching 94.35 on Tuesday, the strongest level since September 23, while the Kiwi slipped 0.6% to 82.24 U.S.
The 17-nation currency fell from the highest level in eight months against the greenback ahead of the ECB meeting today. The Euro traded at $1.3522 at 6:49 a.m. London time after it reached $1.3588 on Tuesday, the strongest level since February 6. The shared currency dropped 0.3% to 132.15 Yen, while the U.S. Dollar slipped 0.3% to 93.73 Yen.
Corn futures slipped on Wednesday and were traded close to the lowest level in three years amid concern that despite the partial shutdown of the U.S. government the Department of Agriculture closes reducing the overseas demand as supplies rise. Corn for delivery in December fell 0.8% to $4.355 a bushel on the CBOT and were traded at $4.36 as of
West Texas Intermediate crude declined on Wednesday falling for the ninth time in a 10-day period amid increasing oil stockpiles and as the first partial shutdown of the U.S. government in 17 years may reduce demand for the oil and the country's economic growth. WTI November futures dropped 58 cents to $101.46 a barrel in the NYMEX and were traded
The U.S. Dollar traded close to its lowest level in eight months on Wednesday as a report showing that the manufacturing sector rose more than expected overshadowed concerns about the length of the first partial shutdown of the U.S. government in 17 years. The Greenback was at $1.3523 per Euro after it fluctuated in a range of $1.3462 and $1.3569.
U.S. shares gained on Wednesday started a new month and a new quarter with increase on Tuesday as investors appeared confident that the U.S. government partial shutdown, first in 17 years, would be short-lived. Trading volume on the New York Stock Exchange stayed below average, when it totaled 6 billion shares as all major stock indexes rose.