The consumer prices in the U.K. are likely to rebound in October, due to the higher energy and food prices, pushing up the pace of inflation away from the closest level to the Bank of England's target in almost three years. Consumer price inflation last month is expected to rise to 2.4%, up from 2.2% in September, remaining above the
The United States is expected to become the world's largest oil producer by 2020, even overtaking Saudi Arabia and Russia, the International Energy Agency reported Monday. Due to the growing supplies of crude extracted by unlocking hydrocarbon resources from shale, North America will become a net oil exporter by 2030, while the world's biggest economy will be almost completely self-sufficient
Eurozone finance ministers are meeting today in Brussels to discuss whether to provide Greece with bailout funds or not. Greek government passed its new austerity budget for 2013 in order to meet the conditions of the next tranche of 31.5 billion euros of emergency loans from the "troika" to avoid bankruptcy. However, they have asked for extra time, saying the
Japanese household mood deteriorated last month, posting the second consecutive month of decline, a sign economic uncertainty weighed on sentiment. According to the report, made by the Cabinet Office, Japanese consumer confidence fell to 39.7 last month from 40.1 in September after a temporary rise in August. At the same time, analysts' had expected household mood to rise 39.7 last
The Swiss National Bank pledged its readiness to continue defending a cap of 1.20 per euro, considering this measure as an appropriate, according to governing board member Fritz Zurbruegg's statement. The SNB has been selling francs for other currencies, mostly euros, in order to avoid the risk of deflation and a recession, when investors rushed to buy Swiss francs as
Britain's trade performance improved more than expected in September, helped by the stronger exports and weaker imports, however, trading outlook remains bleak due to the deepening eurozone's debt crisis. The U.K. trade gap narrowed £8.4bn in September, down from £10.0bn in the prior month. At the same time, exports soared 1.1%, while imports erased 3.9%. In the meanwhile, exports to
Confidence among the U.S. consumers soared to the highest level since July 2007, as the labour market is showing some signs of the improvement and the outlook for the world's biggest economy is getting more optimistic. The preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index advanced to 84.9 in November, compared to 82.6 in the prior month. The
Growth in the Europe's largest economy is likely to slow in the last quarter of 2012, and the beginning of the next year, the Ministry for Economics and Development said on Friday. German economy is expected to expand only 0.2% in the third quarter, down from 0.5% and 0.3% increases in the first and second quarters, respectively. The slowdown may
Japanese machinery orders plunged unexpectedly in September, adding to concerns that the world's third biggest economy will almost certainly experience a recession by the end of this year. According to the Economic and Social Research Institute, orders, which is an indicator of capital spending in the nearest future, tumbled 4.3% from the previous month, hit by the weak domestic demand
The number of unemployed people in Switzerland rose last month, as companies eliminated more jobs due to weak economic performance. The jobless rate rose to a seasonally adjusted 3.0% in October, up from 2.9% in the previous month, in line with analysts' expectations. While the overall unemployment rate soared to the highest level since March 2011, the number of job
The Bank of England halted against pumping more money into the economy, hoping that bank's new lending scheme will bolster economy recovery. The bank already injected £375bn into the U.K. financial system, however, the outlook for the economy remains uncertain, even despite the fact nation's gross domestic product grew 1% in the third quarter. At the same time, the BoE
The number of people who applied for U.S. jobless benefits fell more than expected in the week ended November 3, however, the data was distorted by Hurricane Sandy, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 8,000 to 355,000. The four-week moving average edged higher 3,250 to 370,500.
The European Central Bank left interest rates unchanged on Thursday, as economic performance in the eurozone is expected to remain weak and Spain resists asking for a full bailout. The benchmark interest rate held at its historic low of 0.75 per cent, meeting analysts' expectations. In September, the ECB pledged its readiness to purchase unlimited quantity of government bonds, easing
Japanese second largest manufacturer, Nissan, cut its profit forecast for this fiscal year, as sales in China tumbled 35% in September, amid anti-Japan sentiment. Company's first-half profit slipped 2.8% to 178.3 billion, while its full-year forecast was slashed by 20%. Japanese carmaker tips net profit for the year to March of only 320 billion yen, down from a previous estimate
Consumer prices in Switzerland rose less than initially expected last month, due to weak domestic demand and economic uncertainties. Nation's inflation rate added only 0.1% in October following a 0.3% rise in the previous month, while on a yearly basis they lost 0.2%. While consumer prices shrank for the 13th straight month, prices of domestic goods increased 0.1% from a
The U.K. economy is expected to remain in a period of depression till 2014, as subdued spending and trade will slow down the economic recovery, the European Commission said Wednesday. Economy is likely to expand only 0.9 per cent in 2013, after a 0.3% drop in this year, compared to a previous estimate of 0.5 per cent in 2012 and
President Barrack Obama was re-elected for the second term with 274 electoral college votes, four more than needed. However, the new president of the world's biggest economy has to avoid the so-called "fiscal cliff", a series of tax and budget changes that are likely to hit the U.S. economy in January. Moreover, Obama is the first president, who was re-elected,
Eurozone economy is likely to almost grind to a halt in 2013, as all countries, including export-driven Germany, are hit by the region's deepening debt crisis. The European Commission downgraded its outlook for the 27-country bloc, saying the economy will grow by 0.1% in 2013, down from May's forecast of 1%. At the same time, the outlook for Europe's biggest
Japanese leading index, which predicts the future direction of the economy, fell more than initially expected in September, a sign the world's third largest economy is decelerating. According to the Cabinet Office, nation's index of leading economic indicators tumbled to 91.7 in September, down from 93.2 in the previous month. The reading came below analysts' expectations of a fall to
Confidence among Swiss households remained unchanged in the third quarter of 2012, the State Secretariat for Economic Affairs (SECO) reported Tuesday. The Swiss SECO Consumer Climate, which represents a majority of overall economic activity, stood at -17 in the third quarter, beating analysts' expectations of a decline to -21 points. However, the reading remains below a 0 line, which separates
U.K. manufacturing sector gained less than expected in September, as machinery and chemical production declined, a sign economic recovery is losing momentum, the U.K. Office for National Statistics reported Tuesday. Manufacturing production in the U.K. expanded 0.1%, below the 0.4% which had been highly estimated by analysts. At the same time, total industrial output plunged 1.7%, hit by a record
U.S. stocks were trading in the positive territory for a second consecutive day on Tuesday, as Americans headed to polls to elect the next president of the world's biggest economy, while deepening concerns over Greece's future in the Eurozone had little effect.
Eurostat reported on Tuesday that producer price inflation in the eurozone held still in September, as the cost of energy fell. The producer price index came in line with analysts' expectations, adding 2.7% in September compared to the reading in the previous month. On a monthly basis, PPI added 0.2%, down from 0.9% in the prior month. The largest increase
Japanese largest manufacturer, Toyota Motor Corp. lifted its profit forecast for this fiscal year, as earnings soared to a four-year high of 143.7 billion yen ($1.8 billion) in the third quarter, boosted by sales in North America and Southeast Asia. Despite a dramatic decline in sales in China, amid anti-Japanese sentiment, the company raised its net profit projection by 2.6%