Japan posted its slowest pace of growth in retail sales in September since March 2011, when country was hit by tsunami. According to the Ministry of Economy Trade and Industry retail sales added only 0.4% in September from a year earlier, from 1.7% in the prior month. On the monthly basis, sales tumbled 3.6% from August, a sign the economy
The amount of cash Swiss commercial banks hold with nation's central bank rose slightly in the week to October 26, a sign that investors are getting less anxious over Eurozone's financial woes. Sight deposits of domestic banks jumped to 293.309 billion francs last week, up from 292.163 billion a week earlier. Despite the improvement, the tendency remains negative, proving that
The number of mortgages approved in the U.K. rose more than initially expected in September, helped by the BoE's new credit-easing plan, which increased the availability of home loans. Mortgage approvals increased to 50,024, up from 47,921 a month earlier and above analysts' expectations of an increase to 49,000. At the same time, net lending to individuals in the U.K.
Consumer spending in the world's biggest economy advanced more than expected, boosted by the 0.4% pickup in incomes, a sign the biggest part of the nation's economy is recovering. According to the Commerce Department, U.S. consumers increased their spending by 0.8% last month, after a 0.5% gain in the previous month. Analysts had predicted spending, which accounts for around 70%
Spanish retail sales tumbled at their fastest pace since January 2004, as consumers cut spending hit by a hike in the value added tax. The National Institute of Statistics said on Monday that Spain's retail sales fell 10.9% from a year ago, compared with a 2% decline in August. The 27th consecutive drop in retail sales added to concerns that
Japanese government approved a 423 billion yen ($5.3 billion) economic stimulus package on Friday to shore up economic growth. The size of the stimulus is double the size originally expected, and it is aimed to encourage capital expenditure in order to provide the economy with the boost in the range of 0.1 per cent. However, it is a relatively small
Swiss KOF economic barometer fell less than initially predicted in October, pointing to a slowdown, as the crisis in the eurozone weighs on the country's economy. As reported by the KOF Economic Research Agency, its economic barometer, which predicts the direction of the economy over the following 6 months, inched down to 1.67 points in October, compared to 1.68 in
Moody's Investors Service has assigned A2/Prime-1 debt and deposit ratings of Santander UK Plc. on Friday. While the debt and deposit ratings for the U.K.'s third largest bank remained unchanged, the outlook is negative, reflecting Moody's medium-term view of lower systemic support for large U.K. banks. A day earlier, the bank posted its third quarter earnings, with profit dropping to
The world's biggest economy sped up in the third quarter, paced by a pickup in consumer and government spending, the Commerce Department reported Friday. During the July-to-September period, nation's gross domestic product rose at a 2% annual rate after adding 1.3%in the prior quarter. The stronger-than-expected expansion of the economy may help President Barack Obama's message that the economy is
Spanish unemployment rate soared to a new record in the third quarter, as a worsening recession left more than one in four workers jobless. The Ministry of Labour said jobless rate rose to 25.02%, up from 24.6%in the previous quarter, while among workers aged 16-24, it was flat at around 52%. At the same time, 18.2 million in the eurozone
Japan's corporate service price index fell for the fourth consecutive month in September, the Bank of Japan reported Thursday. An index measuring corporate service prices erased 0.5% from a year earlier, from a 0.3% fall in the preceding month. Analysts had predicted Japan's CSPI to drop 0.4% last month. On a monthly basis, prices were flat following the 0.3% contraction
Credit Suisse is going to cut an extra 1 billion Swiss francs ($1.1 billion) of costs during the next three years, as a part of a cost-cutting plan that has already been announced. The bank is targeting 4 billion francs in cost savings by 2015 to bolster its profits. Earlier this week, Credit Suisse expressed its intention to fire 1,000-2,000
The UK economy emerged from its double-dip recession, posting the strongest growth in five years in the third quarter, boosted by the Olympic Games. British economy expanded 1.0% from the three months through June, above analysts' forecast of 0.6% growth. While the economy is showing signs of recovery, the Bank of England is now less likely to expand its economic
The number of people who applied for U.S. jobless benefits fell more than expected in the week ended October 20, a sign the labour market is making limited progress, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 23,000 to 369,000, compared to expectations for a decrease of 22,000 to 370,000. The four-week moving average edged
The eurozone's M3 money supply increase slowed unexpectedly last month, the European Central Bank on Thursday. Growth of M3, which measures the change in the total quantity of domestic currency in circulation and deposited in banks among the region, decelerated to 2.7% in September, down from 2.8% in August, while analysts' had predicted M3 money supply to accelerate 3.0%. At
Japanese companies are expected to invest less in the world's second biggest economy, as tensions between countries escalated. More than 20,000 Japanese firms invested into China in order to take an advantage of low production costs and to find a surging market for everything from cars to cosmetics. As reported by the Japan's finance ministry, nation's direct investment in the
Swiss stocks edged higher on Wednesday, October 24, amid better-than-expected U.S. home sales data and improved Chinese manufacturing output, outweighing worsening economic data from the eurozone.
British factory orders posted an unexpected drop in October, adding to concerns that the country's economic slump could be deepening. The Confederation of British Industry said its index of industrial order expectations fell sharply to -23 in October, down from -8 a month earlier, above analysts' forecast of a decline to -6.
Purchases of new homes in the world's biggest economy jumped more than expected last month, a sign nation's property market is improving. Sales rose 5.7% to a 389,000 units in September, up from 368,000 in the prior month, reaching the highest level since April 2010. The improvement was mostly provided by the record-low mortgage rates and the growth of population.
Eurozone's services and manufacturing output contracted at a faster than predicted pace, as region's recession deepened. Markit, a market research group, reported on Wednesday eurozone's manufacturing purchasing managers' index dropped to a seasonally adjusted 45.3 in October, compared to a reading of 46.1 in September. While the business activity contracted at its fastest pace since June 2009, region's debt reached
The total number of new mortgages approved in the U.K. rose more than expected last month, hit by the global slowdown, the British Banker's Association said Tuesday. Mortgage approvals, which are a leading indicator of housing market activity, jumped 1.6 per cent to 31,175 in September, up from 30,683 in the previous month.
The Bank of Japan is likely to expand its asset-purchase fund to bolster economic growth, as the government piled fresh pressure on nation's central bank. During the next meeting at October 30, the BoJ is expected to cut its growth forecasts, as well as review its benchmark interest rates. The BoJ has already increased the size of its asset-purchase program
Major Swiss banks such as UBS and Credit Suisse are going to make around 7,000 employees redundant, as part of cost-saving measures in order to increase profit, the Der Sonntag newspaper reported Tuesday. UBS is to cut 3,000-5,000 jobs, while Credit Suisse may fire 1,000-2,000 workers. Banks worldwide are implementing cost-cutting measures to meet new capital requirements in times of
U.S. home values recorded its biggest gain since 2006, a sign the nation's property market is recovering. According to the Zillow, a real estate information service, the average price of the house rose 1.3% to $153,800 in the third quarter of 2012, up from $151,800 in the previous three months. However, the pace of recovery was uneven across the nation,