Janet Yellen, the Fed's new chairwoman, said to Congress that she approves the monetary policy of Ben Bernanke and will continue to work in the same direction, tapering stimulus in line with labor market improvement. Moreover, the 6.5% jobless rate will not mean an automatic increase of interest rates, as the Fed will track other important indicators, such as job
According to the International Monetary Fund officials, Japanese economy does not need any additional stimulus so far, as inflation is increasing towards its target of 2%. At the same time, the BoJ should think about new easing, if inflation stops rising. Moreover, the BoJ economists say that for now any additional easing may bring more negative than positive effects for
Total SA, the French-headquartered oil and gas producer, reported a considerable decline in its profit for last three months of 2013, as production and oil prices decreased. Net income dropped 31% to 1.605 billion euro on the annual basis. However, the company increased its dividend payments. Today, Total SA shares are trading up 1% to 44.00 euro by 10:10 GMT
The U.S. House of Representatives passed an increase of the debt ceiling on Tuesday evening, voting with a 221-201 majority, as only 28 Republicans joined the Democratic minority to vote for the document. Therefore, now the Treasury is allowed to borrow till March 15, 2015. However, the bill still has to go through a vote in the Senate, where 60
French current account posted a considerable improvement in December of the last year, as surplus in trade of services rose from 3.4 billion euro to 4.2 billion euro, while goods trade deficit widened from 4.8 billion euro to 5.1 billion euro. Therefore, the overall negative current account balance improved to 1.2 billion euro in December, falling from 1.9 billion euro
Activity in the service sector of Japan plummeted more than predicted in December of 2013, falling 0.4% on a monthly basis, while analysts waited for a slight 0.2-0.3% decrease. In November, however, the data was revised up from a 0.7% to 0.8% increase. Decrease in activity was registered in retail trade, finance, postal, real estate, utility and personal services spheres
The total number of orders for machinery in Japan plunged considerably in December of the previous year, while the pace of decrease reached the highest level since 1998. Analysts say that growth in business investment may slow in the nearest future. Concerning orders, they slipped 15.7% on a monthly basis, however, economists predicted the indicator to lose only 4%.
Stoxx Europe 600 Index climbed for a fifth straight day, as Janet Yellen, the Fed's Chairman, said a lot of work should be done to improve the labour market. The main gainer in the Stoxx 600 among 19 industry groups was car manufacturing industry. Michelin & Cie. added 3.5%, while Barclays Plc dropped 4.6%. The Stoxx 600 gained 0.7% to 327.45 in London.
U.S. stocks almost unchanged after a three-day advance in the Standard $ Poor's 500 Index, since Janet Yellen the Fed's Chairman said a lot of efforts should be invested to improve the labor market, and so the Fed continues taping its monthly assets purchasing. The stimulus boosted the S&P 500 to gain 173% higher from the lowest level in 12 years in 2009. Today
Canadian shares gained for a sixth straight day, making it the longest streak of gains this year, as gold price rose to a three-month high on better physical demand in U.S. and China. The Standard & Poor's/TSX Composite Index added 0.7% to 13,886.17 as of 9:56 a.m. Toronto time. The regional benchmark index has advanced 2.9% in the last six
Natural gas futures advanced for the first time during five days in New York amid speculation the data will show an above-normal drop in stockpiles of the heating fuel since cold weather support demand. Natural gas delivery for March added 1,6%, or 7.5 cents, reaching to $4.654 against million British thermal units, leading to the 10% growth of the futures this year.
Industrial output in Mexico decreased in the last month of 2013 falling unexpectedly missing an initial forecast of 0.6% growth, a report published by the statistical office INEGI showed on Tuesday. According to the report, the country's industrial production fell 0.3% on an annual basis in December, while manufacturing output advanced 1.1% on the month.
U.S. Treasuries increased on Tuesday trading session with the benchmark 10-year yields dropping for the first time in a three-day period as the new U.S. Federal Reserve Chairwoman Janet Yellen testifies to lawmakers. The benchmark 10-year notes yielded three basis points higher at a level of 2.70% as of 8:44 a.m. New York time.
U.K. shares rose for a fifth straight day, making it the longest winning streak this year, as Fed's Chairman Yellen reports on monetary policy today. The FTSE 100 Index gained 0.8% to 6,640.78 as of 12:18 p.m. London time and its five straight day advance has reversed its decline from the highest level this year to 2.9%. The FTSE All-Share
Gold futures gained to approximately four month high as purchases from China and a declining Dollar fuelled metal's demand. Gold for April delivery gained 0.9% to $1,285.70 an ounce as of 8:04 a.m. New York time, after it approached $1,288.30, the highest level since November 18. The yellow metal for immediate delivery rose 0.9% to $1,286.64.
The British currency gained to the highest level in approximately a week versus the greenback after U.K. retail sales grew in January. The Sterling added 0.3% to $1.6451 as of 1:47 p.m. in London, after appreciating to $1.6471, the strongest level since January 31. The Pound climbed 0.2% to 83.05 pence per Euro, after strengthening to 81.68 pence on January
The U.S. Dollar reversed previous losses as Fed's Chairman Yellen stated that there should be put some more effort to restore the labor market. The Bloomberg Dollar Spot Index, slid 0.1% to 1,023.06 as of 8:48 p.m. in New York, reaching the weakest level since January 14. The greenback declined 0.2% to $1.3667 per Euro, while it gained 0.2% to
According to the new outlook from the Bank of France, economic growth in the second-biggest country of the Eurozone may slow to 0.2% during first three months of the current year. In the fourth quarter of 2013 the GDP advance is predicted at 0.5% on a quarterly basis. Meanwhile, business confidence and activity in manufacturing and service sectors continues to
The trade balance of India improved considerably during the last year, as exports jumped 3.8% in January on the annual basis, reaching $26.75 billion. Imports, in turn, plummeted 18.1% to $36.67 billion, while oil purchases declined 10.1% and imports of other products slipped 22%. Therefore, the country's trade deficit narrowed to $9.91 billion in January, down from $18.98 billion a
Barclays Plc, the second-biggest bank in the U.K., announced a decline in its year 2013 profit amid compensation and litigation charges. The pretax profit reached 5.2 billion pounds, down 26% from 7.05 billion pounds a year ago. Analysts expected the net profit to reach 5.4 billion pounds. Moreover, today the bank announced that up to 12,000 jobs will be cut
Tomorrow, the U.S. House of Representatives plans to have a vote on the debt limit increase, while the deadline has already been passed on February 7, meaning that the Treasury started to implement special measures to prevent technical default. According to the plan, borrowing will not be limited, however, the Treasury will be allowed to issue bonds only until March
Gold futures increased on Tuesday continued to rally towards the strongest level since November after purchases from China accelerates extending last year's consumption and as investors expect further cuts of the U.S. stimulus measures. Bullion for settlement in February gained 1% to $1,287.81 an ounce, the most since November 18, and was last traded at $1,283.05 as of 1:03 p.m.
The European benchmark Brent crude increased on Tuesday trading session before the Energy Information Administration showed in a report that diesel and heating oil inventories in the U.S. dropped by 2.13 million barrels in the week ended on February 7. Brent for delivery in March added 7 cents to $108.70 per barrel on the London's ICE Futures Europe exchange
West Texas Intermediate oil increased on Tuesday trading session hitting its highest level in a six-week period on speculation that distillate stockpiles in the U.S. declined after the recent cold weather boosted heating fuel demand. WTI for settlement in March added 2 cents to $100.08 per barrel on the NYMEX as of 2:34 p.m. in Singapore.