The Asian stocks extends to three-day loosing streak, after Federal Reserve meeting pointed that they might reduce bond purchase while the China's manufacturing activity dropped. The MSCI Asia Pacific Index slipped 0.6% after nine out of 10 industry groups retreated. One of the most significant drop was for the Perseus Mining Ltd., which contracted 10% after the price for precious
The Reserve Bank of South Africa remained with limited number of monetary policy tools to support the economic growth in country, as the declining currency raised inflation pressure. The rand lost 16% versus U.S. dollar this year, increasing prices for imported products, such as oil. At the moment the inflation level is 5.5%, while the main interest rate is expected
Singapore officials raised the growth forecasts for the current and next years, as the economy advanced faster than expected in July-September quarter. The new forecasts predict a 3.5-4% growth in 2013 and a 4% expansion in 2014. The country's GDP increased 5.8% in Q3 on the annual basis. Analysts say that all Asian economies are now benefiting from U.S. Fed's
Spending with credit cards in New Zealand decreased for the second month in a row in October of the current year. The overall credit card spending lost 0.8% from September after a 0.1% drop in that month. It is worth pointing out that domestic spending with credit cards issued in the country slumped 0.9%, while overseas billings dropped 1.1%. On
Activity in Chinese manufacturing continued to grow in November of this year, however, the pace of increase slowed slightly. The benchmark PMI Index from the HSBC bank, which measures the activity level in this particular sector of Chinese economy, posted a decline to 50.4 points from 50.9 points a month earlier. At the same time, the index above 50 points
Inventories of crude oil in the U.S. jumped 0.4 million barrels during the previous week, reaching 388.50 million barrels, while economists expected them to lose 0.2 million barrels. Therefore, oil inventories in the country, which is the largest oil consumer in the world, rose for the ninth consecutive week. The gain in inventories has a negative impact on oil prices,
Economic expectations in Switzerland jumped to its highest level since May 2010, as the economic recovery in the Eurozone is gaining strength. The ZEW indicator reached 31.6 points this month against 24.9 points a month earlier. 41.1% of analysts expect the Swiss economy to improve, while 65% of respondents see the Eurozone economy to grow in the nearest future.
Nokia Corp. shareholders agreed to sell the mobile phone making division to Microsoft Corp. for 5.44 billion euro, as the Finnish company had significant problems to get any profit from that unit during last three years. More than 99% of Nokia shareholders approved the deal. After the sale, Nokia Corp. will focus on its Solutions and Networks division, as it
According to the Bank of England minutes for the meeting of November 6-7, the MPC members unanimously decided to keep the main interest rate on the record-low level of 0.5%. Moreover, the amount of bonds' purchases was kept at 375 billion pounds. The BoE officials say that there are no significant inflation risks in the U.K. at the moment, while
Economic activity in almost all the main sectors of Japanese economy grew in September of the current year, matching the experts' expectations. The indicator rose 0.4% from the previous month, advancing for a third month in a row. Manufacturing production added 1.3% after a 0.9% increase in August. Construction sector surged 1.4%, while activity in the service sector dropped 0.2%.
Trade deficit in Japan decreased to 1.09 trillion yen during the last month, however, economists predicted the gap to narrow, reaching 0.88 trillion yen versus a 1.13 trillion deficit in September. On the other hand, exports increased 18.6% on the annual basis, including a 21.1% rise to China, 27% to the EU and 26.4% to the U.S. At the same
The Japanese currency increased on Wednesday strengthening against all of its 16 most-traded peers as drops in European and Asian markets spurred demand for haven assets and as Bernanke signaled that easy monetary policy may be remained until needed. The Yen gained 0.1% to 100.07 per U.S. Dollar as of 8:13 a.m. in London after it dropped to 100.44 on
The Canadian currency dropped on Wednesday falling against the majority of its most-traded counterparts after a report showed that the country's largest export commodity, crude oil, slipped to the lowest in five months. The so-called Loonie fell 0.4% to C$1.0469 per U.S. Dollar as of 5 p.m. Toronto time after it reached the most since November 7 at C$1.0415 yesterday.
West Texas Intermediate oil advanced on Wednesday rising for the second straight session on speculation that fuel supplies in the world's largest consumer of the commodity dropped and Fed may continue its stimulus in order to sustain the economic growth. WTI for delivery in December added 38 cents to $93.72 a barrel on the NYMEX, while the Brent crude expiring
The majority of European stocks dropped on Wednesday before a government report showing that retail sales added 0.1% in October and as housing and health-care gauges indicate an overall health of the U.S. economy before Fed's meeting. The benchmark Stoxx Europe 600 Index fell 0.1% to 322.4 as of 8:25 a.m. London time with three shares losing for every two
Chinese equities increased on Wednesday pushing the local benchmark index towards its highest level in a month after the People's Bank of China ended its currency intervention and broaden the China's Yuan daily limit. The Shanghai Composite Index gained 0.6% to 2,206.61, the strongest level since October 22, while the Hang Send China Enterprises Index also added 0.6% to 11,437.44.
A leading index of economic activity in Australia continued to increase in October with the pace of growth exceeding previous trend suggesting that the country's economy may improve, a report published by the Westpac and the Melbourne Institute showed on Wednesday. The Westpac-MI leading Index advanced 1.2% in October from a level of 0.6% recorded in September.
Economic growth in the Organization for Economic Co-operation and development area grew 0.5% on a sequential basis in the three months to September, the same pace of growth seen in the Q2, a report published by the organization showed on Wednesday. Year-on-year, OECD's GDP rose by 1.4% in the Q3 from a level of 1% in the Q2.
The performance of global economy is likely to slow down, according to a report published by the Organization for Economic Co-operation and Development, as decline in emerging markets weakening the global growth outlook. The world economy is set to expand 2.7% in 2013 compared to an originally expected level of 3.1% projected in May.
Producer prices in the Europe's largest economy dropped for the third successive month in October with the rate of growth exceeding forecast, the latest data released by the Federal Statistical Office showed on Wednesday. German industrial producer price index slipped 0.7% year-on-year in October after it fell 0.5% in the month before.
The British Sterling appreciated on Wednesday rising to the strongest level in three weeks against the U.S. Dollar before the minutes of Bank of England was published showing that the bank's officials maintained the interest rate at record low. The Pound advanced 0.1% to $1.6134 as of 8:02 a.m. in London following an increase to $1.6149 on November 18, the
Employment costs in the world's largest economy increased at a slower pace than economists originally expected in the three months to September, a report unveiled by the Labor Department showed on Tuesday. According to the report, employment costs index added 0.4% in the Q3 after it increased 0.5% in the quarter before.
Online job advertisements in Australia declined marginally by 0.1% in October from the month before following drops recorded over last few months, suggesting that the economy may be stabilized, the Department of Employment showed in a report on Wednesday. However, the country's level of vacancies dropped 17.4% on an annual basis in October.
The U.S. currency weakened on Wednesday falling against the 17-nation bloc currency after the Federal Reserve Chairman Ben Bernanke claimed that the U.S. central bank may continue its easy monetary policy until its needed. The so-called Greenback fell 0.1% to $1.3554 following an earlier drop to $1.3584, the lowest level since November 1.