According to State data the number of unemployed in Spain increased to 4.7% million in February or by 112,269 from January. On yearly basis the unemployment level has surged by 412,835. With current monthly jobless rate of 23.3% Spain is maintaining the unemployment record high among 27 EU member countries.
Dow Jones Industrial Average index traded higher on Thursday lifted by positive US jobs data. Nevertheless gains were limited as spending and income rose at slower pace than expected and ISM manufacturing index declined. Blue chip index added 0.22% or 28.23 points and settled at 12,980.30 with financial sector posting a total gain of 1.5%. JPMorgan Chase and Bank of
S&P 500 index finished higher on Thursday, supported by financials on news Greek plan to restructure its debt should not affect any bond insurance payments yet. US index gained 0.62% or 8.41 points and closed at 1,374.09. Goldman Sachs rallied 5.2% after lender agreed to buy Ariel Holdings Ltd insurance business. Morgan Stanley gained 3.5% and Citigroup Inc added 2.4%.
Asian stock markets rallied on Friday, driven by banks as investors digested positive macroeconomic data from US. Hong Kong's Hang Seng Index added 0.8%, Shanghai Composite Index jumped 1.4% and Japan's Nikkei Stock Average climbed 0.7%. South Korea's Kospi improved by 0.2% and Australia's S&P/ASX 200 index gained 0.4%.
European officials agreed to supply the capital faster to the permanent Euro firewall in order to strengthen region against debt woe. Euro governments are likely to provide first two yearly installments into rescue fund in 2012 and finish the capital injection in 2015 or a year earlier than was planned. The decision comes as a response to IMF and world leaders' pressure
US stock markets traded higher on Thursday as investors anticipated overall positive economic statistics and took into account Fed's chairman testimony. S&P 500 index gained 0.62% or 8.41 points and closed at 1,374.09, Dow Jones Industrial Average index climbed 0.22% or 28.23 points to 12,980.30 while Nasdaq Composite added 0.74% or 22.08 points and finished at 2,988.97.
Retail sales in Germany unexpectedly dropped in January as surging crude prices boosted inflation. Inflation adjusted retail sales lost 1.6% compared to December, said Federal Statistics Office on Friday. Economists predicted an improvement of 0.5%. Rising energy costs bolstered German January inflation to 2.5%. Nevertheless the country faces 20-year record low unemployment level and consumer confidence keeps climbing.
Canadian currency advanced to highest value against is US peer since September on speculation improving economic outlook will spur demand for commodities. Canadian Dollar added 0.5% to CAD 98.55, posting gains for a fourth consecutive session. Currently USD/CAD is trading at CAD 98.69.
Australian currency extended its gains against Japanese Yen on speculation improving global economic outlook would encourage RBA to leave its benchmark interest rate unchanged. Aussie appreciated 0.2% versus Yen to JPY 87.89 while Kiwi added 0.1% to JPY 68.16. Australian Dollar slipped 0.2% to USD 1.0787 while its New Zealand peer lost 0.3% to USD 0.8368. Currently USD/JPY is trading at JPY
Asian employment markets are remaining strong despite European debt crisis, limiting scope for region's central banks for monetary easing. About 66% of Asian employers said they are planning to increase salaries by 3% in 2012 while 54% of those questioned are considering to provide bonuses to at least 50% of their employees.
Manufacturing in US expanded less than expected last month as number of orders fell. The ISM index of US production declined from 54.1 in the first month of 2012 to 52.4 in February. Economists predicted the index to climb to 54.6. Although there are clear signs the economy is growing, the data are anxious as consumers have endured concerns regarding job
European shares ended Thursday session on positive note as banks kept collecting gains from ECB second loan program implemented on Wednesday. However improvement was limited as data showed US manufacturing expanded slower than expected. Stoxx Europe 600 index and FTSE 100 index each added 1%, while German DAX and French CAC 40 index each surged 1.3%.
US spending added 0.2% in January after remaining flat in December while personal income climbed 0.3% compared to 0.5% in last month of 2011, said Commerce Department on Thursday. Economists questioned by Marketwatch predicted both indicators to advance 0.4%. Spending on durable goods surged 0.9% while that on non durable items soared 0.4%. Spending on services stayed flat.
The number of submitted jobless benefit applications decreased by 2000 in previous week to 351 000, reported Labor Department on Thursday. Economists questioned by Marketwatch predicted the number of unemployment claims to reach 350 000. The four week mean figure of applications declined by 5500 to 354 000 maintaining the lowest reading in four years.
Rural commodities were mixed on Wednesday with advancing wheat and corn and falling sugar and coffee. Sugar manly continued Tuesday's decline as traders tended to cash out from the market on the four month high sugar price before switching to April contracts. However, investors attempt to keep an eye on the Brazilian crop conditions. Coffee also was among losers as
Energy commodities, excluding heating oil, faced firm gains on Wednesday despite broadly higher US Dollar and weaker equities. Strong manufacturing data releases managed to offset the impact of Fed Chairman's speech. At the same time, EIA report provoked fluctuations as it indicated a 4000 million barrels increase in the US crude oil inventories last week while it also said that
German DAX index appreciated on Thursday supported by carmakers and positive US economic data amid declining Italian bond yields and unchanged nation's unemployment level. Volkswagen AG's brand Audi posted a 69% surge in 2011 profit. Volkswagen's stocks added 1.7% while BMW AG gained 1.5%. Additional upside contribution came from Deutsche Bank AG which climbed 1.8%. At the moment of writing
After tumbling 1% on Wednesday, British FTSE 100 index retreated on Thursday trade, driven by financials as investors anticipated news about US jobless claims and governmental data showed British manufacturing activity modestly cooled in February but stayed above 50 indicating expansion. Man Group PLC jumped 7.5% after posting an increase in funds for the first two months of 2012 to
Industry metals apart from aluminium posted losses on Wednesday after Ben Bernanke's speech that provided a hint that the new QE in the US is not likely. Even inspiring industry data releases failed to retain metals on the positive area. Investors were also cautions ahead of China's PMI data during the volatile trade in the last day of the month.
Precious metals tumbled on Wednesday amid broadly stronger US Dollar and Ben Bernanke's announcement on the recovery of the US economy. Taken better than expected industry and labour market, traders considered these comments as hint that there will not be the next round of the QE in the US. Gold lost more than 84 US Dollars per ounce and broke
British manufacturing activity growth modestly cooled in February, showed PMI survey on Thursday. The Purchasing Managers' Index declined to 51.2 in February compared to 52.0 in January. Nevertheless the reading still indicates expansion. Economists questioned by Dow Jones Newswires predicted an index to climb to 52.1. One possible explanation for the decline might be surging oil prices, suggest analysts.
Asian share markets closed lower on Thursday as Chinese government's and HSBC's estimates of nation's manufacturing activity differed, raising concerns whether economy expanded or contracted in February amid worries government won't provide monetary easing. Appreciating Yen also put downward pressure on Asian shares. Australia's S&P/ASX 200 Index fell 1.0%, Hong Kong's Hang Seng Index tumbled 1.4% and Japan's Nikkei Stock Average slipped 0.2%. Shanghai Composite
The jobless rate in the Euro Area accelerated to 10.7% in January compared to 10.6% in December said Eurostat on Thursday. The released figure marks the highest unemployment rate in the region since the enforcement of common currency in 1999. The number of jobless in 17-country region climbed by 185 000 to 16.925 million.
Japan's Nikkei Stock Average erased early gains and closed into negative area on appreciating Yen amid signs of overbought market. Nikkei 225 index gave up 0.18% or 17.85 points and settled at 9,705.39 with property companies and exporters posting the biggest losses. Mazda Motor Corp declined 3% and Sharp Corp faded 3.2%. Tokyu Land Corp tumbled 3.8% and Tokyo Tatemono