Unemployment in Spain sharply declined in June to around 4.62 million people which is almost 100,000 or 2.1% less than in May. As June is the first month of the tourism season, employment usually climbs. However, the Spain's jobless rate above 24% still is the highest in Eurozone. Analysts have estimated that one out of four Spanish employers is without
Nigeria, the most important oil producer in Africa, has agreed to an initial deal valued at USD4.5 billion with the US company, Vulcan Petroleum, to establish six new oil refineries. The arrangement will increase the existing capacity by 180,000 barrels a day. Moreover, two factories will have working capacity by the end of 2012.
According to the IMF the recovery process of the U.S. still is moderate. Moreover, the IMF lowered the expected growth for the economy from 2.1% to 2.0% for this year and from 2.4% to 2.25% for year 2013. IMF cited the ongoing Eurozone debt-crisis, future ambiguity of domestic policies and the ceiling of the debt which will have to be increased next year as main
Hong Kong shares did not follow overall positive market sentiment in Asia on Wednesday and country's major stock index Hang Seng closed 0.13% or 25.78 points lower at 19,709.75. Analysts associate retreatment with profit taking after recent strong gains. Moreover investors looked forward ECB interest rate decision due on Thursday. Today's loss, however, was limited as energy companies rallied due
S&P 500 index reached a two-month record high on Tuesday as factory orders advanced more than predicted in May easing fears that country's manufacturing is struggling. US benchmark gained 0.62% or 8.51 points and closed at 1,374.02. Technology and industrial shares posted the biggest gains after data release. Eog Resources rallied 6.75 and Peabody Energy added 5.4%. On downside Bristol-Myers
Japanese shares traded higher for the second straight session lifted by hopes ECB and PBOC will intervene to support growth. Nikkei 225 index climbed 0.41% or 37.58 points and finished at 9,104. Inpex Corp, Japan's biggest energy provider, surged 2.9% after oil reached a one-month high amid renewed tensions in Iran. On the downside JFE Holdings the country's second-largest steelmaker,
46 of 62 economists questioned by Bloomberg predict ECB will reduce its benchmark rate for a quarter point tomorrow. Nevertheless analysts suggest that this move is unlikely to have strong impact on economic activity or inflation level. Instead the decision could serve as a signal for markets that officials are undertaking measures to struggle with crisis.
The Canadian Dollar climbed versus US Dollar hitting a 6-week record high as crude oil prices surged amid hopes China and Europe may implement monetary stimulus. Canadian currency advanced 0.5% against greenback to CAD 1.0122. Currently USD/CAD is trading at 1.0133.
US stock markets traded mostly up on Tuesday after report showed the number of factory orders surged in May sending commodities and energy shares higher. S&P 500 index gained 0.62% or 8.51 points and closed at 1,374.02. Nasdaq Composite added 0.84% or 24.85 points, finishing at 2,976.08. Dow Jones Industrial Average soared 0.56% or 72.43 points and settled at 12,943.82.
European equity markets closed mostly in green territory on Tuesday supported by miners and financials. Stoxx Europe 600 added 1%, German DAX index gained 1.3% and French CAC 40 index accelerated 1%. British FTSE 100 soared 0.8%, Spanish IBEX 35 rallied 1.3% and Athens General index surged 0.8%.
The 17-nation currency erased its recent gains on Wednesday morning trade and weakened against the US Dollar ahead of ECB meeting and upcoming Spain's debt sales due tomorrow. Investors remain cautious on speculation ECB officials may cut the key interest rate. The Euro gave up 0.2% against the US Dollar to USD 1.2589. Currently EUR/USD is trading at 1.2590.
Orders in US factories advanced in May for the first time in last three months lessening concern that nation's manufacturing is struggling. Bookings rose 0.7% in May after a 0.7% drop previous month, Commerce Department reported on Tuesday. Analysts questioned by Bloomberg forecast an improvement of 0.1%.
The Australian Dollar hit two month record high versus greenback on Wednesday as government statistics showed country's retail sales advanced more than expected in May. Aussie jumped versus US Dollar to USD 1.0320, the highest reading since May 3 but slightly retreated later and traded at USD 1.0287. Currently AUD/USD is trading at 1.0284.
Retail sales in Australia accelerated more than expected in May lifted by elevated spending in department stores and restaurants. On monthly basis sales added 0.5% to AUD 21.3 billion in May, Bureau of Statistics reported on Wednesday. Analysts questioned by Bloomberg predicted a 0.2% gain.
Canada's national currency hit its six-week high against its US counterpart on the 3rd of July. The current trading rate is CAD 1.0161 per USD whereas on 29.06.2012 the rate was CAD 1.0181 per USD. Canadian government bonds also gained in price. Two-year government bonds advanced by 5 Canadian cents, leading to drop of yields to 1.006%, while ten-year bonds
Monthly income per one employee in Japan decreased by 0.8% in May 2012 after a slight rise of 0.2% in April. The main reason for drop was annual fall of 39.9% in bonuses and one-off payments. Meanwhile base wage rose by 0.4% in May, whereas overtime payments increased by 6.4% through the year. Moreover total working hours expanded 3.2% year-on-year
Rural commodities extended previous rally on Monday amid unfavorable weather conditions in the main growing regions.Wheat advanced after the International Grains Council reported that global output is likely to be 4.3% lower than initial estimate in 2012-13 crop year because of large fall in Russia's production.Corn soared to three-month high as US crop conditions have continued to deteriorated for the
Energy markets plunged on Monday on global demand worries. However, potential supply disruptions from Iran curbed losses of the commodity group. Iranian National Security Committee is drafting a bill to call the country to block oil transportation via the Strait of Hormuz.Crude oil was the top-loser after the US, Europe and China reported weak manufacturing sector's state in June. Brent
Industrial metals apart from nickel tumbled on Monday after disanointing China's and US PMI data. Strong Dollar and lingering demand concerns continued to weight on the commodity group.Aluminum eased down after PMI data; however, falling inventories at the main exchange warehouses limited losses of the light metal. Copper was the top-loser amid global growth concerns on dismal manufacturing data and
Uncertainty across Eurozone persists as Italy and Spain are facing high borrowing costs and there is still risks on Greece. These factors may stimulate the growth of the Pound. Most of the currency strategists forecast that the trading rate can reach 80 GBP pence per EUR, however the highest possible value is considered 75 GBP pence per EUR. Quantitative Easing
Global inflation is expected to weaken. US economists predict consumer price inflation will fall by 2.1% by the end of the year. The accelerator for such slowdown down could be falling oil prices. Crude oil prices declined 27% from 106.16 USD per barrel in May to 83.66 USD in the beginning of July. Tumbling inflation was also accompanied by two-year
Finland and Holland - countries that opposed most EU summit decision, expressed their distrust to the deal of the last week's summit. The Finnish and Dutch governments officials promised to block the set bailout of Eurozone in secondary markets. According to the Finnish government, the decision undertaken could be deteriorating as falling Euro and German Bunds, which were regarded as safe
Charles Dallara, the managing director of IIF, reported that the Greek government needs to focus on privatization, opening businesses and lower its impact on the economy. Greece still needs to return more than 6 billion Euros to their suppliers before they can focus on restoring economy. The country needs to gain access to monetary funds to aid the economy, because
Precious metals were flat on Monday after previous week's jump on the EU summit optimism. Weak US and China's PMI data, which boosted hopes for additional stimulus from the Fed, provided slight support for the commodity group.Gold was almost unchanged after previous rally as traders await fresh US data releases due on Tuesday. Weaker than expected economic news are likely