China's CPI slowed down in April, increasing hopes for more loosening monetary policy in the country. The CPI grew by 3.4% last month on an annual basis, slumping by 0.1% from the preceding month. At the same time, PPI slid by 0.7% last month on a yearly basis, declining slightly faster than a forecast of a 0.5% fall. Additional economic
Gold futures declined in Asian trading on Friday amid broadly stronger US Dollar. US Dollar Index, which monitors the greenback's performance again six main currencies, advanced by 0.15% to 80.40 US Dollars. COMEX gold June contract traded at 1,586.85 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.54%.
JPMorgan Chase announced unexpected trading loss of almost 2 billion US Dollars. The loss occurred because of complex investments of the bank's traders. Following the data release, JPMorgan shares lost 6% pushing shares of other banks down. Goldman Sachs, Bank of America and Citygroup faced severe losses in electronic trade.
The Bank of England left the key interest rate unchanged at 0.5% and continued to extend its bond purchasing scheme. The interest rates have remained at 0.5% for third year already. However, the bank started to be more concerned about accelerating inflation as CPI increased to 3.5% in March. Growing inflation and sluggish economic expansion put the bank in a
Crude oil prices lost a spree provided by positive labor data from the US and fell during the Asian trade on Friday amid solid US Dollar. US Dollar Index, which monitors the greenback's performance again six main currencies, advanced by 0.15% to 80.40 US Dollars. Light, sweet crude oil futures for delivery in June traded at 96.00 US Dollars per
China's factory production increased by 9.3% last month as compared to a March reading of 11.9% expansion, according to the national Bureau of Statistics. Experts predicted the factory output to rise by 12% in April on a yearly basis. Analysts claim that the slowdown was caused by weak domestic demand and difficulty in obtaining bank loans.
Although Japan's current account surplus sharply narrowed in March to $ 52.7 million, it was still larger than expected. However, economists believe the downward trend might persist, as energy imports are increasing, the particularly strong Yen is impacting the Japanese exports, and the European sovereign debt crisis is remaining in focus. That does not stimulate Japan's economic recovery, as the
On Friday the European Commission will publish its economic forecast for the Euro bloc member states, which is anticipated to reflect a further worsening of Europe's periphery economies with Spain being in focus, as the country does not meet the EU deficit target and combats the economic downturn. The European Commission outlook will show whether the member states will be able to
According to the US government report, the US trade gap widened 14.1 % to $51.8 billion from the previous month. However, the other data shows two factors that may foster the US economic upturn: increasing demand for the US exported goods and services from abroad, despite the European turmoil and slow growth in Asia, and decreasing oil prices.
After cutting expenses on education, Medicare and defense programs and increasing tax revenues US government announced budget surplus of USD 59.1b in April. It is the first budget surplus after Lehman Brothers collapsed in September 2008. Budget deficit was USD 40.4b same time last year and USD 198.2b a month ago.
After failed coalition formation negotiation led by Alerxis Tsipras, leader of Syriza, mandate was passed to former finance minister Evangelos Venizelos, leader of Pasok party. Negotiations failed after Pasok rejected Syriza's proposal to cancel commitments regarding aid packages to Greece's economy worth EUR 240b. According to some specialists political turmoil which lasts for four days now raised the risk that
Rural commodities were mixed on Wednesday amid the Euro Zone's turmoil and favorable weather conditions in the US.Wheat tumbled as speculation that the US inventories will be higher this season pushed the price down. Corn was the top-loser after news that corn price is expected to fall during 2012-2013 season to a range between 4 and 5 US Dollars per
Energy markets were mostly higher on Wednesday as news that Greece will receive the latest bailout package eased worries about crisis in the region.Crude oil was the only loser as US inventories continued to stockpile. Moreover, increasing oil supplies from the OPEC continued to create additional pressure on the crude oil's price.Brent oil was marginally higher as demand concerns slightly
Industry metals followed bearish trend on Wednesday along with slowing China's demand and uncertainty over the Euro Zone's debt crisis.Aluminum declined amid fresh elections worries in the Euro Zone; however, improving spot activity may support the metal in the following sessions.Copper attained three-week low, sliding under 8,000 US Dollars per ton as risk-appetite among investors was dented by turmoil in
Precious metals tumbled on Wednesday amid lingering concerns over political and economic crisis in the Euro Zone. Broadly stronger US Dollar also weighed on the commodity pack.Gold extended previous losses, falling by almost 1% during heavy trading on Wednesday. The Euro Zone's turmoil continued to increase safe-haven appeal of the US Dollar thus creating pressure on the yellow metal.Silver mostly
US trade deficit in March was larger than more than anticipated. It increased by around 14%, to USD 51.8b. Value of imports was slightly above USD 286b. Value of exports reached USD 186.8b. It increased by USD 5.3b from February and was mainly driven by exports of fuel oil and chemicals.
Last week jobless claims in US dropped by 1000 to 367 000. It is the lowest level in 5 weeks. In addition, the number of people on unemployment benefits was lowest since mid 2008. Specialists think that previous results from first 3 weeks of April were rather related to Easter holidays and didn't reflect the true situation in labor markets.
Monetary committee of Bank of England left interest rate paid for reserves of commercial banks at 0.5%. Asset purchase program remained at previous, GBP 325b, level. Last time bank rate was changed in March 2009. It was lowered by 0.5% to current level. Asset purchase level was previously increased by GBP 50b in February 2012.
Germany's exports continued to expand in March, indicating growth for the third consecutive month. Exports of goods approached 98.9 billion Euros in March while total exports gained 0.9% in March on a seasonally adjusted basis, after surging by 1.5% in the preceding month. Meanwhile, trade surplus remained steady at 13.7 billion Euros in March.
Australian jobless rate decreased unexpectedly in April, reported Australian Bureau of Statistics. The rate of unemployment in the country tumbled to 4.9% on a seasonally adjusted basis in April as compared to 5.2% in March. Experts predicted the jobless rate to increase to 5.3% in April. Following the data release, Australian Dollar appreciated against its US counterpart and AUD/USD traded
Spanish bank, Bankia, is set to be partly nationalized, reported the central bank of Spain. Bankia, which has about 32 billion Euros in distressed assets, will obtain a 4.44 billion Euro-loan from the Spain's rescue fund that will be converted into stocks. The country's fund will have 45% stake in Bankia.
Colombian exports surged in March due to soaring crude oil prices. Exports added 16% in Mach on an annual basis, attaining 5.7 billion US Dollars, according to DANE. Exports of energy products rocketed by 25% in the period. US were the top-importer of Colombian exports, followed by China, Spain and Panama.
Crude oil prices decreased during Asian trade on Thursday as US crude oil stockpiles indicated further increase in inventories. Moreover, ongoing concerns over the Euro Zone's debt crisis created additional pressure on the commodity. Light, sweet crude oil futures for June delivery traded at 96.47 US Dollars per barrel on the New York Mercantile Exchange, declining by 0.36% from the
The Euro Zone announced that it would hold back 1 billion Euros of the latest payment of the rescue fund to Greece. The move followed recent elections in the country that resulted in massive support of the anti-austerity parties. The Euro Zone said it would pay only 4.2 billion Euros of 5.2 billion Euros that are due to Greece. The