Retail sales in Italy decreased more than expected in March from the previous month largely due to a notable 0.8% drop in non-food sales, a data revealed by the statistical office Istat showed on Thursday. Retail sales slipped 0.3% on a monthly basis despite a 0.4% increase in food sales, while on an annual basis retail sales fell by 3%
Private sector activity in the 17-nation bloc continued to fall in May, but the pace of contraction was lower than in the month before, the Markit Economics showed in a survey on Thursday. The survey showed that the composite output index measuring performance of service and manufacturing sector grew from 46.9 to 47.7 in May, while it was expected to
European leaders affirmed a $7.7 billion, 7 year plan to lower youth unemployment, which is at 24% in the euro zone. The 17-country bloc saw its GDP contracting for a sixth consecutive quarter, which lead European Commission to revise its 2013 forecast from -0.3% to -0.4%. However, Germany's budget expert told that easing pace of austerity is a dangerous path
Economic performance of United Kingdom improved in the first three months of 2013 matching preliminary estimated figures, a report released by the Office for National Statistics unveiled on Thursday. According to the report, gross domestic product rose 0.3% on a sequential basis in the Q1 following a contraction of 0.3% recorded in the quarter before.
Canadian currency declined on Thursday and was trade near its lowest level in a year versus the U.S. Dollar after the Federal Reserve Chairman Ben Bernanke signaled less stimulus measures if the economy keeps showing favourable results. The so-called Loonie slipped 1% to C$1.0367 per U.S. Dollar by 5 p.m. Toronto time and it touched C$1.0388, the least since June
The Hungarian currency advanced to the highest level in three months on Thursday spurring Goldman Sachs Group Inc. to change its trade recommendation of selling the Forint against the Euro as the economy emerged from contraction. The Forint increased by 0.6% and it was traded 0.1% higher at 289.21 per Euro as of 5:04 p.m. Budapest time.
Copper decreased alongside with other industrial metals on Thursday after a report showed that manufacturing sector in the world's largest metal consumer, China, contracted for the first time in seven months in May. Copper for August delivery slipped 2.7% to $7,276.25 a metric ton on the London Metal Exchange and was traded at $7,310 as of 11:47 a.m. Seoul time.
Gold declined for the third straight session on Thursday together with other commodities after Ben Bernanke, the Federal Reserve Chairman, signaled that the central bank may taper its bond purchasing program as the economy improves. Spot gold fell 1% to $1,357 an ounce and it was traded at $1,366.18 by 11:07 a.m. Singapore time.
Soybeans increased to the highest level in six month on Thursday and are set to extend its rally to the longest one in a year amid signs that Chinese demand will increase despite falling U.S. supplies. Soybeans for July settlement advanced 0.6% to $15.025 a bushel on the CBOT, the highest level for a most-active contract since November 8.
The Japanese currency rose versus all of its major counterparts on Thursday as Asian equities fell amid concerns that Fed's decision to tap its monthly bond purchases may weight on the recovery of the U.S. economy and as Chinese economy is slowing. Yen increased by 0.5% to 102.65 per U.S. Dollar by 6:02 a.m. London time and it added 0.6%
India's currency slid to the lowest level in a six-month period on Thursday as the country's bonds declined after the Federal Reserve Chairman Ben Bernanke said the central bank may scale back its stimulus program. The Indian Rupee depreciated 0.6% to 55.8100 per U.S. Dollar by 10:11 a.m. Mumbai time following a fall to 55.8787, the least since November 26.
U.S. Treasuries increased on Thursday as Chinese shares plunged after a report showed that manufacturing sector in China surprisingly declined in the month of May spurring demand for safer assets. The benchmark 10-year yields slipped one basis point to 2.03% by 2:04 p.m. Tokyo time following an earlier increase to 2.07%, the highest since March 14.
West Texas Intermediate oil declined for the third straight day on Thursday extending its losing streak to the longest in three weeks amid higher U.S. gasoline stockpiles and as Chinese manufacturing dropped in May. WTI for July settlement slipped 76 cents to $93.52 a barrel on the NYMEX and was traded at $93.60 as of 1:36 p.m. in Singapore.
Expectations about Australian inflation among local customers increased marginally in May as the Reserve Bank of Australia cut its benchmark interest rate by 0.25% to a record low of 2.75% on May 7, a report published by the Melbourne Institute showed on Thursday. The forecast inflation rate rose from 2.2% in April to a level of 2.3% in May, however,
Manufacturing sector in China declined for the first time in a seven-month period in May mainly due to poor demand and amid concerns that slump in the economy may persists for longer time. Chinese manufacturing purchasing managers' index measuring health of the sector dropped from 50.4 in April to 49.6 recorded in May, the lowest level in seven months.
Retail sales in the United Kingdom surprisingly dropped in April, the latest data published by the Office for National Statistics showed on Wednesday. Volume of retail sales including auto fuel declined 1.3% on a sequential basis in April compared to forecast of a 0.1% gain, while sales excluding fuel decreased by 1.4% missing an expectation of a 0.1% advance.
Wheat increased by the most in almost 2 weeks on Wednesday amid signs that demand for U.S. supplies from overseas increased, while corn advanced as Chinese purchases rose and soybeans gained. Wheat for July settlement added 1.5% to $6.9075 a bushel by 10:06 a.m. on the CBOT, whereas corn July futures gained 2.3% to $6.5075 a bushel and Soybeans for
Coffee futures decreased to the weakest level in more than three years on Wednesday amid speculations that world supplies may exceed demand as inventories in Brazil, the world's largest exporter, advanced by 80%. Arabica coffee for delivery in July dropped 2% to $1.3005 a pound by 11:43 a.m. on the New York's ICE after it touched $1.2985 earlier on the
The U.S. Dollar appreciated versus the majority of its counterparts on Wednesday after the Federal Reserve Chairman Ben Bernanke told Congress that the central bank will scale back its stimulus program if the economy shows favourable results. The so-called Greenback added 0.4% to $1.2855 per Euro as of 2:06 p.m. New York time after dropping to $1.2998, the fewest since
U.S. existing home sales increased modestly in April, a report released by the National Association of Realtors unveiled on Wednesday. According to the report, existing home sales in the country advanced by 0.6% to 4.97 million in April following a March's level of 4.94 million, while economists had projected home sales to climb to 5.0 million.
The Vietnamese central bank's Deputy Governor said that it is unlikely that the rates will be cut again this year, despite slowing economic activity in the country. He cited possibility of increased inflation as his motivation not to act; however, Vietnam affirms its plan to cut interest rates by 2% each year. After the last cut on May 13, the
South Korean short-term foreign debt decreased to the lowest figure since the Q4 of 2006 largely due to weaker Korean Won and curbed credit lean demand from exporters, a data unveiled by the Bank of Korea revealed on Wednesday. Short-term foreign debt dropped by $4.5 billion to a level of $122.2 billion in the first three months of 2013, while
Corn traded in Chicago dropped for the third successive day on Wednesday amid boosted optimism that record production will be reached spurring global supplies as U.S. farmers planted 43% of this year's intended area in a single week. Corn for July settlement fell 0.4% to $6.3775 a bushel on the CBOT and was traded at $6.385 at 2:09 p.m. Singapore
Current account balance in the Eurozone came in surplus in March largely due to a surplus recorded in trade balance as goods trade rose from 11.5 billion euros in February to 21.8 billion euros in the following month, the ECB reported on Wednesday. The report showed the current account surplus totalled 25.9 billion euros in March, up from 14.6 billion