Eurostat reported on Wednesday that hourly labour costs grew in most of the European Union countries in the last year. For the period from 2008 to 2012 wages and non-wage costs gained 8.7% in EUR28, with the largest increase of 15.5% in Austria. The only country that experienced a decline in salaries was Greece, which witnessed 11.2% fall.
Wall Street finished green on Tuesday, sending higher the Standard & Poor's Index for the first back-to-back rally in almost one month, as investors cheered the earnings season kicking off, and Chinese inflation slowed. The S&P 500 Index climbed 0.4% to 1,568.61. Seven out of ten groups in the benchmark gauge edged higher. First Solar jumped 46% for the biggest
Merchandise exports in Portugal declined on a monthly basis in February amid weaker demand in Europe and the rest of the world, the Statistics Portugal reported on Tuesday. The report said that shipments out of the country dropped by 4.4% in February reversing a 19.5% rise in January, while on an annual basis exports slipped 2.6% in February after they
The performance of French economy is set to expand by 0.1% in the first three months of 2013 as the forecast stayed unchanged from the previous estimate, according to a survey released by the Bank of France on Tuesday. The survey data showed that the country's business confidence fell from 95 points in February to 93 in March, while the
Bank lending to private sector in Italy declined for the seventh successive month in February despite a low level of interest rates in the country, a report revealed by the Bank of Italy showed on Tuesday. The report said that private sector lending dropped by 1.3% in February after it slipped 1.6% in the previous month, while household lending fell
Farm commodities were mixed on Tuesday ahead of the USDA monthly Wasde report due on Wednesday. Growing fears over unfavorable weather conditions in the U.S. were supportive for the commodity complex. However, profit taking as well as forecasts of strong harvest this year weighed on rural commodities. Wheat dropped as the market awaits confirmation of China's wheat purchases from the U.S.
Energy futures apart from natural gas advanced on Tuesday ahead of the closely-watched EIA supply report due on Wednesday. Meanwhile, optimism over global stimulus after the BoJ launched a massive easing program and China's inflation slowed more than expected boosted energy demand potential. Crude oil advanced after inflation data from China. However, gains were limited as market players were cautious
Precious metals except for palladium rebounded on Tuesday after bigger-than-expected drop in China's inflation rate sparked speculation that the country has a room to ease its monetary policy. Moreover, broadly softer US Dollar lent support to the commodity group. Gold traded near an one-week high amid hopes stimulus measures across the globe will continue. At the same time, a
Industrial metals soared on Tuesday on hopes that slower inflation in China will reduce pressure on the policymakers to tighten monetary policies further. At the same time, expectations of surplus on physical markets this year coupled with high LME inventories restricted an upward trend of base metals. Aluminum gained on hopes for monetary policy loosening in China. However, expectations of an
Building permits in Canada increased in the month of February as a decline in the residential sector was offset by higher construction intensions of non-residential sector, a data released by the Statistics Canada unveiled on Tuesday. The data said that building permits worth C$6.0 billion in February, when they advanced by 1.7% from the month before.
Wholesale inventories in the world's largest economy surprisingly declined in February, a report released by the Commerce Department showed on Tuesday, at the same time wholesale sales recorded a notable rebound. Wholesale inventories slipped 0.3% in February reversing an increase of 0.8% in the month before, while wholesale sales moved up 1.7% in February after it rose 0.8% in January.
Emerging-market shares advanced first time in a week on Tuesday mainly due to an increase of consumer and energy companies after a report showed lower-than-expected inflation in China easing the pressure for monetary policy tightening. The MSCI Emerging Markets Index gained 0.4% to 1,011.26 on Tuesday after it dropped to the lowest since November 30.
The Australian and New Zealand's currency advanced as loosen monetary policy in the U.S. and Japan weighted on their government bond yields boosting the South Pacific's assets relative value. The so-called Aussie increased 0.2% to $1.0429 and it was traded at 103.82 yen, while the New Zealand's Dollar gained 0.2% to NZ$1.2285 per Australian dollar following a climb to NZ$1.2274.
The British Pound appreciated to the highest level in six weeks against its U.S. counterpart on Tuesday after a report showed that industrial production in the U.K. advanced above the forecast in February suggesting that the country might avoid a triple-dip recession. The Sterling gained 0.4% to $1.5316 on Tuesday after it reached $1.5363 on April 5, the highest since
U.S. Treasuries increased on Tuesday amid speculation that buying at today's $32 billion auction of three-year notes will be boosted by the Bank of Japan's decision to double its assets purchases. The benchmark U.S. 10-year yields decreased by two basis points to 1.73% at 9:31 a.m. in New York after it dropped to the lowest since December 12 at 1.68%
Unemployment in Switzerland shrank in the month of March with the jobless rate falling to a non-seasonally adjusted 3.2% from the previous month's level of 3.4%, a report unveiled by the State Secretariat for Economic Affairs showed on Tuesday. Year-on-year, the unemployment rate stayed flat at 3.2%, while the total number of unemployed people decreased from 126,392 in March 2012
Trade deficit in the U.K. widened more than economists expected in February, when the shortfall stood at a level of GBP 9.4 billion compared to forecast of GBP 8.6 billion, up from January's figure of GBP 8.2 billion, the Office for National Statistics reported on Tuesday. Total value of shipments out of Britain dropped 1.1% in the January-February period, while
Industrial output in the United Kingdom advanced more than expected in February, when it rose to 1% from a 1.3% contraction recorded in January, the Office for National Statistics reported on Tuesday. The reports showed that the biggest impact on the recovery had manufacturing production with 0.8% gain on a monthly basis in February after it declined 1.9% on the
Export of goods in Germany decreased at a faster rate than preliminary estimated in February as ongoing depression in the 17-nation bloc weighted on demand for German goods, the Federal Statistical Office reported on Tuesday. The report showed that shipments out of the country dropped on a monthly basis by 1.5% to 90.4 billion euro in February following a 1.3%
French merchandise trade deficit widened in the month of February, while economists expected a decline of trade shortfall, a data released by the Commerce Ministry showed Tuesday. According to the report, nation's trade deficit rose to 6.011 billion euro in February 2013 compared to a level of 6.506 billion euro in February 2012, while in January 2013 it was 5.653
Manufacturing turnover in Germany recovered in the month of February as a result of an improvement in demand from customers abroad, a report revealed by the Destatis showed on Tuesday. The report said that manufacturing turnover rose 0.5% on a sequential basis in February reversing previous month's fall of 0.4%, while domestic turnover dropped 0.3% on the month.
The Japanese currency appreciated versus most of its peers on Tuesday rebounding from the lowest level against the U.S. Dollar in almost four years on speculation that recent losses of the currency has been too rapid. The Yen added 0.4% to 98.95 per U.S. Dollar earlier on Tuesday London session after it dropped to 99.66, the lowest since May 2009,
European shares increase on Tuesday as Alcoa Inc. recorded a profit at the beginning of U.S. earnings season and as inflation in China expanded at the slower pace than economists expected in March. The benchmark Stoxx Europe 600 Index advanced by 0.6% to 289.38 earlier on Tuesday London session after it bounced back from its largest three-day fall yesterday.
West Texas Intermediate oil increased for the second straight day on Tuesday after a report showed that inflation in China rose less than expected in March and as U.S. crude inventories reached the highest figure in 22 years. May WTI futures gained 46 cents to $93.82 a barrel on the NYMEX and it was traded at $93.70 at 9:15 a.m.