South Korean currency increased on Tuesday reversing previous loss after demand for the U.S. Dollar was reduced as the U.S. government shut down partially for the first time in seventeen years amid a deadlock in Congress. The Won advanced 0.1% to 1,073.56 per U.S. Dollar at the close in Seoul following a 0.2% drop earlier on the session.
Number of unemployed people in the largest economy of Eurozone added 25,000 in September, while analysts expected the unemployment to fall by 5,000. Moreover, the jobless rate advanced to 6.9% from 6.8% in August. Economists point out that the economy of Germany is growing, however, some big domestic companies like Siemens AG have recently announced big job cuts.
The U.S. Dollar dropped to a 19-month low versus the Swiss Franc amid partial U.S. government shutdown, boosting speculation the Fed will retain its monetary policy that weakens the currency.The Dollar slid 0.5% to 90.03 Swiss centimes at 8:32 in London after weakening to 89.93 centimes, the lowest since February 29, 2012. The greenback lost 0.3% to $1.3575 per Euro,
Japanese government announced on Monday an increase of the sales tax from 5% to 8% in the next year. Some economists say that the tax rise may slower the economic recovery in the country. Nevertheless, the government is going to push around half of new sales tax receipts, or $88 billion, back to the economy. The changes will most probably
Treasuries dropped after three-day soar on speculation the U.S. government shutdown will end fast enough for the politicians to work on expanding the limit. Ten-year U.S. yields added 0.03 percentage point, or three basis points, to 2.64% as of 8:24 a.m. in London. The August 2023 2.5% note lost $2.50 or 1/4 per $1,000 face value, to 98 25/32.
The Reserve Bank of Australia unchanged the main interest rate, keeping it at 2.5%, the all time lowest level. Experts, however, predicted the rate to be decreased slightly. RBA officials said that the Bank's easing monetary policy is only on its way to start working and the economy will feel the easing policy's results in the nearest future, thus more
The U.S. Dollar dropped to the nine-month low to $1.6245 versus the U.K.'s currency as the U.S. government began partial shutdown at midnight not being able to reach consensus on Obamacare. The shutdown will slow country's economic recovery and challenge the beginning of Fed's tapering, which is anticipated to depreciate the greenback further.
Manufacturing activity in China increased in September of 2013, as the benchmark PMI Index added 0.1 points to 51.1 points. At the same time, analysts forecasted the index to reach, on average, 51.6 points. Still, reading above 50 points indicates growth in the sector. Economists say that a rise in manufacturing will push the whole Chinese economy higher and predict
Unemployment level in the third biggest economy of the world unexpectedly soared to 4.1% or 2.71 million people in August of this year, while economists did not predict any changes from the July level of 3.8%. Meanwhile, job-to-applicant ratio increased to 0.95 and matched forecasts. Moreover, employment in Japan is rising, as it reached 63.1 million persons, 0.5% more than
Retail sales were anticipated to grow 0.3%, yet the index advanced 0.4% in August compared to 0.1% gain in July as low interest rate bolster consumer spending. Consumer confidence index advanced 4.7% signaling that households are more confident regarding country's economy, which is buoyed by 6.4% increase in department store sales after 7.9% fall in July.
European stock-index futures advanced, indicating the Stoxx Europe 600 Index will recover from its biggest slump during one-month time, as investors weighed the impact of U.S. government's partial shutdown. December futures on the Euro Stoxx 50 soared 0.3% to 2,887 as of 7:23 a.m. London time. S&P's 500 Index futures added 0.2%, while contracts on the U.K.'s FTSE 100 Index
Gold extended losses on worries that the first U.S. government partial shutdown in almost two decades will end soon as the officials have to seek for a compromise. The yellow metal price dropped 0.3% to $1,324.95 an ounce, prolonging Monday's 0.6% loss, and traded at $1,328.35 as of 12:24 p.m. Singapore time, while the platinum declined 0.6% to $1,395.13 an
Large manufacturers' sentiment rallied to the highest level of 52.5 since the debt crisis broke out amid steps to mitigate increase of sales-tax, which is claimed to become 8% instead of 5% in April. Gain in business confidence across various sectors shows that Japan economy is improving, yet salaries went down 0.4% year-on-year and unemployment rate rose to 4.1% in
European shares retreated the most in four weeks, reversing the best three months in last four years, as the U.S. experienced government shutdown for the first time in 17 years. The Stoxx Europe 600 Index dropped 0.6% to 310.46 at the end of trading, the biggest decline since August 30; however, the equity-benchmark has advanced 4.4% in September.
Asian shares gained, bolstered by Japanese stocks, after Japan's Prime Minister Shinzo Abe stated the government will increase its sales tax; however, gains were limited as the U.S. government has its first partial shutdown in almost 20 years. The MSCI Asia Pacific Index added 0.3% to 138.96 at 2:37 p.m. Tokyo time and the gauge has climbed 6.4% in September.
The Canadian currency reached the highest level in four days after gross domestic product data showed growth in July, fueling the speculation that nation's economy is bouncing off from a slowdown in the second quarter. Canada's Dollar strengthened 0.3% to C$1.0275 per U.S. Dollar before reversing advances at the end of the day reaching C$1.0309 at 5 p.m. Toronto time.
At midnight the U.S. government went for partial shutdown as Republicans and Democrats did not manage to reach consensus on Obamacare, yet major negotiations on debt limit increase still to come. The shutdown will hurt consumers' and businesses' confidence and is expected to decrease GDP by 300 million Dollars a day, which will weaken pace of country's economic recovery.
The Aussie rose versus 15 of 16 its most-traded peers after better than expected retail sales and that supported worries that nation's central bank will not cut interest rates today. Australia's currency gained 0.2% to 93.37 U.S. cents after reaching 92.81 on Monday, while the Kiwi added 0.1% to 83.08 U.S. cents.
Italy's inflation measured as harmonized index of consumer prices (HICP) slowed down more than economists initially forecast in the month September, a report released by the statistical office Istat revealed on Monday. The report showed that the HICP advanced 0.9% year-on-year in September after it added 1.2% in the month before, the same level as recorded in July.
Mortgage approvals for house purchases in the United Kingdom advanced more than originally expected in August rising to the highest level since February 2008, a data published by the Bank of England unveiled on Monday. The data showed that mortgages granted by lenders stood at 62,226 in August, up from 60,914 in July, while it was forecast to grow to
Current account surplus in Spain advanced notably in the month of July from the same period last year mainly due to a foreign trade improvement, a government data showed on Monday. According to the data, current account came in surplus of 1.63 billion euros in July exceeding a level of 825.5 million euros recorded in the month last year.
Public debt in Spain is projected to increase to around 100% of gross domestic product by the end of 2014, according to the draft budget proposal released by the Budget Ministry on Monday. Spain's public debt will rise to 99.8% in 2014 from a level of 94.2% this year, while pension payments will advance 0.25% by the end of 2014.
European stocks retreated to lowest level in two weeks as the U.S. faces the government shutdown and the Prime Minister of Italy, Enrico Letta struggles to save his administration. The Stoxx Europe 600 Index lost 0.6% to 310.34 as of 3:31 p.m. London time, while it has still gained 4.3% this month as the Fed did not taper its monthly
Siemens AG, one of the leading engineering companies in the world, announced around 15,000 job cuts worldwide, as the company is missing its profit estimates. This amount represents about 4% of all Siemens workforce. Company's new CEO Joe Kaeser confirmed that a third of all job positions will be eliminated in Germany. Today Siemens AG shares traded down 1.07% to