Italian domestic product was lower by 0.2% comparing with the second quarter, when it shrunk by 0.7%, as the National Statistics Institute Istat announced on Thursday. The economy contracted less than economists estimation, which median was 0.5% according to a Bloomberg survey. However, that was the fifth quarter as economy shrunk and Italy entered the second year of recession.
The Stoxx Europe 600 Index dropped 0.5% to 266.71 points in early London trading session on Thursday, deepening a two-month low. Markets trade with negative sentiments, as U.S. President Barack Obama said that tax for high earners will be increased by the next year. In order to avoid the fiscal cliff, the U.S. plans to impose the $607 billion tax
North America's gas producers hurt the biggest gas price rally in last 10 months, as more wells will be opened. Increasing rate of pumping pushed the U.S. to record gas supply in 2012, but forced the price to go down by 9.2% from the peak since 30th of October. With such increasing gas output, the U.S. should surpass Russia by
Hong Kong equities tumbled on Thursday after China's Communist Party elected the new leader Xi Jinping. Worries over the US fiscal cliff and uncertainty over the eurozone dragged the Hong Kong share index lower. The Hang Seng Index sagged 1.55% to close at 21,108.93. Only two sectors within the index climbed. The only gainers were utilities and consumer services. Hong
Japan's stocks jumped on Thursday after Shinzo Abe, who is likely to win December's election, urged further stimulus measures. He said that the BoJ should lower the interest rates to zero or even below zero to increase lending. The Nikkei 225 Index soared 1.9% to close at 8,829.72. Nine out of ten sectors within the index advanced. The top-performers were
Soybeans futures for January settlement increased by 0.4% to $14.25 a bushel on the Chicago Board of Trade during Asia trading hours on Tuesday. The commodity price steps up for a third day, continuing a rebound from the lowest price level in four months. Investors trade with positive expectations on signs of boosting demand from the U.S. and sustained imports to China, which is
US blue chips sank on Wednesday as dismal reports from the domestic economy and mounting concerns over Greek bailout dampened demand for riskier assets. US retail sales and PPI tumbled more-than-expected last month, indicating that economic recovery is under question. The Dow Jones Industrial Average Index plunged 1.45% to close at 12,570.95. Only one Dow company advanced. The only gainer
Last year Russian Prime Minister Dmitry Medvedev ended the switch to winter time and increased the difference between London and Moscow from three to four hours. This change cut liquidity in Russia's stock markets and hurt ambitions to increase the role of finance, as currently the economy is very dependent on oil. This year Russian Micex Index lost 15% since 28th of October, as the
US stocks dropped on Wednesday as weak national data fuelled fears that upcoming fiscal cliff will drive the country into recession. Moreover, traders were cautious ahead of Chinese leadership change due on Thursday. However, mounting hopes that the Fed will continue its bond-buying programme next year limited losses in the US equities. The S&P Index plunged 1.39% to close at
Fitch Ratings improved Ireland's credit prospects from negative to stable, as the government puts a lot of efforts to be the first euro-region country to exit bailout. Also, the credit agency confirmed its BBB+ rating, as the narrowing fiscal deficit and the expectations that domestic banks probably will not need more capital injections. Fitch's decision was supported by the other
Rural commodities were mixed on Wednesday amid solid greenback and bottom fishing. Meanwhile, weak demand for the US exports coupled with fears over global economic slowdown created a heavy pressure on the commodity group. Wheat extended previous losses on rallying US Dollar. However, the grain may find support on further cuts of global supply estimates. Dan Basse President of AgResource
Economists say that the retail prices in the U.S. are likely to rise at the slowest rate in three months. The expectations are that a gain in the consumer price index will be 0.1% in October after a 0.6% increase in the previous month. Economists' forecasts ranged from a 0.1% decrease to a 0.3% growth. The actual number will be
Energy futures jumped on Wednesday despite bleak global outlook and solid greenback. Meanwhile, escalated tensions in the Middle East pushed the commodity group higher. However, market players remained cautious ahead of the EIA inventory report due on Thursday.Crude oil rallied ahead of the US stockpiles data due on Thursday. Crude oil inventories are expected to have climbed by 2.5 million
The pace of economic growth in Germany continued to slow down in the third quarter on threats euro zone crisis possess on the Europe's largest economy. The nation's GDP expanded 0.2% in the time period from July to September on seasonally adjusted basis. Experts say German economy will further contract in Q4, as business climate is worsening, industry orders still
Industrial metals were mixed on Wednesday amid weak numbers from the US and lingering concerns over whether Greece will receive the next bailout installment timely. Meanwhile, investors were also cautious ahead of Chinese leadership change due on Thursday. Aluminum was the top-loser, halting two-day rally as support from brighter demand prospects in China faded. Disappointing US data coupled with concerns over
The French GDP grew 0.2% quarter-on-quarter after a -0.1% decline in the previous quarter according to data provided by Statistical Office Insee, reversing the analysts' estimates as they forecast a stagnation in French economy during the period. Domestic demand and foreign trade were the main facilitators that boosted growth. Exports advanced 0.5% while imports lost 0.6%. Meanwhile, total domestic demand contributed 0.2 points to GDP growth.
New Zealand's Dollar halted declines as strategists improved forecasts. The kiwi advanced 3.9% throughout the year 2012, showing the biggest increases among ten most developed-market currencies. Investors are trading the currency on accelerated pace of economic growth prompted by housing rebounds and soaring demand for dairy products. The currency gained 0.2% to 81.17 U.S. cents, rebounding from its lowest level
Consumer price inflation in Poland cooled in October, matching economists' estimations, data from the Central Statistical Office showed. The CPI index rose 3.4% year-on-year in October, slower than a 3.8% increase in the previous month. Consumer prices grew 0.4% on a monthly basis. Food and beverages prices climbed 4.7% on an annual basis, whereas housing costs rose 4.6%.
The Australian Dollar kept declining against all but one its major counterparts, as the Reserve Bank increased sales of the Aussie to foreign banks last month. The currency lost 0.1% to $ 1.0367 falling from yesterday's $ 1.0376 when it was down 0.6%. However, the Aussie rallied 0.6% versus the Japanese Yen to 83.74 after Shinzo Albei, the opposition leader, asked for unlimited monetary easing
Oil traded close to a one-week high as Israel attacked the Gaza Strip, increasing concern Middle East unrests will disrupt supplies. Elsewhere, the U.S. data showed that stockpiles increased to the most since mid-summer. Crude for December settlement was up by 1% at $86.33 a barrel, while Brent oil for December delivery increased 14 cents to $109.75 a barrel.
Moody's Investors Service said that it will reassess the U.K.'s top Aaa rating at the beginning of the next year as the country's economy slows on the Eurozone debt crisis and government efforts achieve fiscal consolidation. The recovery in the U.K. is likely to slower than projected as the public and private sectors reduce their debt loads.
Asian equities outside Japan dropped touching the lowest level in two months on concern the so-called fiscal cliff in the U.S. might restrain global growth. Meanwhile, Japanese shares advanced amid changes in the nation's leadership that would result in improving economy. The MSCI Asia Paific Ex-Japan index tumbled 0.9% to 434.64, while the Hang Seng index also eased 0.9%. Chinese Shanghai Composite fell 0.3% after
The Japanese Yen fell to the lowest level in six months on speculation elections in Japan will hand power to opposition party, which endorses more aggressive monetary policy. The Yen reached 80.83 per U.S. Dollar; the weakest level since April 26, before fetching 80.79, 0.7% below the close yesterday. It headed for a 1.8% decline over the past 2 days,
Wholesale prices tumbled in October the first time in five months on declining energy and vehicle costs. The producer price index fell 0.2%, as prices in all but two sectors dropped, after increasing 1.1% in September, according to data released by Labor department. Passenger car costs slid the most since July 2009, down 1.6%, whereas the prices for light tracks eased 1.5%. The prices were