The Canadian Dollar fell for a second consecutive day against the U.S. Dollar after data showed Canadian retail sales declined in June 0.4% to C$38.7 billion, Statistics Canada reported. Other reports showed a decrease in employment, building permits and wholesale sales as well as slowing consumer-price increase. The Loonie lost 0.2% to 99.14 cents per U.S counterpart. One Canada's Dollar
Many Fed officials said additional measures will be required soon if the U.S. economy does not show signs of stable pickup, according to the minutes of the most recent FOMC's meeting. U.S. bonds and stocks increased as investors expect the central bank to launch a new large-scale asset purchase programme. The Fed Chairman Ben Bernanke will deliver a speech at
The U.S. Dollar fell against most of the major counterparts amid speculation the Fed will launch the third round of asset purchase programme, which would weaken the greenback further. The U.S. Dollar reached a seven-week low versus the Euro following the minutes of the FOMC meeting, which show many officials are in favour of additional stimulus to spur growth. The
According to Standard & Poor's, if Spain decides to request a full scale bailout, it will be unlikely to directly impact the country's credit rating as aid may help the nation continue fiscal reforms. Spain is currently rated BBB+ at S&P, which is 3 levels above non-investment grade. The nation has a BBB at Fitch Ratings and Baa3 at Moody's
China's manufacturing is expected to contract at faster pace in August, indicating more fiscal and monetary stimulus may be required. The preliminary reading for a purchasing managers' index was 47.8 following July's 49.3 figure. Export growth decreased to 1% in July from the previous year after an 11.3% increase in June, whereas lending and industrial output missed economists' expectations.
Greece's Prime Minister Antonis Samaras wants international lenders to give Greece more time to implement reforms and cuts that have been demanded as a condition for financial aid. The "troika" is to decide, whether Greece is to receive its next tranche worth 31.5bn euros in order to stay in the Eurozone and avoid default or not.
During last month, Obama spent almost $59 million through his main campaign account, what is $10 million more than he raised. The existing president has already spent $325 million, while President Bush has spent only $205.4 million in the 2004 election. By contrast, republican Mitt Romney fundraised by $25 million more, while spent only $165.3 million through his main campaign account.
The jobless rate in Norway remained unchanged at 3 per cent for a third consecutive month in June, the latest figures from Statistics Norway showed on Wednesday. While, the data met analysts' expectations, the number of employed people increased by 2,000. The employment rate was at a 69.4 per cent level in June, down 0.1 percentage points from the previous month.
U.S. stocks traded nearly flat, as traders are waiting for the results of today's Federal Reserve's policy meeting. The Dow Jones Industrial Average erased 0.04 per cent, the S&P 500 Index declined by 0.07 per cent, while the Nasdaq Composite Index lost 0.11 per cent. Moreover, disappointing data of existing home sales came out, with a rise of 2.3% to 4.47 million units, below expectations, which
On Wednesday, August 22, gold futures edged higher, and were trading near a three-month peak, as Greeks started negotiations with euro-zone financial ministers and creditors. Bullion inched 0.1% higher to $1,644.30 per ounce. Other precious metals were mostly higher on Wednesday, with October platinum jumping 1.1%, to $1,524 per ounce, September copper and palladium for the same month adding 0.12% and 0.78% respectively. In the
The Congressional Budget Office projected a $1.1 trillion federal budget deficit, or 7.3% of nation's GDP in fiscal 2012,. This is already the fourth straight year when the U.S. government's shortfall will exceed $1 trillion. Meanwhile, the new estimates are slightly lower than the predictions in March, when analysts expected a $1.2 trillion federal deficit.
German stocks dropped amid higher-than-expected trade deficit in Japan and before European leaders meetings this week. The DAX Index decreased 1% to 7,017.7, the biggest drop since Aug.2. Meanwhile, the gauge surged 17% from the year's lowest level on June 5 amid Mario Draghi's pledge to sustain the euro.
The Ruble declined against the U.S. Dollar first in three days after Brent crude fell and Japan posted wider-than-expected trade deficit, weakening demand for riskier assets. On Wednesday, the Ruble depreciated 0.4% against the Dollar to 31.8441 and slipped 0.4% versus the Euro to 39.7250, the lowest in three weeks.
Copper tumbled in New york after decreasing Japan's exports added signs of a global economic downturn, weakening prospects for demand. Shipments fell 8.1% on year, the Finance Ministry reported on Wednesday. December-delivery copper tumbled 0.3% to $3.449 per pound. Three-month contract slid 0.4% to 77580 per metric ton in London.
Canada's core retail sales decreased unexpectedly in June, Statistics Canada reported on Wednesday. Core retail sales, excluding automobile sales, slipped 0.4% in June from 0.4% gain in May. Analysts forecast a 0.3% rise. Total retail sales dropped 0.4% in June, compared to a 0.2% increase in May and expectations of 0.1% rise. Following the data USD/CAD surged 0.49% to 0.9940.
Sales of previously owned homes in the U.S. advanced 2.3% to 4.47 million on year in July, the National Association of Realtors reported on Wednesday, from 4.37 million in preceding month. The median estimate of 73 economists asked by Bloomberg News forecast an increase to 4.51 million.
German Bunds advanced, with 10-year rate falling to a one-week low, on Luxembourg Prime Minister Jean-Claude Juncker visiting Greece today amid worries over nations opportunities of solving the debt crisis. The 2-year notes cut a two-day fall after sales topped the maximum target at securities auction on Wednesday. The 10-year note rate fell to 1.50%. The 1.75% note due in
German shares dropped after Japan reported wider than expected trade deficit in July. Escalated cautiousness ahead of the FOMC minutes release also weighted down on German blue chips. The German DAX Index declined by 0.78% to trade at 7,017.41. Only one sector included in the index increased. Financials moved higher thanks to Deutsche Bank that gained 0.52%. At the same
UK equities sank on Wednesday after reports on sharp increase in Japan's trade deficit. Adding to risk-aversion in the markets, traders await FOMC minutes release due later in the day. The FTSE 100 Index tumbled by 1.10% to trade at 5,800.23 at the time of writing. All industries included in the index slumped. Basic materials sector posted the biggest losses.
The Hang Seng Index plunged on Wednesday on speculation that China's government is planning to expand property tax. Moreover, dismal Japan's trade balance data, showing that exports to China dropped sharply in July, added pressure on Chinese blue chips index. The Hang Seng Index sank 1.06% to trade at 19,887.78. All sectors included in the index tumbled. Basic materials and
Hong Kong stocks dropped amid worries corporate earnings are falling and before European leaders meetings this week. The Hang Seng Index tumbled 1.1% to 19,887.78, with all except one stock declining on the 49-member gauge. The Hang Seng China Enterprise Index slid 1.3% to 9,698.83.
Europe's stocks declined to almost three-week low after Japan's trade deficit widened more-than-expected and investors waited for the European leaders meetings' outcome. The Stoxx Europe 600 Index tumbled 0.9% to 270.27, the biggest decline since Aug. 2. Contracts on the S&P 500 fell 0.2%, while the MSCIA Pacific Index dropped 0.5%.
Consumer price index in India rose at the slowest pace in four months in July, said the Central Statistical Office on Tuesday. Nation's CPI increased by 9.86 per cent from a previous year, after jumping 9.93% in June. In the meanwhile, the Indian Central bank left the benchmark interest rate unchanged in the previous month in order to prevent inflation risks.
Japanese economic ministry released its all industries activity index for June on Tuesday, where the reading came 0.2%, mismatching expectations, compared with a previous reading of -0.2% in the previous month. Meanwhile, analysts were expecting growth of 0.3%. Index is a leading indicator of nation's economic health, and may signal the future direction of economic activity.