Confidence among German investors soared to the 7-month high in December on speculations that the Europe's largest economy will gain momentum in the next year. According to the ZEW Center for European Economic Research, its index, which measures investor and analyst expectations, unexpectedly rocketed to 6.9 this month, up from minus 15.7 in November. At the same time the gauge
The U.S. trade gap widened in October, however, less than initially was expected, as exports slumped at the fastest pace in four years and outweighed a drop in imports. The Commerce Department said that the trade deficit climbed 4.9% to $42.2 billion, from a revised $40.3 billion in September. Exports from the world's biggest economy tumbled 3.6%, the most since
The U.K. home prices fell surprisingly in November after several months of improvement, adding to concerns that the economy is not on the path of recovery yet. The Royal Institution of Chartered Surveyors said that a house-price gauge slipped to minus 9 from minus 7 in October, indicating that more surveyors saw a drop in values rather than increase. In
The Swiss biggest bank will charge fees to bank clients, who are holding Swiss franc cash accounts starting from December 21, suggesting clients should keep franc balances as low as possible. UBS decided to impose negative interest rates on institutional clients following a similar move by Credit Suisse, which was done in the previous week. A move by nation's two
The total quantity of domestic currency in circulation and deposited in banks in Japan dropped in November, the BoJ said on Tuesday. Japan's M2 money stock was up 2.1% on year in November, totalling 819.4 trillion yen and posting a slower pace than a 2.3% increase in the previous month. In the meantime, the broader M3 money stock, which also
The world's third biggest economy sank into recession, posting two consecutive quarters of contractions, meeting analysts' expectations. Japanese gross domestic product shrank by 0.9% in the July-September period, after a 0.03% contraction in the previous quarter. On a yearly basis, the economy contracted by 3.5% in the three months through September. The weak economic performance is adding to signs that
The amount of cash Swiss commercial banks hold with nation's central bank fell slightly in the week to December 7, a sign that investors are getting less anxious over Eurozone's financial woes. Sight deposits of domestic banks declined to 292,764 million francs last week, down from 293,104 million a week earlier. At the same time, the tendency remains negative, proving
The U.K. is going to hold the referendum on the nation's membership in the European Union, the Prime Minister David Cameron said Monday. People will be offered two choices, either new, looser relationship with the EU or a British exit. Cameron's willingness to stay in the 27-member bloc created some tensions in his own Conservative Party. In the meanwhile, Cameron
The Federal Reserve is likely to announce on Wednesday that it will continue buying Treasury securities in order to stimulate growth in the 2013. Moreover, the Fed may expand its asset-purchase programme, known as Quantitative Easing, to $85 billion worth of securities per month. Before easing up the stimulus programme, the Fed wants to see a big improvement in the
Investor confidence about the Eurozone economic outlook improved for the fourth consecutive month in December, boosted by the ECB's pledge to save the common currency, the Sentix research institute said Monday. A gauge, which measures sentiment in the euro-area economy, improved to -16.8, up from -18.8 in November, however, still remains below the 0 threshold, which separates optimism from pessimism.
Japanese leading indicators rose more than expected in October, indicating some positive signs for the world's third largest economy. The Cabinet Office said that nation's index of leading economic indicators, which is designed to predict the direction of the economy, advanced to a seasonally adjusted 92.5, up from 91.6 in the preceding month. The reading came above analysts' expectations of
The reserves held by the Swiss National Bank unexpectedly for a second straight month in November, as the nation's currency hovered above the 1.20 per euro cap, which was imposed by the central bank in September 2011. The SNB held 424.826 billion Swiss francs ($456.16 billion) in foreign currency in the last month, compared with a revised 426.769 billion francs
British manufacturing output contracted more than initially expected in October, reinforcing fears that the economy will shrink again at the end of this year. Manufacturing output shrank by 1.3% in October after stagnating in September, and was 2.1% lower from a year ago, posting the biggest drop since June, the figures from Office for National Statistics showed. The overall industrial
The U.S. unemployment rate dropped to the lowest level since December 2008, while payrolls rose more than expected in November, a positive sign that the labour market in the world's biggest economy is finally on the path of recovery. The country added 146,000 jobs in November, as the economy seemingly shrugged off super storm Sandy. At the same time the
The European Central Bank left its benchmark interest rate unchanged on Thursday, however, a majority of policy makers in the region are showing willingness to cut the rate. The reduction is likely to be seen early next year if the economy does not pick up. In the meanwhile, Germany and Austria suggested that an improvement is unlikely, forecasting scant growth
Japanese residents increased their purchase of foreign bonds last week, a negative sign for the world's biggest economy, as investors are not willing to invest money in the nation's economy. The report by the Ministry of Finance showed that Japanese investors bought 494.2 billion yen ($6.0 billion) in overseas bonds and notes in the week ended November 30, while sold
The inflation rate in Switzerland fell unexpectedly in November due to the fall in fuel, rents and food costs, adding to signs that the Swiss National Bank will not remove its cap on the nation's currency. Swiss prices fell 0.4% from a year ago compared to a drop of 0.2% in the prior month, and were down 0.3% on a
The U.K. trade gap widened more than it was initially expected, as exports tumbled, led by a decline in capital goods. The Office for National Statistics said Thursday, that the goods trade deficit rose to 9.54 billion pounds ($15.4 billion) in October, up from 8.44 billion pounds in the previous month. At the same time, exports from the county lost
New applications for the unemployment benefits in the world's biggest economy fell for the third week in a row, as disruptions caused by super storm Sandy waned. The Labor Department said that the number of people who applied for U.S. jobless benefits fell by 25,000 to 370,000 in the week ended December 1, down from 395,000 a week earlier. The
The European Central Bank left its benchmark interest rate unchanged at a record low of 0.75%, after Mario Draghi pledged bank's readiness to buy government bonds, and as a result it lowered borrowing costs and boosted confidence that the Eurozone can emerge from recession next year. In the meantime, the ECB has revised down its region's growth forecasts for 2012
The Bank of Japan claimed its readiness to expand its asset purchase programme to boost economic growth if risks to the outlook heighten, Deputy Governor Kiyohiko Nishimura said on Wednesday. The BoJ is likely to loosen its monetary policy again this month in the face of growing political pressure. Moreover, the bank is planning to keep its stimulus programme in
Swiss cities, such as Zurich, Geneva and Bern, are among top ten places to live worldwide, a survey by a consulting company Mercer showed Wednesday. The low level of crime rate, political stability and good medical facilities are the main reasons why people are showing willingness to live in Switzerland. A survey, which takes into consideration political, social, socio-cultural, economic
The British economy is highly expected to contract by the end of this year, despite the improvement in the third quarter, the Office for Budget Responsibility said Wednesday. The economy will shrink by 0.1% in 2012, down from the previous time of the Budget in March, when the forecasts were for a 0.8% growth. At the same time the economy
The pace of service sector growth in the world's biggest economy continued gaining momentum in November, while the number of new orders rose as well, giving a positive sign for the economy. The Institute for Supply Management said its services index climbed to 54.7 last month, up from 54.2 the month before. The reading came above analysts' expectations of a