Eurozone's services and manufacturing output contracted at a faster than predicted pace, as region's recession deepened. Markit, a market research group, reported on Wednesday eurozone's manufacturing purchasing managers' index dropped to a seasonally adjusted 45.3 in October, compared to a reading of 46.1 in September. While the business activity contracted at its fastest pace since June 2009, region's debt reached
The total number of new mortgages approved in the U.K. rose more than expected last month, hit by the global slowdown, the British Banker's Association said Tuesday. Mortgage approvals, which are a leading indicator of housing market activity, jumped 1.6 per cent to 31,175 in September, up from 30,683 in the previous month.
The Bank of Japan is likely to expand its asset-purchase fund to bolster economic growth, as the government piled fresh pressure on nation's central bank. During the next meeting at October 30, the BoJ is expected to cut its growth forecasts, as well as review its benchmark interest rates. The BoJ has already increased the size of its asset-purchase program
Major Swiss banks such as UBS and Credit Suisse are going to make around 7,000 employees redundant, as part of cost-saving measures in order to increase profit, the Der Sonntag newspaper reported Tuesday. UBS is to cut 3,000-5,000 jobs, while Credit Suisse may fire 1,000-2,000 workers. Banks worldwide are implementing cost-cutting measures to meet new capital requirements in times of
U.S. home values recorded its biggest gain since 2006, a sign the nation's property market is recovering. According to the Zillow, a real estate information service, the average price of the house rose 1.3% to $153,800 in the third quarter of 2012, up from $151,800 in the previous three months. However, the pace of recovery was uneven across the nation,
Spanish economy contracted for the fifth consecutive quarter, increasing pressure on country's Prime Minister Mariano Rajoy to ask Europe for financial help. Gross domestic product tumbled 0.4 per cent during the three months through September, matching the same contraction of the second quarter. Analysts had predicted Spanish economy to shrink 0.7 per cent in the third quarter of 2012.
Japan posted its worst September trade figures since 1979, as exports tumbled 10%, hit by the global slowdown, territorial dispute between China and Japan weighed on the economy as well. Monthly trade deficit increased to 558.6 billion yen ($7.0 billion), above analysts' expectation of a reading of about £2.3bn. At the same time, shipments to the world's second biggest economy
The amount of cash Swiss commercial banks hold with nation's central bank fell slightly in the week to October 19, a sign that investors are getting more anxious over Eurozone's financial woes. Sight deposits of domestic banks tumbled to 292.163 billion francs last week, down from 293.142 billion a week earlier, proving that the SNB is having less cash to
The number of U.K. businesses who gave up the ghost fell in September, as mid-size companies saw the greatest improvement in the insolvency rate, erasing 16 per cent to 92 companies. Insolvencies tumbled 3.1 per cent to 1,679 companies last month, after posting a 9.5 per cent drop in the previous month. Despite the better-than-expected data, the recovery may be
U.S. stocks traded mostly lower on Monday, as investors watched highly anticipated corporate results. Caterpillar Inc. (CAT), the world's largest maker of construction and mining equipment, downgraded its sales growth forecast for 2013, as the global economy decelerates.
Europe's biggest economy is likely to see a significant slowdown in the fourth quarter of 2012, due to the weak economic performance in the eurozone, the German central bank said on Monday. While many countries in the region fell into recession, German economy posted a growth of 0.5% in the first quarter and 0.3% in the second quarter.
Japanese all industries activity index rose less than expected last month, the Japanese Ministry of Economy, Trade and Industry reported Friday. A leading indicator of economic health, which accounts for about 60% of total industry activity, advanced slightly by 0.1%, up from -0.6% in the previous month, below analysts' forecast of and 0.2% increase.
Swiss stocks turned lower on Friday, as European Union leaders failed to discuss further aid for Spain and the latest round of earnings on both sides of the Atlantic pointed at the global slowdown, as it was initially expected.
U.K. posted its smallest September budget deficit since 2008, providing the government hope it can meet this year's deficit-cutting target. U.K. public sector net borrowing tumbled to £12.8bn last month, down from £13.5bn a year earlier. Despite the improvement in data, the government is still likely to announce cuts for future years.
Sales of previously owned homes in the world's biggest economy fell last month, as there were fewer homes available for sale, the National Association of Realtors said Friday. Existing-home sales dropped 1.7% to a seasonally adjusted annual rate of 4.75 million, compared to 4.83 million in August. At the same time, construction of new homes soared 15%, reaching the highest
European leaders agreed that the European Central Bank will be a new supervisor for eurozone banks starting from January 1, a step that will help the region's bailout fund to inject cash directly into struggling banks. The ECB will have the power to intervene in any of the region's 6,000 banks, while direct recapitalization of banks will help to solve
Japanese government plans to launch another round of quantitative easing by the end of November, by using discretionary budget funds, as Prime Minister's Yoshihiko Noda administration will be left without cash already in the next month.
Swiss trade surplus widened more than expected last month, as exports rose slightly, the Federal Statistical Office reported Thursday.
Strong demand for winter clothing and school uniforms pushed U.K. retail sales sharply up in September.
The number of people who applied for U.S. jobless benefits rose more than expected in the week ended October 13, posting the biggest jump in four months, the U.S. Department of Labor said Thursday.
Spain sold 4.6 billion euros of 2015, 2016 and 2022 bonds in an auction on Thursday, with nation's borrowing rates falling for the third consecutive day, amid growing expectations that the country will soon ask for international help.
Japanese government plans to introduce another round of quantitative easing by the end of next month in order to remedy signs of a slowdown in the recovery pace.
Economic sentiment in Switzerland improved more than initially expected in October, while still remains in negative territory, the Centre for European Economic Research reported Wednesday.
The number of unemployed people in the U.K. fell in the three months to August, as payrolls surged to the highest level since records began in 1971.