The manufacturing sector in the Eurozone remains weak, despite the overall economic recovery in the region. According to the data, the output in July lost 1.5% on a monthly basis, while analysts predicted a drop of 0.3%, five times slower. The annual production slashed 2.1%. The economy of the Eurozone returned to growth of 0.3% in Q2, while in the
One of the policy makers in the Bank of England, David Miles, point out that the economic recovery in the country may not influence the unemployment rate positively in the nearest future. Yesterday the data showed the U.K. unemployment dropped to 7.7%, while the goal for BoE is 7%. Nevertheless, the economic growth in the U.K. will continue to strengthen,
The Central bank of the Philippines kept the main interest rate at the lowest level after the meeting on Thursday, as inflation the country is easing, while the economic growth is estimated to slower. The key rate was held at 3.5%, the lowest value for the seventh consecutive meeting. Consumer price index may reach 3% to 5% the next year,
Experts from one of the largest banks in the world, Goldman Sachs Inc., expect the demand for commodities in China to rebound till the end of 2013. Investors in the country are going to provide more financial resources for infrastructure projects, as well as for fixed-asset investments. Nowadays, China is the largest consumer of copper, tin and iron, and the
Russian shares gained value for the last nine days, as oil prices stayed flat during that period and the country declined any military action in Syria. Today, the first time in nine days, the benchmark Micex Index slumped this morning 0.2% to 1452 points at 8:00 GMT, while the utility companies lost the most in value. Recently the government announced
The biggest telecommunications operator in the world, China Mobile, has signed a contract with Apple Inc. to offer their clients' new smartphones. After the deal, the American giant will have access to 37% of China's smartphone users. During the presentation of new iPhones, Apple announced China as one of the first markets to sell new devices, while the contract with
According to the report of Goldman Sachs Group Inc., gold prices will decrease in 2014, as the U.S. economy improves and global perspectives are positive. Moreover, the Fed will probably start tapering the next week, putting more pressure on gold quotes. Prices on the precious metal have already lost 18% this year, while they were in up-trend for the previous
Swedish analysts point out that it is necessary for Swedes to amortize household mortgages to protect themselves from increasing debt amounts. Housing prices have already doubled since the beginning of the century and now it takes on average 140 years to fully repay a mortgage. Moreover, only 40% of borrowers for a house purchase in Sweden are able to pay
The manufacturing industry in South Africa surged 5.4% in July of this year, while the factory output added 0.5%. Economists expected the output to advance 1.6%. Manufacturing progress can be explained by the shrinking exchange rate of the rand, which boosted exporters' revenues. This year the national currency of South Africa has already lost 15% against U.S. dollar.
Worldwide copper prices advanced on Wednesday, as China's economy continues to recover. China is the biggest importer of copper, thus the rise of prices is predictable. According to overall outlooks, Chinese economy can add 7.6% this year, up from previous forecast of 7.5%. Copper prices in London surged today 0.4% to $7,201 per metric ton, while the forecast is in
Apple Inc., one of the leading smart devices' developers in the world, signed contracts with two Chinese telecommunications companies in order to sell its new iPhone 5C and iPhone 5S. China Unicom Ltd. and China Telecom Corp. will offer their clients new handsets from Apple. The deal can be made also with China Mobile Ltd., after which Apple will have
UniCredit SpA, the largest Italian bank, will analyze all its operations till the beginning of November. Bank's officials confirmed that some investors are interested in its Credit Management Bank subdivision, as this unit is the most valuable for the Italians. It manages around 45 billion euros and specializes in servicing of non-performing loans. Up to 50% of the unit can
The largest freight company in the world plans to continue its investments in developing economies, even though some investors are not willing to work in these countries. Creditors erased $22.1 billion of reserves from developing countries since May. Maersk is still ready to work in such regions like Russia, Latin America and Africa, as they have very good opportunities for
Apple Inc. will not increase the prices for its products in India, even when the country's national currency faces the highest decrease of its exchange rate. By that decision the technology giant plans to become more competitive in battle with Samsung Electronics, which itself plans to increase prices in India. It is expected that India will become the second largest
Japanese analysts predict that the failure to raise the sales tax in the country may be followed by increasing amounts of money outflows from the country and the Prime Minister's economic recovery plan will be under threat. Currently economists expect the tax to be increased from 5% to 8% in April, 2014. Experts point out that the tax decisions are
The largest European automaker, Volkswagen AG, has set a goal to release around 40 new electric or hybrid vehicles in the nearest future. The next year the company will show the public 14 such vehicles. Electric vehicles' market is growing, but some companies overestimate the growth pace, while, for example, in Germany there were only 435 electric vehicles sold this
Chinese authorities are planning the Shanghai region to become one of the world's financial capitals by year 2020. While achieving this goal, the government will ease the conditions to make business in Shanghai. Citigroup, HSBC and Standard Chartered banks said they are interested in developing the free economic zone by offering financing opportunities to new businesses.
The second largest car maker in Europe, Peugeot-Citroen, is expecting the regional market conditions to improve in the next year. Automakers' officials say that the worst is already behind and it will be only a modest recovery. Paris-based corporation itself is going to cut 11 thousand jobs in France, closing a factory near Paris. Company's shares rose to a 17-month
American biggest banks, such as JPMorgan Chase and Well Fargo may release smaller profit amounts, as new mortgages fall amid higher market interest rates. Moreover, Bank of America plans to cut more than 2000 jobs, closing 16 branches across the U.S. After Fed's announcement of the possible tapering 30-year home mortgage yields surged to 4.57% from 3.35% in May.
WTI declined for a second straight day as the U.S. claimed that Russia's bid to force Syria to surrender the chemical weapons might averts military actions, alleviating concerns that the conflict will undermine Middle East oil exports. WTI for October settlement fell $1.32 to $108.20 a barrel, while Brent for October delivery dropped 1% to $112.61 a barrel.
French industrial production unexpectedly declined 0.6% month-on-month in July, after dropping 1.4% a month earlier, according to INSEE. Analysts expected an increase of 0.5% for the reported timeframe. Manufacturing output decreased 0.7%, after contracting 0.4% in June, whereas a 0.7% rise was forecasted. That translated to industrial output and manufacturing production falling on an annual basis 1.8% and 2.5%, respectively.
Asian stocks advanced, prolonging the rally in the benchmark index, as China posted better-than-expected industrial production and retail sales data, reinforcing the view the world's second largest economy is recovering. The MSCI Asia Pacific Index rose 1.1% to 137.11, heading for the highest level since July 23. Japan's Topix gained 1.5%, while South Korea's Kospi and Australia's S&P/ASX 200 added
According to trading patterns, it seems that the worst might be over for Australia's Dollar after losing 9.5% for the six months, as the central bank moves towards the end of the interest-rate cutting cycle, while the Chinese economy is rebounding. The Aussie might rise toward 93.07 U.S. cents if it breaches key resistance levels.
Equities advanced in the U.S. and emerging markets as Chinese exports climbed. The S&P's 500 Index gained 0.5% to 1,663.08, while the MSCI Emerging Markets Index soared 1.7% as of 10:58 a.m. New York time and the Shanghai Composite Index rose 3.4%. The data showed 7.2% increase in exports, which led to biggest increase in equities in Shanghai this year.