One of the largest U.S. banking corporations is on the way to cut around 1000 jobs in the United States. The biggest of number of layoffs will take place in the Bank of America's branch in Beachwood, Ohio, where more than 950 will be cut. Moreover, almost 150 people will lose their workplaces in other Ohio cities. The bank
New car sales in the second economy of Europe continued to be in the downtrend in August with the new car registrations slumping 11% to 85.5 thousand units. Volkswagen had the biggest decrease among the leading car producers, whose sales fell 24%. Peugeot and Ford sold 17% and 19% less cars this August, comparing with the same month in 2012.
U.K. shares inched up after manufacturing advanced at a faster pace in Britain and China, while Vodafone Group Plc soared to the highest level in 11 months. Vodafone rallied 4%, after announcing that attempts to sell the stake in the wireless venture to the Verizone Communications Inc. have progressed. The FTSE 100 Index gained 1.8% to 113.37 points.
The second biggest telecommunications company in the world plans to sell all its shares in "Verizon Wireless" company to American "Verizon" for $130 billion. After the deal, "Verizon" will become a 100% shareholder in its subsidiary, while at the moment the American company owns 55% of shares in "Verizon Wireless". The deal is likely to become one of the largest
Copper advanced, following the release of manufacturing report in China, which surpassed expectations. Copper for settlement in thee months rallied 1.8% to $7,228 per metric ton and the December copper contract surged 1.8% to $3.29 per pound. The official manufacturing index touched the highest level in 16 months of 51.
The Australian and New Zealand currencies inched up from losses on the previous week as Chinese government report indicated manufacturing hit the highest level in 16 months, supporting the prospects for overseas sales from both countries. The Aussie added 0.9% to 89.83 versus the greenback and rallied 1.8% to 88.97 yen, while the kiwi gained 1.1% to 78.09 versus the
European shares increased, after data showed Chinese manufacturing activity beat economists' expectations. The Stoxx Europe 600 Index gained 1.6% to 302.14. Chinese manufacturing index jumped to 51 in August from 50.3 in the month before, beating analysts' expectations of 50.6, while manufacturing gauge in Europe rallied to 51.4 last month.
Indian(SENSEX) stocks soared to a two-week high as a reduction in oil prices opposed India's slowest GDP rise in four years. Oil prices dropped after Barack Obama seeked approval from Congress, delaying attack against Syria and easing concerns over disruption of Middle East crude outbound shipments due to imminent strike. The CNX Nifty on the National Stock Exchange added 1.4%
The common currency remained steady versus the greenback, following a set of reports from the major European economies. The 17-nation currency was flat at $1.3209 versus the U.S. Dollar and inched up 1.12% to 131.12 against the Japanese currency. German PMI expanded to 51.8 points last month, missing analysts' expectations of 52.0 points.
The British currency advanced versus the greenback, after U.K. manufacturing Purchasing Managers' Index overshoot expectations and touched the strongest level in two and a half years of 57.2 points in August. Pound inched up 0.50% against the Dollar to $1,5574 and jumped 0.41% versus the common currency to £0.8486, and rallied 1.72% to 154.72 versus the Yen.
West Texas Intermediate crude dropped for a third consecutive day after Obama announced no military action against Syria will be taken before Congress gives its approval. Futures lost 3.2% in New York, the biggest drop in 2 months. October delivery WTI shrank by $3.44 to $104.21 per barrel on the New York Mercantile Exchange, being at $106.47 as of 3:30
The Yen lost against its most-traded counterparts on signs Abe is making progress with policies that have contributed to weakening the currency. The Japanese currency dropped from a two-week peak versus the Euro as Japan's prime minister got support for a sales-tax addition. The Yen slid 0.4% to 98.60 per Dollar at 6:48 a.m. in London, while depreciating 0.4% to
The Sterling headed towards its largest monthly increase in a year versus the Euro after data today indicated consumer sentiment and house prices rallied in August and mortgage approvals grew in July. The British currency remained steady at 85.35 pence versus the 17-nation currency and traded at $1.5485.
Wall street stocks decreased, after better-than-forecast business confidence data and slightly better Chicago PMI. The Standard & Poor's 500 index dropped 0.13% to 1,635.98 and the Dow Jones Industrial Average plummeted 0.18% to 14,814.47, while the Nasdaq Composite decreased 0.48% to 3,602.95.
The Canada's currency traded steady against its U.S. counterpart, as a report indicating the Canadian economy expanded more than forecast in the second quarter. The Canada's Dollar remained steady at $1.0536 against the greenback, as Canadian real GDP declined 0.5% in June after increasing 0.2% in May.
The Australian currency is headed towards the longest losing streak in over four years, after the U.S. expansion boosted the case for tapering monetary stimulus. The Aussie appreciated 0.1% to 89.40 versus the U.S. Dollar, while the New Zealand's currency advanced 0.1% to 77.81 against the greenback.
West Texas Intermediate decreased for the second day after U.S. officials rejected a plan to take military action in Syria, damping the outlook for an imminent strike and easing worries of disrupting the Middle East overseas sales. The October WTI contract slipped to $106.75 per barrel and Brent for October delivery plummeted 1.3%.
German government bunds increased for the second day as data indicated retail sales in Germany unexpectedly plummeted in July, boosting demand for safer assets. The German 10-year bund yield slipped one basis point to 1.84% and the 1.5% note maturing in May 2023 inched up 0.115 to 96.985, while Germany's retail sales retreated 1.4% from June.
German shares decreased, prolonging the benchmark DAX Index's monthly fall, on an unexpected plummet in retail sales and concerns about potential U.S. military strikes against Syria. The DAX retreated 0.6% to 8,146.45, extending it's weekly loss to 3.6%. Germany's retail sales slipped 1.4% in July from the previous month.
European shares declined on Friday, headed towards a weekly decline, on concerns over expanding conflict in Syria. The European Euro Stoxx 50 decreased 0.64% to 2,740.09, with Herman DAX 30 falling 0.58% to 8,147.13 and the French CAC 40 slipping 0.58% to 3,963.81. The U.K. FTSE 100 plummeted 0.43% to 6,454.30.
Gold snapped some of the previous climbs on Friday, after strong U.S. report from Thursday boosted speculation the the Federal Reserve may begin tapering in September. The December gold contract on Comex decreased 1.10% to $1,397.20 per ounce, and silver futures dropped 2.51% to $23.535 per ounce.
U.K. shares declined, prolonging the FTSE 100 Index's monthly decrease, ahead of the report on U.S. business activity and consumer spending. The benchmark FTSE 100 slipped 0.3% to 6,462.15 and the broader FTSE All-Share Index retreated 0.3%, while Ireland's ISEQ Index declined 0.6%. Shell and BP, largest oil companies in Europe, declined 0.9% to 2,096.5 pence and 0.9% to 446.65,
The Japanese currency snapped its two-day decline and advanced versus the U.S. Dollar, as Japan posted inflation and industrial output report earlier in the day. The Japanese Yen rallied 0.35% to ¥97.98 against the greenback and jumped 0.23% to ¥129.92 against the 17-nation currency, and climbed 0.27% to ¥151.02 versus the Sterling.
The U.S. Dollar headed towards its largest weekly advance in two months versus the Euro on speculation the U.S. data today will boost the case for the Federal Reserve to taper bond purchases. The greenback was steady at $1.3236 versus the Euro and declined 0.4% to 97.95 against the Japanese Yen, while the Yen jumped 0.5% to 129.64 versus the