Growth of the German gross domestic product will slow down next year amid weaker export and business investments, the RWI institute reported on Tuesday. GDP of the country is forecast to accelerate 0.3% next year, less than a 1% rise projected earlier by the German think tank. Moreover, economic output is set to grow 0.7% this year compared to a
German ZEW Economic Sentiment rose 22.6 points to the highest level in seven months in December 2012, overshooting economists' projections. The Index of investor and analyst expectations increased from minus 15.7 in November to 6.9, while economists estimated a gain to minus 11.5."The financial market experts forecast the development of the economic activity in 2013 with pre-Christmas optimism. Although the
U.S. blue chips inched higher on accelerating pace of budget talks to halt the so called fiscal cliff and optimistic outlook for the Chinese economy as the economic data beat the analysts' estimates. However, representatives of both parties cautioned that an agreement on all outstanding issues is far from achieved.The Dow Jones Industrial average advanced 0.1%, or 14.75 points, to
Oil traded around the one-month low after declining for 5 days, posting the longest period of loss since October, amid concerns that a government report will show supply increase in the U.S., the largest crude consumer. Gasoline inventories are expected to reach eight-month high, while distillate supplies may increase for a second week. The contract for January-delivery crude was settled
U.S. shares gained on better-than-expected Chinese economic data and the recent development in U.S. budget talks. Yesterday Barack Obama met the House Speaker John Boehner face-to-face at the White House. Representatives of the two leaders revealed no details on their proposal, yet stating that both, Obama and Speaker, leave room for a split-the-difference agreement.The S&P advanced less than 0.1% to
The New Zealand Dollar reached the highest since November 5 versus its Australian peer on data showed house prices in New Zealand rose 7.3% in November from 2011, posting the biggest annual gain in four years. Aussie dropped 0.1% versus the New Zealand currency and traded at NZ$1.2535, a five-week low. Kiwi advanced 0.1% versus the U.S. Dollar to 83.54
After gaining for three days and reaching the highest in a week yesterday, gold fell in London ahead of the Federal Reserve's last meeting in 2012 to expand monetary stimulus. Immediate delivery gold declined 0.2% to $1,709.56 an ounce, while the contract for February-delivery fell 0.2% and was settled at $1,710.70. Immediate deliver silver was 0.5% lower at $33.0963 an
Denmark's government announced that a debt reduction will be a top priority, despite a forecast that the domestic economy will contract by 0.5% in next year. Denmark debt to GDP ratio is 46.6% and is slightly less than half the Euro zone average, but governors believe that debt mountain's reduction will bring more benefits than pushing it up. However, Denmark's
The U.S. treasury rates for a 10-year note holds yesterday's gains and approaches a one month high, as investors traded on speculations that the Federal Reserves Bank will expand its monetary easing program - purchases $45 billion of U.S. government debt every month. The FED's two day meeting starts today and will update a guidance for the further U.S. monetary
The Indonesia's Central Bank held the key interest rate unchanged at a record low 5.75%, according to the central bank announcement in Jakarta today. The benchmark rate was unchanged for a 10th consecutive meeting, as a domestic currency was close to a three year low, reducing possibility for monetary easing. The Rupiah, Indonesian currency, lost 6.5% versus the Dollar in
The Stoxx Europe 600 Index was 0.1% lower in the very beginning of Europe trading session on Tuesday. Markets wait for the news form the U.S., where the budget issue is still open and threatens to push the U.S. into recession. Also, the Federal Reserves have a two days meeting today, which will be followed by updates for the further
Spot gold price slipped down by 0.4% to $1,706.95 an ounce during Singapore trading session on Tuesday. Gold depreciated after three-day gain or fell from $1,717.36, the most expensive since 3 of December. Precious metal traders took a profit as the price reached a one-week high after speculation that the Fed will expand its monetary easing programme in an upcoming
South Africa retail sales increased by 1% in October on annual basis, comparing with 4.7% increase in September, according to the Statistics South Africa report on Tuesday. The actual number was sharply lower than a 4% forecast of economists and the sales reached the lowest pace of expansion since February 2010. On seasonally adjusted basis sales slipped by 1.7%
The South Korean Won increased by 0.2% to 1.076,68 per Dollar in the end of Seoul trading session on Tuesday. The Won appreciated for the third day and reached a 15-month high. Market optimism for the Won is based on the investors' bets that U.S. governors are making progress on the next year budget agreement and the FED will introduce
The Shanghai Composite Index advanced by 0.1% to 2,085.81 points in the middle of Shanghai trading session on Tuesday. The main China's stocks index erased 0.7% loss, which was experienced in the beginning of the session. Property development companies fell, as yuan lending missed economists' expectations, but according to analysts, market consolidates after a recent rally, which was sparked by
The Topix Index lost 0.3% to 786.07 points and the Nikkei 225 slipped down by 0.1% to 9,525.32 points during Tokyo trading session on Tuesday. Japanese index fall mainly on utilities decline, as the Nuclear Regulation Authority announced that possible earthquake risk might prevent the restart of reactors operated by the Japan Atomic Power Company, therefore the cost of electricity
The Mexican Peso advanced by 0.3% to 12.8090 per U.S. Dollar in the end of Mexico City trading session on Monday. The Peso reached a seven week high, as investors traded positive on optimism that U.S. lawmakers are making progress in next year U.S. budget agreement. This deal will allow to avoid the fiscal cliff and recession in the U.S.
Asian stocks advanced before the Fed's policy meeting and as a progress in the U.S. "fiscal cliff" talks is awaited. The MSCI Asia Pacific Excluding Japan Index rose 0.2% to 459.95, poising for the highest close since August 2011. Australia's S&P/ASX 200 Index added 0.4% and South Korea's Kopsi Index gained 0.1%. Hong Kong's Hang Seng Index advanced 0.2%, while
Oil was close to a one-month low in New York amid speculation a report will indicate an increasing fuel stockpiles in the U.S, the world's biggest oil consumer. Crude for January settlement traded at $85.59 a barrel, up 3 cents. The contract fell 37 cents to $85.56 a day earlier, the lowest close since November 15. Brent for January delivery
The U.S. Dollar stayed lower versus the Japanese Yen and Euro on speculation the Fed will announce further monetary stimulus at its 2-day meeting starting today. The greenback lost 0.1% to $1.2957 per Euro at 6:23 a.m. London time after falling 0.1% yesterday. It touched 82.33 yen after weakening 0.2% a day earlier to 82.36.
Canada's currency touched the strongest level in seven weeks against the greenback after the government confirmed Cnooc Ltd. $15.1 billion takeover bid for Nexen Inc. The loonie strengthened 0.2% to 98.63 cents per U.S. Dollar after it touched 98.62 cents, the highest since October 19. The Canadian Dollar buys $1.0139.
Rural commodities moved lower on Monday despite softer greenback. Grains came under selling pressure in wake of slowing demand for US supplies while softs extended the decline amid global oversupply concerns. Wheat attained three-week low on signs that demand for US grains is weakening. Iraq bought 350,000 metric tonnes from Australia and Romania, shunning US wheat. Meanwhile, US exports dived
Energy futures except for Brent oil retreated on Monday despite broadly weaker US Dollar and hopes that the Fed will keep its policy easy. The commodity group faced a heavy downward pressure from negative news from the Eurozone. Italy's PM Mario Monti unexpectedly announced his resignation, raising uncertainty over the country's leadership.Crude oil fell amid fears that global demand may
Base metals rallied on Monday on rising hopes that the Fed will keep its monetary policy loose as the US economy has not strengthened enough yet. However, dismal economic data releases from the Eurozone and Japan restricted an upward trend of industrial metals. Meanwhile, elevated inventory levels at LME-monitored warehouses also weighed on the commodity group.Aluminum surged on better demand