UK's goods trade gap widened less than initially expected in January, reported the UK Office for National Statistics. The goods trade gap widened to 7.5 billion British Pounds on a seasonally adjusted basis in January as compared to a 7.2 billion British Pounds deficit in January. Analysts predicted the deficit to approach 7.8 billion British Pounds in January.
Retail sales increased to five-month high in February, reported US Commerce Department. The sales soared by 1.1% in February as compared to a 0.6% jump in the preceding month. Major contributor to the expansion were Retail sales increased to five-month high in February, reported US Commerce Department. The sales soared by 1.1% in February as compared to a 0.6% jump
Energy commodities fell on Monday amid signs of stagnation of China's and Italy's economies. Even high energy commodity imports did not managed to offset worries over record high trade deficit in China and capped any upswing of the group. Moreover, eased geopolitical tensions removed risk premium for Brent and crude oil thus pushing the prices down. Meanwhile, natural gas touched
Rural commodities except for coffee were higher on Monday amid broadly weaker US Dollar and improved investors' appetite for agricultural commodities after weather setbacks. Grains gained support as speculation on strong China demand persist. Moreover, USDA report indicated lower estimates for this season crops. However, dry and warm weather may create favorable harvest conditions in the US hence the crops
Base metals apart from zinc tumbled on Monday along with pessimistic trade balance data from China and widening federal budget deficit in the US. The sluggish economic performance of China dampened traders' confidence in growth-sensitive assets. On the other hand, higher commodity imports in China, especially copper inflow, were supportive for the base metals pack. Copper was the top loser
Germany's investor confidence jumped in March, reaching a 21 month record high as ECB injected extra cash into financial system and Greek debt deal moved towards end. ZEW Center's index summarizing analyst and investor expectations rocketed from 5.4 to 22.3 in March. The current reading marks the fourth consecutive increase in investor confidence and the best figure since June 2010.
Precious metals were mostly lower on Monday amid broadly weaker US Dollar and stronger equities. Precious metals were balancing between improved commodity imports in China and wider China's trade deficit. The slowdown of China's economy may impact middle class that is major consumer of gold's jewelry. The commodity group also continued to face increased volatility as investors eye developments across
Dow Jones Industrial Average index appreciated for the fourth consecutive session, lifted by upcoming monetary policy decision from Fed as investors expect forthcoming economic data may limit Fed's incentives to stick to low interest rates. Blue chip index soared 0.29% or 37.69 points and settled at 12,959.71. Firms that are less economic activity-dependent climbed on Monday with Wal-Mart Stores and
Japan's Nikkei Stock Average erased gains on Tuesday on the Bank of Japan's decision not to enlarge its asset buying program, boosting the Yen against the US Dollar. Nikkei 225 index edged up 0.09% or 9.22 points and settled at 9,899.08. Chemical maker Asahi Kasei dropped 5.4% after confirming it will buy Zoll Medical for USD 2.2 billion. On the
S&P 500 index traded almost flat on Monday, facing the thinnest volumes in 2012 as investors awaited what effect China's slowdown will have on monetary easing. S&P 500 added 0.02% or 0.22 points and finished at 1,371.09. Harley-Davidson surged 2.6% on news the largest US motorcycle producer's retail sales have surged between 16% and 18% in the 1st quarter. The
Asian stock markets traded mostly higher on Tuesday excluding Japan whose shares retreated after BoJ refused to continue monetary easing. Australia's S&P/ASX 200 index advanced 1.21%, South Korea's Kospi climbed 1.1% and Hong Kong's Hang Seng Index added 1.0%. China's Shanghai Composite Index accelerated 0.9% and Nikkei Stock Average soared 0.09%.
BMW AG, the leading provider of luxury cars announced it prepares to outperform 2011 record profit this year citing accelerating demand for new 3-Series sedan. Company expects to surpass a pre-tax profit of EUR 7.38 billion (USD 9.72 billion). Economists questioned by Bloomberg predict a pre-tax profit to reach EUR 7.06 billion in 2012. Last year BMW delivered a total
European governments urged Spain to implement larger budged deficit cuts to prevent debt crisis from returning to the region. 10 days ago Spanish PM Rajoy unilaterally increased Spain's deficit target to 5.8% of GDP for year 2012 and claimed the country will aim to attain region's common target of maximum 3% in 2013. The announcement was not praised by region's
French inflation rate unexpectedly declined for a second consecutive month in February on slowing economic growth which offset the climbing oil prices. Consumer prices advanced annual 2.5% in February compared to a 2.6% gain in January. Economists questioned by Bloomberg predicted the inflation level to stay steady at 2.6%.
The Euro Zone has backed up the second Greece's bailout worth 130 billion Euros but the member states still await the decision of the IMF due 15 March regarding 28 billion Euros contribution. The 17 financial ministers from the strongest states of the Euro Zone have met in Brussels with the aim to approve the bailout. The bailout agreement followed
Canadian Dollar declined versus its US peer on worries global growth will slow as China posted the record high trade shortfall in February. Oil, the main Canadian export good tumbled 1.9% on China news. Canada's currency slipped 0.2% against the Greenback to CAD 0.9924. Currently USD/CAD is trading at CAD 0.9900.
US federal budget deficit widened more than expected in February, reported Department of the Treasury. The US federal budget balance declined to minus 231.7 billion US Dollars on a seasonally adjusted basis in February as compared to minus 27.4 billion US Dollars in January. Experts predicted the deficit to attain 229.3 billion US Dollars.
China has agreed to sell 10 billion US Dollars of sovereign debt to Japan in an attempt to internationalize its currency. China is willing to make the Yuan an alternative reserve currency to its US counterpart. Allowing overseas investments in China's debt, the country makes its currency more accepted in foreign markets, said Zhang Yongjun from China Centre for International
Gold futures inched up during Asian session on Tuesday, after breaking core support level of 1,700 US Dollars per ounce during the US trade. The yellow metal found support on lower greenback as investors are cautious before Fed meeting. COMEX gold for delivery in April traded at 1,701.65 US Dollars per troy ounce on the New York Mercantile Exchange, advancing
Crude oil prices increased during Asian trading hours on Tuesday, after declining for several sessions amid China's demand concerns and low probability of further easing by Feb. Light, sweet crude oil futures for April delivery traded at 106.68 US Dollars per barrel on the New York Mercantile Exchange, gaining 0.32%.
UK house sales improved slightly last month, reported Rics citing its latest survey. More people started to buy property ahead of adoption of a 1% stamp duty for houses priced less than 250,000 British Pounds. The duty comes in force 24 March. In effect, average sales per agency branch increased to 16 from 15.7 in February. Moreover, people do not
New Zealand and Australian Dolllars climbed on Tuesday as rally across Asian equity markets stimulated demand for higher yielding assets. Aussie surged 0.2% against its US peer to USD 1.0541 while Kiwi gained 0.5% and traded at USD 0.8218. Currently AUD/USD is trading at 1.0552 and NZD/USD is trading at 0.8225.
Italian GDP contracted in compliance with initial estimates in the last quarter of 2011, the figure remained unchanged from preliminary reading. Italy's GDP contacted by 0.7% on a seasonally adjusted basis in Q4 as compared to a 0.2% fall in the preceding quarter, according to ISTAT. On a yearly basis, the GDP plunged by 0.4% while preliminary estimate was a
US shares maintained gains on Monday lifted by upcoming monetary policy decision from Fed and several economic releases. Investors expect forthcoming statistics should lower the incentives for Federal Reserve to stick to record low interest rates. S&P 500 index traded almost flat, adding only 0.02% or 0.22 points and finishing at 1,371.09, Dow Jones Industrial Average index climbed 0.29% or 37.69