Iceland is likely to introduce the Euro after becoming a member state of the EU or adopt other currency, said the Johanna Sigurdardottir, PM. The situation in the country cannot stay the same, he added. Joining the EU would allow Iceland to cooperate closely with EU member states. Iceland started negotiations for entering the EU in 2010 and is expected
India's production output accelerated in January making the sharpest growth in 7 months. The output at mines, factories and utilities climbed 6.8% when compared on annual basis after a 2.5% surge in December, reported Central Statistics Office on Monday. The reading outperformed analysts' expectations.
The unemployment rate in Canada dropped from 7.6% in January to 7.4% in February reported Statistics Canada on Friday. In contrast workforce slumped by 37,900 which is the biggest fall since January 2009. Analysts questioned by Bloomberg predicted a surge of 15 000 payrolls and unchanged jobless rate at 7.6%.
The number of new hirings climbed by 227 000 in February while the unemployment rate stayed unchanged at 8.3% matching economists expectations, reported Labor Department on Friday. The main gains in payrolls came from new jobs in food services, computer systems design and drinking establishments. Nevada, Florida, Arizona and California were the best performing states in labour expansion.
US trade gap expanded 4.3% in January reaching USD 52.6 billion which is the largest trade shortfall since October 2008, said Commerce Department on Friday. Economists predicted January gap to attain USD 49.0 billion. The deficit with China rose to USD 26.0 billion compared to USD 23.3 billion in January 2011. Wider US trade gap may change estimates of 4th
Rural commodities except for wheat jumped on Thursday as weaker US Dollar and solid equities lent support for the group. Sugar gained 0.17% during the day, showing its resilience to the improved weather conditions in South America and expectations of ample global supplies Wheat was the only loser as the UN upgraded its wheat harvest forecast thus increasing probability of
Energy commodities apart from natural gas rallied after sufficient number of private lenders opted for debt swap deal. Moreover, strong equities and considerable weakness of the US Dollar created additional support for the commodity group. Expectations for further RRR reduction in China and strong German industry data both inspired energy prices to top higher. Lingering supply concerns after controversial announcements
Base metals were mixed on Thursday along with firmer Euro and stronger equities. Moreover, industry metals caught a spree after Greece announced it managed to secure its bailout package as more than 80% of private creditors sign up for the debt swap deal. The Eastern part of the world also stimulated metals' price growth as China is expected to reduce
Precious metals were higher on Thursday amid depreciating US Dollar and boosted optimism as Greece managed to agree on the debt swap with required number of creditors. Moreover, the commodity group gained momentum after Mario Draghi announced that inflation in the Euro Zone is likely to remain above the target of 2%. Further, expectations that global banks will continue to
German DAX index climbed on Friday as Greece completed its debt swap agreement and data showed US economy created 227 000 jobs in February. Engineering company Linde AG surged 5.2% after posting a 3.6% increase in 4th quarter profit and predicting better revenue and profit this year. Merck KGaA gained 2% after Deutsche Bank raised share's rating from hold to
FTSE 100 index faced a choppy session on Friday despite successful outcome of Greek debt swap deal and optimistic employment data from US. Miner and energy stocks put most negative pressure on the index. Kazakhmys PLC slipped 1.6%after UBS downgraded mining sector to neutral citing weaker steel demand from China. Tullow Oil lost 0.8% after Societe Generale cut stock's rating
Hong Kong's Hang Seng index traded higher on Friday as Chinese inflation slowed in February. Hang Seng index gained 0.89% or 185.27 points and closed at 21,086.00 with eight of nine sectors posting gains. Property and financial shares rallied on positive Greek debt swap outcome. China Resources Ent. accelerated 2.8% while China Merchant surged 2.5%. Cosco Pac made the biggest
UK manufacturing output grew at slower pace than expected in January as inflation harmed demand. Plant output climbed 0.1% compared to December said Office of National Statistics. Economists questioned by Bloomberg forecast an increase of 0.3%. Total industrial output fell 0.4%. Weaker output may curb UK attempts to recover from 0.2% decline in 4th quarter GDP.
Japan's Nikkei Stock Average led the gains on Friday Asian trade as Yen depreciated to nine month record low versus greenback on speculation Bank of Japan may implement a further quantitative easing. Nikkei 225 index jumped 1.65% or 160.78 points and closed at 9,929.74 reaching record high since August driven by exporters. Sony Corp rallied 4.3%, Mazda Motor Corp accelerated
Dow Jones Industrial Average index climbed for second straight day despite increase in jobless claims last week as investors awaited positive monthly employment report due Friday. Blue chip index added 0.55% or 70.61 points and finished at 12,907.94 with growth depended shares posting most notable gains. Alcoa surged 2.3% and Caterpillar advanced 1.9%. McDonalds Corp curbed index on the downside
China's inflation rate tumbled to 20-month low on the falling food prices. The rate of price index increase approached 3.2% last month as compared to 4.5% in January, reported the NBS. The country's inflation target for the whole 2012 is 4%. The decline in the inflation rate will enable the government to provide fresh stimulus for reviving sluggish economy.
S&P 500 index extended gains on Thursday as investors became more confident Greece will be able to complete the debt swap deal. US benchmark surged 0.98% or 13.28 points to 1,365.91. Financials supported the index with Morgan Stanley appreciating 1.8% and Citigroup Inc improving by 2.3%. Apple Inc added 2.1% after the firm released a new version of its iPad.
Asian shares kept rallying on Friday as Greece ended its debt restructuring and Japanese Yen depreciated against US Dollar sending export shares higher. Japan's Nikkei Stock Average jumped 1.7%, Hong Kong's Hang Seng Index gained 0.9% and Australia's S&P/ASX 200 index climbed 1%. South Korea's Kospi added 0.9% and China's Shanghai Composite improved 0.8%.
European equity markets rallied on Thursday amid optimism Greece will conclude its debt swap agreement with the necessary amount of write-offs. Stoxx Europe 600 index gained 1.6%, FTSE 100 index advanced 1.2% and German DAX rocketed 2.5%. French CAC 40 index added 2.5% and Athens General index jumped 3.2%.
Goldman Sachs reported that the Norway Krone was top-performer in G10 during several weeks and the bank expects it to continue its rally against the Euro. Goldman Sachs projects the Euro falling to NOK7.3 during Q1 of 2012 after that the Euro is likely to recover to NOK 7.2. The bank previously expected the Euro to hit NOK7.7 and NOK7.6,
The ECB announced on Thursday that it decided to leave the key interest rate at 1%. The ECB has not changed the interest rate since November. The bank also reported that it expects the Euro Zone's GDP to expand by 0.1% this year as compared to 0.3% initially projected. The ECB also attempts boost economic activity by offering large amount
US natural gas inventories declined to 2,433 billion cubic fleets during last week, reported the EIA. The natural gas stockpiles tumbled by 80 billion cubic fleets on a weekly basis. However, natural gas inventories in the US still remained higher than five-year average of 1,641. After the data release, natural gas futures touched 10-year low and the commodity is currently
China's industrial output declined during January and February of 2012. Industrial production expanded by 11.4% as compared to FactSet's forecast of 12.4% increase. Retail sales also missed the forecast jumping by 14.7% while experts predicted them to soar by 17.5% in the period during January and February.
US stock markets traded higher on Thursday as Greece obtained adequate participation in bond exchange from private creditors. S&P 500 index surged 0.98% or 13.28 points to 1,365.91 while Dow Jones Industrial Average index added 0.55% or 70.61 points and finished at 12,907.94. Nasdaq Composite index soared 1.18% or 34.73 points and settled at 2,970.42.