Fitch Ratings improved Ireland's credit prospects from negative to stable, as the government puts a lot of efforts to be the first euro-region country to exit bailout. Also, the credit agency confirmed its BBB+ rating, as the narrowing fiscal deficit and the expectations that domestic banks probably will not need more capital injections. Fitch's decision was supported by the other
Rural commodities were mixed on Wednesday amid solid greenback and bottom fishing. Meanwhile, weak demand for the US exports coupled with fears over global economic slowdown created a heavy pressure on the commodity group. Wheat extended previous losses on rallying US Dollar. However, the grain may find support on further cuts of global supply estimates. Dan Basse President of AgResource
Economists say that the retail prices in the U.S. are likely to rise at the slowest rate in three months. The expectations are that a gain in the consumer price index will be 0.1% in October after a 0.6% increase in the previous month. Economists' forecasts ranged from a 0.1% decrease to a 0.3% growth. The actual number will be
Energy futures jumped on Wednesday despite bleak global outlook and solid greenback. Meanwhile, escalated tensions in the Middle East pushed the commodity group higher. However, market players remained cautious ahead of the EIA inventory report due on Thursday.Crude oil rallied ahead of the US stockpiles data due on Thursday. Crude oil inventories are expected to have climbed by 2.5 million
The pace of economic growth in Germany continued to slow down in the third quarter on threats euro zone crisis possess on the Europe's largest economy. The nation's GDP expanded 0.2% in the time period from July to September on seasonally adjusted basis. Experts say German economy will further contract in Q4, as business climate is worsening, industry orders still
Industrial metals were mixed on Wednesday amid weak numbers from the US and lingering concerns over whether Greece will receive the next bailout installment timely. Meanwhile, investors were also cautious ahead of Chinese leadership change due on Thursday. Aluminum was the top-loser, halting two-day rally as support from brighter demand prospects in China faded. Disappointing US data coupled with concerns over
The French GDP grew 0.2% quarter-on-quarter after a -0.1% decline in the previous quarter according to data provided by Statistical Office Insee, reversing the analysts' estimates as they forecast a stagnation in French economy during the period. Domestic demand and foreign trade were the main facilitators that boosted growth. Exports advanced 0.5% while imports lost 0.6%. Meanwhile, total domestic demand contributed 0.2 points to GDP growth.
New Zealand's Dollar halted declines as strategists improved forecasts. The kiwi advanced 3.9% throughout the year 2012, showing the biggest increases among ten most developed-market currencies. Investors are trading the currency on accelerated pace of economic growth prompted by housing rebounds and soaring demand for dairy products. The currency gained 0.2% to 81.17 U.S. cents, rebounding from its lowest level
Consumer price inflation in Poland cooled in October, matching economists' estimations, data from the Central Statistical Office showed. The CPI index rose 3.4% year-on-year in October, slower than a 3.8% increase in the previous month. Consumer prices grew 0.4% on a monthly basis. Food and beverages prices climbed 4.7% on an annual basis, whereas housing costs rose 4.6%.
The Australian Dollar kept declining against all but one its major counterparts, as the Reserve Bank increased sales of the Aussie to foreign banks last month. The currency lost 0.1% to $ 1.0367 falling from yesterday's $ 1.0376 when it was down 0.6%. However, the Aussie rallied 0.6% versus the Japanese Yen to 83.74 after Shinzo Albei, the opposition leader, asked for unlimited monetary easing
Oil traded close to a one-week high as Israel attacked the Gaza Strip, increasing concern Middle East unrests will disrupt supplies. Elsewhere, the U.S. data showed that stockpiles increased to the most since mid-summer. Crude for December settlement was up by 1% at $86.33 a barrel, while Brent oil for December delivery increased 14 cents to $109.75 a barrel.
Moody's Investors Service said that it will reassess the U.K.'s top Aaa rating at the beginning of the next year as the country's economy slows on the Eurozone debt crisis and government efforts achieve fiscal consolidation. The recovery in the U.K. is likely to slower than projected as the public and private sectors reduce their debt loads.
Asian equities outside Japan dropped touching the lowest level in two months on concern the so-called fiscal cliff in the U.S. might restrain global growth. Meanwhile, Japanese shares advanced amid changes in the nation's leadership that would result in improving economy. The MSCI Asia Paific Ex-Japan index tumbled 0.9% to 434.64, while the Hang Seng index also eased 0.9%. Chinese Shanghai Composite fell 0.3% after
The Japanese Yen fell to the lowest level in six months on speculation elections in Japan will hand power to opposition party, which endorses more aggressive monetary policy. The Yen reached 80.83 per U.S. Dollar; the weakest level since April 26, before fetching 80.79, 0.7% below the close yesterday. It headed for a 1.8% decline over the past 2 days,
Wholesale prices tumbled in October the first time in five months on declining energy and vehicle costs. The producer price index fell 0.2%, as prices in all but two sectors dropped, after increasing 1.1% in September, according to data released by Labor department. Passenger car costs slid the most since July 2009, down 1.6%, whereas the prices for light tracks eased 1.5%. The prices were
On Monday, the 17-nation currency remained supported slightly above a 2-month high versus the greenback, on speculation that Greek aid payments could be paid in a single lump sum. The EUR/USD pair hit a session high of 1.2756, and later consolidated at 1.2732, which was a 0.22% growth for the European afternoon trading session.
On Wednesday the Cable was little changed versus the U.S. counterpart, hovering close to a 2-month low, following the BoE announcement that it raised its short-term inflation forecast. GBP/USD hit a session high of 1.5901 and later consolidated at 1.5869, which was a 0.01% decline for the European afternoon trading session.
On Wednesday European stocks were traded lower, the market sentiment was determined by uncertainty over if Greece is going to receive financial aid soon. During European afternoon trading hours, the Euro Stoxx 50 decreased by 0.43, French CAC 40 also lost 0.43%, while the German DAX 30 fell by 0.35%.
On Wednesday Germany witnessed a decrease in its borrowing costs as it was selling 2-year government debt, amid Greek debt crisis and uncertainty over the U.S. fiscal cliff. The German treasury managed to sell 2-year bonds worth 4.3 billion Euros, having the negative average yield of -0.02% compared to a positive figure of 0.07% at a similar auction last month.
On Wednesday treasuries were gaining, ending a five day long streak of losses, on speculation that lawmakers will agree on how to avert the U.S. fiscal cliff, amid growing U.S. stock index futures. The yield on benchmark 10-year government notes increased by 2 basis points, reaching a level of 1.62% by 6:43 a.m. New York time.
The French statistical office revealed on Wednesday that the country's harmonized inflation slowed its pace in October. The EU harmonized index of consumer prices reached a reading of 2.1% on an annual basis compared to a reading of 2.2% in the preceding month. The last month's figure developed in compliance with economist expectations.
Statistics Portugal reported on Wednesday that the country's unemployment rate increased in quarter ended in September 2012. The Portuguese unemployment rate grew to 15.8% compared to a reading of 15.0% in the preceding quarter. Year over year, the number of unemployed people increased by 26.3% last quarter.
The U.K. Office for National Statistics revealed on Wednesday that the number of Britons claiming for unemployment benefits increased unexpectedly last month. U.K. jobless claims grew by 10,100 in October, while analysts expected a decrease of 5,100 people. Unemployment rate declined to a reading of 7.8% from a level of 7.9% in the preceding month, whereas economists expected no change.
On Wednesday, Italy witnessed a decrease in borrowing costs, hitting the lowest since October 2010, as it was selling its government debt. Italian Treasury managed to sell 3-year bonds worth 3.5 billion Euros at the average yield of 2.64%, which was a decrease compared to a 2.86% yield witnessed at a similar auction last month.