Business confidence in Australia jumped to seven month high in December following the central bank's decision cut the interest rates. The business confidence index increased to three in December after hitting two in November, reported the National Australia Bank Ltd. However, the business conditions index remained unchanged at one last month.
Unemployment in Japan increased more than expected in December, the Statistical Bureau announced. The unemployment rate inched up to 4.6% on a seasonally adjusted basis last month from 4.5% in November. Meanwhile, experts predicted the rate stay unchanged at 4.5% in December.
New Zealand's building consents increased by 2.1% last month on a seasonally adjusted basis. However, excluding apartments, a small decline of 0.2% was observed. Considering yearly changes, building consents increased slightly in December but remained close to 46 year low, reported Statistics New Zealand.
Investors who have agreed to take part in essential cut of Greek debt would lose about 70% of the bond holdings, a person familiar with the issue said on Tuesday. The final deal on Greece's debt is likely to be signed in a couple of days along with the second bailout package aimed at saving the country from the default.
Japanese industrial production expanded more than predicted in December as car manufacturers recovered from Thailand flooding which disrupted their supplies. Japan's manufacturing output added 4% in December compared to previous month. Economists questioned by Bloomberg earlier predicted an increase of 3%. Nevertheless, Japan still is challenged by appreciated Yen which harms exporters.
European officials left Brussels summit Monday evening with no agreement on how to restrain Greek budged deficit. Euro Zone leaders are also likely to face additional challenges to agree on the next bailout package for Greece, as decelerating economic outlook in Portugal indicated new difficulties in taming debt turmoil. Angela Merkel during summit expressed her frustration about Greek government's inability
The index which measures executive and investor confidence in the Euro Zone, surged less than expected in January. The sentiment index climbed from 92.8 in December to 93.4 this month. Although it is the first increase since February 2011, the figure is below earlier predicted 93.8 and indicates investor cautiousness.
German DAX 30 index dropped 0.4% on Friday and prolonged losses also today as investors were cautious amid EU summit and lingering Greek debt agreement. German benchmark slipped 0.7%, led by financial and service stocks. Deutsche Bank tumbled 4.6% and Commerzbank AG fell 5%, while Metro AG and Henkel AG dropped 1.3% and 1.4% respectively. On the upside was electricity
After tumbling more than 1% on Friday trade, UK FTSE 100 extended losses on Monday, falling 0.9% amid EU summit and enduring Greek debt talks. UK benchmark was weighted down by mining and oil shares. Miners Evraz PLC plunged 4.7%, while Antofagasta PLC and Vedanta Resources PLC each fell 3%. Oil manufacturer Petrofac Ltd edged down 0.4% and BG Group
The CPI in Germany eased less than expected this month, reported the German Federal Statistics Bureau. The CPI fell by 0.4% this month while expert predicted the figure to drop by 0.5%. Considering yearly changes, the CPI increased by 2.0% in January as compared to 2.1% in the preceding month.
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper
Dow Jones Industrial Average Index declined on Friday after the government reported that 4th quarter economic growth reached 2.8% instead of expected 3%. Blue chip index lost 0.58% or 74.17 points and settled at 12,660.46 with all nine sectors posting losses. Chevron dropped 2.5% after announcing its quarterly net profit and revenue far below analyst expectations. Procter&Gamble fell 0.7% after
US S&P 500 Index extended losses on Friday, weighted down by lower than expected US GDP data. US benchmark slipped 0.16% or 2.10 points and finished at 1,316.33 with seven out of ten industries posting losses, led by utility companies. Legg Mason fell 5% after the investment management firm's earnings plunged by 50% as customers pulled money out. Ford dropped
Agricultural commodities, except for corn, posted loses on Friday. Corn, the top-performer, stayed on the positive area mostly due to expected output cuts after severe drought in South America. Sugar and coffee were the biggest losers amid ample global supplies. At the same time, wheat also lost 0.96% despite speculations over the export restrictions that may be imposed by Russia,
Coalspur Mines Ltd. announced it expects Vista mine to create 24% higher coal output than previously reported. The company said its Vista project may have yearly output capacity of 11.2 million tons of thermal coal as compared to initial estimation of 9 million tons. Strong demand from Asian markets stimulates the development of coal mines, said Gene Wusaty, CEO of
Energy market faced mixed performance as energy commodities balanced between Iranian threats to halt European oil exports and weaker than expected US economic expansion. However, the crude oil price is expected move higher as hedge funds and speculators raised their net long positions in crude oil to two-month high. Natural gas was the top gainer over the whole week, soaring
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper
The economic turmoil is likely to peak in Q1 of 2012 in Korea, said Bahk Jae-wan, South Korean Finance Minister. However, the risks of weak economic performance are expected to ease in the next quarters before arising again in the last quarter of 2012, he claimed. The Bank of Korea expected the GDP growth to hit 3.7% in 2012 as
Precious metals, except for palladium, advanced on Friday as slower than expected US economic growth and softer US Dollar stimulated rally started after Fed's monetary policy decision. Palladium, the only loser, followed growth-sensitive base metals' fall. Hedge funds and large speculations increased their net long positions in gold and silver. However, precious metals started Monday on a negative note amid
India is expected to face decline in coffee exports taken heavy rains in the main growing coffee regions. The country‘s coffee output is likely to fall to 2.95 lakh tons at the current coffee season, reported All India Coffee Exporters Association. However, Coffee Board says the post rains estimation is not yet finished and the results reported may face essential
Fitch Ratings announced that following its revision of the biggest financial institutions globally, it put four biggest Australian banks on the Rating Watch Negative. The banks are Commonwealth bank of Australia, National Australia Bank Limited, Westpac Banking Corporation and Australia and New Zealand Banking Group.
Delegates during World Economic Forum in Davos signalled certainty that Swiss National Bank (SNB) will be able to secure the ceiling of Franc amid searching for a new executive after Hildebrand's resignation. SNB is perceived as stable and secure institution, pointed out Swiss President Widmer-Schlumpf. Although, Franc has appreciated to the record high since September, it managed to stay below the
Hong Kong's Hang Seng index plunged on Monday as investors awaited for EU summit and anticipated news that PBOC will not introduce monetary easing. Hang Seng index tumbled 1.67% or 341.26 points and finished at 20,160.41. China's mainland property and financial shares weighted down on the index with Industrial & Commercial Bank of China edging down 3%, and Agricultural Bank
Japan's Nikkei Stock Average tumbled on Monday, weighted down by US growth data amid Chinese central bank's decision to maintain existing reserve requirement. Nikkei 225 Index lost 0.66% or 57.88 points and closed at 8,783.34, driven by industrials on the downside. Toyota Motor Corp declined 1.7%, Mazda Motor Corp. dropped 3% and Fujitsu Ltd. gave up 3.4%. Advantest Corp. jumped