London bankers expect their bonuses to contract by about 20% compared to last year as Europe keeps struggling with debt crisis. The average employee of Canary Wharf and Square Mile expects to get a bonus worth approximately ВЈ19,920 or 24% of base salary. This measure is down compared to 35% of base pay last year. The approximation is based on average wage of ВЈ 83,000.
Jim Flaherty, Canada's PM is going to implement regulation that would give the government rights to allow or reject purchases by country's top banks. Flaherty claims such regulations will help to circumvent unexpected obstacles in nation's financial system. Canada reassesses banking legislature once in five years and country's banking system is considered as the world's healthiest.
On Monday Australian dollar advanced after news that IMF might provide aid for Italy and European officials may finally agree on a comprehensive solution for debt turmoil. Australia's dollar jumped 1.5% against US dollar reaching $0.9860. Kiwi appreciated 1.8% to $0.7536 after PM John Key won the elections with biggest majority in 60 years establishing hopes to balance nation's budget. AUD/USD currently is trading at $0.9879
In November home value in the UK decreased for the seventh consecutive month. According to Hometrack Ltd., a property researcher, the pace of deterioration may quicken as fragile consumer confidence hurts demand. The average value of home lost 0.2% compared to October and dropped 2.3% on a yearly basis, while consumer confidence reached a record low previous month.
European shares climbed on Monday morning as investors reacted to weekend reports suggesting European officials have found new solutions to tackle debt turmoil. On Tuesday they are expected to agree on means how to fund EFSF. Stoxx Europe 600 index edged up 1.0%, French CAC 40 added 1.6% while German DAX 30 index and FTSE 100 index each advanced 1.5% and 0.8% respectively.
Many people are already queuing to vote in the polling stations in Cairo today. However, the Egyptians who insist on the elections to be postponed still protest on Tahrir Square. At the moment the country faces a great uncertainty, said the military council. Today's voting starts the election schedule and will finish by March 2012.
Black Friday sales added 6.6% reaching the biggest amount ever as US consumers shopped heavily despite 9% unemployment. According ShopperTrak's statement, US Consumers spent $11.4 bn on Black Friday while foot traffic added 5.1%. Increase of 6.6% is the biggest gain during Black Friday since 8.3% surge in 2007. National Retail Federation suggests about 152 m consumers were shopping at websites and stores on Black
European leaders are said to have reached an agreement how to finance rescue EFSF fund. Euro area finance ministers are going to meet on Tuesday and discuss rules for EFSF funding as well as strategies for interfering in euro area bond markets. Agreement should create a basis for EFSF firepower worth $586 bn. German and French officials are also discussing deepening fiscal union in longer
Thomas Cook Group PLC, the UK travel agency, reported that its bankers as Barclays, HSBC, Royal Bank of Scotland and UniCredit are ready to provide the company with a new credit line worth ВЈ200 million. Banks agreed to ease its current financial covenants thus providing Thomas Cook more flexibility to adapt to economic uncertainty.
Seeking safer haven foreign investors tend to buy Yen thus pushing up its value. Stronger Yen undermines the domestic industries that take advantage of relocating manufacturing processes to emerging markets, said Masaaki Shirakawa from the Bank of Japan. The jobs in the industries disappear faster than the new ones can be created and there is a risk that these jobs may never be back even in
Iraq agreed on a $17bn contract over the next 25 years with Royal Dutch Shell and Mitsubishi to capture gas at the deposits in the South of the country. It is the largest deal Iraq has agreed on with a foreign company and it is expected to increase energy production as currently a lot of gas is wasted because of lack of infrastructure. The
Futures for European stock markets signaled on essential opening gains on Monday as investor eyed reports about France and Germany plans to leverage the European Financial Stability Facility. Futures for German DAX 30 index gained 2.3%, French CAC 40 index increased by 1.7% and the futures for FTSE 100 index rose by 1.3%. US stocks also followed the trend with Dow Jones Industrial Average gaining
Measures to control China's property market are at critical phase and the government has to continue to implement its tightening policies, according to the report of the state-run Xinhua news agency. The government also aims at finishing and more fairly distributing social hosing with more than 10 million adequately priced housing units that have to be made available nationwide, said Li Keqiang, Chinese Vice Premier.
Moody's Investors Service announced that rapid acceleration of European debt crisis is pressuring all of the Eurozone national credit ratings. In case appropriate measures will not be implemented, the upward trend for credit risks will persist, said Moody's Investors Service. Moody's also is planning to review whole architecture of its ratings in Europe by the end of first quarter in 2012.
UK has developed a multi-billion Pound programme in order to facilitate economic development of the country. The largest part of the money is going to be taken from British pension funds and China's investments. More than 40 infrastructural projects are planned to be launched as a part of the National Infrastructure Plan that is expected to attract private investors who will also contribute to the
Asian stocks experienced an increase as investors reacted positively on latest reports from Europe. Shanghai Composite rose 0.2%, while Hong Kong's Hang Seng Index climbed 2%. South Korea's Kospi added 2.2%, Japan's Nikkei Stock Average gained 1.6% and Australian S&P/ASX 200 index advanced by 1.9%. Several reports were published during weekend indicating progress in taming debt crisis.
International Monetary Fund claimed it isn't considering providing a bailout package either for Italy or Japan. IMF denied presence of such talks during the meeting of Group of Seven. Earlier Italian "La Stampa" newspaper conveyed that IMF may assign $798 bn loan to Italy in order to boost investors' confidence. Marc Chandler, strategist at Brown Brothers Harriman & Co., suggests IMF does not have such
In October Chinese corporate profit growth slowed down, said the National Statistics Bureau. The net income for industrial companies added 12.5% in October on yearly basis losing about a half the 27% pace from previous 3 quarters this year. Corporate profit growth in China is sluggish as Europe struggles to tackle its debt crisis which is hurting exports demand.
Canadian dollar fell against US dollar to a 7-week record low as surging Italian yields signalled that European debt crisis is deepening. According to Hidetoshi Honda, the strategist of Mizuho Corporate Bank, the sentiment towards Eurozone's debt is plunging every day. Canada's national currency lost 0.4% against its US peer and reached C$1.0515 in Toronto morning trading session. The pair currently trades at C$1.0494.
On Friday British pound appreciated against Euro as investors perceived UK's national currency as safe haven amid Eurozone's debt fears. The Pound appreciated versus 14 of 16 it major counterparts. Sterling gained 0.7% reaching ВЈ0.8553 versus EUR. Jane Foley, Rabobank International's senior strategist believes the sterling may appreciate towards euro reaching ВЈ0.8485. The pair currently is trading at ВЈ0.8555.
Russia's largest private oil producer OAO Lukoil Holdings reported the net profit in Q3 decreased by 20%. The company announced net profit for period was $2.24 billion as compared to $2.82 billion in 2010. The current profit is far away from expected $3.18 billion, according to a survey conducted by Dow Jones Newswires. Overall production of the company declined by 5.3% to 2.11 million barrels
US stock futures decreased on the worries about spreading debt crisis in Europe. Futures on the Dow Jones Industrial Average lost 71 points to 11,163 while futures on the Standard & Poor's stock index decreased by 9.19 points to 1,150.8. Nasdaq futures lost 17 points to 2,144. The drop occurred after Italy's bill auction on Friday.
After closing lower on Thursday at 5,127.60, UK's benchmark index FTSE 100 extended its losses during Friday trade dropping 0.8% to 5,088.29. BHP Billiton PLC and Rio Tinto PLC were among main decliners both giving up 1.8% after metal prices declined. The drop in FTSE 100 is closely linked to overall drop in European markets as Angela Merkel rejected issuance of Eurobonds and Hungary was
On Friday auction Italy sold 8 bn euros ($10.6 bn) in 6-month notes. Italian bonds were sold at a yield of 6.504%, the highest rate in 14 years. Yield has surged by 3 percentage points since last auction in October 26. Demand for bonds was 1.47 times bigger than the offer. During previous 2 debt auctions country was made to pay highest yields since 1997.