The Japanese Yen fell versus its major counterparts before report next week that is expected to show the nation's economy shrank in the Q3. Japan's currency trimmed a 2-day advance against the Euro after data showed faster than projected growth in China's industrial output and retail sales. The Yen lost 0.4% to 101.66 per euro form 101.30 yesterday. It weakened
China's inflation unexpectedly slowed to the lowest level in 33 months on food costs, adding to signs that the government succeeds in propping up growth without driving a price rebound. The CPI rose 1.7% in October from the last year, according to the National Bureau of Statistics. The figure appeared to be lower than economists' expectation and compared to 1.9%
U.S. equities dropped triggering the Dow Jones Industrial average to fall the most this year, as EU official said the funds may not be allocated to Greece until end the of November, and Apple Inc. shares fell. The Corporation lost 1.7%, prolonging its decrease since mid-September. The S&P's 500 Index slumped 0.2% to 1,392.01, after rallying 0.5% earlier. Meanwhile, The Dow Jones index lost 0.2%
German equities rose on Thursday after Greece passed new tax hikes and budget cuts late on Wednesday. Positive national data also lifted German shares. German trade balance rose slightly more than expected last month. However, the gains remained limited as growth concerns persisted. On Wednesday, the European Commission lowered German expansion forecast from 1.7% to 0.8% for 2013. The DAX
UK shares rebounded on Thursday, supported by easing concerns over Greece. Greek parliament backed fresh austerity measures needed to secure the next tranche of the bailout. However, deteriorated global economic outlook as well as lingering worries over the US fiscal cliff capped gains of the UK stock index. Meanwhile, the BoE left its benchmark interest rate and asset purchasing program
Japanese shares posted sharp losses on Thursday amid disappointing data from domestic economy. Japan's current account dropped unexpectedly while core machinery orders slumped more than expected last month. Moreover, weakness in US stocks coupled with firm Yen created additional pressure on the Japan's blue chips. Meanwhile, traders turned their attention to Chinese Communist Party Congress where the leadership change will
The European Central Bank is expected to leave the key interest rate unchanged, as the ECB waits for Spain to ask a financial help in international markets, what will allow starting a new government bond buying round. Currently, the refinancing key interest rate is 0.75 basis points for a fourth month in a row and the deposit rate is already zero. The government council announcement
On Thursday, the U.S. Dollar was traded in tight range versus the Swiss Franc, as concerns over fiscal cliff weighed. USD/CHF hit a session low of 0.9442, and later consolidated at 0.9445, which was a 0.02% drop for the European morning trading session. The pair's support was likely to be found at 0.9398, while the resistance was prone to be
The Customs Office reported on Tuesday that trade deficit of France narrowed down in September. The country's deficit in merchandise trade fell to 5.03 billion Euros from a revised down figure of 5.26 billion Euros in the preceding month. Year over year, the deficit in trade of goods decreased by 1.84 billion from a reading of 6.87 billion Euros in
The New Zealand's government valuer revealed on Thursday that house prices continued to gain last month. Year over year, residential property prices grew by 5.7% in October, while quarter over quarter, values of houses increased by 1.9%. Current prices are 1.1% higher than during the last market peak, witnessed in late 2007.
On Thursday, the 17-nation currency was traded near a 2-month low versus the U.S. counterpart, as tax increases and spending cuts in U.S. weighed. EUR/USD hit a session low of 1.2743, and later consolidated at 1.2763, which was a slight 0.06% decrease during Asian trading hours. The pair's support was likely to be found at 1.2625, while the resistance was
On Thursday, the New Zealand Dollar decreased to a 2-week low versus the U.S. counterpart, as U.S. fiscal cliff and EU debt crisis undermined demand for riskier assets. NZD/USD hit a session low of 0.8158 during European morning trading session, and consolidated at 0.8173, which was a 0.13% fall for the trading session.
On Thursday, Natural gas was traded lower before a supply data of the commodity later in the week. On the Comex division of NYMEX, December delivery futures were traded at $3.571 per million Btu, which was a 1.29% gain for the U.S. morning trading session. Earlier, natural gas lost 1.5%, being traded at $3.556 per MMBtu, which was a session
At a press conference in Frankfurt Mario Draghi, president of the European Central Bank, said the economy of eurozone would weaken in future, therefore the bank is ready to implement bond-purchase program as soon as the governments comply with necessary requirements. The policy makers decided to leave the benchmark interest rate at 0.75%. Draghi announced the ECB may reconsider putting rate reductions, as the debt crisis threatens
On Thursday, gold was volatile as concerns about U.S. fiscal cliff and debt crisis in EU supported the dollar, which is negatively correlated with the metal, while assets held in exchange-traded products reached an all-time high. Immediate delivery prices for the precious metal rose by 0.2% and consolidated at $1,718.80 per troy ounce by 2:09 p.m. in Singapore.
On Thursday, German government notes were little changed before ECB decision on interest rates and Spanish debt auction. The yield on benchmark 10-year notes decreased less than 1 basis point and reached a level of 1.38% by 7:22 a.m. in London. Yesterday, the yield fell to 1.36%, almost hitting a nine-month low.
The claims for unemployment insurance in the U.S. tumbled last week on effects caused by Hurricane Sandy. Meanwhile, the number of applicants for jobless benefits dropped by 8,000 to 355,000. However, this might be due to the loss of electricity and bad weather conditions after outliving the storm, and experts say the true picture would be seen after a month. According to estimates, unemployment claims
The U.S. trade deficit shrank more than expected touching the lowest level in 2 years on growing exports in September. The gap narrowed 5.1% to $41.5 billion beating all the estimates and decreasing the gap of $43.8 billion in August. The rally in sales to overseas trade partners increased their demand to a variety of production, such as soybeans, fuel and civilian aircraft. Meanwhile, the imports also
The Dutch rate of inflation increased to 3.3% in October, from 2.5% in the previous month. Inflation, measured by harmonized consumer price index, reached 10-year record of the Netherlands mainly due to 2% increase to 21% in the value added tax. The tax hike made energy and daily usage products' more expensive, together with increased food prices due to poor this year harvest.
As the Ministry of Labor and Social Affairs announced today, the Czech Republic unemployment level increased to 8.5% in October, or 0.1% comparing with the previous month. Analysts expected that the unemployment will stay the same, 8.4%, in October. More detailed statistic says, that 10.2% women and 7.2% men were seeking a job in October.
The Sterling advanced 0.1% to 79.83 pence per Euro in very early Europe trading session on Thursday. The Pound has reached the peak in five weeks against the European Union currency. Investors are waiting for the Bank of England decision on further monetary policy. Analysts expect that governors will maintain quantitative easing program with targets of 375 billion pounds.
The Stoxx Europe 600 Index was 0.5% higher to 272.46 points in early Europe trading session on Thursday. European markets gain, as Repsol SA, Swiss Re Ltd and Siemens AG announced financial results, which exceed street estimations. Also, today will be announced the Bank of England and the ECB decisions on the key interest changes.
U.S. government securities reached 0.6% return in the last month, accomplished by yesterday's rally as Barack Obama won the presidential re-election. Fidelity and Pimco investment management funds said, that political games will return to the scene and current policy uncertainty will bring the economy downwards, therefore the demand for bonds will sharply increase pushing bond prices up.
US Blue chips sagged on risk-off Wednesday's trade as investors were cautious after the European Commission downgraded its growth estimate for the eurozone. The market sentiment was also weakened by uncertainty over the US tax increases and spending cuts due to come in force in January. Moreover, market participants focused on the Chinese Communist Party Congress due on Thursday. The