The German economy is expected to expand slower during the second half of the year, pressured by the decreasing demand from Eurozone, the Finance Ministry announced on Monday. The most recent data showed the GDP gained 0.3% on quarter in the Q2. Tax revenue surged 5% on year through July, supported by the rise in employment and wages.
U.K. gross lending rose 8% on month to 12.7 billion pounds in July, reported by Council of Mortgage Lenders on Monday. Gross mortgage lending surged 2% on year-on-year basis. Analysts are waiting for the September figures, largely influenced by the bias effects of the Olympics and the Diamond Jubilee.
Euro area's construction output fell for the third straight month in June, as Eurostat reported on Monday. A seasonally adjusted output declined 0.5% from May, when it dropped 0.2%. Building construction tumbled 0.1%, compared to stagnation in preceding month. On yearly basis, output slid 2.8%, compared to a 8.1% decrease in May.
U.S. Treasuries dropped, prolonging a four-week slid, as Der Spiegel magazine showed ECB is planning to put limits on Eurozone bond yields to sustain the area's debt crisis. On Monday, benchmark 10-year yields climbed to a three-month high of 1.84% before U.S. data this week, expected to post durable goods orders and home sales rose last month.
German blue chips jumped on Monday ahead of talks between EU leaders regarding Greece's request. Greece asked EU officials to prolong the period of its budget adjustment reforms by two years. The German DAX Index gained 0.30% to trade at 7,049.64 at GMT 12:00. All industries included in the index climbed. The top-gainers were technology and industrial stocks. SAP and
UK shares were mostly lower on escalating worries over the Eurozone's debt crisis as Greece requested a two-year extension to the country's fiscal adjustment plan. Meanwhile, a sharp fall in Lonmin stock price amid persistent violence at its South African mine dragged UK miners lower. The FTSE 100 Index lost 0.28% to trade at 5,830.10 at GMT 12:00. Five out
U.K. home sellers decreased asking prices by a record in August after the London Olympic Games and an unstable economic outlook confused potential buyers. Benchmark asking prices in England and Wales dropped 2.4% to 236,260 Pound from July, after a 1.7% slid, as reported on Monday. Costs tumbled 1.2% in London.
The U.S. CB leading economic index unexpectedly rose to 0.4% in July, after a 0.4 per cent drop in the month earlier, proving that the world's biggest economy is growing sustainably. Despite positive economic data during last month, the unemployment rate remains above 8% level since February 2009. In the meanwhile, the U.S. economy grew by a tepid 1.5% in the second quarter, after expanding at
The Hang Seng Index inched down by 0.06% to close at 20,104.27 on Monday amid concerns that the PBOC will not implement stimulus measures as real estate prices started to rise again. In July, new house prices jumped in 50 out of 70 large and medium Chinese cities. Only four sectors in nine included in the index moved higher. On
Japanese stocks climbed on Monday amid rising optimism over the Eurozone's and US economies. However, speculation that China will not ease its monetary policy on alarming signs from its property market capped the upswing. New home prices jumped in 50 out of 70 big and medium China's cities in July. The Nikkei 225 Index gained 0.10% to trade at 9,171.16.
The Dow Jones Industrial Average Index gained 0.19% to end the week at 13,275.20. Positive consumer confidence data and signs of recovery from the US property market boosted market sentiment. Optimism over the Eurozone's debt crisis after Angela Merkel's comments also added to gains of the US blue chips index. Four in nine sectors included in the index jumped. The
US stocks rose slightly on Friday on upbeat consumer confidence data. The Thomson Reuters/University of Michigan consumer sentiment index jumped to a three-month high of 73.6 in August. Strong earnings reports from the retail sector as well as signs of recovery of the US real estate market spurred rally of the US equities. The S&P 500 Index added 0.19% to
Farm commodities, excluding corn, rose on Friday amid adverse weather conditions in Russia and US. However, better weather in Brazil and India capped the upswing. Meanwhile, upbeat US consumer sentiment data improved demand prospects for rural commodities. Wheat jumped for the third session in a row on hopes that declining supplies from Russia will boost demand for US grains. Corn was slightly
Energy commodities apart from crude oil slid on Friday amid profit-taking after previous rally. However, inspiring US economic data limited the downswing of the commodity group. Moreover, persistent violence in Syria and escalating tensions between Iran and the West pushed energy prices higher. Crude oil was the only gainer on brighter demand prospects amid better-than-expected US economic data. Supply uncertainty from
Industrial metals advanced on positive data from the US and Europe. Moreover, hopes for easing in the Eurozone and China sent base metals higher. However, stronger US Dollar weighted down on the commodity group. Aluminum went up despite high output levels from China due to governmental programs that provide strong support for the aluminum industry. Copper rose amid expectations that copper
Precious metals except for silver moved higher on Friday despite fading hopes for stimulus measures from the Fed after upbeat data releases. A Thomson Reuters/University of Michigan US consumer sentiment index attained three-month high in August. Gold started Friday's session on the positive note; however, the yellow metal erased gains after better-than-expected US economic data release. The precious metal finished
Oil rose for a fifth consecutive day as increasing Saudi Arabian crude production shows growing demand for fuel and amid signs of a strengthening U.S. economy. Futures climbed 0.4% following a three-month high close on August 17. Crude for September settlement rose 40 cents to $96.41 per barrel, while Brent for September delivery increased 56 cents to $114.27 per barrel.
Asian stocks remained volatile on the U.S. consumer confidence and the slowing China's economy. Japan's Nikkei 225 Stock Average gained 0.6%, while Australia's S&P/ASX 200 Index increased 0.1%. South Korea's Kospi index lost 0.2%, Hong Kong's Hang Seng Index declined 0.7% and China's Shanghai Composite Index slid 0.9%.
The Aussie strengthened versus all of the major peers before Europe's policy makers meet this week in order to discuss ways to stem the Eurozone's debt crisis. The Australian Dollar climbed against the U.S. Dollar and Japanese Yen on speculation the ECB will cap bond yields in the Euro bloc. The Aussie gained 0.3% to $1.0447 following a 1.5% decline to
Asian currencies dropped as the slowing Chinese economy and the Eurozone debt crisis is clouding outlook for the region's exports. South Korea's Won lost 0.1% to 1,135.50 per U.S. Dollar, while the Chinese Yuan fell 0.03% to 6.3605 and Thailand's Baht dropped 0.1% to 31.56.
The common currency held gain before Europe's policy makers' meeting this week, at which possible ways to combat the Eurozone debt crisis will be discussed. The Euro traded at $1.2339 after jumping 0.4% to 1.2334 last week. The Eurozone's currency gained 0.1% to 98.20 Yen following a 2% strengthening during previous week.
Gold futures turned lower on Friday, August 17, as the U.S. Dollar strengthened and the World Gold Council reported lower demand (down by 7%) for bullions in the second quarter of 2012 compared to the prior quarter. Gold for December settlement erased 0.2%, to $1,616.90 per ounce. Other precious metals were mixed on Friday, with October platinum jumping 1.4%, to $1,455.80 per ounce, September silver
Crude oil futures traded lower as the White House reported possible announcement of oil reserves in order to ease prices. Oil futures for September settlement dropped by 0.2%, to $95.42, after rallying 1.4% on Thursday. The crude was also pressured by a stronger U.S. Dollar, as the ICE Dollar Index jumped 0.42% on Friday.
Wall Street futures traded marginally higher, as the shared currency added in value, and as traders are waiting for fresh economic data from the U.S. The Dow Jones Industrial Average jumped 0.14%, to 13,268.74; the Standard & Poor 500 Index rose by 0.14%, to 1,417.51, while the Nasdaq Composite Index added 0.26%, at 3,068.85.