HSBC Holdings Plc, the biggest bank in Europe, released a worse-than-expected profit for the year 2013, as the costs' cuts did not reach the goal. The pretax income added 9% to $22.6 billion, while economists forecasted a $24.6 billion profit. ROE indicator fell short of estimates as well. Today, HSBC Holdings Plc shares are trading down 3.5% to 631.5 pence
The Governor of the Bank of England Mark Carney said on Monday that he is not ready to change monetary policy in the country and take any additional risks, while economy grows. The economy should show more active signs of recovery. Previously, the BoE looked at the jobless rate as the main indicator, but for now the regulator is also
Citigroup Inc. economists said on Monday that concerns about housing bubble in Singapore are highly overvalued, while prices surged to the highest level in five years and started to decline in Q4 2012, dropping 0.9% quarter-on-quarter. At the same time, tight rules on mortgages and the fact that only 10% of all homes all bought in credit decreases the possibility
As a result of G20 meeting in Sydney, finance ministers and central banks' governors showed their support to Janet Yellen in moving forward with cutting economic stimulus amid recovery. United Kingdom and Australia were among the largest supporters of Fed's independent decisions. On the other hand, South Africa and India expressed their concerns about the pace of QE decrease.
The ECB President Mario Draghi announced on Monday that he is ready to increase economic stimulus and loosen the monetary policy further, if deflation risks increase in the nearest future. However, he pointed out that it is still very unlikely that prices will go down. The ECB meeting is planned to take place on March 6, when the policy makers
The consumer price index in the Eurozone remained unchanged in January of the current year, staying significantly below the ECB target level of 2%. Inflation stayed at 0.8% on the annual basis, the same as a month before. Due to increasing deflationary pressure, the ECB may probably loosen the monetary policy further and provide additional stimulus, as expected by economists.
Business confidence in Germany remains very optimistic about their future perspectives, the data from Ifo Institute showed on Monday. The appropriate Ifo Index jumped to 111.3 points in February from 110.6 a month ago, remaining unrevised. At the same time, analysts predicted the index to rise slightly. The indicator is calculated by surveying 7,000 biggest German companies.
Property prices in the world's second largest economy advanced at the beginning of 2014, however the pace of increase was lower than recorded in December 2013, a report revealed by the National Bureau of Statistics showed on Monday. The country's residential property average prices gained 14.7% in Beijing and 17.5% in Shanghai.
Construction sector in the Europe's largest economy improved last year as the sector received more orders than in the previous year, the latest data revealed by the Federal Statistical Office showed on Monday. According to the report, the German building industry orders added 1.9% in 2013 as the construction demand advanced 2.2% and civil engineering orders gained 1.7%.
European shares declined on Monday session after the benchmark stock index advanced towards the highest level in six years before a data showed that business confidence in the Europe's largest economy slowed and as property prices in China fell. Euro Stoxx 50 Index with settlement in March slipped 0.3% to 3,125 as of 7:10 London time.
The German benchmark government bunds were little changed earlier on Monday trading session before a government report showed that inflation in the 18-nation bloc eased down on an annual basis in January. The benchmark 10-year yields were last traded at 1.66% by 7:11 a.m. in London following a drop recorded on February 5 to 1.60%, the least since August 1.
The European currency stayed firm on Monday trading session against its U.S. counterpart after gaining last week on signs that political turmoil in Ukraine may have come to an end as the former President Viktor Yanukovich was removed. The Euro traded at $1.3735 following last week's increase to $1.3685, while it was last seen at 140.82 against the Yen.
The majority of Asian shares declined on Monday trading session boosting demand for the Japan's currency after property equities in China fell and as investors weighed on global economy prospects after a possible scale of the U.S. Federal Reserve stimulus measures. The MSCI broadest Asia-Pacific gauge outside Japan slipped 0.6%, while the Japan's Nikkei 225 lost 0.2%.
European stocks rose, posting a third weekly gain, since the Stoxx Europe 600 Index reached its six-year high. U.S. index futures stayed almost at the same position, while Asian shares advanced. The Stoxx 600 climbed 0.2% to 335.55 in London, bolstering Standard $ Poor's 500 growth of 0.1%, the MSCI Asia Pacific added 1.4% and Royal Bank of Scotland Group Plc rose 2.3%.
The U.K. currency advanced for the first within five days versus the Dollar on speculation the U.K. economy continues recover even when retail sales weakened in January. The Pound Sterling strengthened against all of its 16 major peers and gained 0.1% to $1.6671 at 11.45 a.m. in London after falling 0.6% in the preceding four days. The Pound appreciated 0.2% to 82.24 pence against the
The Dollar advanced versus the Yen the most in a week during this year, on speculation the Bank of Japan will strengthen its bond-purchase policy while the Fed will continue cutting stimulus. The greenback rose against almost of its 16 major counterparts when the G20 supported the strengthening of monetary management in mature economies. The Dollar gained 0.1% to 102.41 versus the Yen, developing its
West Texas Intermediate crude continues its six-week gain as cold spell in the U.S. strengthen heating fuels demand. Futures almost unchanged in NY and were up 2.2% is week. WTI for delivery in April fell 36 cents to $102.39 a barrel at 10:56 a.m. in London. The amount of all traded futures was around 51% lower than the 100-day average. Prices have climbed 4% during
The government of Spain upgraded its forecasts concerning growth of exports in 2014. As projected, the trade deficit of the country will plummet to 16 billion euro this amid 7% increase in exports, up from the previous expectation of 5.5%. Analysts confirm that economic recovery in Spain will be mainly based on improvement in trade, as domestic demand remains weak.
The government of the United Kingdom announced a worse-than-predicted budget surplus during the first month of this year amid declining revenue from company's profits and private incomes. Revenue was unchanged year-on-year, but spending rose 0.8%. This resulted in a 4.7 billion pounds surplus versus 6 billion pounds the year before. Analysts expected an 8 billion pounds surplus.
Retail sales in the United Kingdom decreased significantly in January of this year, putting the economic recovery under the risk. The indicator went down 1.5% month-on-month after a 2.5% rise in December. Analysts suppose that it could be a correction after a considerable surge. Meanwhile, the biggest drop was seen in sales of food and clothes – by 3.4% and
The Standard & Poors rating agency decreased the sovereign credit rating of Ukraine to the pre-default level of CCC, which is eight stages below the lowest investment grade. Outlook for rating, in turn, remained negative. The reason below the decline is political instability in the country, which puts the government's ability to pay for its debts under a significant risk.
The Royal Bank of Scotland Group plc, one of the largest banks in the United Kingdom, announced a plan of 30,000 job losses during next few years, mostly in investment-banking on Asian and U.S. markets. This amount accounts for 25% of all employees of the bank. Today, the RBS Group Plc shares are trading up 1.9% to 362.5 pence per
Индекс деловой активности в производственном секторе ФРБ Филадельфии неожиданно упал ниже нейтрально отметки. Индекс опустился до -6.3 пунктов, вопреки прогнозам на снижение с 9.4 пунктов до 8.0 пунктов. Драйвером снижения индекса стало сокращение количества новых заказов и поставок из-за плохой погоды.
German shares dropped most in approximately two weeks as the Fed minutes indicated that officials will continue with the stimulus cuts and as China's manufacturing most likely fell this month. The DAX Index slid 1.2% to 9,542.15 as of 2:11 p.m. Frankfurt time; however, it has gained 4.7% from its lowest level in February 5. The HDAX Index sank 1.2%