A debt burden country, Greece, may not need another financial aid package provided by Troika as the country's Prime Minister Antonis Samaras claimed the economy entered an era of recovery following a six-year period of contraction. The Greek Prime Minister also expressed his confidence that the nation will meet its payment obligations.
Credit costs of British manufacturers advanced in the last three months of 2013 after demand for funds increased as well, a survey conducted by the manufacturers' association EEF revealed on Monday. According to the survey, an increase in cost of credit was reported by 11% of companies, the highest figure reported since the last quarter of 2012.
Norwegian government plans to weaken banking rules in mortgage lending, as property prices in the country started to decline. Since 2003 housing prices surged twice, but started to decrease some time ago, showing the risk of deflation on the property market. It is expected from the government to raise the maximum lending limit to 90% of the property value, while
The Finnish producer price index dropped 0.9% in October, in previous months the Finland Statistics reported a 1.1% contraction in September and a 0.9% fall in August, while the output prices in foreign markets tumbled 2.2%. The biggest decrease in prices was mainly for oil products, chemicals and chemical products.
European futures were boosted after the Europe's largest economy, Germany, together with the security council, agreed with Iran to restrain it's nuclear program, while in return from the Western powers to remove some of the US$7 billion sanctions. The Futures of the European Stoxx 50 advanced 0.6%, while the Drench CAC 40 futures increase 0.26%.
Spot gold slid 0.5% to $1,237.45 an ounce, trading at $1,243.36 as of 9:19 a.m. in Singapore, after it touched $1,236.88 last Wednesday, the four-month low, as Iran damped its nuclear program in middle-eastern region in return for easing sanctions on goods such as precious metals and oil, following the Sundays agreement with Security Councils and Germany. Bullion for February
Japanese currency slipped 0.6% to 101.89 Yen per Dollar at 6:48 a.m. in London after reaching 101.92, the six month low, after world powers agreed with Iran on limiting an extensive nuclear programme in exchange for eliminating some sanctions on gold, oil, auto parts and precious metals, thus weakening demand for the Yen as safe haven currency. Meanwhile, the Yen
Security Council along with Germany reached a six-month deal with Iran late on Sunday to narrow its nuclear activity in the middle-eastern states, which actually means the nuclear weapons creation, in return for sanctions removal on commodities such as precious metals and oil. Meantime the agreement allows Iran to sell its petrochemical goods on global markets and gives access to
WTI crude oil dropped 1.53% to $93.32 per barrel this morning, after the Security Council officials reached an agreement with Iran to reduce the nuclear programme expansion in exchange for easing sanctions on precious metals, oil and auto parts, as well as access to aircraft and cars goods and right to sell petrochemical products globally. Meanwhile the Brent declined 2.61%
The latest National Bank of Belgium's business confidence survey results, released this Friday at 14:00 am GMT, showed that investors' expectations of the country's economic health have become more optimistic. The overall indicator improved from -7.7 to this month's -4.3, greatly surpassing forecasts of -6.9. The confidence levels have improved in the manufacturing, building and trade industries; however, business-related services
The Aussie depreciated, headed to its longest one-week retreat in seven years, on bets that nation's central bank will act to weaken the strength of the currency. Australia's Dollar slipped 0.6% to 91.78 U.S. cents at 4:58 p.m. Sydney time after reaching 91.68. the weakest level since September 9. The Aussie slid 0.4% to NZ$1.1209 after trading at NZ$1.1171, while
WTI crude oil for January contract slipped 8 cents to $95.36 a barrel at 12:49 p.m. London time in New York Mercantile Exchange electronic trading, after adding $1.59 to $95.44 a day before, the strongest since October 31, after U.S. Labor Department showed yesterday a decrease in jobless claims by 21,000 to 323,000 for the period ended on November 15,
Canada's currency dropped to the lowest level in approximately four months ahead of a report that is expected to show that inflation fell below central bank's target. The Canadian currency slipped 0.3% to C$1.0544 per U.S. Dollar as of 7:43 a.m. Toronto time, after it reached C$1.059 per U.S. Dollar earlier, the weakest level since July 9.
The British currency retreated from the highest level in two weeks versus the Euro as the BoE official Spencer Dale stated that it will take time until nation's economy will be ready to raise interest rates. The Sterling dropped 0.3% to 83.49 pence per Euro as of 12:39 p.m. in London after rising 83.17 pence, while the Pound traded at
Precious metal slid 0.2% to $1,241.30 an ounce as of 6:08 a.m. EDT time, touching the lowest level since July 9, after James Bullard stressed on Wednesday's Fed meeting that monetary stimulus tapering will be discussed on the next meeting scheduled for December, and it's most likely that quantitative easing will be reduced in the next few months amid strong
The Goldman Sachs has forecasted significant decrease in gold value in year 2014, as the gold is highly sensitive to the the Fed actions, which proved this week when the Fed said that stimulus soon might be cut and gold dropped by 3%. As the bank said the bullion might face 15% drop in next year, thus reaching the lowest
The New Zealand Dollar depreciated 0.56% against the U.S. Dollar, thus extending its loosing streak to third day and reaching the weakest level in two-months. The so called Kiwi dropped after the Reserve Bank of New Zealand economist McDermott's mentioned that the Kiwi is overvalued and the high exchange rate has contributed to the economic imbalance.
The European stocks were little changed as the Germany reported slower growth of economy, while showing highest business confidence since April 2012. The Stoxx Europe 600 Index advanced 0.1%, from which largest gain was for Solarworld AG which surged 6.1%, after announced to takeover the Bosch Solar Energy AG.
The Sterling surged 0.5% against the Australian Dollar, thus reaching the strongest level since July 2010, after the economists forecasted that the next week reports will confirm that Britain's economy is recovering in faster pace. The Pound dropped 0.3% versus the shared currency after the Germany reported improvement in Ifo index.
The shared currency advanced advanced 0.25% against the U.S. Dollar after the largest economy in Europe, reported the GDP and upbeat Ifo data. The German GDP expanded 0.3%, thus having slower growth, than compared to the last quarter of 0.7% growth. The Ifo business climate index advanced to 112.2 points exceeding the forecasts of 111.5 points.
In their most recent report, which came out this Friday at 5:00am GMT, the Bank of Japan stated that it expects its net exports to "increase moderately with some fluctuations". This is backed up by the BOJ's belief of the continuation of an upward trend in industrial production. Overall, the BOJ sees the Japan economy in a state of moderate
According to the announcement made by the European Central Bank's President Mario Draghi, the regulator should act in line with interests of all countries that are members of the Eurozone. Moreover, he said that in the long-term very low interest rates may threaten financial stability of the Eurozone, however, at the moment they need to be low due to weak
Retail sales in Italy dropped unexpectedly in September of this year, as the decline reached 0.3% on a monthly basis. At the same time, economists forecasted them to add 0.4% after staying flat in August. On the annual basis Italian retail sales lost as much as 2.8%. Economists point out that it was the largest retail sales' drop in eight
Economic growth in Germany decreased to 0.3% in the July-September quarter of the current year, while the annual growth reached 1.1%, calculating on price-adjusted basis. The result fully matched the initial estimations. Economists point out that the largest contribution to the GDP growth was made by domestic demand, which added 0.7%, while exports and imports added 0.1% and 0.8%, respectively.