Asian stocks are close to the longest loosing streak in five month time, after the U.S. economic growth results raised concern that the Federal Reserve could taper stimulus faster than expected. The MSCI Asia Pacific Index tumbled 0.4%, thus reaching 1% weekly drop. One of the biggest decline was for Fortescue Metals which retreated 4.2%, when Teck Resources Ltd. put
The shared currency deprecated versus the U.S. Dollar after the Standard & Poor's downgraded France's long-term foreign and local-currency grade from AA+ to AA. The analysts predicted that the Euro is faced for 2.9% drop in next two weeks, while other forecasts that the Eurozone's currency might even loose it's 5% gains against the greenback by mid-2014.
The Aussie advanced against most of its 16 major counterparts this week,thus extending its five-day winning streak. The Australian currency reported gains after Chinese import advanced 7.6% and export surged 5.6% resulting in $31.1 billion trade surplus. The Australian Dollar is the second most overvalued currency after the New Zealand Dollar.
French industrial production dropped 0.5% in September, against analyst's expectations of 0.4% expansion, the data from National Institute of Statistics and Economic Studies showed on Friday. The Manufacturing output slipped 0.7% from prior 0.3% increase a month earlier, again missing forecast of 0.4% increase. On the annual basis the manufacturing performance in France dropped 1.3%, while industrial production sank 0.5%
The main rating agency, Standard&Poor's, decreased the sovereign credit rating of France from AA+ level to AA, changing the outlook of the rating from negative to stable. It is the second consecutive decrease of country's rating during the last two years. Rating agency says that such a decision was made, based on low growth forecasts that can put additional pressure
Treasury 5-year note yields slid two basis points to 1.32% at 10:40 a.m. in New York, after touching 1.25% on October 30, the weakest in almost 4 month period, as ECB officials unexpectedly lowered interest rate to 0.25%. Meanwhile 10-year Treasury yields declined 0.02% to 2.63% and 2.5% security note maturing in August 2023 added $1.25 per $1.000 nominal value,
The Pound advanced 0.8% to 83.33 pence per Euro as of 4:37 p.m. in London, after reaching 83.01, the highest level since January 17, after ECB decided to boost Eurozone's economic expansion by reducing the benchmark interest rate to record low 0.25%. Meanwhile, the Sterling weakened against greenback after the U.S. data showed higher economic expansion in Q3 than previously
The so-called loonie weakened as U.S. reported greater economic expansion than expected, while European Central Bank took a surprising decision today in Frankfurt to cut its main refinancing interest rate to a record-low 0.25%. ECB believe that this measure should boost economic growth in Euroznoe. The Canadian currency sank 0.3% to C$1.0444 per greenback as of 9:22 a.m. in Toronto
The European currency depreciated 1.1% to $1.3369 as of 2:50 p.m. in London, after it touched $1.3269, the seven-week low, as European Central Bank unexpectedly decided to cut its interest rate at the record low of 0.25% explaining such a decision as a measure to support economic growth in Eurozone. The Euro slipped 0.5% to 132.66 Yen and sank 0.7%
After the decision to lower the benchmark interest rate to 0.25%, the President of the European Central Bank Mario Draghi said on Thursday that the Eurozone is going to have a period of quite a low level of inflation. At the same time, the ECB President does not expect the deflation in the region. Moreover, after some time the inflation
Manufacturing production in the largest economy of the Eurozone declined 0.9% in September of this year, while the majority of experts forecasted the output to advance slightly 0.2% from a month earlier. Meanwhile, the data for the previous month was upgraded to the increase of 1.6%. On the annual basis, the industrial production in Germany added 1%, while the pace
The number of applications, filled for getting the unemployment benefit in the U.S. declined to 336,000 during the last week. Then, in turn, the amount of unemployment claims stood at 345,000, while economists expected it to reach 332-335 thousand this week. Analysts say that now American citizens and companies feel themselves more confident on rising car sales and increase in
The economy of the U.S. jumped 2.8% in July-September quarter on the annual basis, while the results were ahead of analysts' expectations, as they predicted the GDP to add 2.0%. The economy advanced 2.5% the quarter ago. At the same time, the consumer spending rose only 1.5% in Q3, the slowest pace of increase since 2011. Economists predict the Q4
The European Central Bank decided to decrease its main interest rate from 0.50% to 0.25%, as the region faces the high risk of consumer prices' decline, while the inflation decreased to 0.8% in October. It is worth pointing out that such a step was forecasted only by three of 70 analysts. At the same time, the ECB kept the deposit
After the Thursday meeting, the Bank of England's Committee for Monetary Policy decided to keep its main interest rate at the record low level of 0.5%, as the asset purchasing program remained at 375 billion pounds. The decision fully matched the economists' expectations. Recently, the BoE officials said that there will be no changes in policy until the jobless rate
Industrial production in Spain recovered in September from a sharp fall recorded in the month before, while the output was forecast to drop, a report published by the statistical office Ine revealed on Thursday. Spain's industrial output added 3.5% on an annual basis in September following a 4.2% drop in August, whereas it was expected to slide 1.4%.
Construction sector in Europe's largest economy rose for the sixth successive month in October driven by decent growth in commercial activity, a report unveiled by the Markit Economics showed on Thursday. Germany's construction sector purchasing managers' index advanced from 52.1 points recorded in September to 52.6 in the following month.
Unemployment in Australia increased in the month of October matching preliminary economists' expectations, a report published by the Australian Bureau of Statistics revealed on Thursday. According to the report, the country's jobless rate rose 5.7% compared to a level of 5.6% recorded in the month before, when the economy added 1,100 jobs.
German stocks swung between gains and losses on Thursday and traded near their all-time high as Commerzbank AG added 8.8% and Siemens AG advanced 2.1% before a policy meeting of the European Central Bank. The DAX Index increased 0.1% to 9,049.07 as of 9:45 a.m. Frankfurt time and it has climbed 19% this year as central banks all over the
The European stocks experienced small changes, as investors are waiting for European Central Bank's decision on interest rate. Siemens AG advanced 1.8% after an announced increase in profit, while Bureau Veritas SA dropped 5.5% after reporting lower sales for the third quarter. Yesterday European stocks reached the highest level in five years, after companies reported higher than expected profitability.
The Switzerland's housing bubble index advanced 0.05% to 1.20 in third quarter, thus remaining in the risk zone. According to the UBS bank, the advance of index was supported by price increase in residential property, which is higher than the actual growth of the economic output and household earnings.
The British Sterling gained on Thursday rising for a third session against the U.S. Dollar after a government data showed that industrial production in the U.K. advanced above a forecast in the month September. The Pound added 0.2% to $1.6073 as of 4:29 p.m. in London following a gain to the strongest level since October 29 at $1.6118 earlier on
The Canadian currency strengthened on Thursday rising for the first time in a three-day period after commodities rallied earlier on the session led by crude oil, the country's largest export. The so-called Loonie increased 0.4% to C$1.0418 per U.S. Dollar as of 5 p.m. Toronto time following a drop to the lowest level since September 6 at C$1.0497 on October
Emerging-market equities fell on Thursday falling for a sixth day pushing the benchmark gauge towards its lowest level in five months before U.S. payrolls and as the European Central Bank faces decision of interest rates cut. The MSCI Emerging Markets Index declined 0.3% to 1,013.63 as of 1:04 p.m. Hong Kong time, the weakest level since October 9.