U.K. equities fluctuated between gains and losses, while Cypriot lawmakers discussed the lax levy on bank deposits and U.S. housing starts beat the estimates. The FTSE 100 Index rose 0.02%, or 2.63 points, to 6,460.98 points by 16:48 in Frankfurt. Six out of ten groups in the benchmark gauge edged higher. BAE Systems Plc jumped 2.5% for the biggest rally
Hong Kong equities decreased on Tuesday, as analysts expect that Cyprus' parliament will not approve a new tax on bank deposits. Hang Seng lost 0.2%, or 41.50 points, to 22,041.86. Consumer services and utilities sectors surged 3.7% and 2%, respectively, capping further losses in the index. China Resources Power Holdings Co Ltd, a Chinese power generating company, jumped 8.1% after
Japanese stocks surged on Tuesday, after news the Cyprus' parliament most probably will not pass a new bank levy. Nikkei 225 jumped 2%, or 247.60 points, to 12,468.23, the highest since 2008. All the sectors included in the gauge posted gains and 209 out of 225 companies rose. The leaders were consumer services and technology sectors, adding 2.6% and 2.4%,
Economic sentiment in Germany improved for the fourth month in a row in the month of March and exceeded initial forecast, the Center for European Economic Research/ZEW reported on Tuesday. The report showed the ZEW Indicator of Economic Sentiment climbed from 48.2 points in February to 48.5 recorded in March, while it was expected to rise to 48.1 points.
France's economic outlook was slashed by the Organization for Economic Cooperation and Development on Tuesday as a result of lack of activity showed by the French government for improving competitiveness and creating new jobs. The economy is now expected to grow by 0.1% in 2013 and 1.3% the following year, while the initial forecast said the GDP would climb 0.3%
Industrial production in Italy increased on a sequential basis by 0.8% in January compared to a 0.3% decline preliminary estimated, a data released by the statistical office Istat showed on Tuesday. Year-on-year, industrial output dropped by seasonally adjusted 3.6% in January after a 7.4% fall recorded the month before, while it was forecast to ease down by 5.6% in January.
Inflation in the United Kingdom increased to the fastest rate in a nine-month period in February mainly due to a notable gain in factory-gate prices and a surge of energy costs, the Office for National Statistics reported on Tuesday. The report showed that consumer prices accelerated 2.8% on an annual basis in February following a 2.7% climb the month before, while producer
UK residential property prices rose slower in January compared to the previous month and the pace of growth was below initial estimates, the Office for National Statistics reported on Tuesday. The report said the house price index advanced annually by 2.2% in the first month of 2013 following a 3.3% climb in December, while economists expected the index to rise
Wheat price closed at $7.1275 per one bushel yesterday on the Chicago Board of trade, as the U.S. government forecasts the biggest corn harvest ever. Wheat crops recovered from the drought and heat waves, boosting stockpiles in global markets for the first time in four years. Before the drought, wheat was traded at $6 level in May.
The Australian Dollar, also known as the Aussie, was traded at $1.0386 in the end of Sydney trading session on Tuesday. The Aussie was 0.3% lower than a five-month high, as central bank governor supported a higher exchange and saving levels, saying that would help to stabilize the domestic economy and contain a current inflation rate. Therefore, it might be
The South Africa's Rand dropped by 0.4% to 9.1842 per U.S. Dollar in early Johannesburg trading session on Tuesday. The currency fell 7.7% this year and is the worst performer among emerging markets currencies. Investors are very concerned about power blackouts by Eskom Holding. The state owned electricity company can not ensure a reserve power margin, due to coal supply shortages.
Japanese shares advanced on Tuesday led by the Topix Index bouncing off its biggest decrease since May 2012 amid speculations that yesterday's drop was excessive and as concerns of bank runs in Cyprus after a levy put on the country's deposit holders dragged the European shares down. The Topix added 1.7% to 1,045.89 on Tuesday and it has gained 45%
The British Pound was slightly changed and traded at $1.5104 in very early morning session in London on Tuesday. Investors waited for a report indicating Britain's inflation level. According to economists, consumer prices will rise 2.8% in February comparing with a previous year and accelerate from 2.7% in January. That would be the highest level since May.
The 17-nation currency was traded close to its lowest level in three months against the U.S. Dollar on Tuesday amid a speculation that the Cyprus's lawmakers were unlikely to agree the new bailout plan designed by the Eurozone's finance ministers. The Euro declined 0.1% versus the greenback to $1.2948 after hitting its three-month low at $1.2882 on Monday.
The Japanese economy's leading index rose for the second consecutive month in January, however, at the slower pace than preliminary estimated, a data released by the Cabinet Office showed on Tuesday. The report said the leading economic index advanced from 92.8 points in December to 95 recorded in January compared to a level of 96.3 originally projected.
The New Zealand Dollar, also known as kiwi, dropped from 82.65 to 82.42 U.S. cents in the end of Wellington trading session on Tuesday after Finance Minister Bill English comments on a current exchange rate. The kiwi appreciated 12% over last two years and was mainly driven by quantitative easing programs, but English stressed that there is little what government can do
European Union's new car registrations continued to slow down in the month of February with the total car registrations dropping 10.5% on an annual basis to 795,482 units following an 8.7% decrease in January, the European Automobile Manufacturers' Association reported on Tuesday. In a January-February period, new registrations declined 9.5% from the same period last year.
The Reserve Bank of India cut its interest rates matching economists' expectations by 25 basis points for the second time in 2013 on Tuesday, when the repo rate was cut by the central bank from 7.75% to 7.50% and the reverse repo rate from 6.75% to 6.50%. Meanwhile, the RBI maintained its cash reverse ration at 4.00%. The central bank's
Foreign direct investments of China increased for the first time in a nine-month period in February suggesting that the world's second largest economy will keep rebounding, the Ministry of Commerce reported on Tuesday. Inbound investment rose by 6.3% on an annual basis to $8.21 billion, while in a January-February period non-financial outbound investment climbed 147% to $18.4 billion and inbound
Asian and Pacific shares held steady on Tuesday as investors were waiting for a result of parliament voting in Cyprus on the country's bailout plan to avoid bankruptcy and as India's potential political instability brought worries on the markets. Indian shares in Bombay Sensitive 30 index contracted 1.3% pushing down the broadest MSCI's index of Asia-Pacific shares outside Japan erasing
European shares declined before the Eurozone finance ministers' decision to raise 5.8 billion Euros by putting tax on Cyprus bank deposits in order to win a bailout of the country. Futures of the European benchmark stock index Euro Stoxx 50 Index decreased 0.2% to 2,636 earlier on Tuesday London session, while the Stoxx Europe 600 Index dropped 0.2% yesterday.
West Texas Intermediate oil was traded close to its highest level in a one-month period as a tension over the Eurozone finance ministers' decision to tax bank savings in Cyprus eased and before a report that might show an increase of U.S. crude supplies. April WTI futures with expiration tomorrow were at $93.75 a barrel in NYMEX, while WTI for
U.S. Treasuries stayed below a level of 2 percentage points for a third straight session on Tuesday before the Federal Reserve two-day meeting starting today will answer the question whether it will keep its stimulus program in order to boost the economy or not. The 10-year yields fell 0.01% to 1.95% earlier on Tuesday following a 7 ½ basis point
Farm commodities apart from corn retreated on Monday on weak demand for risky assets after Cyrus decided to tax bank deposits. Moreover, expectations of an increase in output in Russia and Canada pressured the commodity group. Wheat tumbled the most in more than a week as farmers in Russia and Canada may boost output. Russia is likely to harvest as much