The U.S. President Obama will name Janet Yellen as the next Chairman of the Fed, meaning that the nation's central bank will be led by the woman for the first time in its history. The event will be held at 3 p.m. today Washington time, according to a White House official's statement. The Fed Chairman Ben Bernanke's term expires on
The Australian Dollar was near its strongest level in approximately three weeks ahead of domestic jobs data and after the statement that Janet Yellen will be nominated as Fed's Chairman. The Aussie gained 0.1% to 94.34 U.S. cents at 4:41 p.m. Sydney time after advancing 0.3% earlier, while the Kiwi traded at 82.88 U.S. cents, after climbing 0.4% on Tuesday.
The Japanese Yen depreciated versus all its most-traded peers as a White House representative stated that U.S. President Barack Obama will nominate Janet Yellen as the next Fed's head. The Yen dropped 0.5% to 132.14 per Euro at 6:52 a.m. London time, sliding for a second straight day, while the currency fell 0.6% to 97.41 per Dollar.
European shares dropped for a third straight day on investor worries that the U.S. government shutdown could end with a default. The Stoxx Europe 600 Index slid 0.3% to 305.87 as of 8:07 a.m. London time. The gauge has declined 1.3% weekly, after the U.S. Speaker Boehner stated that there will be conditions added before accepting a bill to raise
South Korean money supply growth decelerated in the month of August to the lowest level in two months amid slower increase of bank lending, a report released by the Bank of Korea revealed on Wednesday. According to the report, M2 money supply advanced 3.9% on a monthly basis in August, the least since July 2011, after it advanced by 4.6%
Reserve purchases of cotton in the world's largest consumer, China, have slowed down after the quality requirements were raised by the government, a report released by the textile research Sinotex.cn showed on Wednesday. Cotton for settlement in January was traded at 19,930 Yuan a metric ton as of 11:29 a.m. on Zhengzhou Commodity Exchange.
U.S. Treasuries recorded a modest gain on Wednesday with the five-year notes snapping a drop from yesterday as the country's President Barack Obama said Janet Yelled is set to replace Ben Bernanke as Chairwoman of the Fed, suggesting that borrowing costs are likely to stay low. 5-year securities slipped 0.01% to 1.41% at 1:54 p.m. Tokyo time.
West Texas Intermediate oil fluctuated on Wednesday trading session amid signs that the U.S. deadlock might come to an end as policymakers took further steps in order to agree on the new debt ceiling. November WTI futures were little changed at $103.51 a barrel, up 2 cents on the NYMEX as of 12:24 p.m. in Singapore after the prices advanced
Bank of Japan Deputy Governor Hiroshi Nakaso claimed on Wednesday that there is no need to ease the central bank's monetary stimulus program as the economy is improving and the nation might be able to reach a 2% inflation target set by the central bank. The BoJ might pump more liquidity into the economy in April in order to achieve
The U.S. Dollar strengthened on Wednesday rising against the Japanese Yen as President Barack Obama picked Janet Yellen as a replacement of Ben Bernanke as the Federal Reserve Vice Chairwoman, however, the persisting deadlock kept the so-called Greenback close its 8-month low. The U.S. Dollar advanced 0.4% to 97.22 Yen after it recorded the lowest level in 2 months yesterday
Asian equities tumbled on Wednesday as the deadlock in talks between the U.S. President Barack Obama and congressional politics continued when they failed to agree in the new debt ceiling to avoid the country's technical default. MSCI' broadest Asia-Pacific index outside of Japan slipped 0.3%, while Japan's benchmark index Nikkei erased its previous losses.
Machine tool orders in the Asian second-largest economy fell on an annual basis in September mainly due to a steep drop in export demand, the Japan Machine Tool Builders' Association reported on Wednesday. The report showed that the total figure of machine tool orders slipped 6.3% in September as the export market orders declined 23.4% in same the month.
Factory orders in the Eurozone's largest economy surprisingly declined in the month of August mainly due to weaker demand from the 17-nation bloc, while exports advanced, the Federal Ministry of Economics and Technology showed on Tuesday. Factory orders fell 0.3% on a monthly basis in August, whereas exports increased 1% month-on-month in the same month.
Service sector in China slowed down in the month of September, although the gauge measuring the performance of the sector stayed above a level of 50 signalling expansion, a survey published by the HSBC and Markit Economics showed on Tuesday. The HSBC/Markit services business activity index decreased from 52.8 in August to 52.4 in September.
Spain's government bonds decreased on Tuesday as the benchmark 10-year yields slipped for the second straight day as the country is trying to prolong the maturity of its debt in an auction in the near future. The benchmark 10-year government bonds were traded eight basis points lower at 4.29% as of 4:48 p.m. in London following a drop to 4.10%
Swiss Federal Statistics Office has announced a 0.1% annual deflation in September, while in August prices remained flat. It is expected the deflation to reach 0.2% in 2013 before turning back into 0.3% inflation in 2014. Alongside, retail sales in Switzerland surged 2.4% in August after a 0.6% advance the month earlier. Moreover, the non-food sales jumped as much as
American lawmakers are still negotiating the conditions, on which the U.S. budget will become unlocked and debt ceiling of $16.7 trillion will be increased. Meanwhile, the Congress Republicans and President Barack Obama still have no common decision. On the other hand, the Senate Democrats are preparing to have a test vote on budget ceiling rise without any policy changes from
The Fifth Republic has narrowed its trade deficit by 200 million euros in August of this year, as it reached 4.9 billion euros. The contraction was mostly caused by a decline in energy imports. Moreover, the annual deficit slumped by 8 billion euros to 60 billion euros. In August both exports and imports posted a decrease, while decline in pharmaceutical
The International Monetary Fund has downgraded its vision on perspectives of the global economic growth, as they predict the world's GDP to add 2.9% in 2013 and accelerate to 3.6% during the next year. The previous outlook forecasted the global economy to grow 3.1% and 3.8% in 2013 and 2014, respectively. Alongside, the 2013 outlook for developing countries was cut
CtW Investment Group, which holds 6 million shares of Oracle Corp., said on Tuesday that stakeholders have to oppose the planned compensation packages for company's top managers, as Oracle, the database-software producer, missed profit estimates. Recently Oracle CEO has already cut its pay by 18%. Oracle Corp. share prices are losing 0.33% to $32.73 by 14:30 GMT in New York.
The U.K. government is planning to invest in solar energy production in order to decrease the influence of fossil fuels on the energy market. It is expected to raise solar power annual production from 2.4 gigawatts nowadays to 10 gigawatts during the next twelve years. Moreover, the energy minister Greg Barker announced that the U.K. can achieve 20 gigawatts of
U.S. government Treasuries declined on Tuesday, while the government Shutdown continues and debt limit will be hit on October 17. Tomorrow the American government plans to sell $30 billion of debt securities. Treasuries used to be safe assets to invest in times of political and financial uncertainty, but three-year bonds' yields are adding 0.02% to 0.66% this afternoon, while 10-year
U.S. shares were little changed, following yesterday's decline, when the Standard & Poor's 500 Index fell to the four-week low, as officials negotiated to end government's shutdown. The S&P 500 slid 0.1% to 1,675.07 as of 9:33 New York time and the equity-benchmark dropped 0.9% on Monday reaching the lowest point in a month.
The difference between the Canadian imports and exports suddenly expanded in August, as import level reached a new maximum, offsetting the notable increase in the exports to the U.S.A. Imports grew 2.1% to C$41.1 billion, including the gains in the energy products, vehicles and aircraft, while the exports added less, 1.8%, to C$39.8 billion due to the widening trade balance surplus with the