The Canadian dollar strengthened against its major counterparts on Wednesday as U.S. stocks and commodities, such as copper and crude oil, edged higher. The loonie jumped 0.4 per cent to C$1.2397 against the shared currency, and increased by 0.1 per cent to C$1.0114 a U.S. dollar. At the same time, the yields on Canada's 10-year government bonds declined by 0.03 percentage point, to 1.61 per
Scottish economy contracted during two consecutive quarters and fell into a double-dip recession, following the UK economy. Scottish GDP dropped 0.1 per cent in the first three months of this year, while construction output declined dramatically by 6.9 per cent. Still, there is some positive news with the growth in production sector by 1.2 per cent, services grew by 0.2 per cent, and the jobless
Deutsche Bank to fire around 1,000 employees, almost a tenth of its investment banking staff at the end of this month. In order to fight a deceleration in capital markets activity, Germany's flagship lender to follow global investment banks, such as Credit Suisse, UBS and Goldman Sachs to cut staff. According to sources familiar with the matter, staff will be redundant mainly outside Germany.
On Thursday, July 19, gold futures for August settlement advanced 0.7 per cent, to $1,581.90 per ounce, after gold lost $21 during the past three trading sessions, as the disappointment with Ben Bernanke's testimony dragged prices down. At the same time, other precious metals also increased in value. Copper for September delivery rose 1.6 per cent, to $3.53 per pound, and September silver also jumped
During today's New York trading session, oil futures for August delivery rocketed 0.9 per cent, to $90.65. The commodity has traded higher than psychologically important $90 level for the first time since May 29. Meanwhile, Asian and American stocks turned green on Thursday, pushing oil prices even higher. The Dow Jones Index rose 0.3 per cent, to 12,894, the S&P 500 index advanced or
As reported by the Labor Department, more first-time claims for jobless benefits were filled during the previous week. The number of applications for unemployment insurance payments increased by 34,000 to 386,000, as a schedule of automobile plant layoffs changed. Soon after the report, U.S. stocks jumped. The contract on the S&P 500 Index maturing in September increased by 0.3 per cent to 1,372, while yields
Volume of purchases of previously owned houses was expected to climb by 1.5% in the USA in June. Analysts supposed that the annual rate of such sales might amount to USD 4.62 million, whereas the real number published by the National Association of Realtors is 4.37 million. House market was anticipated to be boosted by record low mortgage rates and property
Spanish daily newspaper El Pais misinterpreted Eurogroup's decision and published an article saying that the money left out of 100 billions Euro issued by Eurozone to Spain might be spent on buying public debt. Though on Thursday, July 19, the EuropeanCommission clarified on this announcement. It turned out that 100 billion euro could be used for recapitalizing Spanish banks only, without exception. All other types of
Unemployment in Hong Kong may rise in the upcoming month as the global economy weakens. Moreover, school graduates and recent alumni add pressure to the labor market. Economists suppose that jobless rate might advance by 0.1% in June, from 3.2% to 3.3%. Hong Kong's second largest bank's economist, Joanne Yim, proposed unemployment could rise to 4% by the end of 2012, nonetheless, there are
Spanish borrowing cost rose after EUR 2.98 billion (out of maximum EUR 3 billion)of notes were sold. Bonds' due 2014 yield climbed from 4.335% to 5.204% since June 7. Five-year bond gained 0.378% since June 21 and were sold at interest rate of 6.459%, while seven-year securities' average yield became 6.701%. Though Spain is oriented on selling short-term debts as paying 7% interest for investors
Regarding the official figures, next to England, Scotland has entered the second wave of the crisis. In 2012 in the first quarter the GDP of Scotland reduced by 0.1%. Also there was a rapid reduction in construction sphere equal to 6.9% whereas the production and services sectors improved by 1.2% and by 0.2% respectively. The rate of unemployment was 8%
Sales of U.K. retailers decreased this summer. Consumers spent less due to slow increase of personal income, negative impact of bad weather on demand of seasonal goods and imposition of austerity measures by the government in order to deal with a record high debt. Moreover, Eurozone's debt crisis adds pressure on U.K.'s economy. The official readings implied that retail sales volume decreased
Australia faced decelerating growth pace over the recent months. As threat of further slowdown looms, economists suppose the Reserve Bank of Australia might be forced to cut interest rates again. By most of analysts' estimates, overnight cash rate might be lowered by 0.25%. Still, the Australian Dollar appreciated for five days in a row and reached two and a half month high
Brent crude oil increased to $106 on Mid-East tension on Thursday, reaching a seven-week high. At the same time Fed chairman Bernanke's comments signalled diminishing double-dip recession risks and renovated hopes of oil demand recovery. Brent benefited for already a seventh day, increasing to $106.01. U.S. oil advanced to $90.62, which is also its seven-week highest value.
After the eight-month long fall, prices for property fractionally grew in 70 China's cities in June. In Beijing the increase of prices was 0.3%, whereas in Shanghai - 0.2%. Most probably the rise was caused by two interest rate cuts by the PBOC in the last months, which presumably encouraged real estate sector to recover.
The Italian government is trying to gather USD 18 billion to soften an offshore ban on oil and natural gas set by Silvio Berlusconi in 2010. The plan is to allow particular firms, such as Eni SpA, Edison SpA and Royal Dutch Shell Plc to start again offcoast explorations, which in the long term would attract more investors and would
Mizuho Financial has to pay $128m for its US subsidiary inflating financial instruments' value. The charges were initiated by the US Securities and Exchange Commission and are based on the collateral debt obligation value. It was stated that the company passed off lesser value and displayed risky assets as stable ones. Both parties have neither admitted nor denied ascertained fine.
The total number of unemployed declined to 2.58 million from February to May. During this period the rate of unemployment fell from 8.3% to 8.1%. However, in June there were 1.6 million applicants for jobseeker's allowance, which is by 6,100 people more than a month before.
During a summit organized in Beijing, China's Head of State, Hu Jintao, made a pledge of USD 20 billion to Africa with a three-year maturity and would aid SMEs, agriculture etc. This would also strengthen the relationship on the international level. The commerce between China and Africa has bloomed, in 2011 their trade reached USD 116 billion, as reported by
The Yen appreciated against its 16 major counterparts as the European leaders did not decide on exact measures to deal with the debt crisis. The demand for the Yen rose as Japan's currency is considered to be a safe haven. On Thursday morning, July 19, the Yen climbed 0.3% to JPY 96.47 per EUR. Moreover, the US Dollar fell to a two-week low against
Angela Merkel remarked on Wednesday, July 18, that Eurozone's bailout plan is not finally developed and leaders are not sure about its success. This immediately caused the Euro depreciation against the British Pound, the US and Australian Dollar. Before the overnight the European currency stopped at USD 1.2276, AUD 1.1847 and GBP 78.45 per EUR.
Wall Street opened green on Wednesday, boosted by Intel's rebound and the Bank of America reported profit. The Dow Jones Index increased 0.13 per cent, to 12,822.42. The S&P 500 Index rose 0.25 per cent to 1,367.09, and the Nasdaq Composite Index jumped 0.68 per cent to 2,929.84. The boost was also provided by yesterday's Bernanke's report, who said that the Fed is ready for new
The greenback strengthened against its major counterparts, mostly versus the single European currency, ahead of Ben Bernanke's second day testimony. The ICE dollar index was up 0.11 per cent, while the WSJ dollar index rose 0.12 per cent on Wednesday. Meanwhile, the EUR/USD currency pair declined by 0.35 per cent to 1.2255 and mostly all American indexes were rising on concerns over Eurozone's worsening
On Wednesday, July 18, the bank of America, the second biggest U.S. bank, posted its second quarter report with $2.5 billion earnings. A cost-cutting plan, introduced a year earlier, helped the bank's fundamentals improve. Expenses dropped to $17 billion, or by 35 per cent, while the number of employees declined more than 12,000, what is the first phase of bank's cost cutting plan. Soon after the data