Home loans issued in Australia jumped by 0.3% on a seasonally adjusted basis in April as compared to a decline of 2.5% in March, according to Australian Bureau of Statistics. Experts predicted home loans to decrease by 2.0% in April. After the data release, the Australian Dollar remained modestly lower against the greenback and AUD/USD traded at 1.0008, falling by
Gold declined during Asian trading hours on Monday as political turmoil in Greece persisted, adding to worries that the country may leave the common currency union. Political and economic instability in the Euro Zone continued to fuel demand for US Dollar thus pushing the yellow metal down. COMEX gold June contract trade at 1,580.65 US Dollars per troy ounce on
Crude oil futures declined at Asian session after China announced it reduced the RRR for its banks. The move indicates that China's economy slows down and needs additional stimulus. Light, sweet crude oil futures for June delivery traded at 95.73 US Dollars per barrel on the New York Mercantile Exchange, declining by 0.42% from the last session's high of 95.71
New Zealand's core retail sales declined by 2.5% on a seasonally adjusted basis last month as compared to a 2.3% expansion in March, reported Statistics New Zealand. Experts predicted the retail sales to increase by 0.3% last month. Following the data release, the New Zealand's Dollar depreciated against its US counterpart by 0.40% and NZD/USD traded at 0.7798.
The central bank of China reported on Saturday that it decided to decrease the reserve requirement ratio (RRR) for its banks by 50 basis points, indicating the second reduction for 2012. The cut comes in force on May 18 and is expected to pump 400 billion Yuan into the country's market, according to Lian Ping, chief economist from the Bank
The unemployment rate in the Eurozone is expected to increase to 11 % this year, up from 10.2 % in 2011, with the economic outlook getting more pessimistic, the European Commission reported on Friday. Spending cuts and tax increases have undermined the economy more than expected. However, the commission expects a slight recovery for the Euro bloc of 1 %
On Saturday tens of thousands of protestors demonstrated in Madrid and other big cities, expressing their discontent with a grim economic outlook, and the measures undertaken to combat the crisis. Spain's economy is in recession with the highest unemployment rate among the Eurozone member states of 25 %. Due to such serious economic difficulties, a bailout is expected.
Likelihood of Greece exit from the Eurozone, increasing borrowing costs in Italy and Spain, recession in some European states are contributing to increasing concerns about an intensifying crisis, which might hinder fragile recovery of the US economy. However, the US exports to Europe have been improving since the financial crisis in 2008.
European commission forecasts that Eurozone economy will shrink 0.3% in the course of 2012 but will experience 1% growth in 2013. Commission also forecasts that economies of all 27 members on aggregate will experience zero growth in 2012 and 1.3% growth in 2013. Mainly due to the highest unemployment level in the European Union, the only country, which economy is predicted to shrink next year is Spain.
Spain's economy minister announced that Spanish banks will have to increase provision for realty loans, which were considered unproblematic, by EUR 30b. Together with requirements regarding problematic loans this will require Spanish banks to accumulate EUR 80b of provisions. In addition, it is planned to hire two autonomous auditors to estimate the value of real estate in Spanish banks and
Evangelos Venizelos, leader of socialist Pasok party, which came third in elections last week, holded a chain of meetings in order to form a new government, but unsuccessfully. Senior Greek government officials stated that chances of forming government in last minute are very low and most likely coalition formation mandate will be returned to president on Saturday. Previous negotiations held by New Democracy and
After China's, which is the worlds second largest economy and oil consumer, report on industrial growth oil price fell to USD 112 a barrel. China's industrial output in April grew the lowest in almost three years. Such news raised a lot of concerns about China's industrial prospects in the nearest future and Brent June oil future contract dropped to USD
Agricultural commodities were volatile on Thursday as traders expected USDA report on the world crop estimates.Wheat rose as USDA lowered its forecast for the US stockpiles in the end of this season as exports are likely to increase.Corn was the only loser after USDA added a billion bushels to the total world's output estimate as US production is likely to
Energy markets balanced between easing concerns over the turmoil in the Euro Zone and increase OPEC output.Crude oil climbed after the US released optimistic job market data and OPEC raised its global oil demand forecast by almost 4%.Brent oil declined as removed risk-premium after talks between Iran and six major economies started to progress continued to block any upswing in
After fourth consecutive increase consumer sentiment index reached the highest level since the beginning of 2008. It increased to 77.8, by 1.4 since March, above expectations of 76.2. Specialists think that this was mainly due to the fact that decreasing fuel prices, which impact current situation, outweigh negative expectations from slowing labor markets.
Industry metals were slightly higher on Thursday as recent price fall created bargain buying opportunities for investors. Aluminum was the top-loser despite expectation for stable demand from Japan and recent drop in the stockpiles at LME.Copper rose by 0.63% on the increased dip buying and falling stocks at the main exchange warehouses. However, soft equities and weak China's imports capped
Precious metals were mixed on Thursday amid improved sentiment in the Euro Zone's market as Geek socialist party will make the final attempt to form the government.Gold managed to erase some of the previous losses as US Dollar lost its safe-haven appeal after positive news from Greece.Silver dropped as buying interest of the largest silver-backed fund is waning and industrial
Natural gas futures moved higher on Friday as speculators were bullish on the commodity and increased buying due to low price. Natural gas June contract traded at 2.521 US Dollars per Btu on the New York Mercantile Exchange, soaring by 1.39%.
The economy of the Euro Zone is likely to shrink by 0.3% this year and to expand by 1% in 2013, the European Commission reported. The commission also expects zero growth this year in the EU and a 1.3% expansion in 2013. However, the recovery of the region still remains fragile, said Olli Rehn, European Commissioner for Economic and Monetary
After three consecutive months of non negative changes, US producer price index decreased by 0.2% although no change was anticipated in April. According to specialists, this was mainly due to falling prices of core materials such as fuel, crude oil and intermediate goods. In past year index increased by 1.9% which is the smallest 12 month change in almost two and a half years.
In April unemployment in Canada was 7.3% in comparison to 7.2% in March this year. Employment rate was 58.2k, which was 48K more than anticipated and second consecutive month of significant changes in last half a year. Most of the change in employment was among full time positions, primarily in construction and manufacturing sectors. Employment increased by 5.5% in 55 year old
Nissan profits surged in Q1, being supported by strong sales in the fast-expanding markets. The company announced a net income of 75.3 billion Yens in Q1 as compared to 30.8 billion Yens in Q1 of 2011. The global sales of Nissan rose to a record high of 4.8 million vehicles in 2011.
India's factory production contracted by 3.5% last month as manufacturing activity in the country declined. The data lingered concerns that global stagnation and weak domestic demand may impact the overall growth of the country. Experts urged that the slowdown in manufacturing activity is likely to continue until the government puts more effort in boosting economic expansion.
The government of Spain is expected to report on the further bank reform later in the day. The government is likely to oblige the banks to increase reserves up to 30 billion Euros to improve the situation with rising number of bad loans. However, it is still uncertain whether the country sorts the problem by itself or requires additional monetary