Asian shares rose, impacted by Japanese stocks, on speculation that Japan's government will discuss a corporate tax cut and support riskier assets for public pension funds. The MSCI Asia Pacific Index gained 0.2% to 140.65 at 2:29 p.m. Hong Kong time and the gauge has advanced 7.8% monthly, while Japan's Topix index erased decline of 1.6%.
The British currency was little changed, approximately 0.5% from its eight-month high against the greenback, ahead of U.K. economy data that are expected to show growth. The Sterling was at $1.6075 at 7:37 a.m. in London after appreciating to $1.6163 on September 13, the strongest since January 11. The Pound traded at 84.07 pence per Euro after rising to 83.53
Composite Consumer Sentiment Index in South Korea went down in the month of September, a report released by the Bank of Korea showed on Thursday. The index recorded 102.0 in September compared to a score of 105.0 in August, while the consumer confidence on current living standards dropped by 2 points from 91 recorded in August to 89 in September.
Unemployment in France declined in the month of August for the first time in more than a two-year period, the latest data released by the labour ministry revealed on Wednesday. The total number of people claiming for initial unemployment benefits decreased by 50,000 or 1.5% on a monthly basis in August, when the number of unemployed people totalled 3.24 million.
The Japanese currency weakened on Thursday trimming its four-day advance against the U.S. currency amid speculations that the country's government will intend to cut corporate tax and make changes in pension funds towards riskier assets. The Yen fell 0.3% to 98.76 per U.S. Dollar at 1:27 p.m. Tokyo time and it declined 0.3% to 133.57 per Euro.
West Texas Intermediate oil continued to fall on Thursday falling for the sixth day in a row extending its series of losses on 16 months after the U.S. government showed in a report that inventories increased surprisingly as demand fell. WTI futures for delivery in November dropped 46 cents to $102.20 a barrel on the NYMEX and were traded at
Asian shares declined for the third straight session on Thursday snapping its largest monthly gain on the local index since January 2012, when the fall was led by health care and industrial sector companies. The MSCI Asia Pacific Index slipped 0.3% to 139.97 at 11:34 a.m. Hong Kong time and it advanced 7.8% in September by yesterday.
Deals on newly built single-family houses advanced 7.9% in August reaching 421,000 units annualized, yet being around lowest in 2013. Increase in the sales met economists' expectations, but was not enough to balance out the sharp decrease experienced in July 2013. Alongside, new homes' inventory to be sold rose 3.6% last month compared to July attaining highest since March 2011.
The U.K.'s currency has inched up 0.3% to $1.6046 getting close to the eight-month high amid increase in retail sales index. The diffusion index, the customer spending indicator, advanced to 34 compared to 27 in August, which signals improvements in the U.K. economy. Over last 6 months the Sterling gained 5.8% versus the greenback becoming the best performer so far.
U.K. shares dropped as U.S. lawmakers continued discussions on a nation's budget to prevent the government from shut down upcoming month. The FTSE 100 Index declined 0.5% to 6,536.32 as of 3:06 p.m. London time; however, the gauge has climbed 1.9% monthly, prolonging its quarterly advance to 5.2%, while the FTSE All-Share Index slid 0.5%.
U.S. durable-goods report indicated that the demand increased 0.1% after declining 8.1% a month earlier. The growing demand for autos and houses is supporting the stabilization process for factories after the overseas markets have struggled. The political issues in Washington could impact manufacturing sector that accounts for approximately 12% of the nation's economy.
The U.S. nation loses belief in strong economic recovery claiming the country to be in recession still, yet economists anticipate growth to advance. Less people remain optimistic about labor and housing markets, and more are impatient with the pace of the country's economy. Alongside economic conditions, Americans are distressed over political situation and increased level of bureaucracy.
Statistical bureau of Norway announced a surprising surge in country's unemployment rate, which increased to 3.6% in July against 3.4% a month earlier, which is still much lower than EU average at 11%. Analysts forecasted the rate to decline to 3.3%. Moreover, economists forecast the Norway's GDP to add only 1.75% in 2013, while in 2012 the economic growth was
Jacob Lew, U.S. Secretary of Treasury, told investors that they are too optimistic about perspectives of the U.S. debt ceiling deal. He pointed out that risks are much higher than analysts expect, and U.S. government will probably have only about $50 billion in free cash by the middle of October. Alongside, Barack Obama refused to negotiate with Republicans on raising
World Bank officials said on Wednesday that the Russia's government has to support small firms and manufacturers by stimulating its citizens to open their own businesses. Currently the government actively supports the medium-sized companies. Meanwhile, the World Bank decreased Russia's economic expansion outlook to 1.8% this year, while the next year the economy will add 3.1%.
Shares in Switzerland were little changed, after retreating for two straight days, as U.S. durable-goods and housing data were awaited by investors. The Swiss Market Index slid 0.1% to 8,041.63 as of 12:14 p.m. Zurich time, paring gains of 0.4%; however, the gauge has gained 3.8% monthly. The Swiss Performance Index declined less than 0.1%.
U.K. shares declined before the U.S. durable-goods and housing reports and on the political situation in U.S. as the officials discuss the budget. The FTSE 100 Index fell 0.3% to 6,551.92 as of 11:42 a.m. London time, paring 0.3% gain; however, the gauge has gained 2.2% in September. The FTSE All-Share Index slid 0.3%, while Ireland's ISEQ Index fell 0.1%
Japan's government will have to increase the VAT tax rate substantially by 2020 Olympic Games, as the country's external debt exceeds 200% of GDP, while the aging population will ask for more welfare costs. Analysts estimate that VAT surge to 20% will raise enough money to pay for bonds that Japan will issue before the Olympics to cover costs, while
Enrico Letta, the Prime Minister of Italy, said on Wednesday that European leaders seriously underestimate the possible U.K. exit from the EU. European skepticism in the U.K. is rising among its citizens. Moreover, country's current Prime Minister David Cameron announced recently that if the Conservatives are elected as the government party in 2015, the EU referendum will take place in
Basel Committee on Banking Supervision said on Wednesday that the world's largest banks need to save an extra $155 billion to meet capital rules of Basel III regulation, which was introduced in 2012. Moreover, a quarter of all big banks do not meet indebtedness limits as well. Nevertheless, banks have already cut the shortfall by almost 83 billion euros since
Government of Sweden raised more than $3.4 billion, as the country sold its remaining 284 million shares or 7% of Nordea Bank AB. The money the government received will be mainly spent on reducing the state debt. Currently Nordea is the largest bank in Scandinavia and one of the biggest in Europe. Nordea bank equities are currently losing 1.77% to
France President Francois Hollande has two more years given by the European Commission to reduce country's budget deficit and overhaul economy. Government aims to decrease shortfall of the budget to 3.5% of GDP in 2014 from 4.1% in 2013 by means of decreasing public spending by 15 billion euros and increasing taxes by 3 billion euros.
France's industrial sector business confidence declined surprisingly in the month of September following a series of gains in the previous months, the latest report published by the statistical office Ine showed on Wednesday. The industrial confidence index decreased from 98 points recorded in August to 97 in September, while it was projected to gain to 99 points.
Spanish industrial sector producer prices fell in August dropping for the first time in a four-month period, a report released by the statistical office Ine published on Wednesday. According to the report, the producer price index slipped 0.1% on a yearly basis in August after a 1.2% gain recorded in the prior month, while on a sequential basis, the PPI