Angela Merkel's cabinet approved a draft of budget for the upcoming year on Wednesday. The cabinet is aimed to decrease the country's net borrowing to 6.4 billion euros in 2014 from 17.1 billion, which were planned for 2013. The government also expects to have higher tax revenues in 2015, which will allow having a balanced budget during that year.
Monthly estimates of National Institute of Economic and Social Research for British economic performance suggests that the country's gross domestic product will slow down by 0.1% in the three months ending in February following a 0.2% drop recorded in the three month ending in January. NIESR's forecast for 2013 and 2014 says Britain's GDP will rise 0.7% and 1.5% respectively.
Consumer price inflation in India advanced in the month of February driven by the increase of prices in rural and urban areas, the Central Statistics Office showed in a report on Tuesday. The consumer price index accelerated from 10.79% recorded in January to a level of 10.91% in February, while the rural areas provisional inflation rate moved up from 10.79%
European Union carbon allowances decreased to their second-lowest level since the beginning of permits trading after the first cancellation of an auction by the 27-nation bloc as the bids failed to reach a prevailing market rate, the European Energy Exchange AG said on Tuesday. EU permits for delivery in December dropped 5.6% and closed at 3.73 euros a metric ton on ICE
Rural commodities were mixed on Tuesday amid broadly stronger US Dollar and profit-taking after previous gains. Grains continued to feel support from Friday's Wasde report that lifted consumption estimate for domestic livestock producers. Wheat climbed on ideas that lower prices will attract new buyers. Lending an extra support, some traders doubt about sustainability of crop improvement in Kansas and Oklahoma
Energy futures apart from crude oil were bearish on Tuesday on expectations that global output may jump. The OPEC predicts non-OPEC countries may raise supply to one million barrels per day in 2013. Crude oil ended Tuesday's session on the positive note despite increased caution ahead of the EIA weekly supply report due on Wednesday. Experts say US crude oil inventories
Industrial metals rallied on Tuesday amid expectations of strong China's demand. However, disappointing UK manufacturing production numbers as well as signs of rising metal's output in China put pressure on the commodity sector. Aluminum jumped despite increasing production in China. China's output over February and January rose by annualized 15% to 3.5 million tonnes, the fastest expansion since 2010. Copper climbed
Precious metals were mixed on Tuesday amid talks that the ECB may loosen its monetary policy as inflationary pressures are easing. However, concerns over weakening investment demand as well as broadly stronger US Dollar weighed on the commodity complex. Gold advanced on hopes the ECB will ease its policy amid slowing inflation. However, the yellow metal remained under heavy pressure after
U.S. equities fluctuated between gains and losses on Tuesday, as investors sat on the sidelines after a session string of gains, sending the technical shares lower. However, the Dow Jones Industrial Average climbed less than 0.1% to 14,450.06, extending its gains for an eighth consecutive day. Four out of nine sectors in the gauge edged higher. Merck & Co contributed
Most U.S. blue chips dropped, pushing down the Standard & Poor's 500 index from its seven-day high. Experts say that the market might be tired after setting a record high. The S&P 500 slid 0.2% to 1,552.48 after touching its highest in more than five years yesterday. Seagate Technology jumped nearly 9% to $34.94 for the biggest gain in
WTI futures gained $1.01 or 1.1% on the New York Mercantile Exchange in America's trading session and narrowed a gap versus Brent oil, as it increased by 47 cents or 0.4%. The discount reached the lowest level in five weeks, as the Euro remained above a psychological level of 1.30.
On Tuesday, bonds of the Spanish government extended the longest streak of gains since 2005, rising for the 10th consecutive day on optimistic news from the ECB. Yields on the benchmark 10-year bonds lost 4 basis points, reaching a level of 4.72% by 3:12 p.m. in London. Earlier, they fell to 4.70%, which was the lowest yield since November 2010.
On Tuesday, Treasuries were gaining, as investors were attracted by 11-month high yields before upcoming sales of bonds and notes. The yields on 10-year Treasury bonds fell by 4 basis points, reaching a level of 2.02% by 11:11 a.m. in New York. Previously, they hit a level of 2.08%, which was the highest since April.
German equities fluctuated between gains and losses close to their highest level in five years, yet declining 0.4% to 7,954.79 by 5:09 p.m. in Frankfurt. Five out of nine groups in the index retreated. However, consumer services jumped 2.8% for the biggest advance in the index lifted by Deutsche Lufthansa AG shares that were 3.3% higher. This week Lufthansa's pilots
On Tuesday, US stocks were lower during early trade, as optimistic data fueled speculations about an early termination of Fed's monetary easing measures. Dow Jones Industrial Average declined by 0.09%, while S&P500 fell by 0.12%, and Nasdaq Composite decreased by 0.22% during early US trading hours.
On Tuesday, futures for natural gas were growing during the U.S. morning trading hours, extending a three-day long streak of gains, as investors followed shifts in weather forecasts. On the NYMEX, April delivery futures for the commodity were traded at $3.663 per million Btu, which was a 0.4% growth for the day.
On Tuesday, futures for copper were falling during European morning trading session, as investor sentiment was influences by recent pessimistic data from China, which is the largest consumer of the commodity. On the Comex, May delivery futures were traded at $3.509 per pound, which was a 0.25% daily loss.
On Tuesday, futures for the precious metal were growing during US morning trading hours, almost reaching a 2-week high, as the commodity broke through a resistance level. On the Comex, April delivery futures for gold were traded at $1,593.10 per troy ounce, which was a gain of 0.95% during the day.
The Italian statistical office reported on Tuesday that EU harmonized index of Italian inflation was equal to 2% last month, compared to figure of 2.4% in the preceding month. The reading was unchanged from the first estimate and in line with expectations. Month-over-month, the price index fell by 0.2%.
U.K. shares surged for a fourth straight day with FTSE 100 Index extending its highest level in five years. The FTSE 100 climbed 0.3%, or 26.51 points, to 6,522.83 by 4:34 p.m. in London. Basic materials posted biggest gain among all ten groups in the gauge, as Kazakhmys Plc rallied 5.8% for the biggest rise on the benchmark FTSE 100.
Consumer prices in Sweden fell 0.2% on an annual basis in the month of February staying at the same level from the month before, a report released by the Statistics Sweden showed on Tuesday. The report also said the consumer price index added 0.4% on a sequential basis the same month, while the core inflation rate stayed at a figure
Hellenic Statistical Authority revealed on Tuesday that industrial production in Greece continued its streak of declines for the third month in a row. In January, industrial output showed a fall of 4.8% on a yearly basis, compared to a significantly slower decline of 0.9% in the first month of the year.
Statistics Portugal reported on Tuesday that EU harmonized inflation decreased its pace in Portugal last month. The consumer price index was 0.2%, compared to reading of 0.4% for the preceding month. Analysts, however, expected a slightly higher price growth of 0.3% in February.
Statistics Portugal revealed on Tuesday that the country's exports increased significantly in January. Goods exports added 5.6% on a yearly basis and reached the absolute level of 3.83 billion euros, compared to a reading of minus 2.9% in the preceding month. Imports, on the contrary, decreased by 6.9%.