The CPI of the common currency union was steady last month, being unchanged from initial projections, reported Eurostat. The CPI remained 2.7% in February, meeting expectations. However, the figure is still above a 2% target of the ECB. Core CPI that excludes energy, food, tobacco and alcohol also remained unchanged, attaining 1.5% on a seasonally adjusted basis in February while
The Japanese Yen attained the 11-month low against its US counterpart as the greenback drew strength from signs of recovery of the US economy. Currently, the pair USD/JPY is traded at 83.85. The value of the Japanese Yen is even lower than in October when USD/JPY was traded at 75.31 that forced the central bank t to intervene in the
Norwegian central bank decided to lower its key interest rate for a second straight meeting as krone's appreciation was perceived as more significant risk than the threats of housing bubble. Overnight deposit rate was cut by 0.25 percentage point to 1.5% following a 0.5 percentage point chop in December. Krone plunged 1.4% versus Euro to NOK 7.5592 and lost 1.6% against
Fitch Ratings warned UK may lose its AAA rating in two years as the country has limited capability to cope with economic and financial shocks. Fitch lowered UK outlook from stable to negative indicating a probability above 50% that Britain's top sovereign rating might be cut. Fitch emphasized slow economic recovery, notable debt levels and risks from Euro Area debt crisis as
Gold futures increased during the Asian trade in Thursday as traders' sentiment improved after being dampened by the Fed meeting that did not indicate any signs of further monetary easing. COMEX gold futures for delivery in April traded at 1,644.45 US Dollars per troy ounce on the New York Mercantile Exchange, easing up by 0.09%.
US current account deficit expanded more than predicted in the 4th quarter reaching USD 124.1 billion, the largest gap since 2008. Economists questioned by Bloomberg predicted the fourth quarter shortfall to attain USD 115.0 billion. The total deficit for 2011 rose to USD 473.4 billion or 3.1% of GDP. Jeremy Lawson, BNP Paribas senior economist in US expects the gap to broaden further.
Rural commodities apart from wheat added to previous gains on Tuesday along with improving global economic outlook. Wheat lost 0.19% while corn jumped by 0.37%. Argentina reported it postpones granting new corn export permits until April because of lower crops caused by adverse weather conditions. Moreover, speculation over strong China's demand for corn also continued to stimulate price growth. In
Energy markets jumped on Tuesday after Fed acknowledged no changes in its monetary policy due to stabilizing US economy. Crude and Brent oil were also bolstered by stronger global equities and signs of economic recovery in the EU after inspiring German ZEW index. However, easing supply concerns and firm US Dollar capped the upswing. The EU nations are confident that
Industry metals rallied on Tuesday on positive economic data from the major world's economies. The base metals pack gained a strong spree after Fed announced the US, the second largest consumer of industry metals, faces signs of moderate economic recovery. Moreover, firm global equities pushed the metals' price higher. However, the upward move was limited by broadly stronger US Dollar.
Precious metals were mostly lower of Tuesday amid waning expectations of further quantitative easing in the US due to improved economic performance of the country. Broadly stronger US Dollar after stronger than projected retail sales in February also weighted down on the commodity group. However, firm equities limited the downswing. Gold, being major uncertainty hedge, was the top-loser over the
German DAX index extended its rally on Wednesday lifted by heavyweight bank shares on the Federal Reserve's stress test results. Deutsche Bank AG jumped 3.8% and Commerzbank AG advanced 2.8%. Posting the biggest gain in the index, E.ON AG rocketed 7%, contributing the biggest gain for the index. Although power generator reported its first loss ever, it said the profit
British FTSE 100 index prolonged gains on Wednesday supported by insurers and banks on news 15 of 19 US banks passed Fed stress test. Gains were limited as report showed jobless claims rose more than expected in February. Barclays surged 4.4%, Lloyds Banking Group gained 3% and HSBC Holdings climbed 1%. Tullow Oil added 1% after company reported an increase
Hong Kong's Hang Seng index bucked Asian market upward trend and declined on Wednesday after Chinese PM Wen Jiabao reiterated Beijing will not ease monetary policy towards real estate sector. Hang Seng index dropped 0.15% or 31.81 points to 21,307.89 with telecommunication sector posting the biggest loss. Heavyweight China Mobile contributed to the downside, tumbling 2.7%. On the upside index
Italy managed to sell EUR 6 billion of its 3-year notes with borrowing costs declining to the lowest reading since October 2010 as ECB loans supported demand. The yield on Italian 3-year bill slipped two basis points to 2.66%. The borrowing costs on benchmark 10-year notes also gave up two basis points, attaining 4.87% compared to 7.26% in November 25.
Asian markets showed mixed performance on Wednesday. Japan and South Pacific region shares rallied lifted by US economic data while those in China mainland and Hong Kong slipped after Chinese PM rejected possibility for easing policy towards real-estate market. Shanghai Composite fell 2.6% and Hang Seng index lost 0.2%. In contrast Australia's S&P/ASX 200 index surged 0.9%, South Korea's Kospi added 1%
Japan's Nikkei Stock Average appreciated sharply on Wednesday, reaching record high since July 2011, following the rally in US markets. Nikkei 225 index advanced 1.53% or 151.44 points and settled at 10,050.52. Exporters surged after Yen fell to a one-year low against greenback. Sony jumped 5.2% and Toyota gained 2% while Nissan added 3.8%. Equities in Yahoo Japan soared 1%
The number of UK unemployment claims surged more than expected in February and the jobless rate remained at 16-year record high. Jobless claims advanced by 7200 to 1.612 million reported the National Statistics Office on Wednesday. Economists questioned by Bloomberg expected the applications for jobless benefits to increase by 5000. The unemployment rate remained unchanged at 8.4%.
Dow Jones Industrial Average index jumped sharply on Tuesday reaching record high since 2007 after Fed said it will hold low interest rates and signalled optimism regarding US growth. Blue chip index rallied 1.68% or 217.98 points to 13,177.68, marking the biggest daily gain since December. All 30 shares within the index ended in the positive territory. JP Morgan Chase
S&P 500 index rallied on Tuesday as US retail sales reached 5-month record high and Federal Reserve confirmed the labour market has improved. US benchmark index jumped 1.81% or 24.86 points and closed at 1,395.95. Bank stocks climbed after JP Morgan decided to boost its dividend. Goldman Sachs added 6.5% and Citigroup Inc gained 6.3%. Apple surged 2% after Jefferies Group
US Dollar advanced versus most if its main peers after Federal Reserve increased their evaluation of US economy and announced it will hold record low interest rates. US currency added 0.3% versus Japanese Yen to JPY 83.22. The greenback also advanced 0.3% against Euro to USD 1.3031, close to 4-week high. Currently USD/JPY is trading at JPY 83.21 and EUR/USD is trading at
Canadian Dollar climbed versus most of its counterparts on Tuesday as advancing growth in US boosted optimism for global economic development. Demand higher yielding assets such as equities and fuel surged. Canadian currency gained 0.4% against greenback to CAD 0.9886. Currently USD/CAD is trading at CAD 0.9905.
US stock markets rallied on Tuesday after Federal Reserve decided to maintain record low interest rates and JP Morgan increased its dividend by 20%. Retail data also supported major stock indices. S&P 500 jumped 1.81% or 24.86 points and closed 1,395.95, Dow Jones Industrial Average index added 1.68% or 217.98 points to 13,177.68, the biggest daily gain since December 20. Nasdaq
Crude oil trade close to two-day record high on Wednesday on investor forecasts improving US economic data may boost demand for fuel. April crude gained USD 0.12 to USD 106.83, extending gains from yesterday. On year to day basis oil have climbed 8.1%. Brent oil to be delivered in April slipped USD 0.01 to USD 126.21.
Australia's consumer confidence dropped to a 3-month record low in March as country's biggest lenders increased mortgage rates despite central bank's decision to keep benchmark interest unchanged. The consumer sentiment index fell 5% to 96.1 in March, marking the lowest reading since December 2011, said Melbourne Institute on Wednesday.