U.K. Inflation Steady At 2.7%


U.K. annual inflation held steady in November at the highest level since May on increases in food and energy bills, official data showed Tuesday.



Consumer price inflation stabilized at 2.7 percent in November, figures from the Office for National Statistics revealed Tuesday. Inflation was at a 34-month low of 2.2 percent in September.



The November rate came in line with economists' expectations, but continues to hover above the 2 percent target. The highest upward impact on inflation was from food prices and utility charges, while fuel prices exerted downward pressure.



Core inflation that excludes energy, food, alcoholic beverages and tobacco, also remained unchanged at 2.6 percent in November. The rate was forecast to rise marginally to 2.7 percent.



As inflation is set to stay between 2.5 percent and 3 percent for the best part of the next year due to increases in utility and food prices, the squeeze on households' spending power looks likely to persist throughout 2013, said Samuel Tombs at Capital Economics. Nonetheless, inflation will eventually fall to a very low rate.



IHS Global Insight's Chief UK economist Howard Archer said he expects consumer price inflation to fall to 2.2 percent by the end of 2013 and finally below 2 percent in 2014.



Month-on-month, consumer prices increased at a pace of 0.2 percent, in line with forecast, but slower than a 0.5 percent rise in October, data showed.



Retail price inflation, at the same time, slowed to 3 percent from 3.2 percent in October. Mortgage interest payments had a downward impact on the annual change.



Excluding mortgage interest payments, retail prices climbed 2.9 percent annually, down from 3.1 percent a month ago. Economists had forecast the annual rate to remain at 3.1 percent.



In a separate communique, the statistical office said factory-gate inflation slowed in November. Output price inflation fell to 2.2 percent in November from 2.6 percent a month ago. It was forecast to ease to 2.5 percent.



Meanwhile, core output price inflation that strips out food, beverages, tobacco and petroleum, held steady at 1.4 percent.



Annually, input prices slipped 0.3 percent in November after staying flat in October. On a monthly basis, the input price index edged up 0.1 percent, the same rate as seen in September and October.





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2012-12-18 15:42

Источник: news.instaforex.com

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Brazil's Manufacturing Sector Rebounds In October


Brazil's manufacturing sector expanded for the first time in four months in October, helped by a strong pick up in production, data from a survey by Markit Economics and HSBC Bank showed Friday.



The manufacturing purchasing managers' index, adjusted for seasonal variations, advanced to 50.2 in October from 49.9 in September. Readings above 50 signal growth, and those below indicate decline.



Brazilian companies raised their production levels in October, amid expectations of better economic conditions and forecasts of stronger client demand. Production growth was the quickest since May.



New business inflows stabilized during the month, following three successive months of contraction. Export orders, however, fell at the fastest pace since July.



Meanwhile, manufacturers reduced their workforce numbers further in October, stretching the current sequence of job shedding to seven months.



Elsewhere, a report released by statistical office IBGE today showed that Brazil's industrial production increased 2 percent year-on-year in September, after falling 1.2 percent in August. Economists had forecast a 3 percent growth for October.



Sequentially, seasonally adjusted industrial production moved up 0.7 percent, after staying flat in August. The monthly growth rate was forecast to be 1.3 percent.





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2013-11-01 17:42

German Import Prices Continue To Fall


Germany's import prices decreased for the ninth successive month in September, and the rate of fall matched economists' forecast, latest data showed Thursday.



The import price index decreased 2.8 percent in September from the same month of last year, marking the ninth fall in a row, the Federal Statistical Office said. The outcome matched economists' forecast. In August, prices had declined 3.4 percent.



Contributing to the decline of the headline index, energy prices fell 6.3 percent annually, and metal costs declined 9.7 percent.



Import prices, excluding petroleum and petroleum products, were lower by 2.3 percent than in September 2012, data showed.



Sequentially, import prices stayed unchanged in September, after rising 0.1 percent in August. Expectations were for a 0.1 percent rise in September.



The statistical office further noted that Germany's export prices decreased 1 percent year-on-year in September, as they did in August. On a month-on-month basis, export prices stayed flat for the second straight month in September.





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2013-10-31 12:42

Spanish Economy Recovers In Q3


Spain's economy returned to growth in the third quarter, after staying mired in a recession for more than two year, preliminary data from the statistical office INE showed Wednesday.



Gross domestic product expanded 0.1 percent during the quarter ended September, reversing the 0.1 percent sequential drop in the previous period.



On a yearly basis, the economy remained in negative territory due to the weakness in domestic demand, but the rate of contraction slowed in the third quarter. GDP was down 1.2 percent annually, following last quarter's 1.6 percent decline.



Both quarterly and annual figures matched the flash estimate released by the Bank of Spain on October 23.





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2013-10-30 12:42

China's Industrial Profit Growth Slows In September


Profits earned by Chinese industrial firms grew at a slower pace in September, data released by the National Bureau of Statistics revealed Sunday.



Profits rose 18.4 percent year-on-year to CNY 558.9 billion in September. This was weaker than a 24.2 percent growth seen in August.



During the first nine months of the year, industrial profits increased 13.5 percent from the same period last year to CNY 4.05 trillion.



Meanwhile, China's cabinet, also known as the State Council, said it will streamline the corporate registration system by removing some registered capital requirements for establishing new firms.





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2013-10-28 08:00

Swiss Sept. Trade Surplus Exceeds Forecast


Switzerland's trade surplus beat expectations in September, the latest figures from the Federal Customs Administrations showed Tuesday.



The trade surplus for September was CHF 2.5 billion compared with an expected CHF 2 billion surplus. In the July-September period, the trade surplus was CHF 6.9 billion.



Exports grew 2.2 percent year-on-year in nominal terms to CHF 16.9 billion in September. Meanwhile, imports declined 2.6 percent to CHF 14.4 billion. In real terms, exports grew 5.3 percent annually and imports fell 0.9 percent.



In the third quarter, exports grew 0.7 percent year-on-year in real terms, while imports fell 2.2 percent.





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2013-10-22 12:42

S. Africa August Factory Output Growth Eases More Than Forecast


South Africa's manufacturing production rose at a significantly slower pace in August, and the growth rate was far below economists' forecast, latest data showed Thursday.



Manufacturing production edged up 0.2 percent in August from a year earlier, after expanding strongly by 5.5 percent in July, Statistics South Africa said. The expected growth rate was 1.2 percent.



The weakening of the output growth mainly reflected a 25 percent fall in the production of motor vehicles, parts and accessories and other transport equipment. Production of textiles, clothing, leather and footwear dropped by 0.9 percent.



Meanwhile, production in the food and beverages industry advanced 1.7 percent from August last year, and output of wood, wood products, paper, and publishing and printing articles rose by 6.4 percent.



On a monthly basis, seasonally adjusted manufacturing production fell sharply by 3.6 percent in August, which was faster than the 2 percent fall economists had forecast.



During the three months ended August, factory production increased 0.2 percent from the preceding three-month period, data showed.





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2013-10-10 17:38

Portugal June-August Trade Deficit Widens


Portugal's merchandise trade shortfall widened in the June-August period as imports increased at a faster pace than exports, data released by the National Statistics Institute showed Wednesday.



The balance of trade for the three months ended August was a deficit of EUR2.41 billion, bigger than the EUR2.24 billion shortfall recorded a year earlier.



Merchandise exports increased 2.3 percent annually to EUR11.63 billion at the end of August. Shipments to the European Union (EU) countries and the Non-EU market grew 2.1 percent and 2.8 percent respectively.



Imports grew 3.1 percent from last year to EUR14.04 billion in the August quarter. Purchases from the EU climbed 4.4 percent year-on-year, and those from the external market stayed unchanged.



In the month of August, Portugal's exports stayed unchanged from the preceding month, while imports decreased by 3.5 percent, data showed.





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2013-10-09 17:42

Latvia's Industrial Production Drops 3.5% In August


Latvia's industrial production decreased in August from last year, figures released by the Central Statistical Bureau showed Friday.



Industrial production, on a calendar-adjusted basis, decreased 3.5 percent year-on-year in August, reversing the previous month's 2.1 percent increase. In June, production had decreased by 0.4 percent.



The downturn in overall output was driven mainly by a 2.5 percent fall in manufacturing production, and a 7.9 percent decrease in the production of electricity and gas supply. Meanwhile, mining and quarrying production increased by 0.6 percent.



Sequentially, industrial production decreased a seasonally adjusted 2 percent in August, after gaining 1.7 percent in July, the agency said.





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2013-10-04 17:00

UK Economy Set To Record Stronger Growth In Q3: Capital Economics


The ongoing strength of the British private sector, as indicated by the latest purchasing managers' surveys, points to a sharp pick-up in GDP growth in the third quarter, Capital Economics Chief UK Economist Vicky Redwood said Thursday.



Capital Economics forecasts that economic growth in the third quarter would comfortably match or exceeded the 0.7 percent growth recorded in the second quarter.



However, muted employment growth and subdued price pressures, as evidenced by the PMI surveys, suggest that the strong economic growth is unlikely to translate into a rapid fall in the unemployment rate, a pick-up in price pressures, or a near-term rise in official interest rates, the firm said.



According to Redwood, while retail sales and industrial production look set to beat the growth seen in the second quarter, the sharp widening of the trade deficit in July suggests that net trade will struggle to contribute to growth as it did in the June quarter.



Further, data from the three PMI surveys, comprising manufacturing, construction and services, suggest that the fourth quarter is starting on a strong note too, the economist said.



Survey data compiled by Markit Economics today showed that the purchasing managers' index for the UK service sector stayed well above the neutral mark in September, signaling stable growth momentum in the sector. At 60.3, the index was little changed from August's reading of 60.5.



The movement of the index over the third quarter as a whole shows that services output increased at a faster rate of 1.5 percent than 0.6 percent in the second quarter.





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2013-10-03 17:42

ECB Leaves Key Refi Rate Unchanged At Record Low


The European Central Bank on Wednesday decided to hold fire on rates, as any tightening will be premature and dampen early signs of recovery in the region.



The 23-member rate-setting council left the main refinancing rate unchanged at a record low 0.50 percent for the fifth month. The previous change in rate was in May, when it was lowered by a quarter point.



The bank held the marginal lending facility rate at 1 percent and the deposit rate was also left unchanged at zero.



The governing council gathered in Paris instead of its usual venue in Frankfurt and the meeting was brought forward to Wednesday as it is a public holiday in Germany on Thursday.



ECB Chief Draghi is set to hold the post meeting press conference at 8.30 am ET.



Although ECB Chief Mario Draghi recently hinted at long-term refinancing operation and measures needed to address rising money market rates, economists see no major announcement later today. The markets expects LTRO only later this year.



Given the doubts over the effectiveness of more LTROs though, other new measures to stimulate lending may eventually be needed to sustain the recovery, said Ben May, an economist at Capital Economics.



Money market rates have shown signs of rising recently on talks of Federal Reserve's "tapering" of bond purchases.



Elsewhere, Italian Prime Minister Enrico Letta faces a confidence vote today. Italy's political instability and its huge debt burden will weigh on the nation's borrowing costs and will once again trigger talks of ECB's bond buying program.



Last month, the ECB upgraded its 2013 economic outlook for the euro area, to show a 0.4 percent contraction, compared to the 0.6 percent GDP decline estimated in June. However, the growth projection for 2014 was cut to 1 percent from 1.1 percent.



Inflationary pressure remained subdued in the 17-nation bloc, with inflation falling to the lowest since early 2010 in September. Inflation is forecast to average 1.5 percent this year.



The sharp decline in lending to private sector together with low inflation amid nascent recovery is expected to prompt the central bank to keep its interest rates low for an extended period.





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2013-10-02 17:42

KOF Upgrades Swiss Growth Forecast


Switzerland's economic growth will likely accelerate at a faster rate than estimated earlier, supported by stable domestic demand and an improvement in exports as the Eurozone recovery strengthens, revised estimates released by the KOF Economic Institute showed Monday.



The agency forecasts that gross domestic product will grow at a faster rate of 1.9 percent this year than 1 percent in 2012. The revised outlook marks an improvement from the 1.4 percent gain the the firm had predicted earlier.



Further, growth is expected to accelerate to 2.1 percent next year, slightly faster than the 2 percent estimated earlier. Going ahead, growth is seen gathering further momentum, and the economy will expand 2.3 percent in 2015.



According to KOF, an upturn in Switzerland's exports will contribute significantly to the economy in the coming months, shifting the dynamics of growth from domestic demand towards foreign demand. The firms expects Swiss exports to rise 4.2 on average in 2014.



Consumer prices will likely drop further by 0.2 percent this year, but will reverse the falling trend by recording increases of 0.5 percent and 0.7 percent, respectively, in 2014 and 2015.



At the same time, unemployment will remain low in the coming months, but will hardly fall any further despite the positive economic developments.



KOF further noted that the economic environment will make it easier for the Swiss National Bank to end its zero interest rate policy and allow it to gradually start raising short-term interest rates again from 2015 onwards.





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2013-09-23 17:23

Spain's Trade Shortfall Narrows Sharply In July


Spain's merchandise trade deficit declined significantly in July, supported by strong growth in exports, data released by the Commerce Ministry showed Friday.



Net trade for the month resulted in a deficit of EUR786.7 million, which was lower by 53.5 percent than in the same month of 2012.



Export of goods increased 1.3 percent annually to EUR19.86 billion during the month, and reached the highest level since records began. Shipments to the non-Eurozone destinations advanced 8.2 percent, while dispatches to the Eurozone decreased by 4.7 percent.



Meanwhile, the value of imports decreased by 3 percent year-on-year to EUR20.65 billion in July, the agency said.



During the first seven months of 2013, exports climbed 7 percent from the same period of last year, while imports dropped 3.1 percent. The outcome was an year-on-year fall in trade deficit by 67.5 percent to EUR6.61 billion.





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2013-09-20 17:42

Swiss Franc Weakens Despite Upbeat Q2 GDP Report


The Swiss franc drifted weaker in early European deals on Tuesday despite a report showed that the nation's economic growth in the second quarter slowed less-than that of economists' predictions, largely due to positive contributions from private spending and investment.



According to figures published by the State Secretariat for Economic Affairs (SECO), the real gross domestic product expanded 0.5 percent sequentially, which was forecast to fall to 0.3 percent from the prior quarter's 0.6 percent growth.



As seen in the previous quarter, household spending gained 0.6 percent. Moreover, investment recovered strongly in the second quarter, up 1.4 percent after falling 0.2 percent. On a yearly basis, economic growth more than doubled to 2.5 percent from 1.2 percent a quarter ago.



Easing concerns over an imminent U.S. strike on Syria and further signs of economic improvement across the globe lifted the risk-associated currencies' values in the foreign exchange market on Tuesday.



The U.S. President Barack Obama's decision to carry out a limited air strike against Syria may be delayed until at least next week as Republican Senators John McCain and Lindsey Graham said they have more confidence the White House is developing a better strategy to back use of military force.



Equities also rallied after official data indicated another month of reasonably solid growth in Chinese service sector, with the non-manufacturing purchasing managers' index easing slightly to 53.9 last month from 54.1 in July.



Meanwhile, the British Retail Consortium said retail sales in the U.K. increased at a weaker-than-expected rate in August after an exceptional July. Sales value increased 1.8 percent year-over-year on a like-for-like basis, falling below expectations for 2.4 percent growth but keeping well above the 12-month average.



Elsewhere, the total labor cash earnings in Japan increased for a second consecutive month in July, albeit at a slower pace, data from the Ministry of Health, Labor and Welfare showed today. Total wages increased 0.4 percent year-on-year in July, following a 0.6 percent increase in June and a 0.1 percent decrease in May.



At the same time, the Reserve Bank of Australia decided to keep the benchmark cash rate unchanged at a record-low of 2.5 percent, with a possible depreciation of the currency expected to facilitate rebalancing of the economy.



Investors await a slew of reports on U.K. construction activity, producer prices from the euro area and U.S. ISM manufacturing all due out later in the day for further clues on the health of the global economy.



The Swiss franc slipped to 1.4584 against the pound around 2:45 am ET, having extended its strong sell-offs since its failed test of 1.42 resistance on August 28. With the GBP/CHF currency cross is staying well-above its 200-day simple moving average level, the franc is poised to extend its downtrend beyond 1.46 support in the near-term to set its lowest level since June 10.



The franc also fell to a fresh 2-week low of 0.9374 against the US dollar following the GDP numbers, pushing the local unit closer to the pivotal 0.94 area, a level not seen since August 15. The franc has been trading lower since its failure to challenge resistance around the 0.9140/50 area on August 20.



The Switzerland currency dropped to a weekly low of 1.2343 against the euro and a session's low of 106.21 against the yen following the data. The next bearish barrier for the Swiss franc is seen around the 1.2360 against the former and 106.0 against the latter, as CHF/JPY pair is receding well-below from a trend-line resistance of a symmetrical triangle.





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2013-09-03 12:42

U.K. Retail Sales Growth Tops Expectations


British retail sales growth accelerated more-than-expected in July as the heatwave boosted food store sales, data showed Thursday.



Including automotive fuel, retail sales volume advanced 1.1 percent from the prior month, following a 0.2 percent rise in June, the Office for National Statistics said. Sales grew for the third month and the rate of growth was expected to rise moderately to 0.7 percent.



Sales that exclude automotive fuel also grew by 1.1 percent, which was faster than the 0.3 percent expansion seen in the previous month. The rate exceeded the consensus forecast of 0.6 percent.



Food store sales surged 2.5 percent, which was partially offset by a 0.3 percent drop in non-food store sales. Non-store retailing rose 1.7 percent in July.



According to a monthly survey carried out by the Confederation of British Industry, retailers expect sales volumes to increase again in the year through August after rising for the first time in five months in July.



Last week, Bank of England Governor Mark Carney assured that policymakers do not intend to hike interest rates from the current 0.50 percent, at least until the unemployment rate has fallen to a threshold of 7 percent.



However, Martin Beck, UK economist at Capital Economics said the resources to sustain growth in sales still look lacking with real pay set to continue falling into next year and households eating into their savings.



The ONS data today showed that all retailing including auto fuel climbed 3 percent annually, the biggest since January 2011. Sales were expected to grow by 2.4 percent after rising 1.9 percent each in June and May.



At the same time, annual growth in sales, excluding auto fuel, came in at 3.1 percent, up from June's 1.8 percent rise and above the 2.7 percent forecast.



At 2.1 percent, the volume of sales in the food sector increased at the fastest pace since April 2011. The amount spent increased 5.7 percent, the highest since September 2011.



The sunny weather boosted sales across a range of products, including food, alcohol, clothing and outdoor items.





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2013-08-15 16:15

U.K. Visible Trade Gap Narrows On Record High Exports


The U.K. visible trade deficit narrowed more-than-expected to a near 1-year low in June, thanks to record exports amid slower increase in imports.



The deficit on goods trade declined to GBP 8.1 billion in June, the lowest since July 2012, from GBP 8.7 billion in May, the report released by the Office for National Statistics showed Friday.



The decrease of GBP 0.6 billion remains within the range of normal month-on-month movement, the ONS said. The number was also below the expected GBP 8.35 billion deficit.



The visible trade deficit was partially offset by an estimated surplus of GBP 6.5 billion on services. As a result, the total trade deficit fell to GBP 1.5 billion from GBP 2.6 billion in the previous month.



Exports of goods rose by GBP 1.3 billion to a record GBP 26.9 billion in June, while imports increased by a moderate GBP 0.7 billion to GBP 35 billion.



In the second quarter, the deficit on trade in goods reduced to GBP 24.9 billion from GBP 26.5 billion in the previous quarter, the ONS said.



Exports of goods reached GBP 78.4 billion, the highest on record. Likewise, imports of good increased to GBP 103.3 billion, the strongest level since the three months to November 2011.



Exports to countries outside the EU climbed 7.5 percent to over GBP 40 billion for the first time. At the same time, exports to the EU countries gained 2.3 percent.



Looking ahead, IHS Global Insight's Chief U.K. Economist Howard Archer said the hope is that a competitive pound and gradually improving global growth increasingly supports exports.



Nonetheless, Capital Economics' economist Martin Beck said growing signs of a consumer-led recovery, as well as the increased import demand implies that the trade deficit will probably struggle to narrow further over the coming months.



Another report from ONS revealed that construction output advanced 1.4 percent sequentially in the second quarter. It was estimated to have increased by 0.9 percent, while calculating GDP figures. But the agency said the revision has no effect on initial GDP estimate.



According to preliminary estimates, the pace of economic growth doubled to 0.6 percent from 0.3 percent in the first quarter.





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2013-08-09 17:42

German Industrial Production Rebound Signals Faster Recovery


Germany's industrial production recovered at a faster-than-expected pace in June, suggesting that the sector has likely emerged from a recent phase of lackluster activity. The strong pick up shows that the economic recovery that started in the beginning of the year has gathered momentum.



Production at German factories increased a seasonally adjusted 2.4 percent month-on-month in June, more than offsetting the previous month's revised 0.8 percent decrease, a report from the Federal Ministry of Economics and Technology showed Wednesday. Economists had forecast output to rise 0.3 percent, following May's originally recorded 1 percent fall.



Among industrial sub-sectors, output of capital goods climbed 4.1 percent and consumer goods production advanced 1.1 percent, contributing significantly to the overall upturn in activity. The intermediate goods sector recorded a 0.6 percent gain.



Production, excluding the construction sector, rose 2.2 percent sequentially during the month. Construction output rose 1.6 percent, and energy production was higher by 5 percent than in May.



Compared to June 2012, industrial production advanced a working-day adjusted 2 percent, after recording a 1.2 percent decrease in May, which was revised down from a 1 percent contraction. Production was forecast to fall 0.3 percent year-on-year.



During the May-June period, industrial output moved up 1.3 percent from preceding two months ended April. There was a 0.5 percent year-on-year growth in output during the period.



According to the report, that sentiment indicators for the German industrial sector suggest that the current positive trend in production will continue in the coming months.



Today's outcome corroborates the government data, which came out yesterday, showing that new orders in the German manufacturing sector grew at the fastest pace in eight months in June, driven mainly by strong demand for big-ticket items.



In a sign that German factory sector has overcome its weakness, a recent survey compiled by Markit Economics showed that the manufacturing purchasing managers' index climbed to an 18-month high in July, supported by rising volumes of new work and higher production levels.



Reinforcing the upbeat outlook for the German industrial sector, survey data released by the Ifo Institute last month revealed that confidence among entrepreneurs rose for a third consecutive month in July.



The recent improvement in Germany's job market is also reflective of the upturn in industrial activity. In June, a statement from the Federal labor agency showed that the number of unemployed in the country declined for a second consecutive month in July.



The Bundesbank last month said it expects Germany's economic growth to weaken in the third quarter, following the second quarter's recovery. Earlier, the bank had lowered its growth outlook for this year to 0.3 percent from 0.4 percent. The economy is seen growing 1.5 percent in 2014.





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2013-08-07 17:42

Slovenia Inflation Soars In July


Slovenia's inflation rose sharply in July to its highest level in five months, data released by the Statistical Office of the Republic of Slovenia showed on Wednesday.



Inflation based on the consumer price index acclerated to 2.6 percent in June from 1.9 percent in May. The rate rose for the second straight month and was the highest since February's 2.7 percent.



Month-on-month, consumer prices declined 0.3 percent, after remaining stable in the previous month.



The harmonized index of consumer prices rose 2.8 percent year-on-year, following a 2.2 percent increase in May.



On a monthly basis, the HICP dropped 0.3 percent in June and stood stable in May, data showed.





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2013-07-31 17:35

Slovenia's Unemployment Rate Drops To 13% In May


Slovenia's unemployment rate decreased from the previous month in June, data released by the Statistical Office of the Republic of Slovenia showed Tuesday.



The unemployment rate decreased to 13 percent in May from 13.3 percent in April. In May 2013, the jobless rate was 11.7 percent. Since February this year, the unemployment rate decreased by 0.6 percentage points.



There were 118,576 unemployed persons in Slovenia at the end of May, which was lower than 121,332 recorded in the previous month.



The jobless rate among youth, aged between 15 and 24, was 28.3 percent in May, lower than 29.1 percent recorded a month earlier.



At the same time, the number of persons in employment increased by around 2,400 month-on-month to 795,402 in May, continuing the trend began at the beginning of the year. The upturn was led by a notable rise in headcounts in the construction sector, data showed.





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2013-07-16 19:00

Gold Cuts Losses, Set for Biggest Weekly Gain in Nearly 2 Years



The tapering would support a rise in interest rates and bolster the dollar, reducing gold's attractiveness.
Spot gold touched a low of $1,267.29 an ounce earlier as the dollar's rebound strengthened, briefly curbing its biggest weekly climb since October 2011 to a best performance in 11 weeks. It was trading down 0.4 percent at $1,279.80 by 1349 GMT. Analysts said the metal now faces strong resistance crossing the $1,300 level.
Comex gold futures for August delivery also retreated from a two-and-a-half week high near $1,300 hit in the previous session to $1,278.70 an ounce, down $1.20.
Holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust GLD remained unchanged at four-and-a-half year lows of 30.192 million ounces on Thursday. The fund posted the biggest weekly loss of 2.6 percent since the end of April.
Silver fell 1.3 percent to $19.83 an ounce, having reached a three-week high of $20.26 on Thursday. Platinum was down 0.5 percent to $1,397.99 an ounce after hitting a three-week high of $1,414.75 earlier. Palladium slipped 0.1 percent to $715.50 an ounce.

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2013-07-12 20:19

Japan Jobless Rate Flat In April


Unemployment in Japan remained flat in April.



Japan's Ministry of Finance reported Friday that the national jobless rate was 4.1 percent, unchanged from March.



The data matched the expectations of most economists.



the labor force participation rate improved in April, rising to 59.6 percent compared to the March reading of 58.9 percent.



The job-to-applicant ratio also improved slightly, moving to 0.89 from the March reading of 0.86.



The Ministry also announced that Household Spending in Japan increased 1.5 percent in April, compared to the March rise of 5.2 percent.





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2013-05-31 05:58

Japan April CPI 0.3%


Japan's inflation rate remained stable in April.



The Ministry of Finance reported Friday that the national core consumer price index rose 0.3 percent in April, matching the 0.3 percent rise in March.



for the full year to April, Core CPI was down 0.4 percent.



Overall CPI was up 0.3 percent on month and down 0.7 percent on year, the Ministry said.



For the Tokyo metropolitan region, overall CPI was down 0.2 percent on month.



Tokyo core CPI was up 0.1 percent on month.





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2013-05-31 05:47

Mexico's Trade Balance Slips To Deficit In April


Mexico's merchandise trade balance turned to a deficit in April as shipments increased at a notably slower rate than imports, data released by statistical office INEGI showed Monday.



The balance of trade was a deficit of $1.23 billion in April, compared to the $419 million surplus recorded a year earlier.



Export of goods increased 6.4 percent annually to $32.86 billion in April. Shipments of non-oil products advanced 7.7 percent from a year earlier, while oil exports decreased by 1.7 percent.



At the same time, merchandise imports climbed 11.8 percent annually to $34.09 billion during the month. The upturn was driven by a 14.3 percent spike in oil imports and an 11.5 percent gain in arrivals of non-oil commodities.



On a monthly basis, the value of exports and imports decreased 2.22 percent and 0.54 percent respectively in April, the agency said.



In the January-April period, exports edged up 0.6 percent from the corresponding period a year earlier, while imports advanced by 4.3 percent.





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2013-05-27 19:21

U.K. House Prices Rise At Fastest Pace In 6 Years


U.K. house prices increased the most in six years as widening supply and demand gap lifted asking prices in London, a survey conducted by Hometrack revealed Monday.



House prices in England and Wales advanced 0.4 percent in May from a month ago, which was the biggest increase since May 2007.



In London, prices surged 0.9 percent, followed by a 0.5 percent increase across the South-east. According to the property analysts, demand over the last six months increased 15 percent in London, while supply dropped 0.6 percent.



"The impetus for rising house prices is originating almost exclusively from London and the South East," Director of research at Hometrack, Richard Donnell said.

"Elsewhere, housing market conditions are improving gradually."



A property market survey by Rightmove revealed on May 20 that house prices increased for the fifth consecutive month in May, pushing the average asking prices to a record. Cheap money and more positive mood released pent-up demand.



The 9.1 percent year-to-date increase was the strongest price start to a year since 2004, Rightmove said.



Recent house price data signals that the government's Help to Buy program as well as the Bank of England's Funding for Lending Scheme started to underpin recovery in the property market.



The recent Halifax survey also showed a revival in the residential property market helped by the low levels of mortgage payments in relation to income.





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2013-05-27 12:42

Spain's April Inflation Eases Notably As Estimated


Spain's harmonized inflation fell to 1.5 percent annually in April from 2.6 percent in March, final data from the statistical office INE revealed Tuesday. The annual rate matched flash estimate published on April 29.



At the same time, consumer price inflation eased to 1.4 percent, in line with flash estimate, from 2.4 percent a month ago.



The cost of communication logged the biggest annual fall of 4 percent annually, followed by a 0.7 percent drop in transportation. All other sub-components of CPI registered increases, with health and education rising 13 percent and 10.4 percent, respectively.



Food and non-alcoholic beverages prices rose by a moderate 2.6 percent and clothing and footwear by 0.2 percent.



Month-on-month, the harmonized index of consumer prices edged up 0.1 percent in April. The consumer price index gained 0.4 percent again, as seen in March.





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2013-05-14 12:42

German Inflation Weakens More Than Expected In April


Germany's EU harmonized inflation eased more than economists expected in April, latest data showed Monday.



Inflation as per the harmonized index of consumer prices (HICP) slowed sharply to 1.1 percent in April from 1.8 percent in March, the Federal Statistical Office said. Economists had forecast a much slower deceleration to 1.7 percent.



Sequentially, the HICP decreased 0.5 percent in April, after rising 0.4 percent in the previous month. It was expected to drop 0.1 percent.



At the same time, the consumer price index increased 1.2 percent year-on-year in April, slower than the 1.4 percent gain seen in March. Economists were looking for an annual growth of 1.4 percent.



Consumer prices decreased 0.5 percent compared to March, when they increased by 0.5 percent. Economists expected prices to drop 0.2 percent month-on-month.





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2013-04-29 17:42

Swiss March Producer And Import Prices Fall As Expected


Switzerland's producer and imports prices decreased from last year in March, and the rate of fall matched economists' forecast, latest data from the statistical office showed Tuesday.



The producer and import price index dropped 0.3 percent year-on-year in March, in line with economists' expectations.



The producer price index, which shows the price development of domestically produced products, increased 0.3 percent year-on-year in March, while the import price index dropped by 1.5 percent.



Compared to February, the producer and import price index stayed unchanged during the month. This was in line with economists expectations.



The producer price index was unchanged month-on-month, while the import price index edged down 0.1 percent, data showed.





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2013-04-16 12:42

Australia Consumer Sentiment Highest Since December 2010


Confidence among Australian consumers rose to its highest level in more than two years in March with the effects of the past interest rate cuts by the Reserve Bank becoming more visible.



A survey by Westpac and the Melbourne Institute showed Wednesday that the consumer sentiment index rose 2 percent in March to 110.5 from 108.3 in February. This is the highest level of the index since December 2010.



"This is a strong result," Westpac's Chief Economist Bill Evans said. It is the fifth consecutive month that the index has registered above 100, he noted.



Evans said that in recent months, the accumulation of the cuts appeared to be genuinely boosting confidence. Since October last year, the confidence index has increased 11.5 percent.



The Reserve Bank of Australia kept the cash rate unchanged at 3 percent in February and March, but said there is scope to ease policy further, if necessary, to support demand.



The central bank has reduced cash rate six times since it started its easing cycle in November 2011.



Also, "equity markets and the associated signals that global economic prospects are improving are the other key driver of this improved confidence," Evans said.



Data released by the Australian Bureau of Statistics on Wednesday showed that home loans declined unexpectedly in January. The number of dwelling commitments for owner occupied housing fell 1.5 percent month-on-month to 44,383.



Economists had forecast an increase of 0.5 percent following 2.1 percent fall in December. Lending has now declined for four consecutive months. Meanwhile, investment lending rose 4.4 percent from the previous month.





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2013-03-13 11:14

Brazil February Inflation Rises More Than Expected


Brazil's consumer price inflation accelerated more than economists expected in February, data released by statistical office IBGE showed Friday.



Inflation as per the consumer price index increased to 6.31 percent in February from 6.15 percent in January, while economists had forecast a more modest acceleration to 6.2 percent.



The consumer price index moved up 0.6 percent compared to January, when it rose by 0.86 percent. Economists were looking for a 0.49 percent gain, data showed.



Food and beverages prices rose at a slower pace of 1.45 percent month-on-month in February than 1.99 percent in the previous month. Housing costs dropped 2.38 percent, after falling 0.2 percent in January.



Transportation costs were higher by 0.81 percent from the previous month, and costs of wearing apparel up by 0.55 percent, data showed.





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2013-03-08 16:44

UK Output Price Inflation Slows In January


UK output price inflation eased to 2 percent in January from 2.2 percent in December, data released by the Office for National Statistics showed Tuesday.



On a monthly basis, the output price index rose 0.2 percent. Both the figures matched economists' forecasts.



Core producer price index, which exclude food, alcohol, tobacco and petroleum, rose 0.2 percent month-on-month.



Input prices increased 1.8 percent year-on-year in January, faster than a 0.5 percent increase in the previous month. This was also higher than the 1 percent rise expected by economists.



On a monthly basis, the input price index rose 1.3 percent, faster than the expected 0.9 percent increase.





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2013-02-12 14:15

Spanish Unemployment Rate Hits Record High Of 26.02%


Spain's jobless rate increased to a record high in the fourth quarter, leaving nearly six million people unemployed as the government engaged in sharp spending cuts after the economy plunged deeper into recession, latest data showed on Thursday.



The unemployment rate increased to 26.02 percent in the fourth quarter from 25.01 percent in the preceding three months, statistical office INE said. The rate was almost in line with the consensus forecast for 26 percent.



The latest figure is the highest in the history of modern Spain, after the death of the dictator Francisco Franco in 1975. The current government led by Prime Minister Mariano Rajoy came to power late 2011.



The jobless rate among those under the age of 25 years also jumped to a record 55.13 percent in the fourth quarter from 52.34 percent in the previous three months. A year ago, the figure was 48.56 percent.



There were around 5.97 million unemployed persons in the country at the end of 2012, higher by 187,300 compared to the third quarter. From the fourth quarter of 2011, the number of jobless persons increased by 13.12 percent.



Meanwhile, the number of employed persons decreased 2.1 percent sequentially to 16.96 million in the three months ended December. Year-on-year, employment dropped by 4.78 percent.



The Spanish economy deteriorated severely in recent times after the country's once-booming real estate sector bust in 2008, leaving millions of workers out of labor.



Data from the government this week showed residential property prices fell 10 percent in the fourth quarter compared to last year. Separate data showed the home sales in Spain decreased at a marked annual rate of 6.1 percent in November.



In its latest quarterly bulletin, released yesterday, the Bank of Spain said Spain's recession likely deepened in the fourth quarter, with gross domestic product (GDP) falling for the fifth consecutive quarter.



According to the bank, GDP is estimated to have dropped at a faster rate of 0.6 percent sequentially in the fourth quarter than 0.3 percent in the third quarter, signaling a worsening of the ongoing recession.



Year-on-year, the economy contracted 1.7 percent during in the fourth quarter, after shrinking 1.6 percent in the third quarter. In the whole of 2012, GDP has declined 1.3 percent.



The Spanish economy may stop contracting in the second half of this year, but the balance of risks seems tilted towards a more protracted recession and a real return to growth may have to wait until next year, ING Bank economist Martin van Vliet said yesterday.



"The recent fall in Spanish government bond yields has been impressive," the economist noted. "But it has not yet been accompanied by meaningful signs of improvement in Spain's real economy."





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2013-01-24 16:42

Latvia Producer Prices Inflation Quickens For Fifth Month In December


Latvia's producer price inflation accelerated for the fifth month in a row in December, data released by the Central Statistical Bureau of Latvia showed on Tuesday.



The producer price index (PPI) rose by 3.6 percent year-on-year in December, more faster than the 3.2 percent rise in November. The latest figure is the highest since April. In October, prices rose 2.9 by percent.



Prices of products sold in the domestic market rose 4.2 percent, while those of exported goods were 2.9 percent higher.



Sequentially, the PPI edged up by 0.2 percent in December after falling 0.2 percent in November.





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2013-01-22 16:42

Ireland To Record Stronger Growth This Year: IBEC


The Irish economy has stabilized in the second half of last year and is set to grow at a faster pace in 2013, marking the third successive year of reasonably solid growth, the Irish Business and Employers Confederation (IBEC) said Monday.



The IBEC, in its latest quarterly outlook, said that 2013 would mark a turning point for the Irish economy, with GDP growing 1.8 percent on the back of strong domestic demand and exports. The recovery is expected to gain further momentum in 2014.



"Although many Irish households continue to grapple with debt and unemployment, there is growing evidence that 2013 could be a turning point for the domestic economy," IBEC Chief Economist Fergal O'Brien said.



The estimated growth for this year represents an improvement from the 1.2 percent expansion projected for last year, which was supported by another record performance by the export sector. Ireland is the second fastest growing Eurozone economy in 2012.



Driving the recovery, private sector employment improved significantly in the third quarter of last year, and retail sales finished the year on a positive note. At the same time, the housing sector has seen prices stabilizing and housing transactions and new mortgage activity increasing, IBEC said.



The employers' group predicted that Ireland is set to record an annual inflation rate of 1.5 percent this year, which will move up to less than 2 percent in 2014.



At the same time, unemployment is forecast to stabilize and to remain high for some time, while private sector employment will start recovering with a modest growth of 0.4 percent in 2013.



"Exports continue to perform strongly, despite difficult trading conditions. Importantly, we're seeing more businesses successfully making the transition from domestic sales to exports, and progress continues in developing new markets," O'Brien added.





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2013-01-21 16:42

U.K. Inflation Remains Unchanged In December


U.K. inflation remained stable at above 2 percent target in December adding to the central bank's concerns about a fragile economy.



Consumer price inflation was 2.7 percent for the third month in a row, the Office for National Statistics said Tuesday. The rate also came in line with economists' expectations.



Monthly inflation for December was 0.5 percent, which was faster than the 0.2 percent rise in November, and matched economists' expectations.



Housing and utility costs kept inflation high in December, adding 0.26 percentage points. On the other hand, the largest downward pressure came from transport costs.



Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 2.4 percent in December from 2.6 percent a month ago.



IHS Global Insight Chief U.K. Economist Howard Archer said increased energy tariffs and higher food prices could push inflation up to 3 percent early in 2013 and keep it there for a while. Depending on food and oil prices, inflation will fall back later this year, he said.



As inflation is likely to stay close to the December rate in the near-term, it will push real pay down further this year, observed Vicky Redwood, an economist at Capital Economics.



The Bank of England is set to publish its latest inflation and growth forecasts on February 13. Policymakers maintained quantitative easing at GBP 375 billion last week and the key interest rate at a record low 0.50 percent.



Retail prices gained 3.1 percent from a year ago, while it was forecast to rise 3 percent as seen in November. Likewise, the retail price index excluding mortgage interest payments, climbed 3 percent after rising 2.9 percent in November.



The ONS last week said the current calculation of the Retail Price Index should be continued without major changes so that it would not affect payments on inflation-linked bonds.



A separate report from the ONS showed that factory gate inflation edged up to 2.2 percent in December from 2.1 percent in the previous month. It was forecast to accelerate to 2.4 percent.



Due to a fall in petroleum product prices, the output price index for home sales of manufactured products fell 0.1 percent, which was less than a fall of 0.3 percent in November.



At the same time, input prices gained 0.3 percent on year, reversing last month's 0.1 percent drop. Meanwhile, the index slipped 0.2 percent from a month ago.





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2013-01-15 16:25

Eurozone Industrial Output Falls For Third Month


Eurozone industrial production declined for the third consecutive month in November, confounding expectations for a recovery and signaled a severe downturn during the final quarter of 2012.



Industrial output slipped by 0.3 percent in November from a month ago, when it was down 1 percent, data published by Eurostat showed Monday. The decline was in contrast to a 0.2 percent rise forecast by economists.



On a yearly basis, industrial output decreased 3.7 percent, which was larger than the 3.3 percent decline logged in October and bigger than the expected 3.1 percent drop.



Intermediate goods production dropped at a slower pace of 0.3 percent, while the decline in production of energy accelerated to 1.6 percent. Only output of capital goods grew in November, up by 0.7 percent.



Non-durable consumer goods output declined 1.2 percent, offsetting the previous month's 1.2 percent growth.



Data showed that industrial production declined in sixteen member states and rose in five. Italy registered the biggest annual drop, down 7.6 percent. Meanwhile, Lithuania, Estonia and Malta registered strongest increases.



Capital Economics European Economist Ben May said the industrial sector is unlikely to kick start a recovery in the wider economy. So, expectations for a small decline in Eurozone GDP this year is too optimistic, the economist noted.



According to the purchasing managers' surveys for December, the downturn in the euro area eased, as the rate of contraction in economic output and new business slowed.



In December, the European Central Bank projected euro area GDP growth between -0.9 percent and 0.3 percent in 2013. The central bank expects a gradual recovery late this year.



At the same time, inflation is seen between 1.1 percent and 2.1 percent. At 2.2 percent, the current inflation rate remains above the ECB ceiling.





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2013-01-14 16:34

Australia Job Ads Contract 3.8% In December - ANZ


The total number of job advertisements in Australia was down 3.8 percent on month in December, a survey from ANZ revealed on Monday, falling for the 10th straight month to come in at 133,352.



That follows the upwardly revised 2.8 percent contraction in November (originally -2.9 percent).



Internet job ads dropped 3.9 percent in December, while newspaper ads fell 0.4 percent.



On a yearly basis, the total number of job ads was down 15.3 percent.



"Job advertising is a key barometer of economic activity and business confidence. Its ongoing weakness suggests that conditions for a large share of Australian businesses remain challenging and the outlook uncertain," Justin Fabo, ANZ's head of Australian economics, said in a statement.





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2013-01-14 04:55

Australia Inflation Gauge +0.4% In December - TD Securities


A gauge measuring inflation in Australia came in higher by 0.4 percent on month in December, TD Securities said on Monday - after easing 0.1 percent in November.



On a yearly basis, CPI was called higher by 2.4 percent, dipping from 2.5 percent in the previous month.



That keeps inflation within the Reserve Bank of Australia's comfort zone, after the central bank trimmed interest rates last month by 25 basis points or 3.00 percent.



The RBA does not meet in January and will not decide until February 5 whether or not to take any further action on rates.



"We are of the view that the cash rate should remain at the already record low of three percent," TD Securities head of Asia-Pacific research Annette Beacher said in a statement.





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2013-01-14 03:48

Australia Retail Sales Post Surprise Fall


Australia's retail sales unexpectedly declined in November amid sharp reduction in sales at department stores and in household goods category, the latest figures from the Australian Bureau of Statistics showed Wednesday.



Retail sales fell 0.1 percent month-on-month to A$21.5 billion on a seasonally adjusted basis in November against expectations for a 0.3 percent growth. This followed a flat reading in October.



Sales of household goods declined 0.9 percent month-on-month in November and trade at department stores slipped 0.4 percent. There was zero growth in food retailing and 0.6 percent drop in clothing, footwear and personal accessory retailing.



Retail sales in Australia continue to disappoint, following on from a soft report in October, Tom Kennedy, an economist at J. P. Morgan Australia, said. "What little strength that we have seen in the retail report over the past few months has largely been generated by food retailing, which is likely being driven by an increase in prices, rather than a surge in demand."



The economists said real consumption has been very soft during the final three months of the year.



Separately, the statistical office reported that job vacancies in Australia fell to 166,800 in September-November from 179,200 in the three months through August after adjusting for seasonal variations. This was the lowest level since May 2010.



In a report today, the Housing Industry Association (HIA) said that new home sales posted a second consecutive monthly improvement in November driven by higher demand for detached houses.



Home sales rose 4.7 percent in November. However, HIA said that sales still remained at quite low levels. In the three months to November, the volume of sales was 15.7 percent lower than in the same period in 2011.





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2013-01-09 09:09

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