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FXStreet reports that economist at UOB Group Lee Sue Ann assesses the latest BoE event. “At its first meeting for the year, the Bank of England (BOE)’s monetary policy committee (MPC) judged that the existing stance of monetary policy remains appropriate. teletrade.ru »
FXStreet reports that economist at UOB Group Lee Sue Ann assesses the latest BoE event. “At its first meeting for the year, the Bank of England (BOE)’s monetary policy committee (MPC) judged that the existing stance of monetary policy remains appropriate. teletrade.ru »
REUTERSВерховный суд Великобритании подал иск против Mastercard на сумму 18,5 млрд долларовВ пятницу Верховный суд Великобритании дал зеленый свет коллективному иску на сумму 14 миллиардов фунтов ($18,5 млрд) против Mastercard за якобы завышение платы более чем 46 миллионам человек в Великобритании за 15-летний период. teletrade.ru »
REUTERSВерховный суд Великобритании подал иск против Mastercard на сумму 18,5 млрд долларовВ пятницу Верховный суд Великобритании дал зеленый свет коллективному иску на сумму 14 миллиардов фунтов ($18,5 млрд) против Mastercard за якобы завышение платы более чем 46 миллионам человек в Великобритании за 15-летний период. teletrade.ru »
The ECB has authorized Intesa Sanpaolo to promote the Public Exchange Offer (OPS) on UBI Banca of February 17, aimed at acquiring controlling interest of at least 50% of the capital plus 1 share and, consequently, to the indirect acquisition of a controlling interest in IW Bank.
The authorization followed the presentation to the ECB of the request for a pub ru.cbonds.info »
For now, existing rules for non-EU travelers will extend until end of JuneBut to extend travel warning for non-EU countries until 31 AugustBorder controls with Switzerland, France, Austria, Denmark will end on 15 JuneThere will be no more quarantine period with several neighboring countriesIf coronavirus situation worsens, will look into things again teletrade.ru »
For now, existing rules for non-EU travelers will extend until end of JuneBut to extend travel warning for non-EU countries until 31 AugustBorder controls with Switzerland, France, Austria, Denmark will end on 15 JuneThere will be no more quarantine period with several neighboring countriesIf coronavirus situation worsens, will look into things again teletrade.ru »
On August 06, from 11:00 a.m. to 3:00 p.m. (Moscow time), the Belgorod Region will perform bookbuilding for 34012 series bonds, as reported by organizer materials. Volume of bond issue is 2 billion rubles. Par value of one bond is 1,000 rubles. Maturity of bonds is 5 years (bond expiry date – August 05, 2024). Coupon period is quarterly period (91 days). The issuance provides for amortization: 50% of par value paid off on August 08, 2022, per 25% of par value – on August 07, 2023 and August 05 ru.cbonds.info »
Индекс Изменение, пункты Цена закрытия Изменение, % Hang Seng -91. teletrade.ru »
Валютная пара Цена закрытия Изменение, % AUDUSD 0. teletrade.ru »
Валютная пара Цена закрытия Изменение, % AUDUSD 0. teletrade.ru »
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The Ukrainian government approved new restrucuturing terms of its local bonds that are held by the central bank, the Finance Ministry reported on Sept. 4. Based on the new deal, the central bank will agree to restructure local currency sovereign bonds of a total par value of UAH 219.6 bln (about USD 8.3 bln), of which UAH 159.5 bln mature in 2017-2020. After the restructuring, the bonds will mature every six months between May 2025 and November 2047. For the bonds that mature in 2025-2035 (abou ru.cbonds.info »
Ukrainian sovereign Eurobonds gained ground last week after the Finance Ministry managed to raise USD 350mn through placement of 2-year domestic USD-denominated bonds at 5.34%. Also, the country’s 2Q17 preliminary GDP growth figure of 2.4% YoY was better than expected given the headwinds created by Kyiv’s costly economic blockade of the Donbass occupied territories. However, the current pace of Ukraine’s economic growth remains rather unimpressive, and we would not be surprised if the full year ru.cbonds.info »
Dear users of Cbonds website!
We are pleased to inform you that Arranger and Issuer Legal Adviser League Tables for EM International Bonds issued in 1Q 2017 is now available o ru.cbonds.info »
В пятницу регулятор уточнил порядок определения состава обязательств, которые включаются в расчет ФОР. Так, отменяется освобождение от резервирования депозитов юридических лиц и облигационных займов, привлекаемых на срок не менее 3-х лет, но предполагающих досрочное погашение. Освобождение от резервирования сохраняется по субординированным обязательствам, а также облигациям, выпущенным с офертой/погашением не менее 3-х лет. Эти изменения вступят в силу, начиная с расчета обязательных резервов за ru.cbonds.info »
Dmitry Churin, Head of Research, Eavex Capital: Quotes for Ukrainian sovereign Eurobonds rose moderately last week amid an improving domestic political situation that saw a new coalition finally formed after 2 months of wrangling and uncertainty. The shortest outstanding issue, Ukraine-19s, gained 0.4% to close at 94.3/95.0 (9.8%/9.5%), while benchmark 10-year Ukraine-26s were little-changed at 89.0/89.8 (9.4%/9.3%). Investors had a positive attitude toward the appointment of 38-year-old former ru.cbonds.info »
IFIs, ECAs, development and commercial banks lend US$ 4.4 billion for project expected to boost Mongolia’s growth The European Bank for Reconstruction and Development (EBRD) has arranged a syndicated loan of US$ 1.221 billion to Oyu Tolgoi LLC, a company established to develop the world’s largest undeveloped copper and gold deposit in the South Gobi region of Mongolia. Oyu Tolgoi is already producing copper from an open pit mine, but more than 80 per cent of its value lies in the proposed unde ru.cbonds.info »
Эмитент Japan Bank for International Cooperation 19 мая 2015 выпустил еврооблигации на USD 1 000.0 млн со сроком погашения в 2020 году и ставкой купона 1.75% Бумаги были проданы по цене 99.434% от номинала . ru.cbonds.info »
Эмитент Japan Bank for International Cooperation 19 мая 2015 выпустил еврооблигации на USD 1 500.0 млн со сроком погашения в 2025 году и ставкой купона 2.5% Бумаги были проданы по цене 99.447% от номинала с доходностью 2.563% . ru.cbonds.info »
Ukraine’s largest pellet exporter Ferrexpo (FXPOLN) announced on Feb. 6 that it has amended the terms for its exchange offer on its USD 500 mln Eurobonds maturing in April 2016. The company has increased its outright cash payment to those bondholders who will agree to exchange to 25%, from 20% initially. It has also extended the deadline for receiving consent for the second time in a row to Feb. 20 from Feb. 17 a day before. According to the issuer’s statement, only 34.17% of bondholders have ag ru.cbonds.info »
Poland's manufacturing sector expanded for the fourth consecutive month in October, helped mainly by strong growth in export orders, survey data released by Markit Economics and HSBC Bank showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to 53.4 in October from 53.1 in September. The index increased to the highest level since April 2011, and stayed above the no-change 50 mark for the fourth month in a row.
The upturn was driven primarily by a stronger increase in new orders, with export order growth climbing to a two-and-half year high. Export orders rose for the fifth month running in October.
In line with the rise in new business, manufacturing production rose for the fourth straight month, and at a historically strong rate. Manufacturers raised their workforces for the third consecutive month, in order to handle the increased workload.
Input price inflation faced by Polish goods producers rose to a 16-month high in October as firms reported higher prices for paper and rising tax burdens. Meanwhile, output prices decreased for the eleventh straight month.
Quotes from Societe Generale Cross Asset Research: -Today INSEE business survey confirms signs that economic activity carries on bottoming out in Q4. news.instaforex.com »
Quotes from Societe Generale Cross Asset Research:
-US President Obama signed off the short-term deal agreed overnight by the US Congress to immediately re-open and fund the government until 15 January 2014 and raise the debt ceiling until 7 February 2014.
-This implies that we should finally have a read on the September employment and retail sales report over the next four days which will be the next big event for investors. Asian equities were trading positive following US stocks as relief greeted the US compromise, but the USD is trading lower as UST 10y yields slip to 2.65%.
-The short-term nature of the approved bill (hostilities may resume in the new year, budget talks now set for 13 December) may not be enough for agencies like Fitch to drop their 'negative watch' which implies that a downgrade could still come within six months.
Retail sales data from the U.K. is the main news due from Europe on Thursday, headlining a light day for European economic news.
At 3.30 am ET, Dutch statistical office is scheduled to release the unemployment figures for September. The jobless rate is tipped to rise to 8.7 percent from 8.6 percent recorded a month earlier. Statistics Sweden is also due to publish the job market data at 3.30 am ET.
The European Central Bank is slated to release the Eurozone's current account balance for August at 4 am ET.
The Office for National Statistics is due to announce retail sales statistics at 4.30 am ET. Sales, including auto fuel, is forecast to increase 0.4 percent month-on-month in September.
At 5 am ET, Eurozone construction output data from Eurostat is due. Producer price figures from Portugal is expected at 6 am ET.
Poland's central bank is scheduled to release the minutes of its October monetary policy meeting at 8 am ET.
German local courts reported a total of 70,990 requests for the opening of insolvency proceedings in the first half of 2013, data from the Federal Statistical Office revealed Friday. news.instaforex.com »
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.
The Australian dollar advanced against other major currencies in Asian deals on Monday, as sentiment improved after the U.S. and Russia reached deal to remove Syria's chemical weapons and Lawrence Summers pulled out from race to Fed's top post.
Summers on Sunday notified President Barack Obama that he was withdrawing his name from consideration to replace Fed Chairman Ben Bernanke when the latter's term expires at the end of January.
"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration or ultimately, the interests of the nation's ongoing economic recovery," Summers wrote.
Vice Chair Janet Yellen, who favor a slower reduction of asset purchases, now becomes the clear-cut favorite for the job.
Over the weekend, the U.S. and Russia agreed on a deal to eliminate Syria's chemical weapons by mid-2014.
The framework deal requires Syria to furnish full details of its stockpile within a week. The U.S said that non-compliance, including unauthorized transfer, or any use of chemical weapons by anyone in Syria, the UN Security Council should impose measures under Chapter VII of the UN Charter.
The aussie appreciated to 0.9390 against the greenback, highest since June 19. The next resistance for the aussie-greenback pair lies at the 0.95 level. The pair was worth 0.9244 at yesterday's close.
The aussie that ended Friday's trading at 1.1369 against the NZ dollar advanced to a 4-day high of 1.1419. The aussie may face resistance around the 1.15 level.
New Zealand house sales dipped 3.4 percent to 6,548 in August, compared to the previous month, the Real Estate Institute of New Zealand said today. That follows the 0.5 percent contraction in July.
The aussie advanced to a 4-day high of 92.76 against the yen, up by 1.2 percent from last week's multi-day low of 91.69. On the upside, the aussie may probably seek resistance at the 93.6 level.
The aussie spiked up to more than 2-month high of 0.9680 against the loonie, which is up from Friday's closing quote of 0.9569. The aussie is likely to test resistance at the 0.98 level.
The aussie reached 1.4236 against the euro, a level unseen since July 24 and an increase of 1 percent from last week's close of 1.4381. The next upside target for the aussie lies at the 1.41 level.
Looking ahead, Eurozone final inflation for August is due in the European session.
The U.S. industrial production and Canada existing home sales for August are set for release in the New York session.
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.
The US dollar showed mixed performance in early New York deals on Wednesday, ahead of the U.S. FOMC minutes that is expected to provide fresh clues on Fed's stimulus exit strategy.
Traders will look closely at the minutes of its July 30-31 FOMC meeting to be released at 2 pm ET, for clues on the precise timing and scale of any tapering by the Federal Reserve. Many market participants expect the Fed to announce a reduction to its asset purchases at its September 17-18 policy meeting.
Ahead of the minutes, the National Association of Realtors is scheduled to release its existing home sales report for July at 10:00 am ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.150 million units.
The Energy Information Administration is due to release its petroleum inventory report for the week ended August 16th at 10:30 am ET.
Elsewhere, the Bank of Japan Governor Haruhiko Kuroda repeated his earlier remarks that the central bank would not hesitate to provide further stimulus in order to prevent the economy from slipping back into deflation.
The dollar dropped back to below the pivotal 1.57 level against the pound after a gap of more than 2-months, down by more than 0.2 percent from its overnight closing value of 1.5666.
The key support for the greenback is seen around the 1.5750/50 area and the likelihood of breaking this point could sent the U.S. currency to its weakest level against the sterling since February 11.
The dollar, however, advanced against the euro in early New York trading on Wednesday. The greenback climbed to 1.3381 against the common currency, bouncing back from yesterday's fresh multi-month lows of 1.3451.
The dollar rebounded to above 0.92 against the Swiss franc, after having dropped briefly below the key 0.9150 support for the first time after a gap of more than 2-months on Wednesday. If the present bounce persists for the greenback-franc pair, 0.9230 is seen as the next likely resistance level in the near-term.
The greenback traded in narrow ranges against the yen in early deals, moving between a high of 97.55 and a low of 97.37. The broader technical picture shows indecision in the near-term as the pair is swinging back and forth in a descending triangle, but nowhere near the trend-line support/resistance areas.
All times is GMT. WEDNESDAY, AUG. 21 0830 - UK PUBLIC SECTOR BORROWINGS FOR JULY UK PSNB (ex-fin. int. ) forecast at -2. news.instaforex.com »
Quotes from Standard Chartered:
-On Monday (15 July) we get China's Q2 GDP, June industrial production and retail sales data - numbers likely already being seen by decision-makers. For the key GDP print, the consensus is at 7.5% y/y. We expect a slightly lower 7.4% y/y, as we sense weakening momentum in June.
-The labour market is weak, but not disastrously so, which is what would be required in order for Beijing to pivot on policy. Premier Li Keqiang visited Guangxi province on 9 July and emphasised the importance of reform for growth. The short-term focus is on the quality not the quantity of growth.
news.instaforex.com »Quotes from Standard Chartered: -UK industrial activity is likely to have picked up in May (0. 8% m/m expected) after a weak April (0. news.instaforex.com »
Quotes from RBC Capital Markets:
-EUR: The ECB's Draghi spoke in London, repeating that the risks to growth are still on the downside but he sees a fragile and gradual recovery. He reminded that exit from exceptional monetary policy remains distant and that "we stand ready to act again when needed" but there are limits to what monetary policy can achieve. He says policy will remain accommodative for the foreseeable future. Elsewhere, the FT and La Repubblica quote a report by the Italian Treasury detailing the country's debt transactions for H1 2012 and suggesting the restructuring of eight derivatives contracts with foreign banks during that period could lead to up to EUR8bn in losses for Italy.
-The FT says the restructuring allowed the Tsy to stagger payments to foreign banks (on derivatives with a total notional value of EUR31.7bn) but the Italian govt had to accept more disadvantageous terms in some cases. The Italian Tsy has issued a statement in response saying the contracts were used to hedge against exchange rate/interest rate risks at the time of Italy's entry to the Euro, and carried a cost which is "justified by the need to protect against serious risks". Italian spreads are tighter on the day, largely ignoring the derivatives story in favour of the short-covering mood.
news.instaforex.com »
UK's economy remains vulnerable to risks despite recent economic data indicating a strong pick up in activity, Bank of England policymaker Paul Fisher said Wednesday. He cautioned that growth will likely remain weak in the near term and the economy will take a longer time to recover than the United States.
Dismissing the recent positive economic data as insignificant, BoE's head of markets noted that it is imperative to keep monetary policy loose for a long period to achieve growth that is in line with trend.
Fisher said that the macroeconomic outlook in the U.K. is not as good as in the U.S, where inventors had belatedly realized that a recovery is possible.
Addressing a gathering of business persons, Fisher said that house prices in the U.K. are too high and urged lenders to pass on their lower funding costs on to clients. Terming the government's Funding for Lending scheme a success, he called for actions conducive to increase the number of transactions in order to raise demand.
In an interview given to The Times earlier the policymaker reserved his comment on his stance on BoE governor Mervyn King's proposal to split the Royal Bank of Scotland (RBS) into a "good" bank and a "bad" bank. He said that it is possible to privatize the RBS if a two-year program is prepared for the same.
Japan's Cabinet Office revised nominal gross domestic product, exports, imports and the deflator for the fourth quarter of last year after discovering errors in the way it adjusted the exports and imports for seasonal factors.
The Cabinet Office issued the revisions after Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute, published a report on Tuesday saying the data may have been incorrect, according to a government official.
The revisions do not change real GDP, exports or imports for the October-December period last year or other past data, the Cabinet Office said in a statement.
Still, the revisions were due to incorrect spreadsheet entries, the government official said. This could cast doubt on the reliability of the Cabinet Office, which also publishes closely-watched data on capital expenditure and consumer sentiment.
The Cabinet Office corrected nominal seasonally adjusted exports to show they fell 1.7 percent in the fourth quarter from the previous quarter, more than a 0.3 percent decline previously reported.
news.instaforex.com »Quotes from RBS: -GBP/USD bounced last week on a mix of better UK data and disappointing US data. The pair has moved closer to our fair value measure, but still look to be around two standard deviations cheap to fair. news.instaforex.com »
Quotes from Credit Agricole Corporate & Investment Bank: -We forecast the German IFO to decline for a second consecutive month, to 106. news.instaforex.com »
Confidence among British households regarding the value of their homes rebounded in April, ending the downward trend seen for nearly three years, helped mainly by improved optimism regarding the governments' recently launched mortgage scheme, data from a survey by Markit Economics and Knight Frank showed Friday.
The house price sentiment index increased to 50.6 in April from 50 in March. The index moved above the no-change 50 mark - which separates growth from contraction - for the first time in thirty-four months.
"The latest survey suggests the Help to Buy scheme has boosted house price sentiment, alongside a continued improvement in mortgage availability and more concrete signs that current values are on the up," Markit senior economist Tim Moore said.
At the same time, the outlook component of the survey, showed that British households expect the value of their homes will rise over the next 12 months, and at the sharpest rate since June 2010.
The forward-looking indicator climbed to a 34-month high of 62 in April from 58.4 in March, marking the fourth successive increase. Residents of London continued to be the most upbeat about the outlook for prices, followed by those in South East and the East of England, data showed.
Japan's corporate loan demand improved in the first quarter as internally generated fund of customers decreased amid rising sales, the latest senior loan officer opinion survey published by the Bank of Japan showed Friday.
The balance of demand for loans from firms rose to 5 in the first quarter from 4 in the preceding quarter. Likewise, household demand increased to 14 from 11.
Loan officers cited the fall in interest rates as another reason for rise in corporate loan demand. The index for corporate loan demand is expected to remain unchanged at 5 in the second quarter.
The survey, however, showed that the index for demand from large firms eased to 4 from 5 in the fourth quarter. The survey was conducted among 50 banks between March 11 and April 10.
The involvement of the International Monetary Fund in future rescue package for the euro area member countries is highly desirable, European Central Bank Executive Board Member Peter Praet said Wednesday.
"The involvement of the IMF in the financing schemes is not strictly required but is still highly desirable, also in view of the Fund's analytical expertise in crisis resolution," he said at an event in Beijing.
Any troubled member nations of Eurozone can directly approach the permanent rescue fund called the European Stability Mechanism. The interventions are conditional on member states first signing a Memorandum of Understanding containing reforms or fiscal consolidation to be implemented in order to restore the financial stability.
According to Praet, the greatest challenge is to keep up the reform momentum even if the severe manifestations of the crisis abate and financial market conditions come back to more normal conditions.
"The monetary policy response to the crisis has been mainly aimed to buy time for reforms that become effective with some time lag, but it cannot substitute for reforms as time goes by," he noted.
The International Energy Agency left its its global oil demand forecast for the year 2013 little changed following slightly lower-than-expected first-quarter 2013 deliveries. news.instaforex.com »
German Chancellor Angela Merkel's cabinet on Wednesday approved the draft budget for 2014, lowering its net borrowing estimate to EUR 6.4 billion from EUR 17.1 billion planned for 2013.
The government aims to achieve a balanced budget in 2015 as it expects tax revenues to increase supported by a stable economy.
The budget draft showed that spending will be lowered to EUR 297 billion in 2014 from EUR 302 billion this year.
Fitch присвоило государственной компании Transport for London рейтинг на уровне "AA+", прогноз негативныйМатериал предоставлен компанией InstaForex - www.instaforex.com news.instaforex.com »
In an upbeat sign for the labor market, first-time claims for U.S. unemployment benefits fell by much more than anticipated in the week ended February 9th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims fell to 341,000, a decrease of 27,000 from the previous week's revised figure of 368,000. Economists had expected jobless claims to edge down to 360,000 from the 366,000 originally reported for the previous week.
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.
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.
With the data for the previous week downwardly revised, the Labor Department released a report on Thursday showing that first-time claims for U.S. unemployment benefits saw a modest increase in the week ended January 5th.
The report showed that initial jobless claims rose to 371,000, an increase of 4,000 from the previous week's revised figure of 367,000.
Economists had expected jobless claims to drop to 362,000 from the 372,000 originally reported for the previous week.
The total number of building permits in Australia was up a seasonally adjusted 2. 9 percent in November, the Australian Bureau of Statistics said on Thursday, standing at 13,307. news.instaforex.com »
Manufacturing activity in Australia contracted for a tenth consecutive month in December, a survey by Australian Industry Group showed Wednesday. news.instaforex.com »
