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Better Than Expected QuarterlyTitle:
Canadian Retail Sales Rise 0.4% in March
Canadian Retail Sales Rise 0.4% in March
- Canadian retail sales rose 0.4% in March 2012 following a 0.2% drop in February and a 0.2% gain in January. The increase in March modestly outpaced market expectations for a 0.3% increase.
- Overall, sales were helped by an unexpected 1.2% jump in sales at motor vehicle and parts dealers despite earlier indications that unit auto sales fell in the month. Excluding the auto component, sales rose a more modest 0.1%, which was below market expectations for a 0.5% gain, although weighed down by a price-led drop in gasoline station sales.
- Eliminating the effect of prices, the volume of retail activity climbed 0.4%. This marked the first increase in three months following unrevised 0.6% and 0.1% declines in February and January, respectively. ...
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Fed's Lockhart says circumstances not ripe for QE3
(Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday.
Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy.
"Circumstances today in the United States call for continued measured efforts to quicken the pace of recovery and shrink unemployment, while keeping inflation controlled," Lockhart said in a speech prepared for delivery to the Institute of Regulation and Risk, North Asia, in Tokyo.
The ...
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Anxious investors send S&P lower for fifth day
U.S. stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery.
Growing worries over developments in the euro zone and lackluster economic data pushed the S&P's losing streak to five consecutive days. The index, which closed at a level not seen since mid-January, has now relinquished more than half of its gains from the first quarter.
"There is not a lot of interest in the equity market," said Jason Weisberg, managing director at Seaport Securities Corp in New York. "The overhang with Europe is so heavy, people are tired of playing whack-a-mole, and their portfolios are the mole."
The Dow Jones industrial average .DJI dropped 156.06 points, or 1.24 ...
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S&P on track for 5th straight day of losses
Stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Both the S&P and the Nasdaq fell as much as 1 percent, with the Nasdaq's losses wider as large-cap tech shares fell.
A gauge of future U.S. economic activity fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, compounding worries about a struggling economic recovery.
Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report. Bankia shares (BKIA.MC) fell 14 percent after sliding as much as 30 ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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Euro area growth stalls in the first quarter amid uncertainty surrounding the region`s outlook
Euro zone data released today showed that euro area growth stalled in the first quarter, amid the undergoing political uncertainty and fiscal woes.
The GDP advanced reading for the first quarter showed a flat reading, following the 0.2% drop in the last quarter of 2011. On the year, the reading also came flat compared to the prior 0.3% drop.
In fact, the reading beat expectations of seeing 0.3% contraction on the quarterly basis, probably boosted by the better-than-expected advance in the German reading which recorded 0.5% expansion.
In France, the growth path stalled in the first quarter from a revised of 0.1% which was 0.2% initially.
Although there is improvement in the region`s largest economy, yet it seems that Germany is moving solely as other euro area nations are ...
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Crude finds relief after better than expected German GDP
Crude oil found strong support from the German data today to halt the sharp downside wave and starts an upside correction after the sharp losses. Germany remains the rescuer for the Euro area’s economy after it grew better than expected in the first quarter, offering room in the market for relief.
Crude oil opened today’s session at $94.04 and reached so far a high of $95.01 and a low of $93.95, where it is currently trading around $94.75 a barrel. The commodity found strong support from the weakening dollar that declined from the opening at 80.70 to the low of 80.48.
Uncertainty remains in Europe but relief is seen after the Euro’s biggest economy Germany released its first quarter GDP figures beating all estimates. The German economy grew by 0.5% over quarterly basis recovering from ...
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Euro continues on the offer on Greece and Spain
Forex Morning Briefing : Euro continues on the offer on Greece and Spain
What’s new:
US: Mixed to higher session on first monthly budget surplus since 2008. Weak JPM earnings kept gains limited.
Europe: Green equities across the board with Spain leading the pack on back of government support. EUR continue on the offer to new 3-month lows.
Asia: Falling equity markets on weak corporate earnings and Chinese inflation in line with expectations.
Rates in Asia and Indices:
EUR/USD 1.2905 1.2944 -0.11 %
USD/CHF 0.928 0.9307 -0.12 %
GBP/USD 1.6099 1.6154 -0.21 %
USD/JPY 79.73 79.98 0.18 %
EUR/CHF 1.20099 1.20131 -0.00 %
EUR/JPY 102.97 103.49 ...
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Gloom builds for euro zone, United States
(Reuters) - The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.
In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent's currency union could now extend to mid-year and be deeper than previously thought.
The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year - although he did speak about risks.
In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, ...
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