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Billion Pounds OrTitle:
U.K. retail sales drop to record low, Miles maintains his call for further stimulus
U.K. retail sales unexpectedly dropped the most in more than two years in the month of April, reflecting the weakness in consumer spending that did not improve despite the drop in prices.
The reading with auto fuel tumbled 2.3% in April from a revised of 2.0% and median expectations of -0.8%, while the reading excluding auto fuel also plunged 1.0% from a revised of 1.6%.
On the yearly basis, the reading with auto fuel plummeted 1.1% from a revised of 3.1%.
The drop is attributed to the heavy rainfall which slashed demand for clothing while fuel sales retreated.
Still, the economy is unable to get on the right path of recovery due to the ongoing weakness in household spending and the escalating European debt crisis.
The most recent data showed that the British economy fell back into ...
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UK Deficit In April Widens To 12.4 Billion Pounds
The Office for National Statistics released the Public Sector Finances for April reporting a widening deficit in April to 12.4 billion pounds from 9.660 billion in March and 8.038 billion the same month a year earlier despite the reported drop in borrowing on the month.
The current budget deficit for the 2011/12 fiscal year stands at 94.8 billion pounds.
The Public Sector Net Borrowing excluding interventions for April recorded a surplus at -16.5 billion pounds (the minus is surplus) down from the previous month’s deficit of 16.925 that was revised from 18.2 billion earlier reported, and also better than April last year of a deficit by 9.063.
The Public Sector Net Borrowing on the other end also recorded a surplus of -18.8 billion from 15.9 billion revised today to 14.6 billion deficit, ...
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European shares drop on worries from Greece and Spain
European shares dropped by midday trading on Thursday as worries from Greece and Spain damped investors` risk appetite.
In Greece, a new caretaker government was sworn on Thursday to lead the country in the current interim period till holding a second parliamentary election on June 17.
Meanwhile, there are speculations Greece may leave the euro bloc which prompted ECB President to announce yesterday that he strongly advocates the stay of Greece in the European monetary union, yet the ECB halted lending to insolvent Greek banks temporarily to limit risk.
As of 06:55 EST, STOXX EUROPE 600 slipped 0.79% to record 242.47 points. Financials led the decline with a drop of 1.98%, followed by Basic Materials which recorded 1.22% slide.
The largest losses were recorded by Bankia as its ...
Title:
Dukascopy Morning Forex Overview : 05/16/2012
Fundamental Analysis
EUR
"Germany is holding up the rest of the euro zone”"
- Nick Kounis, head of macroeconomic research at ABN Amro
Germany helped the Eurozone avoid its second recession in three years. Overall gross domestic product stagnated in the first three months of 2012, compared to the previous quarter, Eurostat data showed on Tuesday.
USD
"There’s a lot of slack in the economy"
- Scott Brown, chief economist at Raymond James & Associates Inc.
Inflation in the U.S. stagnated in April, restrained by a decline in energy costs. The core consumer price index, which excludes food and energy costs, rose 0.2 per cent, showed Bureau of Labor Statistics data on Tuesday.
GBP
"March's UK trade figures showed a bit of an improvement, although the external sector still looks likely to ...
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Dukascopy Morning Forex Overview : 11/05/2012
Fundamental Analysis
EUR
"The overall manufacturing trend remains weak."
- Pierre-Olivier Beffy, chief economist at Exane BNP Paribas
French industrial production fell in March, said the national statistics office Insee on Thursday. Output contracted 0.9 per cent from February, when it gained 0.2 per cent.
USD
"It’s hard to get nervous that imports are rising."
- Dean Maki, chief U.S. economist at Barclays Capital Inc.
The number of Americans claiming for unemployment benefits fell to 367,000 in the week ended May 5 from 368,000 the week before, said the Department of Labor on Thursday.
GBP
"Our forecast is that they are done with QE, but you can’t rule out more later this year."
- Ross Walker, an economist at Royal Bank of Scotland Group Plc
The Bank of England kept rates on hold ...
Title:
Dukascopy Afternoon Forex Overview : 04/10/2012
Dukascopy Fundamental Analysis
EUR
Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union.
USD
Treasury prices declined on Thursday, pushing yields up from their lowest levels since February, as news out of Europe eased some near-term uncertainty and reduced demand for the relative safe-haven status of U.S. debt.
GBP
Bank of England officials halted stimulus expansion after seven months of bond purchases as the threat of inflation trumped concerns about an economy that’s succumbed to a double-dip recession. The nine-member Monetary Policy Committee led by Governor Mervyn King today held its quantitative-easing target at 325 billion pounds ($525 billion), ending a second round of stimulus. ...
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European shares fluctuate by midday trading amid mounting concerns
European shares fluctuated on Thursday midday trading with more downside tendency amid political concerns from Greece and fiscal woes in Spain.
In Greece, the political chaos in Greece is raising concerns regarding the future of Greece in the euro area. Today, the turn is on Evangelos Venizelos, leader of Pasok, to form a government after Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece, said he failed to form a coalition Greek government. Hence, another election may be inevitable by mid-June if political parties failed to form a government.
However, some of the worries eased after Greece got approval from European governments to receive a 4.2 billion euros payment from the region`s bailout fund.
On the other hand, worries intensified after ...
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BoE keeps monetary stance on hold, adopting wait and see strategy
Bank of England (BoE) policy makers opted to hold their monetary stance this month to bolster growth while keeping an eye lid on inflation.
The bank left both interest rate and APF at 0.50% and 325 billion pounds as now the BoE is watching carefully the latest developments internally and worldwide to have the optimal deal with the current difficult situation.
Internally, fundamentals released recently raised concerns that the economic situation is getting worse.
Meanwhile, the British economy is experiencing a technical recession after recording 0.2% contraction in the first quarter, following the 0.3% contraction recorded in the last quarter of 2011 and may face the threat of facing more deepening recession.
U.K. PMI manufacturing slowed down to 50.5, the lowest since December, ...
Title:
U.K. Manufacturing Production Beats Forecasts, Pound Retreats Before BoE Rate Decision
U.K. manufacturing production advanced 0.9% in March from a revised of -1.1%, which was -1.0% initially, exceeding median estimates of 0.5%. On the year, the reading slipped 0.9%, yet better than forecasts f 1.3% drop, while the prior reading of -1.4% was revised to -1.5%.
Details with the release showed that eight categories out of 13 managed to rise, four declined and one was steady. The advance was led by chemicals, transport equipment and computers and electronic and optical products.
Industrial production, however, was affected by the warm weather in March which sapped demand on energy and oil; the monthly reading slumped 0.3%, in line with analysts` predictions, from February`s reading of 0.4%. On the annual basis, production recorded 2.6% fall from both prior and expected readings ...
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