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Current Downturn In EuropeTitle:
Shares, euro fall as Europe's economy worsens
(Reuters) - The euro hit a fresh 22-month low and European shares gave up early gains on Thursday after data showed Europe's economic slump has worsened, as talk of a Greek exit and a lack of progress in tackling the debt crisis hits business confidence.
Germany's manufacturing sector shrank at the fastest rate in three years in May, the Markit manufacturing Purchasing Managers Index (PMI) showed, as both exports and new orders coming into factories declined.
"May's drop in manufacturing production was the steepest in nearly three years and the current period of falling new orders now almost matches the length, though not the depth, of the contraction in 2008/09," Tim Moore, senior economist at Markit, said.
German business sentiment has also dropped for the first time in seven months, ...
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Weekly Economic and Financial Commentary : 19/05/2012
U.S. Review
To QE3 or Not To QE3: That is the Question
- Some market participants are beginning to speculate about another round of quantitative easing. Although recent growth indicators have not been particularly stellar, the economy is still growing. Moreover, core CPI inflation in the neighborhood of 2 percent means that the threshold for more QE is relatively high.
- Overall, indicators were positive during the week. Housing starts increased by 2.6 percent in April, the Empire Manufacturing index improved to 17.09 in May from a 6.56 print in April and retail sales printed a 0.1 percent increase in April, in line with expectations.
To QE3 or Not To QE3: That is the Question
QE3 seems to have more lives that a cat; it comes back into the forefront of the U.S. economy discussion ...
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Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
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Euro Limits The Damage After French And Greek Elections
Sunrise Market Commentary
- Fixed Income: Little support from elections
- Global core bonds set new contract highs at the start of the European session after the French and Greek elections. However, the negative sentiment surprisingly didn't push through and many markets bounced off key levels.
- Currencies: euro limits the damage after French and Greek elections.
- On Monday, the euro opened sharply lower after the election results in Greece and Spain. However, the price moves developed in an orderly way. Even more, the single currency showed remarkable resilience and reversed part of the early losses. The test of the 1.2974 support was rejected. The EUR/GBP 0.8068 support remains under pressure.
The Sunrise Headlines
- US Equities hovered sideways on Monday, halting a ...
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Copper slips on weak euro, China demand concerns
(Reuters) - Copper fell on Wednesday after weaker EU and Chinese manufacturing data and a slump in new orders for U.S. factory goods raised fresh concerns about economic slowdown and prospects for demand.
A weaker euro also took its toll as a stronger dollar puts pressure on metals prices as it makes commodities priced in the U.S. unit more expensive for holders of other currencies.
The euro fell against the dollar after data showed the euro zone manufacturing sector slipped further into decline last month as a downturn that started in the periphery appears to be taking root among core members France and Germany.
Benchmark copper on the London Metal Exchange (LME) was at $8,295 a metric ton (1.1023 tons) by 1502 GMT, from Tuesday's close of $8,440.
It hit a session low of $8,275 a ...
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UK Economic Woes Continue To Mount
After plunging back into recession in the first quarter of 2012, UK data at the start of the second quarter hasn't been particularly encouraging. Today the manufacturing PMI survey for April was weaker than expected at 50.5 down from a revised 51.9 in March, which was the lowest level since December. The biggest decline was in the export sector, as the UK's largest trading partner, the Eurozone, suffers from its own economic and sovereign woes. However, what was worrying is that new orders to Asia and the US also fell sharply, which is concerning as they may not be able to balance out the weak growth coming from Europe.
Could the BOE expand QE?
This report is the first of three April PMI surveys released over the coming days and the results for the construction and services sectors will ...
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Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
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Spain again to test investors' nerves
(Reuters) - The euro zone crisis is flaring up and debt auctions by safe-haven Germany and current bad boy Spain in the coming week will provide a gauge how far investor sentiment has changed since the shock and awe of recent ECB liquidity injections has worn thin.
Protecting the world economy from the euro area's debt crisis will top the agenda at the International Monetary Fund spring meeting in Washington at the end of the week, just as quarterly U.S. corporate earnings begin to reflect some improvements coming through in economic activity.
Eyes will also be on the outcome of the first round of the French presidential election on April 22, and March data on the health of U.S. retail sales and industrial production.
But it is the debt markets that are expected to hold the key to ...
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Dukascopy Afternnon Forex Overview : 13/04/2012
Fundamental Analysis
EUR
Italy's borrowing costs increased during last bond sale, escalating worries about Italy's ability to repay its obligations. Three-year bonds faced a rise in the interest rate from 2.76% to 3.89%. Adding to concerns over the Euro Zone's economic state, Greek unemployment rate surged to 21.8% in January as compared to 14.8% in January 2011.
USD
US March CPI increased by 0.3% thus outpacing the 0.2% investor consensus forecast. Core CPI was in line with the expectations at 0.2% last month, Bureau of Labor Statistics reported today.
GBP
FTSE 100 index traded lower on Friday as lower than expected China's GDP growth weighed on investor sentiment. Additionally Spanish shares tumbled as country's bond yields climbed. Sage Group lost 2.2% after Jefferies cut the stock' ...
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