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Despite The Ongoing EuropeanTitle:
U.K. first-quarter GDP downwardly revised to add to worries
U.K. GDP first quarter reading showed worse than expected contraction, adding to concerns the British economy needs more time to recover amid the escalating European debt crisis and weak consumer demand.
The preliminary reading was downwardly revised to 0.3% contraction from both advanced and expected readings of -0.2%, while on the year 0.1% contraction was recorded from both flash and estimated readings of 0.0%.
Details with the release showed that the quarterly drop was triggered by the drop in exports to 0.1% from 1.6% while imports, on the other hand, advanced 0.4% from 0.9%.
In fact, the drop in exports reflect the weak demand from the euro area, U.K.’s main trading partner, and worldwide in addition to the strengthening sterling in the first quarter.
Gross fixed capital ...
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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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Asian stocks driven lower by downgrades in China, Japan ahead of EU summit
Ahead of a meeting of European leaders, the MSCI Asia Pacific Index dropped 1.5% at 12:31 in Tokyo after investors lost their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, while BoJ held its monetary policy unchanged although growth is slowing.
Greece’s former Prime Minister Lucas Papademos said yesterday that while it is unlikely that the nation will leave the eurozone, the risks are still high. And if this would prove to be the case, other countries may follow, warned Jin Liqun, chairman of China Investment Corp.
Meanwhile, one day after Fitch cut the Japan’s rating by one notch to A-plus from AA with negative outlook, citing “high and rising public debt” burden, Japan showed a slowdown in its exports during April, adding to ...
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The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
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EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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YouTradeFX Daily Market Analysis : 10/05/2012
Fundamental News
Today’s highlights:
- ECB Monthly Report (EUR, 09:00 GMT)
- Italian Industrial Production (MoM) (ITA, 09:00 GMT)
- Trade Balance +Manufacturing Production (MoM)+ Industrial Production (MoM) (GB, 09:30 GMT)
- Interest Rate Decision (GB, 12:00 GMT)
- Initial Jobless Claims + Trade Balance (U.S, 13:30 GMT)
- Trade Balance (CAD, 13:30 GMT)
- Fed Chairman Bernanke Speaks (U.S, 14:30 GMT)
Wholesale inventories in the U.S. rose by 0.3% (less than expected) in the month of March, according to a report released by the Commerce Department on Wednesday. Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized, the National Association of Realtors said in a report yesterday.
According to Bloomberg ...
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The Weekly Bottom Line : 04/05/2012
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
- U.S. job creation may have weakened in the last few months, but the grounds for sustaining stronger employment growth are more fertile now than have been since the economic recovery began. Europe's labor market, by contrast, is likely to deteriorate further before it gets better.
- Europe's (nonfinancial) corporate sector is highly leveraged. As balance sheet adjustments are made, Europe risks further decreases in investment, higher layoffs, and lower economic growth. These effects are compounded by deleveraging in the public sector.
- U.S. corporations, by contrast, are more profitable and liquid than they have ever been. At some point some of these funds will be unleashed towards new investment, creating a positive ...
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European factories falter, Asia flourishes
(Reuters) - Euro zone factories sank further into decline last month but manufacturers in Asia upped their tempo to meet growing demand from the United States and China, exposing a widening gulf between Europe and the rest of the world.
Worryingly for European policymakers, a downturn that is hitting Italy and Spain hard, now appears to be taking root among core members France and Germany.
The data hit the euro and dented optimism following a similar survey on Tuesday that showed the pace of growth in U.S. manufacturing picked up much more than expected.
"The numbers coming out of the euro zone give no cause for comfort. The China economy is holding up, but the debt crisis in Europe is weighing on growth and its rippling across the world," said Peter Dixon at Commerzbank.
"Global ...
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Oil rises on U.S. housing data, Fed optimism
(Reuters) - Crude oil futures rose on Thursday as a solid pickup in U.S. home sales added to economic optimism following the U.S. Federal Reserve's vow a day earlier that it would take further stimulus action if needed to keep the recovery going.
In volatile trade, oil gave up early gains after a weak report on jobless claims, then rebounded to session highs on the housing data.
Oil advanced with a broad rise in key commodities, such as copper, reflected in a 0.40 percent gain in the Thomson Reuters-Jefferies CRB index .CRB.
Overall, oil's gains were limited as data showed economic sentiment in the euro zone fell more than expected in April.
As was the case on Wednesday, the oil markets received support from stronger equities and, to some extent, a weakened dollar, which improved ...
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