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Growth Forecasts RemainTitle:
Brent slips towards $106 as economy worry lingers
(Reuters) - Brent crude futures slipped towards $106 a barrel on Friday, on track for a fourth weekly loss and the longest losing streak since early 2010, as investors remained jittery on signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude was down 32 cents to $106.23 a barrel by 0503 GMT after touching a session high of $106.98. U.S. crude dropped 17 ...
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Weaker euro zone economy sends dollar higher
(Reuters) - The U.S. dollar climbed to a 20-month high and safe-haven German bonds set record low yields, after data showed Europe's economic woes intensifying as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis.
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.
But U.S. stock index futures have edged higher as investors remain hopeful that pending data on durable goods orders and initial jobless claims will show the world's largest economy is staying on track for recovery.
The slowdown in economic activity in Europe's powerhouse Germany sent the euro ...
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Copper up from 4-1/2 month low, EU data weighs
(Reuters) - Copper firmed a little on Thursday after sinking to a 4-1/2 month low in the previous session but remained under pressure as downbeat data from the European Union raised worries that global economic weakness will hit demand for industrial metals.
Benchmark copper on the London Metal Exchange was trading at $7,589.50 a tonne by 0939 GMT, 0.8 percent up from a close at $7,531 on Wednesday.
The metal, used in power and construction, has dropped on risk aversion triggered by worries about Greece's possible exit from the euro zone.
Business surveys showed Germany's manufacturing sector has been shrinking at the fastest rate in three years in May and the euro zone's private sector has sunk further into the doldrums this month as new orders shrivel, forcing firms to run down ...
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European Market Update : 24/05/2012
Major European PMI Manufacturing data misses expectations; German IFO Business Confidence falls for the first time in 7 months
Economic Data
(RU) Russia Gold & Forex Reserve w/e May 18th: $514.3B v $518.8B prior
(DE) Germany Q1 Final GDP Q/Q: 0.5% v 0.5%e; Y/Y: 1.7% v 1.7%e; GDP WDA Y/Y: 1.2% v 1.2%e
(DE) Germany Q1 Private Consumption: 0.4% v 0.2%e; Government Spending: 0.2% v 0.3%e; Domestic Demand: -0.3% v 0.0%e; Capital Investment: -1.1% v -0.3%e; Construction Investment: -1.3% v -0.4%e; Exports: 1.7% v 0.9%e; Imports: 0.0% v 0.3%e
(CH) Swiss Apr Trade Balance (CHG): 1.3B v 1.9Be; Real Exports M/M: -0.9% v +0.2%e; Real Imports M/M: 2.6% v 5.9% prior
(FI) Finland Apr PPI M/M: -0.1% v +0.4% prior; Y/Y: 1.4% v 1.4% prior
(FI) Finland Apr Preliminary Retail Sales Volume Y/Y: -2.0% v ...
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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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UK shares edge up cautiously from lows
(Reuters) - Britain's top shares rose on Thursday, clawing back some of the previous session's steep losses, though trade remained cautious after a European summit failed to produce concrete proposals for tackling the region's debt crisis.
Markets rallied earlier in the week on hopes that new proposals would be made at the informal summit, including ways of sparking economic growth and boosting investor confidence.
Thursday's economic data made for grim reading, with Britain falling deeper into recession than first thought in the first quarter after a sharp drop in construction output.
In Germany, the manufacturing sector shrank and business sentiment plummeted in May, heightening concerns about the ability of Europe's largest economy to weather the region's crisis.
Market moves have ...
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European Manufacturing And Services Resume Contraction Amid Worries Of A Greek Exit From The Euro Ar
European manufacturing and services showed contraction in May, adding to concerns the economy is heading towards a recession in the second quarter amid the escalating European debt crisis.
Euro area manufacturing and services remained to record contraction in May as manufacturing posted 45.0 from 45.9 in April while services reported 46.5 from 46.9. Accordingly, the PMI composite index came in at 45.9 from 46.7.
The reading in Germany showed a drop in PMI manufacturing to 45.0 this month, the lowest in 35 months, from 46.2 in April. In France, the manufacturing gauge slipped to 44.4 in May from 46.9 a month earlier.
On the other hand, German services lingered at 52.2 while French services index was unchanged at 45.2.
In fact, the 0.5% expansion recorded by the German economy saved the ...
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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 ...
Title:
European Market Update : 23/05/2012
Euro hits fresh 2012 lows ahead of informal summit; More reports of an ECB contingency plan in the works
Economic Data
(GR) Greece Mar Current Account: -€2.1B v €1.1B prior
(NL) Netherlands Mar Consumer Spending Y/Y: % v -1.3% prior
(SE) Sweden Apr Unemployment Rate: % v 7.8%e
(EU) Euro Zone Apr Current Account: +€7.5B v -€5.6B prior; Current Account Seasonally Adj: +€7.5B v -€1.2B prior
(IT) Italy May Consumer Confidence: 86.5 v 89.5e (lowest reading on record after series began in 1996))
(ZA) South Africa Apr CPI (all items) M/M: 0.4% v 0.5%e; Y/Y: % v 6.2%e
(TW) Taiwan Apr Industrial Production Y/Y: -2.3% v -1.7%e; Commercial Sales Y/Y: -2.4% v -0.9% prior
(UK) Apr Retail Sales Ex Auto Fuel M/M: -1.0% v -0.7%e; Y/Y: -0.3% v +0.7%e
(UK) Apr Retail Sales with Auto Fuel M/M: -0.8% ...
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