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JustTitle:
U.K. Contracts More than Expected in the First Quarter
The United Kingdom released the gross domestic product figures for the first quarter ending in March, where the preliminary indexes showed more contraction in the quarter, compared with the advanced and the previous contraction.
Over quarterly basis, the royal economy contracted by 0.3%, unexpectedly revised lower from the advanced index and the previous of -0.2% recorded in the fourth quarter.
The annual index dropped unexpectedly as well by 0.1%, missing estimates of steady reading and the previous expansion of 0.5% recorded in the fourth quarter.
Private consumption expanded in a slower than expected pace, where the index expanded by 0.1% from the previous of 0.4%, missing estimates of 0.3% most probably due to rising inflation, which weighed sharply on individuals` income.
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Title:
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 ...
Title:
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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YouTradeFX Daily Market Analysis : 24/05/2012
Fundamental News
Today’s highlights:
- German GDP (QoQ) (GER, 07:00 GMT)
- French Manufacturing PMI (FRA, 07:00 GMT)
- German Manufacturing PMI (GER, 08:00 GMT)
- German Ifo Business Climate Index (GER, 09:00 GMT)
- GDP (QoQ) + Business Investment (QoQ) + BBA Mortgage Approvals (GB, 09:30 GMT)
- Initial Jobless Claims + Core Durable Goods Orders (MoM) (U.S, 13:30 GMT)
- ECB President Draghi Speaks (EUR, 14:00 GMT)
- Treasury Secretary Geithner Speaks (U.S., 19:00 GMT)
Demand for new U.S. homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported today in ...
Title:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
Title:
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 ...
Title:
EUR/USD breaches the 1,26 level
MORNING BRIEFING: EUR/USD breaches the 1,26 level
What’s new:
Equity: Asian and US equities remain pressured on Greece and softer Chinese HSBC flash PMI
Eurozone: The EU summit wants Greece to stay but no tangible measures as yet
Forex: EUR/USD below key support at 1.2650; 1.25 is now eyed
Rates in Asia and Indices:
EUR/USD 1.2555 1.2599 0.01 %
USD/CHF 0.9533 0.9566 0.03 %
GBP/USD 1.5668 1.5701 -0.03 %
USD/JPY 79.41 79.57 -0.02 %
EUR/CHF 1.2009 1.20117 0.00 %
EUR/JPY 99.72 100.18 -0.04 %
Dow Jones 12311.56 12508.3 -0.05 %
Nasdaq 2499.3 2553.19 0.31 %
S&P 500 1296.53 1320.71 0. ...
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Persistent fears over debt crisis keep the euro near its lowest in 22 months
Investors continue to limit their risk exposure on Thursday, heading towards the safe haven dollar and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday’s summit while manufacturing in China is seen shrinking for a seventh month in May according to HSBC.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, the sentiment is seen negative, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande’s proposal of jointly underwrite regional bonds that Germany still opposes.
The risk remains subdued and markets trade with volatility today as data may show that Europe’s services and manufacturing industries shrank for a fourth month, ...
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Gold under pressure after EU summit, eyes to track European manufacturing and services
Gold is showing slight decline on Wednesday’s early trading to continue its drop for the third consecutive session on worries from the euro area amid frictions among European leaders over methods to tackle crisis and amid speculations of Greek exit to the euro area.
The main highlight yesterday was the informal EU summit that tackled euro area fiscal problems, where the meeting showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
On the other hand, still there are many speculations that Greece may leave the euro zone which would lead to many negative consequences on European banks providing loans to Greece.
As long as debt crisis is intensifying, gold is ...
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