Monday, August 31, 2009 0

Slovak Jobless Rate Highest Since March 2005

Tuesday, Slovak National Labor Office announced that the jobless rate stood at 12.07% in July, up from 11.8% in June. This was the highest jobless rate since March 2005.

The number of unemployed persons totaled 319,937 in July, larger than the 313,076 in the previous month.

Slovakia's economy is projected to shrink by about 5% this year, and to return to growth by expanding close to 2% in 2010, the IMF said in a staff report on July 28. The lender forecasts the unemployment rate to increase to more than 12% by end-2009, and remain high through 2010.

Tuesday, Slovak National Labor Office announced that the jobless rate stood at 12.07% in July, up from 11.8% in June. This was the highest jobless rate since March 2005. (Market News Provided by RTTNews)

Finland GDP Drops In June

Friday, the Statistics Finland said in a preliminary report that the gross domestic product or GDP indicator dropped a working day adjusted 11.1% year-over-year in June, compared with a 11.4% fall in the previous month. A year earlier, the GDP was up 0.9%.

On an original series, the output indicator decreased 9.7% annually in June, after falling 12.8% in May.

Month-on-month, the GDP indicator decreased a seasonally adjusted 0.8% in June, compared with a 1.9% fall in the previous month.

Singapore Retail Sales Rise More Than Expected In June

Singapore retail sales rose 2.3% month-on-month in June, following May's downwardly revised 0.7% increase, a report released by the Department of Statistical showed Friday. Driven by higher sales of furniture and household equipments, footwear and food and beverages, retail sales grew more than the expected growth of 1%.

Excluding motor vehicles, retail sales grew by a seasonally adjusted 3.7% in June from May.

On an annual basis, retail sales were down 8.2% in June, smaller than the revised 10.4% decline seen in May and 9.2% fall expected by economists. Excluding motor vehicles, sales dropped 1.5% over a year ago.

Singapore retail sales rose 2.3% month-on-month in June, following May's downwardly revised 0.7% increase, a report released by the Department of Statistical showed Friday. (Market News Provided by RTTNews)

Singapore Revised Q2 GDP +20.7% On Quarter

Singapore's gross domestic product expanded by 20.7 percent in the second quarter of 2009 compared to the previous three months, the Ministry of Trade and Industry said in a revised report on Monday, beating estimates for a 19.2 percent gain following the preliminary report of 20.4 percent.

On an annual basis, GDP contracted by 3.5 percent versus forecasts for a 4 percent decline after the 3.7 percent fall in the preliminary report.

Gains among the manufacturing and financial sectors are most responsible for the improvement, the MTI said.

For the first half of the year, the Singapore economy contracted by 6.5 percent. The MTI is maintaining its GDP growth forecast for all of 2009 at between -4 and -6 percent.

(Market News Provided by RTTNews)

Swiss Consumer Confidence Deteriorates In Q3

Swiss consumer confidence deteriorated to minus 42 in the third quarter from minus 38 in the prior quarter, a survey from the State Secretariat for Economic Affairs revealed Thursday. The reading matched economists' expectations.

Among sub-indicators, the estimate of the financial situation of households over the last twelve months eased to minus 16 and the assessment of general economic situation over the past twelve months stood at minus 100 points, down from minus 96 in the previous quarter. The development of the household budget for the coming 12 months was also less favorably evaluated.

Swiss consumer confidence deteriorated to minus 42 in the July quarter from minus 38 in the prior quarter, a survey from the State Secretariat for Economic Affairs revealed Thursday. (Market News Provided by RTTNews)

S. Africa M3 Money Supply Growth Eases In June

Wednesday, the South African Reserve Bank announced that the M3 money supply increased 6.04% year-over-year in June, slower than the 7.86% growth in the previous month. Economists were looking for an increase of 6.8%.

At the same time, the M2 money supply growth eased to 4.86% from 7.74% in May. The M1 money supply increased 1.44%, compared to the 3.53% in May.

Meanwhile, claims on the domestic private sector or PSCE grew 3.98% annually in June, slower than the 5.7% growth in the preceding month. Economists had expected an increase of 4.45%.

Spanish July Producer Prices Drop More Than Expected

The Spanish industrial price index dropped 6.7% year-on-year in July versus a 4.9% fall in June, a report from the National Institute of Statistics showed Tuesday. Economists had expected only 6% decline.

The price index for energy plunged 16% in July, while that for intermediate and consumer goods dropped 7.8% and 1.2%, respectively. Only capital goods prices showed an annual increase of 0.5%.

Compared to June, producer prices dropped 0.2% in July mainly due to a decrease reported in the manufacture of coke and refined petroleum products. The decline in July reversed an increase of 0.6% recorded in June.

The Spanish industrial price index dropped 6.7% year-on-year in July versus a 4.9% fall in June, a report from the National Institute of Statistics showed Tuesday. (Market News Provided by RTTNews)

Philly Fed Index Unexpectedly Turns Positive In August

Manufacturing activity in the mid-Atlantic region is showing some signs of stabilizing, according to a report released by the Federal Reserve Bank of Philadelphia, with the index of activity in the sector unexpectedly climbing into positive territory in August.

The Philly Fed said its index of current activity rose to 4.2 in August from a negative 7.5 in July, with a positive reading indicating growth in the sector. Economists had been expecting a more modest increase to a negative 2.0.

S&P Ups India's Growth Forecast To 6.3%

Standard & Poor's, the rating agency, raised India's economic growth forecast by 30 basis points to 6.3% for the current fiscal compared to its earlier forecast of 5.8% , reports PTI. The agency attributed the raising of forecast to the stimulus measures of the government and due to improving global scenario.

S&P Chief Economist Subir Gokarn said that India's domestic demand would help it maintain a respectable growth. He said that the growth in industrial production would balance the deficient rainfall and added that the swine flu pandemic would not hit a macro-economy like India.

India's June industrial production witnessed a surprise positive growth reporting 7.8% growth as against 5.4% in the year ago month proved that economy is recovering.

(Market News Provided by RTTNews)

Finland April-June Wages And Salaries Decline

Thursday, the Statistics Finland said the wages and salaries sum of the whole economy fell 0.3% year-over-year in the April to June period, compared with a 8.1% increase in a year ago.

During the period, wages and salaries in manufacturing sector dropped 7%, while that of in construction sector dipped 5.7%. The wages and salaries sum also dropped in trade and financial intermediation. However, the private educational service sector wages and salaries grew 8.1%.

In the first quarter, the wages and salaries sum increased 0.7% compared to the previous year.

Thursday, the Statistics Finland said the wages and salaries sum of the whole economy fell 0.3% year-over-year in the April to June period, compared with a 8.1% increase in a year ago. (Market News Provided by RTTNews)

ISM Service Index Unexpectedly Slips To 46.4 In July

Wednesday morning, the Institute for Supply Management released its report on activity in the service sector in the month of July, showing that the pace of contraction in the sector unexpectedly accelerated from the previous month.

The ISM said its index of activity in the sector edged down to 46.4 in July from 47.0 in June, with a reading below 50 indicating a contraction in the sector. The decrease came as a surprise to economists, who had expected the index to rise to 48.0.

Lithuania Economic Sentiment Indicator Improves In July

Friday, the Statistics Lithuania announced that the economic sentiment indicator rose to minus 29 in July from minus 30 in June. A year earlier, the indicator was minus 3.

In July, the industrial confidence indicator increased to minus 23 from minus 24 in June, while the construction confidence indicator improved to minus 72 from minus 80.

Similarly, the trade confidence indicator moved up to minus 23 from minus 28, while the service confidence indicator grew to minus 20 from minus 21.

Meanwhile, the consumer confidence indicator decreased to minus 43 in July from minus 42 in the previous month.

Friday, the Statistics Lithuania announced that the economic sentiment indicator rose to minus 29 in July from minus 30 in June. A year earlier, the indicator was minus 3. (Market News Provided by RTTNews)

Italian Inflation Falls To 50-year Low In July

Italian inflation decreased to a fifty-year low of 0% in July from 0.5% in May, indicating that the rate may move to a negative territory in the coming months, preliminary data from the Istat showed Friday. Economists had forecast the consumer price index or CPI including tobacco to grow 0.1%.

The CPI was flat on a monthly basis in July, while it grew 0.1% in June.

The harmonized index of consumer prices or HICP fell 0.1% year-on-year in July and dropped 1.2% on a monthly basis.

Consumer Confidence Index Jumps To 54.1 In August

Consumer confidence has rebounded in the month of August after seeing some deterioration in July, according to a report released by the Conference Board on Tuesday, with the increase partly due to an improvement in consumers' assessment of the job market.

The Conference Board said its consumer confidence index jumped to 54.1 in August from an upwardly revised 47.4 in July. Economists had been expecting the index to increase to 47.9 from the 46.6 originally reported for the previous month.

Dutch House Prices Fall In July

Dutch house prices fell 4.4% year-on-year in July, a joint publication by Statistics Netherlands and the Land Registry Office showed Friday. Compared to June, house prices remained stable.

All types of existing homes were cheaper than in July, the statistical office said. Prices of detached houses dropped most dramatically, by 5.7%. The smallest decrease was recorded for terraced houses, 3.6% decline.

House sales dropped 25% year-on-year in July. Sales declined considerably for all types of houses and in all provinces. However, compared to June 2009, total number of sales increased by more than 33%.

Dutch house prices fell 4.4% year-on-year in July, a joint publication by Statistics Netherlands and the Land Registry Office showed Friday. Compared to June, house prices remained stable. (Market News Provided by RTTNews)

Eurozone June Industrial Output Drops

Wednesday, the Eurostat said in a report that the Eurozone industrial production decreased 17% year-over-year in June, compared to the 17.6% fall in May, revised from 17% decline reported initially. Economists were looking for a decline of 16.4%.

On a monthly basis, industrial production dropped 0.6% in June, in contrast to the 0.6% increase in the previous month. The May month figure was revised from 0.5% growth estimated previously. Economists had expected an increase of 0.2%.

In EU27, industrial output decreased 0.2% from May and slid 15.6% on a yearly basis.

Correction: Norway Consumer Price Inflation Eases In July

Corrects "June" to "July" in the story headline

Monday, the Statistics Norway said in a report that the consumer price index rose 2.2% year-over-year in July, slower than the 3.4% growth in the preceding month.

On a monthly basis, the CPI dropped 0.6% in July.

For the January to July period, consumer prices were up 2.7% from last year.

Separately, the statistical office said the harmonized index of consumer prices or HICP rose 2.2% annually in July, easing from 3.5% rise in June. The HICP was up 0.6% compared to the previous month.

Monday, the Statistics Norway said in a report that the consumer price index rose 2.2% year-over-year in July, slower than the 3.4% growth in the preceding month. (Market News Provided by RTTNews)

Australia Construction Activity Contracts For 17th Month - AIG

Activity in Australia's construction sector contracted in July for the 17th month in a row.

The latest Performance of Construction Index reported by the Australian Industry Group and Housing Industry Association shows a drop of 3.1 index points from June to a level of 39.5. Readings below 50.0 indicate contraction of activity in the sector.

The home construction sub-index increased 7.9 and moved into expansion with a reading of 51.9 but apartment construction fell 5.9 points to 29.4.

The engineering sub index declined 6.1 points to 35.0. HIA said the historically low interest rates and a doubling of the governments first time home buyers grant program helped boost the housing sector, while tight credit and savvy investors are weighing on apartment construction.

(Market News Provided by RTTNews)

Private Sector Employment Fell By 371,000 Jobs In July

Private sector employment showed another notable decline in the month of July, according to a report released by Automatic Data Processing, Inc. (ADP) on Wednesday, although the pace of job losses slowed to its slowest rate since October of 2008.

ADP said non-farm private employment fell by 371,000 jobs in July following a revised decrease of 463,000 jobs in June. Economists had been expecting a decrease of about 350,000 jobs compared to the loss of 473,000 jobs originally reported for the previous month.

Czech Jobless Rate Climbs In Q2

Tuesday, the Czech Statistical Office said the jobless rate according to the ILO definition stood at 6.4% in the second quarter, up 2.2 percentage points from last year. Moreover, the statistical office said the rate of change in unemployment was the biggest since 1999.

The average number of unemployed persons in the 15-64 age group increased by 44,900 compared with the first quarter to 113,800. The report said this was one of the biggest increases in unemployment throughout one quarter. Compared with the same quarter of last year, the number of unemployed fell by 16,900.

Meanwhile, the number of employed persons decreased by 62,000 in the second quarter from last year. The employment rate stood at 65.4%, down 1.2 percentage points from last year.

(Market News Provided by RTTNews)

Eurozone June Producer Prices Decline Further

Tuesday, the Eurostat said in a report that Eurozone industrial producer price index or PPI dropped 6.6% year-over-year in June, compared with a 5.9% fall in the previous month. The May month figure is revised from 5.8% decline reported initially. The PPI came in line with economists' expectations.

On a monthly basis, producer prices increased 0.3% in June, after a flat reading in May, revised from 0.2% fall estimated initially. Economists were looking for an increase of 0.2%.

Belgium Consumer Prices Decline For Fourth Straight Month

Friday, Belgium's National Institute of Statistics announced that the consumer price index or CPI dropped 0.78% year-on-year in August, compared to the 1.68% fall in the previous month. This was the fourth consecutive month of negative inflation. A year earlier, the inflation rate was 5.39%.

The CPI, excluding energy rose 1.56% in August, slower than the 1.60% in the previous month. But, prices of vegetables, fruits and traveling abroad decreased.

On a monthly basis, the CPI increased 0.31% in August.

Hungary Construction Output Rises In June

Monday, Hungary's Central Statistical Office announced that the construction output increased 15.9% year-on-year in June, compared with a 9.6% fall in the previous month. A year earlier, the production was down 7.5%.

On a monthly basis, the construction production increased 12.3% in June, after falling 2.6% in May.

For the first six months of the year, the construction production decreased 1.9% compared to the same period of the previous year.

Meanwhile, construction producer prices increased 3.7% on an annual basis in the second quarter, slower than the 4.8% increase in the previous quarter.

S. Africa Q2 GDP Falls For Third Straight Quarter

Tuesday, the Statistics South Africa announced that the gross domestic product or GDP at market prices decreased a seasonally adjusted and annualized 3% in the second quarter, compared with a 6.4% fall in the previous quarter. Economists were looking for a decline of 3.3%. A year earlier, the GDP was up 1.7%.

This was the first instance of three consecutive quarters of decline in GDP since the fourth quarter of 1992, the statistical office said.

On an unadjusted basis, the GDP at market prices dropped an annualized 2.8% in the second quarter compared to a 1.3% fall in the preceding quarter.

For the first six months of the year, the GDP decreased 2% compared to the same period of the previous year.

(Market News Provided by RTTNews)

Sunday, August 30, 2009 0

Japanese Govt. Maintains Economic Assessment

Tuesday, the Japanese Cabinet Office left is economic assessment unchanged in August after upgrading it for three straight months. The government said the economy is showing signs of picking up recently while in a difficult situation. Further, the economy is expected to improve in the months ahead.

At the same time, employment situations and capital spending are set to continue its worsening. The cabinet office assessed that housing construction decreased significantly. The government reiterated that exports are picking up, with increase in sales to Asia. Production is also picking up, but corporate profits decreased quite significantly, the report showed.

Tuesday, the Japanese Cabinet Office left is economic assessment unchanged in August after upgrading it for three straight months. (Market News Provided by RTTNews)

Finland May GDP Drops Further

Thursday, the Statistics Finland announced that the gross domestic product or GDP dropped a working day adjusted 11.4% year-over-year in May, after falling 9.5% in April, revised from 9.2% decline reported initially. A year earlier, the output of the national economy was up 0.8%.

On an original series, the GDP was down 12.8% annually in May, compared to the 11.4% fall in the previous month. The April figure was revised from 11.2% estimated previously.

Month-on-month, the GDP decreased a seasonally adjusted 1.9% in May.

Macedonia Consumer Prices Decline In July

Tuesday, Macedonia's State Statistical Office announced that the consumer price index or CPI dropped 1.3% year-over-year in July, compared with a 1.7% fall in the previous month.

On a monthly basis, the CPI declined 0.5% in July.

For the January to July period, consumer prices dropped 0.1% compared to the same period of the previous year.

Meanwhile, the retail price index dropped 2.2% annually in July, after falling 2.4% in June. Retail prices rose 0.1% compared to the preceding month. For the first seven months of the year, retail prices were down 1% over a year ago.

Tuesday, Macedonia's State Statistical Office announced that the consumer price index or CPI dropped 1.3% year-over-year in July, compared with a 1.7% fall in the previous month. (Market News Provided by RTTNews)

Romania Central Bank Slashes Key Policy Rate As Expected

Tuesday, Romania's central bank lowered its key policy rate by 50 basis points to 8.5%.The reduction was in line with economists' expectations. In June, the bank had reduced its key interest rate to 9% from 9.5%.

At the same time, the bank slashed the minimum reserve requirements ratio on foreign currency commercial deposits to 30% from 35%, effective on August 24.

The Board of the National Bank of Romania also decided to actively use open-market operations in order to ensure an adequate management of liquidity in the banking system.

Foreigners Net Buyers Of Japan Stocks Last Week

Foreign residents remained net buyers of Japan-based stocks last week, and remained net sellers of Japan bonds and notes.

Japan's Ministry of Finance reported Thursday that foreign residents purchased a net 292.9 billion yen more than they sold in Japan stocks for the week ending August 8, their fourth straight week as net buyers.

Foreigners sold a net 52.5 billion yen in Japan bonds and notes for the week, their fourth straight week as net sellers.

Japan residents sold 98.1 billion yen more in foreign-based stocks for the week, having been net buyers the previous four weeks. Japan residents bought a net 125.0 yen in foreign bonds and notes for the week, having been net sellers the week before.

(Market News Provided by RTTNews)

Egypt's GDP Growth To Remain Below Potential This Year: IMF

The International Monetary Fund in a report said Egypt had weathered the global financial crisis relatively well, but expects economic activity to continue to soften in 2009-10.

The IMF expects the growth in real gross domestic product or GDP to remain below potential this year at around 4%. At the same time, the lender expects private consumption to be resilient, but said some unwinding of inventories accumulated during last year could be a drag on growth.

Further, the IMF said in the uncertain global environment, the risks to the outlook remain on the downside. The IMF noted that the short-term macroeconomic policies should be continued to support growth, while reducing inflation and maintaining a sustainable external position.

(Market News Provided by RTTNews)

Hong Kong New Mortgage Loans Drawn Down Increase In June

Monday, the Hong Kong Monetary Authority said in a report that the value of new residential mortgage loans drawn down increased 34.4% month-on-month in June, compared with the 42.5% growth in the previous month.

The value of new loans drawn down increased to HK$ 20.4 billion in June from HK$ 15.2 billion in May.

At the same time, the value of new loans approved increased 36.5% to HK$ 38.4 billion.

Meanwhile, the outstanding value of mortgage loans increased by 1.2% to HK$ 601.1 billion in June, after rising 0.8% in May.

Czech Consumer Confidence Improves In August

The Czech consumer confidence indicator increased to 83.6 in August from 82.8 in July, a report by the Czech Statistical Office said on Tuesday. A year earlier, confidence indicator was 95.6.

The business confidence indicator decreased to 77.3 in August from 78.3 in July. The confidence indicator was 98.9 in a year ago.

At the same time, industrial confidence increased to 76.7 in August from 76 in July. But, the confidence indicator in construction, trade, services confidence decreased in August.

Meanwhile, the economic sentiment indicator or composite indicator dropped to 78.4 in August from 79.1 in July.

The Czech consumer confidence indicator increased to 83.6 in August from 82.8 in July, a report by the Czech Statistical Office said on Tuesday. A year earlier, confidence indicator was 95.6. (Market News Provided by RTTNews)

Bulgaria Jobless Rate Declines In Q2

Friday, Bulgaria's National Statistical Institute announced that the jobless rate stood at 6.3% in the second quarter, down from 6.4% in the first quarter.

The number of unemployed persons totaled 0.22 million in the second quarter, of which 0.11 million men and 0.10 million women.

The total number of employed persons was 3.30 million, falling 2.1% compared to the previous year. Meanwhile, the number of economically active population totaled 3.47 million.

The Bulgarian economic growth dropped further in the second quarter. The gross domestic product or GDP decreased 4.8% year-on-year in the second quarter, compared with a 3.5% fall in the first quarter.

Friday, Bulgaria's National Statistical Institute announced that the jobless rate stood at 6.3% in the second quarter, down from 6.4% in the first quarter. (Market News Provided by RTTNews)

Austria June Industrial Output Falls

Monday, the Statistics Austria announced that the overall production index decreased a working day adjusted 11.4% year-on-year in June, compared with a 13.5% fall in the previous month.

On a monthly basis,the production index increased a seasonally adjusted 0.6% in June, after falling 1.5% in May.

The industrial production declined 14.8% annually in June, compared with a 15.5% fall in the preceding month. Month-on-month, industrial output rose 0.3% in June, after falling 0.4% in May.

Meanwhile, the construction production rose 1.9% year-on-year in June, after falling 4.9% in May. The construction output was up 1.3% compared to the preceding month.

Monday, the Statistics Austria announced that the overall production index decreased a working day adjusted 11.4% year-on-year in June, compared with a 13.5% fall in the previous month. (Market News Provided by RTTNews)

Finnish Manufacturing Confidence Stable In August

Finland's manufacturing confidence was stable in August, the Confederation of Finnish Industries EK said Thursday.

The confidence indicator stood at minus 23 in August compared to a revised reading of minus 22 in July. Order books remained well below average and production volume is expected to decrease further in coming months. Stocks of finished goods fell below the long-term average.

In the construction sector, the confidence indicator remained almost unchanged at low levels. The indicator was minus 54 in August compared to revised minus 53 in the preceding month. In the service sector, the confidence indicator decreased to minus 31 from a revised minus 23 in July, while the confidence in the retail trade sector dropped further to minus 17 from minus 15 in the preceding month.

(Market News Provided by RTTNews)

Denmark Jobless Rate Stable In July

Thursday, the Statistics Denmark announced that the seasonally adjusted jobless rate stood at 3.7% in July, unchanged from the previous month. The Jobless rate in June month was revised from 3.8% reported initially. Economists were looking for the rate of 4%.

The jobless rate was 3.5% and 3.3%, respectively in May and April. The unemployment rate remained stable in July, the first time since June 2008, the statistical office said.

On an unadjusted basis, the jobless rate stood at 3.2% in July, up from 1.4% seen in the previous year.

Finland July Jobless Rate Falls

Tuesday, the Statistics Finland announced that the jobless rate stood at 7.7% in July, down from 9.1% in June. Economists were looking for the rate of 8.2%. A year earlier, the jobless rate was 5.2%.

There were 211,000 unemployed persons in July, larger than the 144,000 persons in a year ago.

In July, the total labor force stood at 2.73 million, down from 2.77 million in the previous year. Similarly, total employed persons decreased to 2.52 million from 2.62 million last year.

Meanwhile, the labor force participation rate dropped to 67.9% in July from 69.1% in a year ago.

Tuesday, the Statistics Finland announced that the jobless rate stood at 7.7% in July, down from 9.1% in June. Economists were looking for the rate of 8.2%. A year earlier, the jobless rate was 5.2%. (Market News Provided by RTTNews)

Italian PPI Continues To Fall In July

Italian producer price index or PPI dropped for an eighth month in July as the price index for energy sector dropped severely, data released by the Istat showed Friday.

The PPI fell 7.5% year-on-year in July after falling 6.3% in June. On a monthly basis, the PPI dropped 0.4%, the first fall in three months.

Domestic PPI fell 0.6% month-on-month following an increase of 0.6% in June. Compared to the previous year, the domestic PPI fell for an eighth month in July, by 8.5%. Economists had forecast a monthly fall of 0.3% and an annual decline of 8.1% for July.

Italian producer price index or PPI dropped for an eighth month in July as the price index for energy sector dropped severely, data released by the Istat showed Friday. (Market News Provided by RTTNews)

S&P/Case-Shiller 20-City Home Price Index Fell 15.4% In June

While home prices continued to show a negative annual rate of return in the month of June, Standard and Poor's released a report on Tuesday showing that the pace of decline slowed by more than economists had been expecting.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May. Economists had expected prices to fall 16.4 percent compared to the same month a year ago.

Workless Households In UK Hit 3.30 Mln In April To June

The number of workless households in the UK was 3.30 million in April to June, up 240,000 from a year earlier, the Office for National Statistics said Wednesday.

The workless household rate, the percentage of households in which no adults work, increased 1.1 percentage points year-on-year to 16.9%. This is the highest rate since 1999 and the largest year-on-year increase since 1997.

The number of working households was 10.7 million, down 410,000 from a year earlier.

Across the UK, the workless household rate was highest in the North East of England, at 23.2%, with the lowest rate in the East of England at 12.2%.

The number of workless households in the UK was 3.30 million in April to June, up 240,000 from a year earlier, the Office for National Statistics said Wednesday. (Market News Provided by RTTNews)

Slovenia Tourist Arrivals Decrease In July

Tuesday, the Statistical Office of the Republic of Slovenia announced that the total tourist arrivals decreased 5% year-on-year in July, compared to the 11% fall in the previous month.

At the same time, the tourist arrivals of foreign tourists declined 13%, while the domestic tourists arrivals climbed 13%.

Meanwhile, total overnight stays at tourist accommodations dropped 5% year-on-year in July, after falling 4% in June. The overnight stays by foreign tourists dipped 15%.

For the first seven months of the year, total tourist arrivals decreased 5% compared to the same period of the previous year. During the period, overnight stays dropped 4%.

Tuesday, the Statistical Office of the Republic of Slovenia announced that the total tourist arrivals decreased 5% year-on-year in July, compared to the 11% fall in the previous month. (Market News Provided by RTTNews)

Foreigners Net Sellers Of Japan Stocks Last Week

Foreigners became net sellers of Japan-based stocks last week and became net buyers of Japan bonds and notes.

Japan's Ministry of Finance reported Thursday that foreign residents sold 140.2 billion yen more in Japan stocks than they purchased for the week of August 16 - 22, having been net buyers of stocks the previous four weeks.

Foreign residents bought a net 240.1 billion yen in Japan bonds and notes for the week, having been net sellers the preceding four weeks.

Japan residents, meanwhile, purchased a net 38.8 billion yen in foreign based stocks for the weeks, following two weeks as net sellers.

Japan residents were net buyers of foreign bonds and notes for a third straight week, having bought 545.3 billion more than they sold.

(Market News Provided by RTTNews)

Hungarian Economic Sentiment Improves For Fourth Straight Month: GKI

Hungarian economic sentiment rose to minus 32.4 in August from minus 35.2 in July, a monthly survey conducted by the GKI Economic Research showed Monday. The index has been increasing since May.

The GKI economic confidence index is the weighted average of the consumer confidence index and the business confidence index.

As expectations improved in all industries, business confidence rose to minus 22.8 in August from minus 25.4 in July. Business confidence thus strengthened for the fifth month in a row. Meanwhile, consumer sentiment climbed to minus 59.8 from minus 63.1 last month. All components of the consumer confidence index showed a positive move in August.

Hungarian economic sentiment rose to minus 32.4 in August from minus 35.2 in July, a monthly survey conducted by the GKI Economic Research showed Monday. (Market News Provided by RTTNews)

Swiss KOF Leading Indicator Improves Strongly In August

Friday, Switzerland's KOF think tank said its economic barometer rose strongly in August, suggesting that the economic contraction is coming to an end.

The economic barometer rose to minus 0.04 in August from minus 0.85 in July, which was revised from minus 0.99 reported previously. This is the best performance recorded since November 2008, the KOF said. Economists had forecast a reading of minus 0.60.

"Swiss gross domestic product contraction is likely to draw to a close at the beginning of 2010," KOF said. As a consequence, the economic recovery could prove to be slightly faster and stronger than had originally been assumed, the think tank added.

Friday, Switzerland's KOF think tank said its economic barometer rose strongly in August, suggesting that the economic contraction is coming to an end. (Market News Provided by RTTNews)

UK Economy Shrinks Less Than Initially Estimated

The British economy shrank 0.7% sequentially in the second quarter, revised down from last month's estimate of a fall of 0.8%, the latest report from the Office for National Statistics showed Friday. The annual rate of decline in GDP was revised to 5.5% from 5.6% in the second quarter.

In the first quarter, the economy had contracted 2.4% on a sequential basis and declined 4.9% from the same period of previous year.

Compared to first quarter, household expenditure slipped 0.7% in the second quarter, while government spending grew 0.8%. Gross fixed capital formation was down 4.5%. Further, exports of goods and services decreased 2.7% and imports dropped 3.2%.

The British economy shrank 0.7% sequentially in the second quarter, revised down from the preliminary estimate of 0.8%, the latest report from the Office for National Statistics showed Friday. (Market News Provided by RTTNews)

Swedish Consumer Confidence Strengthens In August

Swedish consumer confidence rose to 3.1 in August from minus 3.7 in July, the latest survey from the National Institute of Economic Research or NIER showed Wednesday. Economists had expected the index to rise to minus 0.4 in August.

The confidence indicator for the business sector continued its upward trend in August for the fifth straight month. Meanwhile, the confidence indicator for the manufacturing industry dropped to minus 20 from minus 19 in July.

The economic tendency indicator, which measures business and consumer confidence in the economic situation rose to 88.7 in August from 87.1 in July. However, the index stood below the expected level of 91.

Swedish consumer confidence rose to 3.1 in August from minus 3.7 in July, the latest survey from the National Institute of Economic Research or NIER showed Wednesday. (Market News Provided by RTTNews)

Israel's April-June Unemployment Rises

Thursday, a report by Israel's Central Bureau of Statistics said the number of unemployed persons in the country rose 38% year-on-year in the April to June period, on a seasonally adjusted basis. Compared to the previous three months, the number of unemployed climbed 5.7%.

The total number of unemployed persons increased to 241,300 in the April to June period from 228,300 persons in the preceding three months. The jobless rate moved up to 8% from 7.6%.

Meanwhile, the number of employed persons decreased 0.5% year-on-year to 2.76 million. Compared to the previous three months, employment fell 0.4%.

During the same period, the labor force increased 1.8% on a yearly basis to 3 million. On a sequential basis, labor force was up 0.1%. However, the participation rate decreased to 56.5% from 56.7% in the January to March quarter.

(Market News Provided by RTTNews)

Eurozone M3 Money Supply Growth Slows In July

Thursday, the European Central Bank said that euro area's M3 money supply grew at a slower pace of 3% in July compared to June's 3.6%. Economists were expecting the annual growth rate to ease to 3.2%. The three-month average of the annual growth rates of M3 during May to July decreased to 3.4% from 4.1% in three months to June 2009.

Among the main components of M3, M1 increased 12.2% in July, up from 9.4% in June. Meanwhile, the annual rate of change of short-term deposits, other than overnight deposits decreased to minus 2.6% from 0.4% in the previous month. Further, the annual rate of change of marketable instruments fell to minus 7% from minus 4% in June.

Thursday, the European Central Bank said Eurozone M3 money supply grew at a slower pace of 3% in July compared to June's 3.6%. (Market News Provided by RTTNews)

Saturday, August 29, 2009 0

Finland Consumer Confidence Drops In August

Thursday, the Statistics Finland announced that the consumer confidence indicator stood at 8.2 in August, down from 8.4 in July. The confidence indicator was 8.7 in a year ago.

Among the four components of the consumer confidence indicator , consumer's assessment on nation's economic situation in twelve months time, decreased to 10.8 from 11.7 in July, while the confidence regarding own economic situation in 12 months time dropped to 6.2 from 7.1. Similarly, the indicator measuring country's unemployment situation in 12 months time decreased to minus 31.5 from minus 28.6 in July.

Meanwhile, the indicator measuring households saving possibilities in the next 12 months stood at 47.3 in August, up from 43.4 in July.

Thursday, the Statistics Finland announced that the consumer confidence indicator stood at 8.2 in August, down from 8.4 in July. The confidence indicator was 8.7 in a year ago. (Market News Provided by RTTNews)

India Unveils FTP For 2009-14, Sets Export Target Of $200 Bln. For 2011

India's Commerce Minister Anand Sharma unveiled the Foreign Trade Policy for 2009-14 setting a target for exports at $200 billion for the next fiscal as the country could not achieve the set target during 2008-09.

He said that the country exported goods and commodities worth $168 billion in 2008-09 despite the global economic crisis. The country's share of the global merchandise trade which was 0.83% in 2003 grew to 1.45% in 2008 as per WTO estimates. He said exports declined in the past 10 months due to fall in demand in traditional markets.

The new policy extended the tax holiday for one more year and continued the duty refund scheme till December next year for exporters, while allowing duty-free import of capital goods to insulate them from protectionism brought about by recession abroad.

(Market News Provided by RTTNews)

German Sept. GfK Consumer Confidence Strengthens

German consumer sentiment rose to 3.7 for September from a revised value of 3.4 points in August, a monthly survey from the market research firm GfK showed Thursday. The September reading matched economists' expectations. However, the consumer climate continues to remain at a relatively low level in a longer term comparison.

The market research group said consumer climate would be strongly affected by discernible increases in unemployment over the course of this year.

Economic expectations rose 6.5 points to minus 7.5 in August. While, income expectations climbed 7 points to 8.8 and the propensity to buy stood at 31.1 points in August, its highest position since December 2006.

German consumer sentiment rose to 3.7 for September from a revised value of 3.4 points in August, a monthly survey from the market research firm GfK showed Thursday. (Market News Provided by RTTNews)

German Consumer Prices Unchanged In August

Thursday, Germany's Federal Statistical Office said in a preliminary report that the consumer price index or CPI remained unchanged on an annual basis in August, compared with a 0.5% fall in the previous month. Economists were looking for a decline of 2%.

On a monthly basis, the CPI rose 0.2% in August, compared with a flat reading in the preceding month.

Meanwhile, the harmonised index of consumer prices or HICP dropped 0.7% year-on-year in August, marking the same as in the previous month. Economists expected a decline of 0.4%. Month-on-month, the HICP increased 0.4%, after falling 0.1% in July.

Australia June Leading Index Rises - Conference Board

The Conference Board's Leading Economic Index (LEI) for Australia improved by 0.9 percent in June.

The private sector think tank also reported Thursday that its Coincident Index, which measures current economic conditions, declined 0.1 percent for the month.

The Leading Index increased for the fourth time in the last five months, with six of the seven measured components showing improvement in June. The largest gains were seen in building approvals, the yield spread, share prices and the money supply.

The Board said the June increase pushed the six-month change in the LEI into positive territory for the first time since September 2008.

The Coincident Index was pushed lower by a decline in retail trade, with employed persons and retail trade declining in June and household disposable income and industrial production unchanged.

(Market News Provided by RTTNews)

Philippines Imports Fall At Slower Pace In June

Tuesday, a report by the Philippines' National Statistics Office said the total imports dropped 22.8% in June from a year earlier compared to a 24.3% fall in the preceding month. A year earlier, in June, imports were up 13.1%.

Compared to the previous month, imports were up 13.6%, slower than a 18.9% growth in May.

Electronic imports, accounting for nearly 34% of total import bill, slipped 20.3% year-on-year in June, sharper than a 12.3% fall in the preceding month. On a monthly basis, the imports climbed 6.8% , much slower than a 40.7% rise in the previous month.

Meanwhile, exports slipped 24.8% in June from the previous year to US$3.41 billion.

In the first six months, imports fell 31.1% year-on-year, while exports were down 32.8%. The trade deficit stood at US$3.14 billion, down from US$3.9 billion deficit in the same period last year.

(Market News Provided by RTTNews)

Hungarian Central Bank Lowers Key Policy Rate As Expected

The Hungarian central bank reduced its key interest rate by 50 basis points on Monday.

The Monetary Council of the Magyar Nemzeti Bank slashed the base rate to 8% from 8.5%, with effect from August 25. The rate cut came in line with economists' expectations. In July, the bank had lowered the interest rate by 100 basis points from 9.5%.

Meanwhile, the new overnight central bank deposit rate is 7.50%% and overnight collateralised loan rate is 8.5%

Hungarian gross domestic product fell to a record low in the second quarter. The GDP dropped 7.6% year-on-year in the second quarter, compared with a 6.7% fall in the previous quarter.

The consumer price index or CPI rose 5.1% year-over-year in July, faster than the 3.7% increase in the preceding month.

The Hungarian central bank reduced its key interest rate by 50 basis points on Monday. (Market News Provided by RTTNews)

Japan July Trade Balance Y380.2 Billion

Japan posted a smaller than expected trade balance in July.

The Japanese Trade Ministry reported Wednesday the nation recorded a trade surplus of 380.2 billion yen for the month, slightly below the 395.0 billion yen surplus forecast by most economists.

July exports decreased 36.5 percent compared to a year earlier, while exports fell 1.3 percent on month. It was the first monthly drop in two months.

Imports in July declined 40.8 percent on year.

The Ministry said Japan's trade deficit with China was 54.0 billion yen, down 27.2 percent on year.

Japan reported a trade surplus with all of Asia of 700.9 billion yen, down 24.1 percent on year.

Japan recorded a U.S. trade surplus of 333.08 billion yen, down 44.5 percent on year.

Japan's trade surplus with Europe totaled 104.0 billion yen, down 72.1 percent on year.

(Market News Provided by RTTNews)

Hungary May To July Jobless Rate Rises

Thursday, Hungary's Central Statistical Office announced that the jobless rate stood at 9.7% in the May to July period, up from 9.6% in the April to June period. The jobless rate came in line with economists' expectations.

At the same time, the number of unemployed persons totaled 0.407 million, larger than the 0.401 persons in the April to June period. Employed persons increased to 3.81 million from 3.79 million.

Meanwhile, employees participation rate stood at 54.8 in the May to July period, slightly higher than the 54.6 in the April to June period.

On August 24, the Hungarian central bank had reduced its key interest rate by 50 basis points to 8%.

S. Korean Current Account Surplus Falls In July

South Korea's current account balance showed surplus for the sixth straight month in July, the Bank of Korea reported Friday. However, the surplus declined to US$4.4 billion in July from US$5.43 billion last month.

The goods balance recorded a surplus of US$6.17 billion in July, smaller than June's US$6.61 billion surplus. Meanwhile, the deficit in the service account totaled US$1.89 billion, up from US$1.45 billion shortfall in the prior month.

The capital account showed a net inflow of US$2.38 billion in July versus a net outflow of US$290.5 million in June.

Lee Young-bog, head of the BOK's balance of payments statistics team told reporters that the current account surplus in August is expected to be smaller than in July.

South Korea's current account balance showed surplus for the sixth straight month in July, the Bank of Korea reported Friday. (Market News Provided by RTTNews)

UN's ECLAC Sees 11% Fall In LATAM Exports In 2009

Exports from Latin American and Caribbean nations are likely to fall at its sharpest pace in 72 years in 2009, the United Nations' Economic Commission for Latin America and the Caribbean predicted Wednesday.

The volume of exports from the region is forecast to decline 11%, the most since 1937, while imports are likely to plunge 14%, the steepest fall since 1982. Hence, the volume of trade would fall 13%, more than the 10% decline in world trade expected this year.

"Policies to reactivate trade are urgently needed, because the post-crisis future will continue to reward economies with a greater focus on exports and advances in terms of competitiveness and technological innovation," said ECLAC Executive Secretary Alicia BÃ¡rcena.

Israel's Short-Term Economic Outlook Is Relatively Good: Moody's

Moody's Investors Service said in a report on Thursday that Israel's short-term economic outlook is relatively good, reflecting only a modest fall in GDP this year. This was mainly due to the absence of toxic bank assets or a real estate bubble.

In the second quarter, the country's gross domestic product rose 1% on an annualized basis, following a 3.2% fall in the first quarter.

"The modest contraction and signs of an incipient recovery are also evidence of the economy's underlying flexibility and exceptional resilience in the face of various shocks," Anthony Thomas, a Vice President-Senior Analyst in Moody's Sovereign Risk Group said.

Meanwhile, the firm also maintained Israel's A1 government bond ratings, with a stable outlook, reflecting the country's high levels of economic, institutional and financial strength. However, the ratings were constrained by a moderate susceptibility to event risk, Moody's added.

(Market News Provided by RTTNews)

German H1 Wage Increases Higher Than Y-o-Y Rise In CPI

Many of the standard wage increases which became effective in Germany in the first half of 2009 were ranged between 2% and 3%, the Federal Statistical Office said Friday.

Hence, these increases were significantly higher than the year-on-year rises in consumer prices, which ranged between 1% and 0.0% during the first six months of 2009.

The statistical office said, in the first half of 2009, the trend towards long-term agreements and staggered increases continued. Thus, the new wage settlement negotiated in the construction industry covers a period of two years. As from June 2009 and April 2010, it provides for standard wage increases of 2.3% in the former territory of the Federal Republic and Berlin, while it provides for increases of 2.6% and 2.5%, respectively, in the new LÃ¤nder.

Many of the standard wage increases which became effective in Germany in the first half of 2009 were ranged between 2% and 3%, the Federal Statistical Office said Friday. (Market News Provided by RTTNews)

New Zealand July Building Consents Up 5.0% On Month

The number of new housing units authorized for construction in New Zealand increased a seasonally adjusted 5.0 percent in July.

Statistics NZ reported Friday that housing consents reversed the fall of 9.6 percent seen in June.

The agency said the seasonally adjusted number of new housing units excluding apartments increased 11.2 percent, building on the 3.8 percent rise of June and the highest in 10 months.

Statistics NZ said consents were issued for 1,214 new housing units in July, 55 of which were for apartments. It was the lowest figure for apartments since October 2008.

The value of consents issued for residential construction for the month of July 2009 was NZ$442 million while the value of non-residential construction totaled NZ$371 million.

The value of approvals for residential construction for the full year to July 2009 declined 30 percent while the value for non-residential construction was up 7 percent from the July 2008 year.

(Market News Provided by RTTNews)

UK House Prices Rise For Fourth Month In August - Nationwide

House prices in the UK rose for the fourth consecutive month in August, increasing by 1.6% month-on-month on a seasonally adjusted basis, the Nationwide building society said Thursday. Economists had forecast house prices to grow only 0.5% after a revised increase of 1.4% in July.

Compared to the previous year, house prices fell 2.7% in August, much slower than the 6.2% decline seen in July. The average price of a typical UK property stood at GBP 160,224, up from GBP 158,871 in July.

Over the first eight months of 2009, the seasonally adjusted index of house prices has risen by 3.2%, though relative to the October 2007 peak it is down by 14.4%, the Nationwide said.

UK Business Leaders More Upbeat About Signs Of Recovery - Report

Business leaders in the U.K. are more upbeat about the prospects of economic recovery than at any time since the recession began, a ComRes poll for the Independent showed Wednesday.

The survey of 170 leading businessmen found that 38% see signs of recovery in their sector, up from 33% last month and the highest figure since the "green shoots" index was launched, the newspaper said. At the same time, 50% see no evidence of revival, while 12% "don't know".

The survey also found only 18% of business leaders are confident in the ability of British Prime Minister Gordon Brown and only 19% in Chancellor Alistair Darling. At the same time, Tory leader David Cameron enjoys the confidence of 53% and shadow chancellor George Osborne 41%.

Business leaders in the U.K. are more upbeat about the prospects of economic recovery than at any time since the recession began, a ComRes poll for the Independent showed Wednesday. (Market News Provided by RTTNews)

Slovenia Retail Sales Remain Stable In July

Friday, the Statistical Office of the Republic of Slovenia announced that the retail sales without value added tax, remained unchanged on a monthly basis in July, compared with a 1.7% increase in the previous month.

On an annual basis, retail sales dropped 10.6% July, following a 9.4% fall in the previous month.

Retail sales, excluding automotive fuel increased decreased 5.7% on an annual basis in July, and it was up 1.2% compared to the previous month. Similarly, retail sales with food, beverages and tobacco, was down 3.7% annually and increased 1.9% on a monthly basis.

Meanwhile, turnover in wholesale, retail trade and repair of motor vehicles and motorcycles decreased 25% year-on-year in July, and it increased 0.1% compared to the preceding month.

Greenback Rebounds Versus Euro On Risk Aversion

The dollar snapped back versus the euro on Friday with the bulk of the activity coming in the afternoon for a second day in a row. Traders looked to establish positions in the safe haven dollar, fearing a pullback for stocks after a strong summer.

The markets on Wall Street were poised to finish the week on a slightly downbeat note following the release of some key economic data.

Reuters and the University of Michigan released their final report on US consumer sentiment in the month of August on Friday, showing that their consumer sentiment index was upwardly revised by much more than economists had been expecting.

The report showed that the consumer sentiment index came in at 65.7 in August compared.

Also, while the Commerce Department released a report on Friday showing that personal income was nearly unchanged in July, the report also showed a modest increase in personal spending that came in line with economist estimates.

The report showed that personal income edged up by less than 0.1 percent in July following a revised decrease of 1.1 percent in June.

The dollar bounced back to 1.4300 versus the euro, picking up more than a penny from yesterday's low. With the advance, the dollar stayed away from an 8-month low 1.4446 reached in early August.

Eurozone economic sentiment rose for the fifth consecutive month in August after reaching the trough in March, the latest survey by the European Commission revealed Friday.

The dollar was steady versus the yen, holding near 93.50 ahead of this weekends big elections in Japan.

The dollar pared its losses from the last session versus the sterling, firming to 1.6274, having picked up about 2 cents on the week.

Against the petro-linked loonie, the dollar rose to C$1.0930 even as the price of oil moved higher above $73.

(Market News Provided by RTTNews)

Gold Prices Close Notably Higher To Finish Out The Week

Gold prices showed a strong upward move during trading on Friday, more than offsetting the steep decline that was seen on Monday. The price increase came despite some strength in the value of the U.S. dollar.

After moving roughly sideways in the three previous sessions, gold for December delivery closed up $11.50 at $958.80 an ounce. While the price of the precious metal closed well off its high of $964.60 an ounce, it still showed a modest gain for the week.

While gold typically moves opposite to the value of the U.S. dollar, the previous metal held onto the bulk of its gains even as the greenback moved moderately higher against most of the other major currencies.

The price increase also came as traders digested some key economic data, including a report from Reuters and the University of Michigan showing a much bigger than expected upward revision to their consumer sentiment index for the month of August.

In other metals trading, silver for September delivery surged up $0.564 to $14.784 an ounce, while copper for September delivery rose $0.0745 to $2.923 a pound.

On the economic front, Reuters and the University of Michigan said their final consumer sentiment index reading for August came in at 65.7 compared to the mid-month reading of 63.2. The revised index came in well above economist estimates of 64.0.

Separately, the Commerce Department said that personal income was nearly unchanged in July following a revised decrease of 1.1 percent in June. Economists had expected income to increase by 0.1 percent compared to the 1.3 percent drop originally reported for the previous month.

The report also showed that personal spending rose 0.2 percent in July compared to an upwardly revised 0.6 percent increase in the previous month. The modest increase came in line with economist estimates.

With income unchanged and spending rising, personal saving as a percentage of disposable personal income fell to 4.2 percent in July compared with 4.5 percent in June.

Economic data is likely to be in focus next week, with the Labor Department scheduled to release its monthly employment report on Friday. The report is expected to show that non-farm payroll employment fell by 225,000 jobs in August.

Oil Prices Close Modestly Higher But Well Off Best Levels

Oil prices closed modestly higher on Friday, ending the session well off the highs for the session but still extending the upward move seen in the previous session. Despite the continued increase, oil remains well off the ten-month high set earlier in the week.

After ending Thursday's trading up $1.06 at $72.49 a barrel, crude for October delivery closed up $0.24 at $72.74 a barrel. During the session, the price of oil rose as high as $73.52 a barrel, but it gave back some ground in afternoon trading.

The price of oil showed a notable upward move in early trading amid some initial strength on Wall Street, but it moved back to the downside along with stocks.

The modestly higher close came as traders digested some key economic data, including a report from Reuters and the University of Michigan showing a much bigger than expected upward revision to their consumer sentiment index for the month of August.

In other commodities trading, gold for December delivery closed up $11.50 at $958.80 an ounce after moving roughly sideways in the three previous sessions. While the price of the precious metal closed well off its high of $964.60 an ounce, it still showed a modest gain for the week.

Reuters and the University of Michigan said their final consumer sentiment index reading for August came in at 65.7 compared to the mid-month reading of 63.2. While the index came in well above estimates, it remained below the final July reading of 66.0.

With income unchanged and spending rising, personal saving as a percentage of disposable personal income fell to 4.2 percent in July compared with 4.5 percent in June.

Sweden July Trade Surplus Shrinks

Wednesday, the Statistics Sweden announced that the trade surplus stood at SEK 6.4 billion in July, down from SEK 18.1 billion surplus in June. Economists had expected a trade surplus of SEK 7.9 billion. A year earlier, the trade surplus was SEK 9.5 billion.

Exports dropped 23% year-on-year to SEK 73.1 billion in July, while imports fell 22% to SEK 66.7 billion.

On a seasonally adjusted basis, the net trade surplus amounted to SEK 8.4 billion in July, down from SEK 8.6 billion in June.

For the first six months of the year, exports decreased 20% compared to the same period of the previous year, while imports dropped 22%. During the period, the trade surplus amounted to SEK 67.6 billion.

Euro Levels Off Versus Dollar Friday

The euro held most of its gains from the previous session versus the dollar on Friday as traders sifted through a pile of economic data from all around the world.

Movements in equities markets continued to drive trade, as the euro pulled back a bit after US stocks weakened, fueling some risk aversion.

The euro moved to 1.4330 against the buck, staying within a cent of yesterday's high-water mark. Still, the euro has been unable to break above an 8-month high of 1.4446, set earlier in August.

Versus the yen, the euro ticked slightly lower to 134.15. The euro has leveled off since hitting a 2009 high of 139.21 earlier this summer.

Eurozone economic sentiment rose for the fifth consecutive month in August after reaching the trough in March, the latest survey by the European Commission revealed Friday.

The economic sentiment indicator stood at 80.6 in August, up from 76 in July and better than the expected reading of 78.

UK's economic contraction for the second quarter was not as severe as initially estimated. Still, annual decline was the biggest since records began in 1955.

The British economy shrank 0.7% sequentially in the second quarter.

Across the Atlantic, Reuters and the University of Michigan released their final report on US consumer sentiment in the month of August on Friday, showing that their consumer sentiment index was upwardly revised by much more than economists had been expecting.

The report showed that the consumer sentiment index came in at 65.7 in August compared.

(Market News Provided by RTTNews)

Personal Spending Sees Modest Growth In July, Incomes Unchanged

The report showed that personal income edged up by less than 0.1 percent in July following a revised decrease of 1.1 percent in June. Economists had expected income to increase by 0.1 percent compared to the 1.3 percent drop originally reported for the previous month.

The Commerce Department noted that recent changes in personal income have reflected the impact of the government's economic stimulus package, which it said boosted personal current transfer receipts in May much more than in June.

Excluding those receipts, personal income edged up 0.1 percent in July following a 0.2 percent increase in June and a 0.1 percent increase in May.

At the same time, the Commerce Department said that personal spending rose 0.2 percent in July compared to an upwardly revised 0.6 percent increase in the previous month. The modest increase came in line with economist estimates.

Commenting on the data, Peter Boockvar, equity strategist for Miller Tabak said, "Bottom line, third quarter GDP will see positive growth, but the contribution from the consumer side will be muted as income growth remains lacking."

With income unchanged and spending rising, personal saving as a percentage of disposable personal income fell to 4.2 percent in July compared with 4.5 percent in June.

"Over the past 30 years, the Savings Rate has averaged 5.6 percent, and before 1995 it averaged 7.7 percent," Boockvar noted.

The Commerce Department also said that its closely watched reading on core consumer prices showed a continued slowdown in the pace of price growth.

Core prices, which exclude food and energy prices, rose at an annual rate of 1.4 percent in July compared to the 1.5 percent growth seen in June.

While the Commerce Department released a report on Friday showing that personal income was nearly unchanged in July, the report also showed a modest increase in personal spending that came in line with economist estimates. The Commerce Department said that personal spending rose 0.2 percent in July compared to an upwardly revised 0.6 percent increase in the previous month. The modest increase came in line with economist estimates. (Market News Provided by RTTNews)

UK Mortgage Approvals Rise In July: BBA

Tuesday, the British Bankers' Association report showed that the number of mortgages approved for house purchases in the UK totaled 38,181 in July compared to 35,564 in June. Mortgage approvals for July also exceeded the expected level of 37,800 and increased 76.7% from the prior year.

BBA statistics director David Dooks said, "The numbers of mortgages approved for house purchase each month by the high street banks have continued to recover from last November's low point, but new lending is largely being offset by repayments, so that net rises remain relatively weak."

As recent increases in approvals worked their way through into lending data, gross mortgage lending stood at GBP 8.4 billion, larger than June's GBP 8.1 billion. Further, loans approved for house purchases in July was GBP 5.2 billion.

Tuesday, the British Bankers' Association report showed that the number of mortgages approved for house purchases in the UK totaled 38,181 in July compared to 35,564 in June. (Market News Provided by RTTNews)

Friday, August 28, 2009 0

Denmark Consumer Confidence Improves In August

Monday, Statistics Denmark announced that consumer confidence in Denmark improved for the second consecutive month in August, although it remained in the negative.

Denmark's consumer confidence index was minus 2.6 in August, compared to minus 3.2 recorded in July and minus 5.5 posted in June.

The consumers' perception of the current economic situation in Denmark showed improvement, with the corresponding indicator at minus 38.5 in August compared to minus 43 in July. However, the consumers' expected economic situation in the next 12 months decreased in August, at 17.9 compared to 19.2 in July.

Meanwhile, the indicator for the current financial situation of the household improved and was at 0.1 in August compared to minus 0.3 in July. But the consumers' expected household financial situation in the next 12 months decreased, and was at 17.9 in comparison to 19.2 in July.

The indicator for major consumer purchases at present was at minus 4.7 in August compared to minus 7.4 last month.

(Market News Provided by RTTNews)

Belarus Needs To Maintain Tight Monetary Conditions To Improve Current Account Position, Preserve Reserves: IMF

Belarus needs to maintain a tight monetary policy and contain its domestic demand in order to improve its current account balance and preserve reserves, the International Monetary Fund or IMF said in a report Thursday.

The lender said the global economic crisis exposed the country's vulnerability, with the current account registering a sizable deficit for most of the past decade, leading to extremely low international reserves.

However, the progress made in economic adjustments this year would help restore the country's external stability, the IMF noted. Moreover, Belarus' commitment to a balanced budget this year has been an important source of strength for the economic program, the lender said.

The IMF meanwhile pointed out the adverse effects of increasing the domestic demand. "Boosting domestic demand when the country's balance of payments remains fragile would risk undermining the objective of reducing external vulnerability through building international reserves, the lender added.

(Market News Provided by RTTNews)

UK Service Sector Output Extends Decline In 3-Month To June

Friday, UK's Office for National Statistics said the service sector output fell 0.6% in the quarter to June compared with the quarter to March. This is the twelfth consecutive three months on previous three months decrease.

The statistical office said four of the five components of the service sector decreased in the three-month to June.

The most significant decrease was in business services and finance, a 0.8% fall, and the only increase was in hotels and restaurants, by 0.8%.

Distribution output fell 0.2% and transport, storage and communication output declined 1.6%. Government and other services output was down 0.3%.

Between May and June, total service sector output grew 0.2%, with the most significant increase in distribution services, the ONS said.

Eurozone Economic Sentiment Improves More Than Expected In August

Eurozone economic sentiment rose for the fifth consecutive month in August after reaching the trough in March, the latest survey by the European Commission revealed Friday.

The economic sentiment indicator stood at 80.6 in August, up from 76 in July and better than the expected reading of 78.

The consumer confidence index rose to minus 22 from July's minus 23 and the industrial confidence indicator climbed to minus 26 from minus 30.

The confidence gauge for the services sector improved to minus 11 in August from minus 18 in July, while that for the retail sector slightly dropped to minus 14 from minus 13. In the construction sector, sentiment rose to minus 32 from minus 33.

A separate survey from the Commission showed that the business climate indicator for the euro area stood at minus 2.21, better than a revised reading of minus 2.70 recorded in July. It came higher than the expected reading of minus 2.50.

Eurozone economic sentiment rose for the fifth consecutive month in August after reaching the trough in March, the latest survey by the European Commission revealed Friday. (Market News Provided by RTTNews)

Philippines Business Sentiment Rises In Q3

Business confidence in the Philippines continued to improve in the third quarter, as the optimists outnumbered the pessimists for the first time since the third quarter of 2008, a survey report released by the Bangko Sentral ng Pilipinas revealed Thursday.

The overall confidence index or CI stood at 18.4% in the third quarter, jumping sharply by 31.3 index points year-on-year and by 21 index points quarter-on-quarter. The favorable sentiment was a result of improving global economic conditions and an improvement in the domestic macroeconomic fundamentals such as declining inflation, easing interest rates, rising overseas Filipinos' remittances and the relatively stable peso, the central bank said.

In terms of individual sectors, the construction sector showed the most favorable business outlook, with a confidence index of 37.3%. It was followed by the services sector at 20.2%, the industrial sector at 18.8% and the wholesale and retail trade sectors at 12.8%.

Survey respondents also revealed high hopes for the fourth quarter. The coming-quarter's business confidence index stood at 33.7%.

Meanwhile, in a separate report released Thursday, the National Statistical Coordination Board announced that the Philippine economy grew 1.5% year-on-year in the second quarter, after a revised 0.6% growth in the first quarter.

(Market News Provided by RTTNews)

UK Consumer Confidence Stays Steady For Third Month: GfK NOP

British consumer confidence remained unchanged for the third consecutive month in July, a closely watched survey revealed Friday.

The overall consumer confidence index stood at minus 25 in August. This was better than last year's minus 36 reading. But the reading still stays at a historically low level, a monthly survey conducted by the market research group GfK NOP showed. The consensus forecast was minus 24 for August. The annual moving average also improved in August to minus 31.

Among the sub indices, the index measuring past personal financial situation rose one point to minus 18, while forecast for personal finances over the coming year remained at zero. Meanwhile, the past assessment of general economic situation climbed 3 points to minus 69, while the expectation for the general economic situation slipped one point to minus 9.

According to Rachael Joy in the Consumer Confidence team at GfK, UK consumers are still cautious about the economy, they are less depressed than this time last year. Housing market improvement and economic recovery might lift the public confidence.

Further, the index measuring major purchases also declined one point to minus 26. And the savings index or 'now is a good time to save' index moved up 2 points to minus 10, which was the highest score this year.

The Nationwide Building Society survey had found that British consumer confidence rose slightly to 60 in July. This broadly stable confidence suggests that consumers are cautious, but not panicked by the economic climate.

A recent survey conducted by the Institute of Chartered Accountants in England and Wales found its business confidence monitor turning positive for the first time in two years. The business confidence monitor climbed to 4.8 in the third quarter, the biggest quarterly rise since the series began.

British consumer confidence remained unchanged for the third consecutive month in July, a closely watched survey revealed Friday. (Market News Provided by RTTNews)

Lithuania Revises Q2 GDP Decline

Thursday, the Statistics Lithuania announced that the gross domestic product or GDP dropped 20.2% year-on-year in the second quarter, revised from 22.4% fall reported initially. The GDP was down 13.3% in the first quarter.

Sequentially, the GDP decreased a seasonally- adjusted 9.8% in the second quarter, revised from 12.3% decline reported earlier. In the first quarter, the GDP was down 10.2%. The GDP had grown 0.2% in a year earlier.

For the first half of the year, the GDP dipped 17% compared to the same period of the previous year.

The economy is anticipated to shrink by 19.3% this year, the central bank said earlier.

The consumer price index or CPI in Lithuania rose 3% year-on-year in July, slower than a 4.2% rise in the preceding month.

New Zealand Q3 Inflation Expectations Unchanged From Q2

Tuesday, the latest Survey of Expectations report from the Reserve Bank of New Zealand showed that business managers expect a 0.4% rise in the consumer price index for the September quarter, on a quarterly basis, unchanged from their expectations in the second quarter. For the fourth quarter, managers are expecting a 0.5% increase.

On an annual basis, respondents expect a 0.8% rise in the consumer price index for the year to September quarter and a 1.7% increase for the year to December quarter.

The average one-year-ahead inflation expectation stood at 1.8%, unchanged from the June quarter survey. The two-year-ahead expectations increased to 2.3% for the third quarter from 2.2% in the second quarter. The median two-year rate is 2.2%.

The Reserve Bank of New Zealand (RBNZ) Survey of Expectations is quarterly survey of business managers in New Zealand. The respondents are asked about their expectations for future outcomes regarding a rage of macro economic data, including inflation.

(Market News Provided by RTTNews)

German H1 General Govt. Deficit At EUR 17.3 Bln

Tuesday, Germany's Federal Statistical Office or Destatis announced that the general government deficit stood at EUR 17.3 billion in the first half of the year, in contrast to the EUR 7 billion surplus in the same period last year.

The general government deficit was 1.5% of gross domestic product in the first half of the year.

The economic and financial crisis had effected on the central government budgets, LÃ¤nder and municipalities and also on the social insurance budget, the Destatis said.

The general government revenue dropped 1.1% in the first six months of the year. This was the first decline since 2004. Meanwhile, general government expenditure increased 3.5%.

Tax revenue, which forms half of the total revenue, declined 3.8% year-on-year, with corporate tax revenue plummeting 46%.

On the expenditure side, there was an 11.2% rise in subsidies, largely due to the Federal Employment Agency's reimbursement of social insurance contributions for short-time workers payable by enterprises.

(Market News Provided by RTTNews)

European Economics Preview: UK GDP Data Due

Friday, UK's GDP data is the only main statistical report expected from Europe.

At 3.00am ET, the Spanish flash HICP data is due. Economists forecast the index to drop 1% year-on-year in August.

Half an hour later, the Statistics Sweden is slated to issue producer prices and retail sales data. Producer prices are forecast to rise 0.3% month-on-month in July, following a 0.8% drop in June. Retail sales growth is seen at 3.2% annually in July compared to 2.2% in June.

Thereafter, the Italian PPI is due from the statistical office ISTAT at 4.00am ET. After declining 6.3% in June, economists forecast producer prices to fall 8.1% in July.

At 4.30am ET, the Office for National Statistics is scheduled to issue UK's GDP data. According to preliminary estimate, the British economy contracted 0.8% sequentially in the second quarter.

Friday, UK's GDP data is the only main statistical report expected from Europe. (Market News Provided by RTTNews)

French President Sarkozy Announces Controls On Bank Bonus

French President Nicolas Sarkozy said tough rules would be imposed on bonuses paid by banks, which would link such financial rewards to performance.

As such, new rules will defer bonuses over a period of three years and one third of the award will be in shares. If in the following two years their activity loses money, trader will not get this bonus, Sarkozy said on Tuesday after meeting top bankers of the nation in Paris.

French banks agreed to accept new rules on bank bonuses. Sarkozy said compliance of the rules will be closely monitored. He added, "We will not work with banks that do not apply these rules."

Sarkozy said he would press for tough regulations on bonus payments in the next G20 meeting to be held at Pittsburgh in September.

French president Nicolas Sarkozy said tough rules would be imposed on bonuses paid by banks, which would link such financial rewards to performance. (Market News Provided by RTTNews)

Japan Core CPI -2.2% On Year In July

Core consumer prices in Japan fell at the fastest pace on record for the third straight month in July, the Cabinet Office said on Friday, falling 2.2 percent on year. That was in line with expectations following the 1.7 percent annual contraction in June for core CPI, which strips out the volatile prices for fresh food.

Core prices in Japan have now fallen for five straight months. Economists said the data shows Japan's economy is facing an increasing threat of deflation, as economic troubles linger and consumers spend less.

Overall nationwide inflation also matched expectations with a 2.2 percent annual decline after shedding 1.8 percent in the previous month.

Core prices for the Tokyo metropolitan area, considered a leading indicator for the national trends, were down 1.9 percent on year in August compared to forecasts for a 1.8 percent decline following a 1.7 percent fall in July.

Overall Tokyo inflation was down 1.6 percent on year versus expectations for a 1.8 percent contraction - the same as in the previous month.

Also on Friday, the unemployment rate in Japan came in at a seasonally adjusted 5.7 percent in July, the Ministry of Health, Labor and Welfare said on Friday, marking the highest rate on record. That was higher than analyst expectations for a 5.5 percent showing following the 5.4 percent increase in June. The job-to-applicant ratio was 0.42, or 42 jobs for every 100 seekers - also a record low figure.

Household spending was down 2.0 percent on month in July, while wage-earner household spending fell 1.6 percent compared to June. The propensity to consume came in at 67.4 percent.

The news couldn't have been much worse for the ruling Liberal Democratic Party, which is expected to face sound defeat in this weekend's election and fall out of power for the first time in 54 years.

(Market News Provided by RTTNews)

Thai Central Bank Leaves Key Rate Untouched

Wednesday, the Bank of Thailand maintained its policy interest rate at 1.25% per annum, in line with expectations.

"The monetary policy committee assesses that the current level of policy interest rate is appropriate and supportive of the economic recovery without generating any inflationary pressure," the central bank's assistant governor Paiboon Kittisrikangwan said.

The central bank left the rate untouched for the third straight rate-setting session.

Asian central banks and most of the European central banks have stopped cutting interest rates as they saw signs of a global recovery spreading to their individual economies.

In the second quarter, Thailand's economic condition has shown a more positive sign. GDP grew 2.3% sequentially, reversing a 1.8% drop in the first quarter.

The central bank said latest economic indicators, such as manufacturing production, exports, employment and private consumption have also shown continued improvement.

Wednesday, the Bank of Thailand maintained its policy interest rate at 1.25% per annum, in line with expectations. (Market News Provided by RTTNews)

Fed's Bullard Cautiously Optimistic Economy Is Recovering

St. Louis Federal Reserve Bank President James Bullard said Thursday that he was cautiously optimistic that the nation has weathered the worst of the economic crisis and that the country would soon begin to see economic growth again.

Addressing an audience at the College of Business at the University of Arkansas-Little Rock, Bullard said that the stabilization of personal spending and smaller job losses are positive signs of improvement, although the recovery remains "fledgling."

Bullard said that the Fed's monetary policy will likely remain accommodative in order to keep the recovery on track.

"The Fed's main objective during 2007-2009 was to avoid a deflationary experience such as the one experienced during the 1990s in Japan," he said. "Monetary policy is still very accommodative and the FOMC intends to keep the Fed funds target near zero for an extended period."

The St. Louis Fed president also discussed ways to wind down the current monetary policy in order to avoid inflation. He stressed the importance of exiting liquidity programs when they expire and gradually ending the asset purchase program by "selling assets as appropriate."

Bullard also addressed the independence of the Fed, saying that limiting its freedom would be counterproductive . He added that the central bank would need to remain closely involved in the regulatory structure because it is a "lender of last resort."

Gold Prices Close Moderately Higher Following Choppy Trading Day

Gold prices showed a lack of direction over the course of the trading day on Thursday, eventually ending the session moderately higher. With the choppy trading, the price of gold remained stuck in a recent trading range.

After ending the previous session down $0.20 at $945.80 an ounce, gold for December closed up $1.50 at $947.30 an ounce. The price was more or less rangebound for much of the day, hitting a low of $942.60 an ounce and a high of $952.30 an ounce.

The moderately higher close for gold was partly due to some weakness in the value of the U.S. dollar, which makes gold more attractive to foreign investors.

Traders also digested the latest batch of economic data, including a report from the Commerce Department showing that the pace of contraction in GDP in the second quarter was unrevised from the advance estimate.

The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.

On Friday, trading could be impacted by the release of the Commerce Department's report on personal income and spending in the month of July. Income is expected to edge up 0.1 percent, while spending is expected to increase by 0.2 percent.

In other metals trading, silver for September delivery closed down $0.035 at $14.22 an ounce, while copper for September delivery closed down $0.0085 at $2.8485 a pound.

Dollar Nosedives As Stocks Fight Back Thursday

The dollar plunged in afternoon dealing versus the other majors after US stocks stormed back from early losses, fueling increased risk appetite.

Stocks slumped in early dealing, but rallied on light volume, led by financials. The price of oil soared as the dollar weakened.

The buck fell off a cliff versus the euro, plunging to a 3-week low of 1.4405. With the loss, the dollar wiped out this week's gains and moved within a whisker of its 8-month low of 1.4446, set earlier in August.

The buck also hit the skids versus the sterling, dropping to 1.6286 from a 6-week high of 1.6152. Even with the loss, the dollar stayed well away from August 3's 10-month low of 1.7012.

Versus the yen, the buck dropped to a monthly low of 93.20, continuing a steady downtrend.

With oil rising back above $72 a barrel, the dollar dropped more than a cent to C$1.0840 versus the petro-linked loonie.

In economic news, the Commerce Department released its second estimate of gross domestic product in the second quarter, showing that the pace of decline in economic activity was unrevised from the advance estimate.

Also, the number of people filing for first-time unemployment benefits edged down last week, according to a report released by the Labor Department on Thursday, although jobless claims remain at a relatively high level.

The Labor Department said that initial jobless claims edged down to 570,000 in the week ended August 22nd from the previous week's revised figure of 580,000.

Germany's Federal Statistical Office said in a preliminary report that the consumer price index or CPI remained unchanged on an annual basis in August, compared with a 0.5% fall in the previous month. Economists were looking for a decline of 2%.

UK retail sales fell for the fourth month in a row in August, but retailers are no longer feeling so pessimistic about the outlook for their business situation in the coming months, the latest distributive trades survey by the Confederation of British Industry revealed Thursday.

(Market News Provided by RTTNews)

Oil Prices Close Notably Higher After Seeing Early Weakness

After showing a notable decline in early trading, the price of oil showed a substantial turnaround over the course of the trading day on Thursday. A downturn in the value of the U.S. dollar contributed to the rebound by the price of oil.

Crude for October delivery ended the session up $1.06 at $72.49 a barrel after falling as low as $69.83 earlier in the trading day. Nonetheless, oil prices remained well off the ten-month highs set earlier this week.

The rebound was partly due to a pullback by the U.S. dollar, which turned lower against the euro and the pound after seeing some earlier strength. The drop in value of the dollar made oil more attractive as an alternative investment.

Oil prices also rebounded along with stocks, which showed a notable move back to the upside after seeing considerable weakness in early trading.

Boeing (BA) helped to lead the way higher on Wall Street after saying its long-delayed 787 jetliner would be ready for its first test flight by the end of the year.

Separately, the number of people filing for first-time unemployment benefits edged down last week, according to a report released by the Labor Department, although jobless claims remain at a relatively high level.

The report showed that jobless claims edged down to 570,000 in the week ended August 22nd from the previous week's revised figure of 580,000. Economists had been expecting jobless claims to slip to 565,000 from the 576,000 originally reported for the previous month.

Trading on Friday could be impacted by the release of the Commerce Department's report on personal income and spending in the month of July. Income is expected to edge up 0.1 percent, while spending is expected to increase by 0.2 percent.

In other commodities trading, the price of gold ended the day moderately higher after showing a lack of direction for much of the session. Benefiting from the pullback by the dollar, gold for December closed up $1.50 at $947.30 an ounce.

Estonia Sharply Cuts 2009 GDP Outlook To Show Severe Contraction

Thursday, Estonia's Finance Ministry reportedly said its economy is likely to shrink 14.5% this year, much sharper than an 8.5% contraction forecast in March.

In the second quarter, Estonia's real gross domestic product or GDP decreased 16.6% compared to the same period a year ago. Sequentially, the seasonally adjusted real GDP fell 3.7%.

On Wednesday, Estonia's central bank said economic contraction in the country started to ease in the second quarter and economic developments in the first half of the year were broadly in line with Eesti Pank's spring forecast.

The ministry also forecast that consumer prices would fall 0.1% this year. That compares with an earlier prediction of a 0.4% growth.

The ministry forecast budget deficit to range between 3.2% and 4.2% of GDP this year, above the maximum deficit of 3% of GDP allowed for euro adoption under the Maastricht criteria. The country may need more budget cuts to reach the target.

Thursday, Estonia's Finance Ministry reportedly said its economy is likely to shrink 14.5% this year, much sharper than an 8.5% contraction forecast in March. (Market News Provided by RTTNews)

UK Business Investment Logs Biggest Drop Since 1985

Business investment in the UK plunged in the second quarter, marking the biggest drop in more than two decades, a report by the Office for National Statistics said on Thursday.

Business investment dropped 10.4% in the second quarter compared to the previous quarter. This was the largest fall since 1985. Economists expected a decline of 3.6% for the second quarter.

Business investment totaled GBP 29.89 billion, down from GBP 33.37 billion in the first quarter.

On a year-on-year basis, business investment decreased 18.4% in the second quarter. This was the biggest fall since 1967, when records started. Economists were looking for a decrease of 12.2%.

In the second quarter, business investment dropped in most sectors of the economy. Investment in manufacturing declined 17.7% on a sequential basis and it was down 18.4% compared to the same period of the previous year.

UK house prices rose a seasonally adjusted 1.6% month-on-month in August, the Nationwide Building Society said in a report today. That was the biggest monthly gain since December 2006.

In another report, the Confederation of British Industry revealed that UK retail sales fell for the fourth month in a row in August, but retailers are no longer feeling so pessimistic about the outlook for their business situation in the coming months.

The British economic contraction in the second quarter was more than feared, but the pace eased compared to the first quarter, preliminary data showed last month. Gross domestic product declined 0.8% quarter-on-quarter in the second quarter, after falling 2.4% in the first three months of the year. The ONS is set to release updated data on Friday.

Business investment in the UK plunged in the second quarter, marking the biggest drop in more than two decades, a report by the Office for National Statistics said on Thursday. (Market News Provided by RTTNews)

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