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Rise in US gasoline reserves are still Tap Oil Prices

Friday, June 26th, 2015

US crude oil futures prices fell moderately in the Asian trading session on Friday, pressured by fears of oversupply by the US refined petroleum products and the impact of oil demand against the risk of a Greek exit from the Euro zone.

US petrol reserves of oil rose as much as 680,000 barrels last week, more than twice as much as forecast in a Reuters survey, while the distilled oil reserves jumped 1.8 million barrels, the data shown by the US Energy Information Administration on Wednesday.

US crude prices for the contract in August fell 7 cents to $ 59.63 a barrel at 10:04 GMT, after ending the session down 57 cents.

News and Review of European Economic Zone

ECB: Private Sector Loan Rise In May

Friday, June 26th, 2015

Monetary easing undertaken by the European Central Bank (ECB) began to produce results. According to data released by the central bank today, the number of private sector lending credit euro zone rose in May. From this it can be concluded that there are already more active interest in economic activity among businesses and people so that they are no longer afraid to borrow money from the bank.

Total private sector lending rose 0.5% compared to May 2014. Meanwhile, when compared with April (year on year), the increase was also better. Total lending to businesses is slightly down, but managed to be offset by an increase in household borrowing, which reached 0.9%.

While the figures in the standard ECB money supply or M3, rose 5% compared to last year. The rate of increase is slower than the percentage increase in April, which reached 5.3% per year.

News and Review of European Economic Zone (France)

French Consumer Confidence Stagnant in June

Friday, June 26th, 2015

French Insee survey institute lapora today released consumer confidence for June 2015. According to the data, French consumer confidence stabilized in the last month that the 94 level.

Just like in May, a French citizen at the end of the first half less confident in their ability to store assets and money due to economic conditions that have not been as expected. Society does not believe that economic conditions soon improved and can improve their welfare.

Before weakening and then flat, consumer confidence had strengthened France 8 points between October 2014 and April 2015. The average level ideal for consumer confidence itself is at level 100 or 6 points above the current position.

According to data from the statistics agency Insee, the French people are not too confident of being able to save money now and in the future. Consumer attitudes in view of the current financial situation also decreased compared to last April. But consumers began to have a desire to spend their money so that the survey results are not lower than in May. While the number of household heads who forecast a rise in prices in the market also reduced inflation expectations but still rose in June.

News and Review of European Economic Zone

Merkel: Greek talks in Weekend Will Be Crucial

Friday, June 26th, 2015

German Chancellor Angela Merkel and her European Union leaders told the finance minister to open talks Greece once again and for all the difficult position diseputar requirements for the country to be adjusted in order to secure aid.

In the countdown to the expiration of the deadline until June 30 of the Greek bailout from the Eurozone, expectations have been raised, then scoot by Prime Minister Alexis Tsipras, who came to Brussels with a number of proposals simply to push back for reaching an agreement when it is required for the reduction back. With Greece who wish to survive in the Euro area, the frequency of the negotiations has increased since a breakthrough has proved elusive.

Rather than reach an agreement, a summit of EU leaders has declined to discuss details of their meeting and just looked confused and frustrated in this condition. French President Francois Hollande and Merkel both said that this was "crucial" to the finance minister, to regroup on Saturday for the fifth session in a discussion of Greece in the past week, to finally get a deal.

News and Economic Review Zone Asia (Japan)

Japan Inflation Up 0.1% in the month of May

Friday, June 26th, 2015

Japan's core inflation rate rose for the first time in two months in May, reported by the government on Friday, the possibility of raising expectations that the Bank of Japan will maintain an attitude of any extra steps for a while.

Core consumer price index rose 0.1% from a year ago last month, after moving flat in April, the data shown by the government. The economists surveyed by The Wall Street Journal and the Nikkei estimate for a flat reading.

Other data released today also support the economy.

Figures household spending rose 4.8% in May, adjusted for price changes, this is the first rise in 14 months, the government said. The unemployment rate unchanged at 3.3% in May, while the ratio of applicants to jobs at its highest level since March 1992 at the level of 1:19. That means that 119 jobs available for every 100 workers.

Increased Production, Oil Prices Fall

Thursday, June 25, 2015

Crude oil prices ended lower after a report covering oil products report a decline in US crude inventories for eight consecutive weeks. Crude oil prices ended at the level of $ 60.14 per barrel, with a $ 61.54 daily highs and daily lows $ 59.78.

Energy Information Administration (EIA) reported a drop of 4.9 million barrels of crude oil inventories for the week ended June 19. Higher than the market forecast a reduction of 2.3 million barrels and the American Petroleum Institute (API) reported a 3.2 million drop in crude inventories in the US for the same period. However, the crude oil market reacted negatively to the inventory data. Meanwhile, US oil production, excluding Alaska, rose 76,000 be 9.19 million barrels per day. Total US oil production rose from 9.6 million barrels per day. The consistency of this signaling increased production of crude oil price outlook is still likely bearish

News and Economic Review Zone Asia (South Korea)

Balance Effect Mers, the South Korean government Add Capital Expenditure

Thursday, June 25, 2015

South Korea's Ministry of Finance, today announced the launch of a fiscal stimulus worth $ 14 billion, including the injection of extra funds to the budget heading. At the same time the authorities also lowered the economic growth forecast for 2015.

Latest fiscal stimulus package is a continuation of monetary easing after the Bank of Korea (BOK) lowered rates to a record low of 1.5% two weeks ago. Monetary easing may be necessary to offset an adverse effect on the economy of Korea Mers virus. The new stimulus is expected to raise consumer spending and export performance hoist.

In stimulus 15 trillion Won ($ 13.5 billion) extra budget funds are included which amount has not been determined. The Ministry of Finance some time ago already confirmed that capital expenditure should focus on building the business sector negatively affected by outbreaks mers and create new jobs. The country is the last time to add funds budget in 2013 and then, with a total budget eksta 17 trillion Won.

In the book its annual economic report, the government also lowered its 2015 economic growth forecast from 3.8% to only 3.1% and 3.5% for 2016. For information on the past year, the Korean economy grew 3.3%, and believed not to reach level 3% this year if not accompanied by additional capital expenditure.

The inflation rate is predicted to be at an average level of 0.7% in 2015, far below the government's 2% target and nicks version last year at 1.3%. The biggest obstacle faced by government now is the effect of the spread of the virus Mers, which has claimed 29 lives and infected more than 180 people.

News and Review of European Economic Zone (Switzerland)

SNB Braces For Potential Impact "Grexit"

Thursday, June 25, 2015

Swiss National Bank is ready to anticipate considerable market turmoil if Greece is forced out of the Euro bloc and will fight it out against the Swiss Franc longs that have been overvalued, according to the chairman of the central bank on Thursday. Franc continues to reap the encouragement of ultra-loose monetary policy in the euro zone, where the debt crisis in Greece is entering a decisive phase. While the SNB in ​​January and has suspended restrictions on the exchange rate of the franc against the euro.

Failure of Greece to reach an agreement with international creditors will likely intensify the safe-haven flows into the Swiss currency and will trigger further action from the SNB, which has sought to weaken the Swissie by imposing a negative reference rate and the cost of deposits in francs.

"The situation Greece has weighed on the financial markets. The uncertainty related to Greece makes the Swiss franc remains a safe-haven currency," said the SNB chairman Thomas Jordan in an event organized by the Swiss watch industry in Lausanne. "But our main scenario is Greece remained in the euro bloc. The exit of Greece from the currency bloc at risk triggering market turmoil.

News and Review of European Economic Zone (Germany)

GfK: German Consumer Sentiment Hit By Crisis Greece

Thursday, June 25, 2015

German consumer sentiment deteriorated slightly for the month of July for the first time since October, reported by analyst group GfK market in their monthly survey on Thursday, as the Greek crisis burden the country with the largest economy in Europe.

GfK consumer sentiment index, which measures the future dropped to 10.1 points in July, from 10.2 in June, came slightly below economists' estimates in a survey by The Wall Street Journal for the reading of 10.2.

GfK said that the Greek debt default and the country's exit from the Euro zone, which previously looked likely not happen by analysts, the current scenario seems very realistic.

GfK said that previous attempts that failed to find a solution to the Greek debt crisis as well as the default which will come at the moment seems to dampen the economic outlook by German consumers. Current conditions raises doubts in the minds of consumers, because the consequences of a Greek exit can not be predicted at this time.

News and Review of European Economic Zone (Greece)

Tsipras Race Time To Deal With Creditors Bailout

Thursday, June 25, 2015

Greece stumbled to closer to default as the other days of negotiations that ended in several hours earlier without Adaiah ended with an agreement to end the deadlock.

With the Greek government said that they cling busily engaged in a meeting in Brussels on Wednesday, EU officials said that the talks are only a few resulted in progress and there is no breakthrough in sight. Prime Minister Alexis Tsipras and the three heads of agencies creditors agreed to hold another meeting on Thursday after they break a few hours.

The race for a deal is increasing as Greece moved closer to the deadline for payment of the bailout on June 30 without an agreement in place that will ensure they can meet the payment of 1.5 billion euros ($ 1.7 billion) to the International Monetary Fund maturing well on the day the same one.

Minister of Finland, Alexander Stubb told reporters after a meeting of euro zone finance ministers in Brussels that the current conditions more difficult. the ministers will meet again at 13.00 local time on Thursday, then "we hope will have a concrete proposal." The proposal was very important untu keep the discussion process is still going on.

API: US Crude Oil Reserves Fall 3.2 Million Barrels

Wednesday, June 24, 2015

American Petroleum Institute on Tuesday night reported that crude supplies fell as much as 3.2 million barrels the week for the period ending June 19, according to sources. Analysts surveyed by Platss expected to decline 2.3 million barrels. WTI oil prices in August contract was at $ 61.14 in electronic trading this morning, up slightly from $ 61.01, the closing level on the Nymex. Investors currently menantika crude oil inventory report from the Energy Information Administration at 21:30 pm tonight.

News and Economic Review Zone Asia (Japan)

Approaching the BoJ Optimistic Inflation 2% in First Half 2016

Wednesday, June 24, 2015

The release of the minutes of the monetary policy meeting the Bank of Japan in May showed a majority of board members are optimistic that inflation will accelerate and approach the target of 2% in the first half of 2015. Only one member, Takahide Kiuchi, who has a different opinion, he said inflation will not berakselesari due to salary growth and the economy is still weak.

Kiuichi also still persisted in his desire to reduce the asset purchase program, known as the monetary base to ¥ 45 trillion, from the current ¥ 80 trillion per year while the other members agreed to maintain the monetary base, which makes the amount of noise 8 to 1.

Although the majority still optimistic inflation target, but some members also said that the need to keep an eye on the weak inflation in Tokyo. BoJ also slightly revised up its outlook for the third largest economy in the world.

News and Review of European Economic Zone (Greece)

Greece Back Rejected proposals International Creditors

Wednesday, June 24, 2015

Greek Prime Minister Alexis Tsipras on Wednesday to convey to his government that international creditors have again rejected the latest reform proposals put forward Athens, according to media reports citing a Greek government official.

Greece has submitted a new offer through the proposals on Monday. The assessed market participants as the latest government effort to dilute the much-needed financial assistance to avoid default.

Tsipras's comments on Wednesday leveled before he flew to Brussels to hold an emergency meeting, which will discuss the reform measures with the head of lending institutions. Greek PM is scheduled to meet with European Central Bank President Mario Draghi, head of the International Monetary Fund Christine Lagarde and European Commission President Jean-Claude Juncker, ahead of a meeting of the Eurogroup. A reform agreement is expected to be achieved before the EU summit on Thursday.

News and Review of European Economic Zone (UK)

BoE's Cunliffe: English Start Shows Increased Productivity

Wednesday, June 24, 2015

Productivity England should begin to show improvement over the next few years following the prolonged slump after the crisis, according to an official of the Bank of England on Monday.

Jon Cunliffe, BoE Deputy Governor for financial stability and one of nine members of the Monetary Policy Committee voting, see several factors began to indicate if the growth in productivity will continue after stagnating for 8 years, albeit at a moderate pace.

Productivity in the UK, as measured by output per worker, has stalled when the financial crisis occurred and showed almost no growth since 2007, referring to official government data. And for the moment, the UK productivity is still about 15% below pre-crisis growth trends and lags about 30% behind the US, Cunliffe added in a speech in Luton, England.

Increased productivity has played a key role in driving the economic growth potential of the world and is the main motor in raising living standards.

News and Review of European Economic Zone (Germany)

Confidence level Businessmen Germany Dropped Due to volatility Greece

Wednesday, June 24, 2015

German business confidence levels fell for the second month in a sign of concern that the volatility of any Greek debt problems will reach to the level of countries with the largest economy in Europe.

Business climate index from the Ifo Institute fell to 107.4 in June from 108.5 in May. Based on a Bloomberg survey of 40 analysts showed a median estimate for a decline to a level of 108.1.

The current German economic growth is supported by the number of unemployed who are in record low, uncertainty over the unity of the Euro area is still overshadowing the outlook for the country. If governments in the Euro area failed to reach an agreement with Greece on reforms to open up the bailout payments, the country can not pay the debt and ultimately forced out of the Euro bloc.

Level German investor confidence fell for a third month in June. However, the purchasing managers' index from Markit Economics published on Tuesday rose more than economists forecast, showing rapid economic growth momentum.

Risk sentiment Appetite Inter Oil Market Higher

Tuesday, June 23, 2015

Crude oil prices ended higher as investor optimism oil inventories in the US will back down in the eighth week and the Greek debt negotiations impasse will end. US crude inventories have been reduced to 23 million barrels during the week ending seven on June 12. Decline in eight consecutive weeks will mark the longest series of reductions since January 2008. Oil investors await the release of official data from the US on Wednesday, after Genscape reported nearly 2 million barrel decline in inventories at the center of the US oil shipments, Cushing.

While the sentiment risk appetite improved after Greece's international creditors more confident a deal will materialize in the near future after the latest proposals Greece considered more comprehensively. The waning shades of uncertainty makes investors more confident to invest in riskier assets such as oil and stock markets.

WTI crude trading ends at the level of $ 60.23 per barrel, near daily highs at $ 60.60 to $ 59.25 daily lows.

News and Economic Review Zone Asia (China)

Initial reading of Chinese Manufacturing Show Increased in June

Tuesday, June 23, 2015

The preliminary reading of China's manufacturing purchasing managers' index from HSBC, which measures manufacturing activity nationwide, rose to 49.6 in June from a final reading of 49.2 in May, reported by HSBC Holdings PLC on Tuesday.

The reading is still below the 50 level, which separates expansion from contraction.

A preliminary reading of the manufacturing PMI was in "the scope of the data which was mixed in June," as the output and the purchasing activity showed signs of improvement, while manufacturing continued to reduce their employees, with the biggest reduction in more than six years in June, reported by Annabel Fiddes, an economist at Markit which presents data in a statement.

He said that this shows that the company relative to expectations of weak growth due to demand conditions both inside and outside the country are still relatively sluggish.

He added that data showed the manufacturing sector has lost momentum of growth in the quarter kedia and Beijing may need to "increase their efforts to stimulate growth and job creation in the second half of this year.

Figures from a preliminary reading of the PMI, which is also called the HSBC Flash China PMI, is based on 85% to 90% of total responses to HSBC's PMI survey each month and released about a week before the final PMI reading.

News and Review of European Economic Zone (Germany)

German economic Get Momentum, Manufacturing & Services Sector Gains in June

Tuesday, June 23, 2015

German economy get momentum this month, with the index of business activity rose more than economists forecast.

Markit Economics said on Tuesday that the composite index of manufacturing and service sectors rose to 54 from 52.6 in May. The figure is above the 50 level that divides expansion from contraction between and stronger than the reading of 52.7 economists surveyed by Bloomberg.

The current Bundesbank raised its economic forecasts for Germany amid growing consumer optimism, the outlook for the Euro area is currently overshadowed by the Greek crisis with its creditors. Markit report showed new businesses were occupied by German companies rose only slightly this year, and job creation slowed from the month of May.

Oliver Kolodseike, economist at Markit said that economic data gave a mixed picture of economic health in the private sector Germans. At the time the company reported that output rose at the strongest rate than in May, the latest rise in new business and the workers are few and showed that activity growth will probably slow again in the coming months.

With an average reading for the second quarter, overall slightly weaker than three bualn first period of this year, economic growth may not be lifted since the first quarter, added Kolodseike.

For the month of June alone, Markit's manufacturing index for Germany rose to a level of 51.9 from 51.1 in May.

News and Review of European Economic Zone (France)

French Businessman Confidence Down in June

Tuesday, June 23, 2015

The level of confidence in the French manufacturing sector fell more than expected in June as business leaders become more cautious about the outlook for their bookings and the current production levels.

In June, business confidence in the manufacturing sector fell to 100, the indicator for the level of the long-term average, from 103 in May, reported by the statistics bureau Insee on Tuesday. The economists surveyed by The Wall Street Journal estimated that it fell one point to 102.

A decline in confidence in the manufacturing sector was dragged by a broader indicator of business confidence which includes wholesale, construction, retail and services. The indicator fell to 97 in June from 98 in May.

News and Review of European Economic Zone (Greece)

Greek Bailout Proposal Raise Hope For A Deal

Tuesday, June 23, 2015

The creditors Greece indicates for the first time that an agreement to avoid the bankruptcy of Greece is starting to look after proposals submitted by Athens on Monday made significant concessions to the reduction of the pension fund.

Euro zone finance ministers, who met on Monday afternoon ahead of a meeting of euro zone leaders, saying that more work is needed to ensure the figures of Greece in line with the demands of creditors, but talks will continue in the hope an agreement will be reached this weekend ,

This latest offering is the latest breakthrough potentially decisive bailout negotiations after negotiations that lasted for four months.

President of the European Council, Donald Tusk said that there are some promising things that have happened, including talks on Monday. Greece latest proposal is the first proposal rill in recent weeks.

Jeroen Dijsselbloem, Dutch finance minister, who chaired the meeting said that the first assessment of the institution mengawasai the Greek bailout, the European Commission, the European Central Bank, and International Monetary Find, find a new plan to be a "broad and comprehensive. He also added that yet they need to look specifically to see if it adds to the fiscal terms, if reform is comprehensive enough for an economic recovery that is ready to bounce back

Oil Weakens More Than 1%

Monday, June 22, 2015

Oil fell more than 1% on Friday, market participants predict Saudi Arabia's oil production will increase, while anxiety over energy demand continues to haunt amid protracted negotiations the Greek crisis and Iran's nuclear program.

Platts survey earlier this month showed output from OPEC in May rose to 31.11 million barrels per day, largely triggered by the increase in the production of Saudi Arabia is 10.15 million barrels per day. Total production of the cartel exceed the limit established itself as much as 30 million barrels per day.

Market participants are also awaiting news of Iran's nuclear discussions ended 30 June. Iran will be able to export more crude if an agreement is reached, and the potential to increase global oil supplies.

Meanwhile the company Baker Hughes reported that the number of rigs operating in the US back is reduced as much as 4 to 631 last week. In the same period last year, the number of rigs in operation as much as 1,545.

WTI crude oil trading on Friday closed at $ 59.37 per barrel, with daily highs $ 60.56, and the lowest was $ 58.88.

News and Economic Review Zone Asia (Japan)

Kuroda: Weakening Yen Not Reduce Flexibility BOJ Policy

Monday, June 22, 2015

A decline in the yen exchange rate does not reduce the flexibility of the Bank of Japan, according to BOJ Governor Haruhiko Kuroda after BOJ maintains its stimulus program. After triggering the sharpest rally in the yen this year on June 10 last, Kuroda on Friday said that he could not say whether the strengthening or weakening of the yen which would have a positive impact for Japan. He reiterated that the inflation rate is still on track towards the central bank's target of 2% in the first half of the next fiscal year, even after the index inflation rate was the focus BOJ fell to zero in April. Analysts said the slow rate of export growth as risks to economic recovery, along with the increase in supply in the warehouse.

Kuroda mengatkaan that so far weakening yen will not be an obstacle to the flexibility of monetary policy. Monetary policy only targets price stability, he added. The central bank will continue to increase the monetary base at an annual pace of 80 trillion yen (650 billion dollars), according to the BOJ statement on Friday, according economists' estimates. According to one economist, it is too early for the BOJ to add stimulus. The data rate of consumer spending mix and level of exports is not so strong, but overall the BOJ to maintain its view of the recovery, the economist added.

News and Review of European Economic Zone (Greece)

Greece Proposal Submission Recent Reforms

Monday, June 22, 2015

Greece submitted a new reform proposals to creditors, such a move could be the last effort to get aid Greece to avoid default next June 30. Athens government has said that without the aid, Greece will not be able to pay the debt due on that date amounted to € 1.5 billion to the International Monetary Fund.

The Greek government on Sunday approved a package of proposals with regard to budgets in order to meet the demands of its creditors to achieve the fiscal targets.

President of France, Francois Hollande, confirmed Greece has submitted a new proposal. While EU diplomats say the proposal has not been accepted, but the representatives of Greece and its creditors, including the IMF will say will soon have a meeting.

Fear of default makes miiaran euro fund reportedly withdrawn from banks in Greece last week. Quoting from CNBC, several sources in Frankfurt and Brussels said the European Central Bank board members will meet today to discuss the emergency loan program for Greece. The source said pre-orders for withdrawal on the day in Greece has reached € 1 billion.

News and Review of European Economic Zone

Deal signaled Greece Boost Optimism

Monday, June 22, 2015

Global stock markets and bond markets Euro zone peripheral region boosted optimism that Greece and international creditors will be festive deal the final moments thus avoiding the danger of a Greek default.

Prime Minister Alexis Tsipras will meet with Chairman KomisiEropa, ECB and IMF on Monday ahead of the Eurozone summit tonight to reach a negotiated settlement bailout.

Staff Head of the European Commission, President Jean Claude Juncker expressed latest proposals recently received from the Greek, is great progress, while other European Commissioner Pierre Moscovici more optimism that a deal can be achieved. As a result tertopang sentiment although there are still many uncertainties, the German stock index surged 2.5%, while Spanish and Italian bond yields for 10-year tenor slipped 12 basis points.

Various analysts estimate the probability of a deal when it increased to 75%, though it is still unfortunate if a new deal can be achieved at the last minute / final moments before the deadline.

News and Review of European Economic Zone

ECB Back Raise ELA Facilities For Greek Banks

Monday, June 22, 2015

The European Central Bank has raised its emergency loan facility provided to the Greek banks, as an effort to offset the increase in the outflow of deposits amid continued uncertainty about the country's bailout program, according to an official at Greece's central bank on Monday.

Step ECB raised ceiling Emergency Liquidity Assistance program or the ELA is the 3rd time in less than a week. This facility will help the Greek central bank to provide liquidity to the banking sector.

"Today the Board of Governors had a meeting and decided to increase the limit on the ELA," said central bank officials, without giving details on the amount of liquidity provided to Greek banks. "Board of Governors of the ECB is ready to again meet via teleconference, when needed," he added.