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Towards Oil Decline Two Weeks streak

Friday, February 27th, 2015

WTI crude oil has not been moved to the end of the Asian trading session today, after a sharp drop in trading Thursday. Oil also toward a decrease in two successive weeks. WTI crude oil traded the range of $ 49.33 a barrel at 14:47 pm.

The market is now waiting for the report the number of rigs operating in the US by the company Baker Hughes. Data released on Friday showed a slowdown in the reduction of the number of rigs in operation, with reported reduced 37 rigs or less than half of the reports the previous week. US oil inventories also continued to rise, the Energy Information Administration on Wednesday reported US crude stockpiles rose 8.4 million barrels and reached a record 434.1 million barrels.

Sentiment towards the oil a little relieved after China's manufacturing activity data recorded version HSBC expansion for the first time in the last three months. China is the second largest oil consumer in the world, the expansion of manufacturing activity is expected to increase the demand for oil

News and Economic Review Zone Asia (Japan)

Japan Retail Sales Down In Early Years

Friday, February 27th, 2015

Japan's retail sales fell 2% in January, marking the first decline in seven months. The report released by the Ministry of Economy, Trade and Industry (METI) sets out the bad weather and continuous decline in income residents make consumers curbed spending. Japanese consumers also need to be wise to spend money with the Japanese unemployment rate released on the same day also increased 0.2% compared to the previous month to 3.6% in January.

The increase in the consumption tax increase the burden of the Japanese retail industry. Nine months since sales tax is raised consumer, the retail industry is still trouble luring consumers. Before the data was released, economists predict consumers will ignore the effect of a tax increase on April 1 last year from 5% to 8%. Low consumer spending became the main factor of negative growth

News and Review of European Economic Zone (Spain)

Consumer spending Spain Slump in February

Friday, February 27th, 2015

Spanish consumer prices slumped for a second month in February, back give other threats that will be faced by Mario Draghi in the middle of the European Central Bank prepares to release a quantitative easing.

Consumer prices fell by 1.2% from a year ago after a decline of 1.5% in January, which was the largest since 1997. The rate of inflation is likely to remain negative in Italy and Germany, economists said before the data released on Friday.

Declining oil prices dampen inflation around the world, which includes the US, where consumer prices posted the first annual decline in more than five years last month. In the plus side, the decline in consumer prices in February Spain is still below economists' estimates, and rising oil prices from a low level in these days, may indicate that the worst downturn in inflation may be exceeded.

Aline Schuiling, senior economist at ABN Amro Bank NV in Amsterdam say that we see a double negative in this time of environmental, such as weakening of inflation will result in a crisis, and the impact of falling oil prices. In looking ahead, we see inflation going up as we enter the final months of this year. "

News and Review of European Economic Zone

Euro Zone Economic Sentiment Improves in February

Friday, February 27th, 2015

Economic sentiment in the euro area rose for a second month in February as strong growth in Germany and the program of quantitative easing from the European Central Bank was able to exceed the anxiety about the future of Greece.

Executive and consumer confidence index rose to 102.1 from 101.4 in the previous month, reported by the European Commission in Brussels on Thursday. It was the highest level since July. Economists had expected to rise to a level of 102, according to the estimate of 26 economists in a Bloomberg survey.

The impasse between the Greek government and its creditors on the bailout program has given the threat to the failure of optimism in the region in the middle of the ECB is preparing to inject funds amounting to 1.1 trillion euros ($ 1.3 trillion) to support the growth and ward off deflation in the Euro area. The central bank will release the latest economic forecasts on March 5.

"The ECB quantitative easing program has been added to the tentative signs of recovery in the Euro area, aided also by the decline in oil prices and a weaker euro.

The level of industrial confidence rose to minus 4.7 from minus 4.8 in January, said the Commission. Sentiment in the retail trade and consumers rose to minus 6.7, while the confidence in the services sector fell and constricting sentiment has not changed, according to a report today.

News and Review of European Economic Zone (France)

French Consumer Spending to Exceed Estimates in January

Friday, February 27th, 2015

French consumer spending is stronger than forecast in January, indicated that the country with the second largest economy in the euro zone started to get stronger footing after the weak economic growth over the past three years.

Consumer spending, which is the biggest factor of economic growth in France, rose by 0.6% in January from December, and 2.6% higher at an annual rate, the statistics agency Insee said Friday. It marked the third monthly increase in consumer spending streak.

On average rate, economists surveyed by The Wall Street Journal estimated to decline at a rate of 0.4% monthly and rose 1.6% at an annual rate. Insee also revised the figure in December to rise 0.1% to 1.6%.

After grow no more than 0.4% since the year 2012, the French economy is showing signs of gaining momentum. The unemployment rate at the beginning of this week showed a sharp decrease in the monthly rate in the number of job seekers for a year, it makes officials to say the improvement in the confidence of the data can help increase in economic growth over the government estimates at the level of 1% this year.

"Without trust there is no growth; without growth there is no trust. This is a turn of events that I can," said French Prime Minister Manuel Valls to Develop a television interview, which refers to the unemployment rate.

The statistics bureau Insee said that consumer spending in January, supported by growth in the purchase of durable goods at a monthly rate, especially cars. Clothing sales also continued to rise began last October.

Oil Back to dwell in the Lower Level $ 50

Thursday, February 26th, 2015

US crude oil prices closed down on Tuesday as expectations that US crude supply report this week will show an increase to cover the positive news of the closure of Libyan oil fields due to power outages, said traders. Previously, Sarir oil field and near Messla in Libya was closed due to a power outage, back suppress the level of exports from OPEC member countries. Helped prop up the price of oil is the news that the Eurogroup has approved the Greek reform plan, so managed to get an extension of the financial assistance program.

While the Libyan output is reduced and economic stability in Europe helped prop up the market, the increase in US oil supplies Srikat still shows excess supply on the market, said analysts and brokers. Trader await US oil supply data to be released on Wednesday morning by industry group American Petroleum Institute and government data on Wednesday night to see if the oil supply increased again last week.

"The fundamentals of oil remains bearish," said Carsten Fritsch, commodities analyst and senior oil at Commerzbank in Frankfurt, adding that there is "excess supply in large quantities in the market." Survey Reuters on Monday estimated that the supply of crude oil, which is already at a record high, return increased by 4 million barrels last week. "We expect a sharp increase again in the statement of US crude oil supplies," said Fritsch.

News and Review of European Economic Zone (Spain)

Spanish Economy Grows 0.7% in Fourth Quarter 2014

Thursday, February 26th, 2015

The Spanish economy expanded at the fastest pace in seven years in the fourth quarter as stronger domestic spending has replaced the export sector into the main engine of growth.

Spain's GDP expanded by 0.7% in the final three months of last year, said the National Statistics Institute in Madrid on Thursday, the result confirms the initial reading on 30 January. Household consumption rose by 3.4% from the previous year and up 0.9% in the fourth quarterly. Export unchanged from the previous three-month period, although 4.7% higher than the fourth quarter of 2013.

Spain's economic growth was initially associated with international sales, but this time they were supported by domestic consumers. At the current rate of unemployment in the country is still one of the highest among the 19-nation bloc euro zone, the income in the household sector has increased due to the decline in oil prices.

"We expect internal demand, both consumption and private investment, will continue to be the engine of growth," said Antonio Garcia Pascual, chief economist at Barclays Plc's European region, which predicts the Spanish economy will grow 2.6% this year. "Exports should improve, as assisted by the weakening of the euro currency."

The Spanish economy grew 1.4% in 2014, closed with growth for the full year for the first time since 2007, INE said.

News and Review of European Economic Zone (Germany)

Unemployment in Germany fell more than forecast in February

Thursday, February 26th, 2015

The number of German unemployment fell two times more than analysts forecast in February after it returns its position as Europe's economic powerhouse.

The number of people out of work fell a seasonally 20,000 be 2.81 million people, said the Federal Labour Agency in Nuremberg on Thursday. Economists had predicted to decrease as much as 10,000, based on estimates of 27 economists in a Bloomberg survey. Adjustment for unemployment rate is still at 6.5%, it is the lowest level since records began in more than two decades ago.

German economic growth increased in the fourth quarter, led by domestic spending and exports, and the Bundesbank said last month that higher wages will increase consumption. Decline in energy prices, have contributed to the negative inflation rate in Germany and the euro area, which also will provide a stimulus to the next month.

Johannes Gareis, economist at Natixis in Frankfurt said that the German economy really are good and I do not think there will be a change in trend in the short term. The job market is very solid and unemployment is still very low for this in 2015.

The number of those who were not working down as many as 11,000 in western Germany and 8,000 people in eastern Germany, said the labor organization.

News and Review of European Economic Zone

Draghi Responding to Criticism Over The policy Against Greece

Thursday, February 26th, 2015

President of the European Central Bank (ECB), Mario Draghi, ECB defends criticism for being tough on Greece over the country negotiations with its creditors. Draghi during a meeting with the European Parliament in Brussels, the ECB president explains the reason he said that attitude as a form of application of the rules of the loan. Earlier this month the ECB rejects offer of Greek government bonds as collateral for loans because it has very low ratings. ECB says ready to revoke its decision if Greece successfully completed its bailout program.

Draghi also wrote his objections to the relevant Euro zone finance ministers Greek reform proposals it deems deviate from the current bailout program commitments. Draghi added the importance of replacing the reform measures that do not qualify with a more appropriate or better quality so that Greece achieve the goals of its bailout program.

In his testimony before the European policy makers, Draghi reiterated the ECB stimulus program goal of 1 billion euros for the purchase of government bonds and public and private debt securities other. The program will begin in March was launched to stimulate the economy and raise inflation Euro zone so that it can reach the central bank's target is slightly below 2%. 19-nation bloc was at risk of deflation with long restrained inflation rate at a low level, which may further burden the consumer spending, adding pressure deterioration in earnings (earnings) companies, as well as wages.

News and Review of European Economic Zone (Greece)

Varoufakis Rely On ECB To Avoid Default Greece

Thursday, February 26th, 2015

Greek Finance Minister Yanis Varoufakis said he relied on the European Central Bank to help Greece avoid default when running out of money next month, while the number of savings banks also began to return. ECB on Greece owes almost as much as 2 billion euros (2.3 billion dollars) from the profit of euro zone bond buying program to prop up the market, Varoufakis said in an interview in Athens. Greece must pay the International Monetary Fund in March. "So that the ECB could give the money to the IMF as a partial payment," he said. "This is just an example, there has been no decision whatsoever. It is our money that is loaned, the result of excessive payments to the ECB."

Eurozone finance ministers approve Greek reform package, which includes improvement of tax collection and efforts to tackle corruption, on the Tuesday following the recommendation of the creditor institution. On the same day, about 700 million euros has been returned to the Greek bank account, said Varoufakis. There are more than 20 billion euros of funds out of Greek banks since the beginning of December, according to estimates. "Yesterday, the amount of savings start back on the Greek banking sector," said Varoufakis

Oil Not Much Engaged in Asian session

Wednesday, February 25th, 2015

WTI crude oil did not move much until the end of the Asian trading session, traders await the release of US oil inventory data by the Energy Information Administration tonight. Chinese manufacturing activity expanded back failed to provide positive sentiment for oil.

The American Petroleum Institute first reported US oil inventory data on Tuesday US time, with inventories rose 8.9 million barrels to say in the week ending February 20, larger than analysts' expectations of 4.7 million barrels.

Preliminary data from HSBC showed China's manufacturing activity index expanded for the first time in the last three months amounted to 50.1, from January amounted to 49.7. The release at the same time break the estimated decline to 49.6 by economists. China is the second largest oil consumer in the world, naikknya manufacturing activity is expected to increase demand.

News and Economic Review Zone Asia (China)

China Manufacturing Activity Expanding in February

Wednesday, February 25th, 2015

After experiencing a contraction in two consecutive months, China's manufacturing activity again recorded expansion in this month. Preliminary data from HSBC showed China's manufacturing activity index of 50.1, from January amounted to 49.7. The release at the same time break the estimated decline to 49.6 by economists. A reading above 50 indicates expansion, while below 50 indicates contraction.

Subindex for output and orders showed a faster rate of increase than in January, while exports turned down, and employment subindex showed a deeper contraction.

Although noting the expansion, but the chief China economist at HSBC, Qu Hongbin, said domestic demand is still low, and demand from abroad is still uncertain. Easing of monetary policy is said to be required to support the growth stage of manufacturing.

News and Review of European Economic Zone (UK)

BBA Mortgage Approval number Rise Above Expectations in January

Wednesday, February 25th, 2015

The number of mortgage approvals in the UK rose more than expected in January, one month after touching the lowest level in nearly two years, the data indicated in the industry on Wednesday.

In a report, the British Banker's Association said that the number of new mortgage approvals rose to 36,400 in the last month of the total in December that as many as 35,700.

Analysts originally anticipated new mortgage approvals figures will rise 36.200 in January.

GBP / USD is currently trading at 1.5510 from 1.5526 at the current range ahead of the data to be released, while the EUR / GBP was at 0.7321 from 0.7326 earlier on.

News and Review of European Economic Zone (France)

Insee: French Consumer Confidence Up in February

Wednesday, February 25th, 2015

French consumer confidence rose in February, is shown in a survey of the institute Insee on Wednesday.

The monthly survey recorded a rise in consumer confidence to 92 in February from 90 in January. Readings in the survey was the highest since May 2012, but still below the range of the long-term average level of 100.

Insee reported that consumers' assessment of their ability to make significant purchases reached its highest level since October 2007. The survey also showed a rise in consumer confidence in their personal finances.

News and Review of European Economic Zone (UK)

British Injecting Funds for Project Cars Unmanned

Wednesday, February 25th, 2015

Britain became the first country to allow unmanned test car on public roads. Its government is targeting the transport technology adoption can be fully accepted by the public in the year 2018.

The pilot project is equipped with a driver's car without capital 19 million pounds, or $ 30 billion, in which the source of funding comes from government coffers. A total of 4 city prepared to host the testing driverless cars, namely Bristol, Milton Keynes, Coventry and Greenwich. The test vehicle licensed whom Lutz Pathfinder golf car, shuttle vehicles and trucks BAE Meridian Wildcats.

UK government policy could inspire other countries to design a similar project for producers driverless technology developers. In the United States and Europe, some companies are already targeting the unmanned car sales can be done in 2017. Senior company executive of Google, Inc., Chris Urmson, stating the main obstacle launch a self-driving car or a car that can drive itself is public acceptance of and adaptation safe operation. Google claims not meeting the administrative barriers to smooth out this great ambition. However Urmson see targets unmanned car usage by consumers the possibility of delayed until 2020 as the complexity of the development process. The cost factor is also not a small obstacle. Radar and laser which will be placed on top of the car to cost nearly $ 75,000 per unit cars, but production costs will be lower if the mass-produced products. Besides Google, Uber cab company also tempted to participate in the development automatic car as transportation fleet.

The British government itself will announce the procedure of testing in the spring of this year, before taking it to the legislation in 2017. New in 2018, the UK will lobby international bodies to allow the use of unmanned car commercial.

Oil Continues to Decline, consider OPEC Emergency Meeting

Tuesday, February 24th, 2015

OPEC plans to hold an emergency meeting within six weeks, if crude oil prices continue to fall deeper. This comment pronounced Nigerian Oil Minister and President of OPEC today, Diezani Alison-Madueke, with consideration of the adverse effects of crude oil prices tumbled on balance sheet states the world's largest oil producers such as Nigeria, Venezuela, and Russia. Nigeria has lowered its Gross Domestic Product (GDP) from 4.5 to 4.8% of the country into 5.5% for this year due to falling crude oil prices, which covers 80% of government revenue.

"Almost all OPEC countries experiencing difficulties, except perhaps the Arab bloc," said Alison-Madueke. "Hopefully [price] will be stable no less than $ 60, but we can not be sure," he added.

The next OPEC meeting is scheduled in June. Emergency meeting in an unstable trading period will require the approval of all 12 members of OPEC.

About three months ago, Saudi Arabia managed to convince his colleagues to maintain production of 30 million barrels per day in order to maintain market share amid the drop in crude oil prices since the middle of last year. This decision is far different from the traditional strategy of OPEC as a guardian of stability in oil prices.

News and Review of European Economic Zone

Euro Zone Inflation Rate Down 0.6% in January

Tuesday, February 24th, 2015

Consumer prices across the EU fell in January at the fastest pace since records began in 1997, increasing the risk that the 28-member bloc euro will slip towards deflation.

Separate data released late last month showed consumer prices in the Euro zone, a block consisting of 19 countries that use the euro, fell at the fastest pace since July 2009.

Eurostat said on Tuesday that consumer prices in the 28-nation euro bloc fell by 0.5% in January from a year ago, and confirmed that the prices in the Euro zone is lower 0.6% in the same period.

A total of twenty-three members of the European Union has decreased at an annual rate of consumer prices in January, up from 16 members in December and just four members in November.

The decline in prices in a period of 12 months to January largely due to the sharp decline in energy prices. Europe is an importer of energy, and economists usually compare the decline in the price of oil and natural gas to the tax cuts, in an effort to make consumers have to spend a lot of money for goods and services, which are produced in the block.

News and Review of European Economic Zone (UK)

BOE Forbes: Increase Rate Probably Needed To Avoid Financial Risks

Tuesday, February 24th, 2015

The Bank of England may someday have to Raise interest rates to maintain financial stability if the risk in the financial system continues to increase, said one of the nine voter in the voting rate the central bank on Tuesday.

Kristin Forbes, a former economic advisor of President George W. Bush who is currently chair BOE Monetary Policy Committee, said in a speech in London that financial instability is one of the potential risk of very low interest rates are prolonged, due to low interest rates can encourage investors to take bets on risky assets in search of better returns.

"If the economy continues to run or be above trend, the financial system will continue to sound, and the cost of borrowing in the UK are still at near zero level, then it can increase the risk to the financial system," Forbes said in a speech in Institutte for Economic Affair.

His statement underlines the anxiety of central bankers that low interest rates may revive their economic growth, but probably would have unintended consequences for the financial system.

News and Review of European Economic Zone (Germany)

German GDP Grows 0.7% in Fourth Quarter 2014

Tuesday, February 24th, 2015

German restore their position as Europe's economic powerhouse in the last quarter as surging domestic spending and trade contribute to economic growth.

German GDP expanded by 0.7% in the final three months to December 2014, the Federal Statistics Office said on Tuesday, it was confirmed on 13 February estimates. Private consumption rose by 0.8%, capital investment rose 1.2% and exports jumped 1.3%.

"Strong impact of falling oil prices and the weakening of the euro exchange rate continues to sustain the increase in the German economy," said Andreas Rees, an economist at UniCredit SpA in Munich. "It's hard to not be quite optimistic with Germany at this time."

The decline in energy prices has been described by the Bundesbank President Jens Weidmann as a mini stimulus that would give more money into the pockets of consumers. The decline in the price of black gold also contributed to the negative inflation rate in Germany and the Eurozone which encourage the European Central Bank to announce quantitative easing, a weaker euro and make German exports more competitive.

Private consumption added 0.4% to GDP last quarter and net trade added 0.2%. Capital investment added 0.2%, driven entirely by construction. Invetoris reduce 0.2% of GDP.

News and Review of European Economic Zone (Greece)

Greece Will Leave Reform Proposals On Tuesday

Tuesday, February 24th, 2015

Greece on Tuesday will submit a list of fiscal reforms in the euro zone finance ministers, late on Monday's deadline, which is part of a deal to extend financial assistance, according to government officials. The Greek government does not give a reason for the delay, but said that the Eurogroup has agreed to accept the reform on Tuesday. Eurozone finance ministers will receive the list on Tuesday morning and teleconference will be held at noon, according to a Reuters report. Athens party will include a policy to reduce the number of tax evasion and corruption, as well as policies designed to cut bureaucracy and reform the public sector, according to Reuters. The policy also will stop the issuance of bad loans and foreclosures.

Post signed an agreement on Friday, Greece has been trying to design a reform proposal in an attempt to get a bailout extension sangatta needed. Greek left-wing government, led by Prime Minister Alexis Tspiras, get a deadline on Friday when the Eurogroup of eurozone finance ministers agreed to memperpanjat financial assistance to Greece for 4 months. In the agreement, Greece must submit a list of reforms to be approved by the "troika" consisting of the European Central Bank, the International Monetary Fund and the European Commission. Then the euro zone member states must ratify the bailout extension. Some analysts said the reforms proposed by the Greek government is likely to leave later with emphasis on Germany to tighten fiscal policy in order to bring Greece's budget deficit to be controlled. Greece's debt reached 175% of GDP.

Oil Still Stable European Session

Monday, February 23, 2015

WTI crude oil are steady to early European trading session this weekend, supported by expectations of return reduced number of rigs operating in the US. Weekly survey conducted Baker Hughes last week showed the number of rigs operating in the lowest level since 2011. The results of the survey with Baker Hughes will be released at 01.00 am in the morning later.

Energy Information Administration on Thursday reported oil inventories rose 7.7 million barrels in the week ended February 13. Analysts surveyed by Platts expected a gain of 3.1 million barrels. However, release of data from the EIA not be undertaken as investors, once on Wednesday the American Petroleum Institute reported US oil inventories rose 14.3 million barrels.

EIA also reported gasoline inventories rose 500,000 barrels, and distillate fuel inventories increased by 3.8 million barrels. Analysts had forecast gasoline inventories rose 443,000 barrels, while distillate fuel are expected to fall 2.2 million barrels.

WTI crude oil traded the range of $ 51.94 a barrel at 15:30 pm, with daily highs and lows $ 52.44 $ 51.81

News and Economic Review Zone Asia (Japan)

Three members BOJ Pessimistic Inflation Target Achievable

Monday, February 23, 2015

Monetary policy meeting minutes the Bank of Japan in January showed three board members pessimistic inflation target will be achieved, particularly as a result of core inflation continued to slow and the decline in oil prices. One of the three member states despite a weaker yen, but the rate of inflation outside of food and energy is only slightly above 0%. While others call slump in oil prices since last year has slowed the momentum of inflation.

BOJ policy meeting that maintain the monetary base tirliun worth 80 yen per year. Japan's central bank is the last time add monetary base in October last.

In the quarterly report, the BOJ lowered its forecast for core inflation fikal year 2015 to 1.0% from the previous projection of 1.7%.

News and Review of European Economic Zone (Greece)

Greek Finance Minister Meets Eurogroup Along Greece Trying to Avoid Default

Monday, February 23, 2015

Greek finance minister Yanis Varoufakis back to Brussels for the third meeting in the past two weeks with his counterparts from the euro area in an attempt to reach an agreement that would allow the state that has the largest forest in Europe to avoid a default.

In a formal submission on Thursday to extend the rescue support for six months ahead of the Euro zone bailout program will end in February, Varoufakis said that he would accept the procedural and financial terms of the deal that is in the time he was also submitted to the negotiations on other elements .

German finance minister Wolfgang Schaeuble directly reject the latest formula proposed by Greece, he said that the country is committed to a strong need for austerity. The talks were "positive" between the Prime Minister of Greece Alexis Tsipras and German Chancellor Angela Merkel on Thursday has sparked investor optimism to that agreement.

"Hopes for a compromise on the Eurogroup meeting today has increased," said Nikos Koskoletos of Eurobank Equities in Athens. "The main stumbling block was the conclusion of the current program of what is proposed by the creditors of Greece, and further details regarding the achievement of their fiscal targets."

News and Review of European Economic Zone

Germany Emphasize Importance of Structural Reforms For Europe A More Resilient

Monday, February 23, 2015

Just a few hours before the subsequent standoff between Greece and its creditors from the Euro zone, the German deputy finance minister Thomas Steffen emphasized that structural reforms should be supported for the sake of a strong and successful Europe.

"For example, Spain, Ireland and Protugal, the three countries most affected by the financial and economic crisis may still be a long way to achieve structural reforms at the same time, with their reducing the budget deficit in the public sector in a sustainable manner," Steffen said in a preliminary report monthly report ministry in February.

"It is no coincidence that especially the countries in the Euro area is currently showing positive growth momentum."

Germany has proved to be a tough negotiator in talks with the new Greek government on debt pelongaran requirements submitted by them to the colleagues from Europe.

German positions without compromising on Thursday sufficiently highlighted by the market, when Berlin rejected the extension request help Greece today for the next six months, saying in a letter sent to the partners that offer substantial solutions month.

News and Review of European Economic Zone (Germany)

German Business Confidence Level Up to 106.8 in February

Monday, February 23, 2015

German business confidence levels rose for the fourth month in the middle of the economic growth that run faster and optimism over the stimulus from the European Central Bank that go beyond the fear of worsening of the Greek crisis.

Business climate index from the Ifo institute, which is based on a survey of 7,000 executives, rose to a level of 106.8 in February from 106.7 in January. The median estimate of 37 economists in a Bloomberg survey called for a rise to the level of 107.7.

Growth in the country with the largest economy in Europe dashed amid falling oil prices and a weaker euro, and plans of the German Bundesbank to raise their growth forecasts for 2015. With the ECB will start the purchase of 60 billion euros ($ 68 billion) per month for debentures which aims to raise the Euro area economy, the risk of default in Greece and the country's exit from the single currency bloc is not too burdensome business sentiment in Germany.

Greg Fuzesi, economist at JP Morgan Chase & Co. in London say that we see the potential for significantly greater rise in German growth. Growth may be slightly accelerated as commodity prices reached their low level in the current quarter and the contribution of growth of currency and rising sentiment. "