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Oil Still Stable European Session

Friday, February 20th, 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 Review of European Economic Zone (UK)

First Time in 7 Years, British Record Budget Surplus

Friday, February 20th, 2015

For the first time in 7 years, the British government budget recorded a surplus. Reports January data indicate that the budget surplus created by the contribution of tax revenue.

The coalition government is likely able to meet its fiscal targets ahead of the general election in May. The public sector, excluding banking, scored a surplus of 8.8 billion pounds sterling ($ 13.5 billion) in the month of January 2015.

January to early period of progress the income from the public sector, along with the increasing corporate tax revenue. Although the figure is below the projected Wall Street Journal by 9 billion pounds, last month remains the best January since 2008.

If the calculated wear fiscal period (April-March), the British public sector only borrow 74 billion pounds, or 6 billion less than the same period the previous year. This fact is a great capital for the government, which is trying to enforce spending discipline. Moreover, the British tax revenue was depressed throughout 2014 due to weak wage growth.

Office for Budget Responsibility, the UK's fiscal watchdog, targeting the public sector borrowing amounted to 91.3 billion pounds sterling for the fiscal year ending March 2015. The new government taking 81% quota on the amount of time remaining two months.

News and Review of European Economic Zone (Italy)

Italian Industrial Orders Rise in December

Friday, February 20th, 2015

The number of Italian industrial orders rose sharply in December behind strong demand from abroad, indicate that industrial production will grow in the next month.

Total booking industry rose 4.5% on a monthly level, reversing a decline of 0.8% in November, it was reported by the Italian statistics bureau Istat on Friday, which usually uses adjusted data. Higher number of bookings at 5.8% annual rate in conditions that have not been adjusted, Istat added.

The surge in bookings from abroad which amounted to 8.1%, primarily from electrical equipment and transportation reservations, which contributed to the increase in bookings in December.

Istat added that domestic bookings rose 1.8% from November.

Industrial sales rose 1.4% on a monthly level, with an increase of 2.8% in demand from abroad, Istat said.

Higher sales of 0.9% at an annualized rate in the conditions of the working day adjusted, led by an increase of 7.4% from abroad.

For the full year, sales rose 0.1% with a 1.2% contraction of demand domestime that diimabangi by 2.9% growth of foreign markets.

News and Review of European Economic Zone

Stronger Euro zone economy, Ignore Anxiety About Greece

Friday, February 20th, 2015

Manufacturing and services sectors in the euro zone rose this month, indicated that the region's economy is building momentum although still mounting concerns about a possible Greek exit from the region.

Composite index of purchasing managers in both sectors rose to 53.5 from 52.6 in January, reported by Markit in London on Friday. The figure exceeded the median estimate of 53 economists for reading and it is the highest level in seven months.

Economy 19 countries in the Euro area grew 0.3% in the final three months of 2014, and Markit estimate that the region will grow at the same pace in the current quarter. Germany led the recovery in the region as a weakening currency has raised export performance, while the European Central Bank increases the confidence about the outlook for the region.

Chris Williamson, chief economist at Markit in London said that the euro zone does not seem to be affected by the Greek debt crisis, economic growth seems to gather further momentum in the coming months. With weapons of quantitative easing from the ECB that will begin in March, optimism on the entrepreneur has pushed to its highest level in three and a half years. "

Markit manufacturing index for the euro area rose to 51.1 in February from 51 in January, slightly below economists' forecasts. The services index rose to 53.9 daru 52.7, exceed analysts' estimates. A reading above 50 indicates expansion.

News and Review of European Economic Zone (France)

French Economic Data Released Various

Friday, February 20th, 2015

French economy showed decent performance as indicated by the data today. Although manufacturing activity has not been too healthy, capable services sector recorded a significant increase.

Reports purchasing managers' index (PMI) service sector fast version (flash) released in figure 52.2 for February 2015. Thus it can be concluded that the services sector recorded a growth of being able to go up to level 50 and higher than analysts predicted the Dow Jones Newswires in 49.9. Unfortunately, the performance of the service sector has not been able to offset the manufacturing industry. Business wheel factories not too healthy for his flash PMI reading of 47.7 or just below analysts' expectations (49.5) and the data in January (49.2).

Next service sector PMI data will be released derived from the German state, in which the figure of 54.2 versus expectations of the results of last month's report at 54.0. While the manufacturing PMI predicted to appear at 51.5, compared to a report in January which amounted to 50.9. Then report the eurozone composite index after a few hours ahead, where the figure is estimated to increase to 53.1 from 52.6 (January). The indicator appears on the service sector predicted 53.0 versus 52.7 and manufacturing data out in figure 51.5 versus 51.0.

Oil Corrected ahead of EIA data

Thursday, February 19th, 2015

Oil prices fell with investors focused on the global surplus of crude oil stocks, especially in the US. Energy Information Administration (EIA) on Thursday to report the data in crude stocks ended on 13 February. This white paper is predicted to rise to a record new highs. Preliminary survey by Reuters predicted crude stocks will rise 3.1 million barrels. Demand for crude oil will usually fall in early spring with producer attached units for seasonal maintenance. Trading volume was also reduced a lot in the beginning of the session in the absence of some Asian countries due to Lunar New Year holiday.

"The oil market is basically still a surplus, and prices will start to turn around when entering the second quarter," said Steve Sawyer, an analyst at Facts Global Energy. A few days later the price of oil rose upheaval in Libya and Iraq export barriers, but these short-term factors will likely fade in a few weeks.

WTI oil prices remain well above $ 51 a barrel, near its lowest level and away from the daily $ 50.32 $ 53.41 daily highs.

News and Economic Review Zone Asia (Japan)

Japan's exports soar in January

Thursday, February 19th, 2015

Japanese exports accelerates faster than forecast in January, gives optimism economic recovery in the world's third largest.

Ministry of Finance Japan Japan's reported exports jumped 17% in January from a year earlier, exceeding economists polled by Reuters estimate of 11.9%. While imports reportedly fell 9%, larger-than-expected 4.8% decline. The increase in exports and imports decline makes the trade deficit decreased to 1.2 trillion yen, from the previous 2.8 trillion yen.

The export surge gives an overview of a weaker yen to increase demand for Japanese products from overseas who helped the Japanese economy out of recession amid low konsemun spending and business investment in the country of Japan.

Cabinet Office on Monday reported the Japanese economy (year-on-year) grew 2.2% in the fourth quarter, after shrinking the previous two quarters, -1.9% in the third quarter and -7.1% in the quarter to -two.

News and Review of European Economic Zone

Euro Zone Trade Balance Surplus Decline in December

Thursday, February 19th, 2015

Eurozone trade surplus fell slightly in December, but still at a high level, according to a report from the European Central Bank on Thursday, as the region continues to experience strong trade surplus.

Trade surplus, which measures the flow of trade and investment broadly, at 17.8 billion euros ($ 20.3 billion) in December, the ECB said, down from 19.9 billion euros in November.

For overall in 2014, the surplus amounted to 240.2 billion Euro zone euros, up from 214.2 billion euros in the previous year.

News and Review of European Economic Zone (Greece)

Greek Finance Minister Optimistic agreement will be achieved Friday

Thursday, February 19th, 2015

Greek Finance Minister Yanis Varoufakis on Wednesday said that negotiations with the European creditors have shown signs of progress, and agreement on a new financing program may be achieved by the end of this week.

Speaking to reporters outside the Greek parliament, Varoufakis said that the process toward a deal to keep moving step by step. He also added that Athens will formally apply for an extension of the bailout program on Thursday.

"We have been on the right track, consultation began leading up to it," said Varoufakis. "If this situation persists, the positive results with regard to possible technical we can get these days. And the formal approval may be given on Friday."

After undergoing an intense negotiation round 2 last week with the Euro bloc, which has an assistance package worth € 240 billion ($ 273 billion), Athens is planning to apply to extend the bailout deal on Thursday. Application is expected to be discussed in a technical meeting of senior officials Euro zone finance on Thursday, prior to submission to the Finance Ministers of the euro zone on Friday

News and Review of European Economic Zone (Switzerland)

Swiss Export Slump in Early 2015

Thursday, February 19th, 2015

Swiss exports declined in January following a decrease in demand for pharmaceutical equipment, chemicals and machinery, as well as one less working day.

Exports in January was down 6.2% from the previous year, in real terms, to 16.4 billion Swiss francs ($ 17.4 billion), according to the Customs Office release Thursday. In nominal terms, exports also recorded a decrease of 4.4%. While imports amounted to 12.97 billion francs, slumped 9.4% in real terms and 11.4% in nominal terms.

The numbers were leaving a trade surplus of 3.4 billion francs, compared to 1.5 billion francs widened in December.

Oil Rises Along Hope Closed Reduction Stock

Wednesday, February 18th, 2015

WTI oil closed higher by investors weigh the threat of crude oil production in Libya and Iraq. Previous trade crude oil was down 1.95% related anxiety depressed Eurozone stability.

Independent research organization, estimates Reseach JBC Libyan crude output fell by about 150,000 barrels per day, from 900,000 barrels in October after the attack Egypt to Libya blew up a gas pipeline near El Sarir oilfield. While in Iraq, the export of crude oil bad weather disrupted resulting in exports in January-largest oil producer in the Middle East is down 900,000 barrels per day. Instability in the two states of the world's largest oil producer makes assessing market will decrease the amount of global crude oil stocks so that it can re-balance the oil trade balance.

But analysts warned the strength of the threat of surplus stocks of oil with US oil inventories reach 5-week highs. "The closure of US oil refineries, in the form of the treatment period and the action of the company, will weaken demand for crude oil, and exacerbate the surplus stocks of crude oil in the short term," said Gareth Lewis-Davies and Harry Tchilinguirian, analyst at BNP Paribas.

Crude oil prices closed at $ 53.11 a barrel, near daily highs, $ 54.08, and away from daily lows $ 50.79

News and Economic Review Zone Asia (South Korea)

South Korea Require Immediate Loosen Monetary Policy

Wednesday, February 18th, 2015

The Bank of Korea kept interest rates at the monetary policy meeting on Tuesday, BOK Governor Lee Ju-Yeol then said cutting interest rates no longer effective impact on the economy. But South Korea almost experiencing deflation, making the International Monetary Fund and HSBC suggest BOK to cut interest rates in the coming months.

"The possibility of another rate cut next month would increase if economic data signals a decline in economic growth. The central bank of South Korea highlighting weak domestic demand and a decline in sentiment, we think it poses a risk to GDP growth target of 3.4%" said HSBC economist, Ronald Mann. He also forecast the BOK will cut interest rates by 25 basis points in March, and is estimated to be the second trimming the third quarter of this year.

South Korean economy grew at the lowest rate in the last two years in the fourth quarter, while inflation grew 1.3% in 2014, was below the average G7 country for the first time in eight years.

In the last week, the IMF said the South Korean government has monetary and fiscal space to stimulate the economy. IMF mission head Korea, prompting the South Korean government to use the space available.

News and Economic Review Zone Asia (Japan)

BoJ Keep Stimulus Plan 80 Trillion Yen

Wednesday, February 18th, 2015

The Bank of Japan (BoJ) maintained stimulusnys the annual target rate of ¥ 80 trillion ($ 670 billion) by a vote of 8 to 1, where Kiuchi BOJ board members suggested the addition of stimulus before 31 October, while 8 others prefer not change monetary policy.

In addition, the BoJ also said inflation expectations are still rising in the long term. BoJ also revised assessment for exports and factory output is higher. But in the short-term consumer inflation tends to slow down to around 0.5% in the short term reflects the fall in oil prices.

Private consumption still showed some recovery but the recovery in the region was weak, the overall activity of the Japanese economy is still in a moderate recovery trend.

Tokyo's Nikkei index stabilized above the 18100 level after BoJ monetary statement, while pairing USDJPY are flat at 119.07 level.

News and Review of European Economic Zone (UK)

UK wage growth skyrocketed, Unemployment Rate Down

Wednesday, February 18th, 2015

The unemployment rate in the UK fell to its lowest level in more than six years amid rising wage growth in the fourth quarter in a sign that pressure on the wages of workers may begin to rise.

The unemployment rate as measured by the International Labour Organization methods fell to 5.7% from 5.8% in the period to November, the statistics bureau said the UK on Wednesday. Wages grew 2.1%, the inflation exceeded by the largest margin since 2008.

The Bank of England kept its benchmark interest rate at the level of 0.5% as inflation slowed to a record low. With the easing of pressure on the labor market, the BOE officials apparently shifted its focus to the slump in oil prices and said that the next policy move may be an interest rate hike.

"The increase in nominal wages, with the decline in the price of gasoline and food, should the combination will give strong support to the UK's economic recovery," said Rob Wood, economist at Berenberg in London. "We expect that the BOE will Raise interest rates faster than the market expected, the first increase will likely terjadia in February next year."

The pound rose after minutes released by the BOE on Wednesday that officials expect "there is a sharp increase" in inflation after the impact of the decline in oil prices fades. Sterling traded at $ 1.5429 at 17:06 pm, up 0.5% from yesterday.

News and Review of European Economic Zone (UK)

BOE: Inflation Possible Rise in 2016

Wednesday, February 18th, 2015

Bank of England to see that UK inflation will probably rise rapidly in the year 2016 after the impact of the fall in oil prices fading as wage data and unemployment shows the pressure on prices will probably start to rise.

With commodity prices and the appreciation of the pound in the past has been accounted for two-thirds of the weakening of the current inflation, slowdown may be better for a while, said the Monetary Policy Committee in February bualn meeting minutes released on Wednesday.

With no further movement is remarkable in commodity prices or sterling, the impact of these factors on inflation for the next 12 months will disappear by the end of 2015, and it will cause inflation to rise sharply towards our target, "they said.

Minutes also show there are some differences in the jury on when monetary tightening should begin. For two members, the decision to keep interest rates at the level of 0.5% in this month is "quite balanced and there might be a chance to Raise interest rates at the end of this year. Meanwhile, the committee said that the measures most likely to be taken further in the policy for three years fore is tightening, one person said that "approximately equal" to the next shift chance to be easing.

In a sign of further strengthening of the labor market, the statistics bureau said that the unemployment rate is at its lowest level in more than six years in the fourth quarter. The unemployment rate as measured by ILO methods fell to 5.7% from 5.8% in the period to November. Wage growth grew 2.1%, outpacing inflation by the largest margin since 2008.

Factor 'oversupply' Back Dominate Oil Market Sentiment

Tuesday, February 17th, 2015

Crude oil prices turned traded lower on Monday as market sentiment back overshadowed by concerns about oversupply. GDP data showed Japan's success out of the recession also failed to lift the world oil demand growth forecast.

Currently crude for delivery in March, offered in a range of $ 52.30 or approximately 0.9% below the closing price on Friday.

Had to move up in early Asian trading session, the price of 'black gold' should be re-dipped after Japanese GDP data showed October-December quarter economic growth was weaker than expected. While the decline in the number of rigs drilling in the US so far not able to change the view of oversupply in the global market.

The decline in oil prices earlier this week in part also a reaction to strong gains last week, which was triggered by data on a record decline in the number of active rigs in the US. Analysts argue that, however, a significant oversupply will still be a factor that weighed on oil prices as output persist at a high level while demand is still relatively low.

News and Economic Review Zone Asia (South Korea)

The Bank of Korea Hold Interest Rates 2%

Tuesday, February 17th, 2015

As expected, the Bank of Korea interest rate of 2% at the monetary policy meeting today. South Korea's central bank that maintains a policy in four months in a row after cutting interest rates twice in the past year. But analysts say the BOK still facing pressure to loosen monetary policy due to weak domestic demand and low export-led economic growth. The central bank lowered its forecast in January 2015 South Korea's economic growth to 3.4% from 3.9%.

18 economists surveyed by The Wall Street Journal has previously been estimated that the BOK will keep interest rates this month, but 9 of them expect the central bank will cut interest rates between March and June to spur growth.

South Korean economy facing low inflation, a weak business investment, as well as China's economic slowdown and Europe. China is South Korea's largest export market, which covers a quarter of total exports. Data released by the BOK today showed producer price index fell 3.6% in January from a year earlier, became the steepest annual decline since July 2009

News and Review of European Economic Zone (Germany)

German Investor Confidence Back Up in February

Tuesday, February 17th, 2015

German investor confidence rose to its highest level in a year in February, driven by the arrival of the latest central bank stimulus is getting closer.

The ZEW Center for European Economic Research in Mannheim said that its index of investor and analyst expectations, which aims to predict the development of economic progress in the next six months, rose to 53.0 from 48.4 in January. Economists had expected to rise to 55.0, according to the median estimate of 32 economists in a Bloomberg survey.

Economic growth in the country with the largest economy in the European region increased pad the end of last year, helping other countries in the region to produce better output than expected. With the price of oil and the euro currency movements are weakened, and the European Central Bank is scheduled to start buying bonds next month, investors are still optimistic despite the increased risk of the Greek crisis that threatened to renew the turmoil in the region.

Economist at Societe Generale SA, Anatoli Annenkov in London said that since November, investors ZEW economic sentiment has been rising gradually. Growth may continue to rise at the beginning of 2015 surprise.

Bundesbank on Monday said that the German economy has overcome a weak phase in the last year and a faster-than-expected growth this year is expected to exceed the estimates in March. Germany's central bank earlier predicted the country's economy will grow 1% in 2015. The European Commission in this estimate to 1.5% expansion.

News and Review of European Economic Zone (UK)

UK inflation Touch Record Low in January

Tuesday, February 17th, 2015

UK consumer price inflation in January slumped to its lowest level since records began in 1989 and still has the potential to fall further, which reduces the pressure on consumers ahead of national elections.

Official figures released Tuesday showed annual inflation in consumer prices meet estimated by economists, with a drop to 0.3% in January from 0.5% in December. If calculated using the method before the index was introduced, the Office for National Statistics claims January CPI figure is the lowest since 1960.

The decline largely reflects the fall of crude oil prices, which last month touched its lowest level in nearly six years, as well as lower food prices.

Data released less than three months before parliamentary elections will be good news for Prime Minister David Cameron, because can help increase the purchasing power of households after years of depressed by weak wage growth. Slowing inflation could also delay the first rise in interest rates on the Bank of England since the financial crisis.

News and Review of European Economic Zone

Euro Zone Urges Greek Bailout For Extension Request

Tuesday, February 17th, 2015

Euro zone finance ministers are prepared to continue discussions with Greece on the agreement concerning the issue of funding for the next few days, as representatives of their leaders urged back the Greek government to seek an extension of the current bailout program.

"I hope they will ask for an extension program, and once they do that, we can allow for some flexibility in the program," said Jeroen Dijsselbloem, Dutch finance minister who leads regular meetings with colleagues.

"It's really up to them, but we are ready to cooperate with them, which is also for the next few days," said Dijsselbloem on his way to a meeting of EU finance ministers.

Greek finance minister Yanis Varofakis on Tuesday morning said that there is still time for all parties to achieve "excellent results."

"We know about how to negotiate an issue in Europe to create a solution that is very good, honorable solution of dissent in the discussion," said Varoufakis.

The failure of talks between euro zone finance ministers will make Greece and its creditors are racing to reach a new financing agreement for a country that is in debt before their bailout program ends this month. The ministers cancel negotiating session just a few hours before the beginning, they say that Greece leaving them with little hope of securing a deal

Oil Gains Three Week streak

Monday, February 16th, 2015

WTI crude oil posted a reinforcement three consecutive weeks, while the price of Brent oil is reaching its highest level this year after several energy company said it would reduce capital expenditures, as well as further decrease the number of rigs operating in the US.

Oil prices rose immediately after the weekly data from Baker Hugher Inc. shows the number of active US rig to drill oil and gas this week is reduced as much as 84 into 1056, that number was the lowest since August 2001.

On Thursday, the French energy giant Total has become the latest company to announce a reduction in investment and job cuts due to lower oil prices. Total operating expenses mamangkas announced will be $ 1.2 billion this year, while capital expenditures for exploration of less than 30%.

Minyam WTI crude closed at $ 52.65 per barrel, with daily highs and lows $ 53.43 $ 51.03.

News and Economic Review Zone Asia (Japan)

Japanese economy out of recession

Monday, February 16th, 2015

Japan's economy grew in the fourth quarter of 2014, managed to come out of the recession as a result of the sales tax increase in April. Cabinet Office said the Japanese economy (year-on-year) grew 2.2% in the fourth quarter, after shrinking the previous two quarters, -1.9% in the third quarter and -7.1% in the second quarter. However, the growth was lower than economists' estimates of 3.7%. On a quarterly basis, the Japanese economy grew 0.6%, lower than economists' estimates of 0.9%. Japan experienced a recession before, forcing the government of Prime Minister Shinzo Abe second delay tax increases.

Bank of Japan in October surprised the market by increasing the monetary stimulus to 80 trillion yen per year, from 60 trillion - 70 trillion yen. The addition of the monetary stimulus to spur growth and achieve the inflation target of 2%. BOJ will conduct monetary policy meeting on Tuesday that lasted for two days.

News and Review of European Economic Zone (Germany)

German Boost Economic Recovery rate of the Euro Zone

Monday, February 16th, 2015

Solid growth rate in Germany is reaching expansion of the euro zone's economic recovery faster than expected in Q4 2014, based on economic indicators released showed euro zone region is gaining momentum amid the recovery in oil prices and the weakening of the Euro exchange rate.

Eurozone economic output rose 0.3% reported in Q4, topped estimates with a 0.2% annual growth rate at the level of 1.2%, which means that only half of the rate of growth in the US.

Better growth performance possibilities supported by the fall of oil prices by 50% on last summer, driving up the level of consumer spending, while the weakening of the Euro exchange rate against the dollar to its lowest level in the last decade 1 also managed to help the exporters.

The rate of economic growth in Germany rose 0.7% in Q4, while France still grew 0.1% and the Italian economy stagnant. Spain also reported a growth rate of 0.7%, while Greece was still contracted -0.2%.

News and Review of European Economic Zone (Germany)

Bundesbank: German Economy Helping Euro Depreciation

Monday, February 16th, 2015

The rate of the German economy has shifted to the track faster than previous expectations due to the depreciation of the euro, which helped mempercerah outlook for Europe's largest economy, according to the Bundesbank in its monthly bulletin released Monday.

"The German economy will continue to benefit from the acceleration in the current year. In the short term, private consumption will be the main driving factor," said the German central bank. Exporters will also be benefited by a weaker euro, which has fallen sharply against the US dollar in recent months.

Germany almost stagnated throughout the spring and summer, as business sentiment terpukulnya by concerns over conflict in Russia and Ukraine. But it was able to offset by a decrease in crude oil prices, given Germany which imports a lot of energy. While the weakening of the Euro makes exports become cheaper in the global market.

Comments optimistic Bundesbank was made after the official German statistics agency data Destatis last week showed the economy grew by 0.7% in the last quarter of 2014, growing at an annual rate of 2.8%. Destatis also said that if the economy grew by 1.6% overall in the last year, one tenth of a percentage point higher than projected in January

News and Review of European Economic Zone

Euro Zone Trade Surplus Back Wide

Monday, February 16th, 2015

Eurozone trade surplus with the rest of the world again widened in December for the fifth consecutive month, official figures indicated in on Monday, as the cheapness of the euro continues to give impetus to exports and low oil prices provide support for import.

The difference between the value of goods sold Eurozone and what you buy abroad widened to 24.3 billion euros ($ 37.4 billion) at the monthly level, compared with a surplus of 21.2 billion in November, it was reported by the European Union's statistics bureau.

The increase in surplus due to a 2% decline in imports and exports rise by 1%.

The weakening of the euro has pushed exports in 18 countries that share the single currency in 2014, Lithuania joined the euro zone in January 2015, as they make their goods become cheaper abroad. Overall in 2014, the trade surplus widened to 194.8 billion euros compared with 152.3 billion euros in 2013, as exports rise by 2% and the flat growth in imports, Eurostat said.

Weak imports are part of a stagnant economy, but analysts underline that very low oil prices in the international market also plays a role in reducing the burden of the cost of imported parts.

"At the time of the import value can indicate the Euro zone domestic demand is still limited, it is proof that the import value of the Euro zone is limited only by oil and commodity prices are low," said Howard Archer, economist at IHS Global Sight.