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News and European Economic Review (UK)

Pound Losing Momentum Towards the end of U.S. session

Saturday, August 20, 2011

Pound Sterling touched its highest level 3?-Month versus the U.S. dollar on Friday, with increasing awareness of funding issues in the Euro zone banking and risk of recession in the U.S. prompted investors to collect the British currency. But the momentum did not seem able to survive as the dollar began recovering slightly towards the close of U.S. trading session.

On Friday Cable also reap the support of the release of data showing a significant decline in Britain's public sector lending in July, which suppresses the overall lending in fiscal year 2011 and help governments to better approach the fiscal targets.

"The high pressure on the euro zone debt problems and the slowdown in the U.S. have shifted focus from the British market for now," said Lauren Rosborough, currency analyst at Westpac. "Sterling became visible slightly superior, especially against air-yield currencies like the Aussie higher. That happened not because the British are very good condition, but because the conditions are not as bad as other big countries."

Increasing concerns over a global recession and concerns over the ballooning funding several large banks in Europe was plunged global stocks in recent days.

News and Overview of the European Economic Zone

European Banking sector slumped Back

Friday, August 19, 2011

European banking shares plunged to a low level of 29 months due to widespread concerns over the ability of financial institutions meet funding needs amid worsening economic slowdown. Intesa San Paolo fell 6%, Raiffeisen Bank down 5%, 3.3% Societe Generale and UniCredit fell fell 4.2%. Lloyds and Deutsche Bank shares also slumped 5%.

"Markets naturally worry about banking liquidity problem with increasing borrowing from the ECB. There are signals that indicate a crisis situation now would be 2008," said Sebastien Barthelemi, analyst at Louis Capital Markets. Earlier this week, the data show the ECB dollar facility began to be used where one of the euro-zone banks borrowed $ 500 million with interest rate of 1.1%, higher than the cost of borrowing in the market. ECB data also showed banks borrowed? 107 million of overnight facilities in the last 24 hours.

"Although the ECB can provide liquidity abundant does not mean investors are not worried about the ability of banks funding," said Michael Symonds, an analyst at Daiwa Capital Markets. "The market is worried about the impact of rising funding costs on the operational capabilities of European banking."

News and European Economic Review (UK)

Sterling Moving Up Performance Driven Fiscal

Friday, August 19, 2011

National Statistics today (19-08) reported an increase in the fiscal sector performance in the UK economy.

Actual releases shows that Public Sector Net Borrowing indicator decreased to-2.0b where previously expected to fall to 0.4B from the value in the previous period of 12.4B.

GBP / USD pair was observed in the range of 1.6424.

Reports showing an increase in performance is sustained by the increasing interest of investors in the forex market to hold the pound sterling, so the currency is moving higher on the GBP / USD pair.

Analyst Research Vibiz of Vibiz Consulting suggests that there is still potential for further movement on this pair menguatnyaPoundsterling.

Gold rocketed above $ 1,800

Thursday, August 18, 2011

Gold rallied again approaching the highest price translucent above $ 1,800 per troy ounce on Thursday, most of the trigger factor is the debt crisis of Europe who have not found a solution plus the country's economic growth developed an increasingly bleak, so the confidence of investors in the asset stocks, bonds and currencies more slumped.

Economic growth in the United States who have lost their top credit ratings decline, while European leaders are still struggling blocking the transmission of debt crisis forced Greece, Portugal and Ireland to find emergency funds and threatening spread to Italy & Spain.

Gold spot price observed so far gained 0.89% to as low as $ 1,806.81 per troy ounce, as well as strengthening the 3.6% recorded during the week and has climbed nearly 9% in the last two weeks, a performance best two weeks since mid-February 2009.

Declining confidence in other assets led to a growing number of market participants believe gold could reach levels of $ 2,000 per troy ounce. The new gold could go down if there is an increase real interest rates, controlled inflation and macro-economic environment is quite stable.

News and Economic Review Asia (Japan)

Portrait Opaque Nikkei And Prospects Year 2011

Thursday, August 18, 2011

Starting last August, the Nikkei fell sharply to levels range in March and even break the two key psychological level of 10,000 and 9000.

Nikkei stock collapse primarily due to a storm of negative sentiment that worries the U.S. debt downgrades by S & P, the continuous problem of European debt and inflation worries China.

While the strengthening yen, contributed to the fall of the Nikkei, which carried out market intervention and even the central bank of Japan (BOJ) is not able to lift the index although the yen had weakened sharply.

Instead of declining market, the statement led the Fed, Ben Bernanke in the discussion of past policies, has given a fresh wind that can lift the market. Market participants in Asia responded positively to the Fed's statement that promised to keep interest rates at record lows at least until mid-2013. The Fed also said probably will implement additional ways to revitalize economy Uncle Sam's country.

But analysts once again reminded that external factors such as the continuous concerns over the global economy could trigger a further sell-off in the long run, while investors will continue to react to the performance of other stock exchange floor in the world.

News and European Economic Review (French)

S & P Rating Secure Triple-A France

Thursday, August 18, 2011

Credit rating agencies Standard & Poor's on Thursday re-confirm the French triple-A rating with a stable outlook, dampening investors' fears that the ratings board over the state's second largest economy in the euro zone are at risk.

According to the head of S & P in France, Carol Sirou it was still optimistic French triple-A rating with stable outlook. France has so far pressed between the euro-zone countries in having a high deficit and debt ratio to GDP dangerous than countries with other triple-A rating.

French downgrade scenarios in the event can cause a considerable impact because France is a contributor bonds, the second largest after Germany in the European zone of the rescue fund, EFSF. As we know, EFSH use the ratings board over to make borrowing cheaper in the market then the loan is disbursed to the states included in the rescue program.

President Nicolas Sarkozy's own commitment to restore fiscal France on track in the next few years, planned on 24 August will release details of the plan year-end fiscal targets this year and next.

The government also remains optimistic projections could cut the deficit from 5.7% of GDP this year to around 4.6% in 2012, and dwindling to 3% in 2013. While projections of debt to GDP ratio will peak at 86.9% in 2012, although it is quite high but still below the Italian on the ratio of debt to GDP at 119%.

News and Overview of the European Economic Zone

European Stock Fall Sharply Reflect Growth Concerns

Thursday, August 18, 2011

European stock markets fell sharply on Thursday, hit by negative sentiment in Asia amid fears of slowing global growth and the level of sovereign debt at a high point. Monitored by far the hardest hit by the cement industry after Holcim Ltd. reported earnings below estimates.

Issuers Holcim shares fell 5%, after the cement producer said Q2 earnings tumbled 13% due to the appreciation of the Swiss franc and the high raw materials prices have reduced profits materials.

In London, the mining sector led the performance is still poor, reflecting fears of global growth. Morgan Stanley on Thursday cut its global growth forecast and said the United States and the European zone on the verge of recession. In addition, Morgan Stanley cut its outlook for global growth in 2012 to 3.8% from 4.5%, but recession is still small due to the Fed and the ECB are still trying to take further action to avoid a recession.

News and European Economic Review (UK)

UK Retail sales weaker than expected in July

Thursday, August 18, 2011

UK retail sales rose less than expected in July siring a decrease in sales of apparel, footwear and household goods offset the increase in sales at food stores, official statistics showed on Thursday (18 / 8).

Office for National Statistics (ONS) said retail sales volumes increased 0.2% in July compared with June and flat on the previous year.

That figure is weaker than expected by economists polled by Dow Jones Newswires had forecast a 0.4% rise in retail sales in the month and increased 0.4% in the year.

Food store sales volume rose 0.7% in July, but fell 1.6% in the year.

Sales in stores in most non-food stores fell 0.1% on month and 1.1% in the year. Sales of textiles, clothing and footwear fell 0.3% on month and 1.0% in the year, while sales at household goods stores fell 0.3% on month and 4.1% in the year.

Spending power of UK consumers are being pressured by a combination of high inflation and stagnant wages, while the weak labor market and high levels of personal debt was wounded optimism.

Pressure continued weak dollar against the yen, among the major currencies. U.S. unit at Y76.92 from Y76.96 at 11:50 pm in New York on Tuesday.

After the FOMC's decision led Treasury yields fell sharply, Osamu Takashima, chief foreign exchange strategist at Citibank Japan said short-term U.S. interest rates low show, all else being equal, that the dollar would be around Y74.00.

China's central bank set the dollar at record low repair yuan, with a central parity rate at CNY6.4167.

"Highlights of the FOMC, we must say the dollar should have to face again the next sale," said Toshihiko Sakai, chief manager of forex trading and financial products at Mitsubishi UFJ Trust and Banking.

Gold Continues Rise, Back Pursue New Records

Wednesday, August 17, 2011

Gold prices in afternoon trading today (17 / 8) recorded an increase. Rising gold movements triggered by the impact of investor concerns about the condition the continuation of the threat of European credit crisis after a night of German Chancellor Angela Merkel and French President Nicolas Sarkozy, who last night about the opportunity to discuss financial and debt policies in Europe.

Spot gold rose 0.2% to 1789.25 dollars per troy ounce with a support level at 1778.52 dollars per troy ounce and resistant level at 1794.30 dollars per troy ounce.

Rising gold price movements also followed by a rise in other commodities such as platinum metal which rose 0.4% to 1825.63 dollars per troy ounce and silver rose 0.6% to 40.1275 dollars per troy ounce.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, gold movements at night are expected to be still more likely to rise and does not rule out going to hit a new record as the fundamentals are still negative global economic conditions.

News and Economic Review Asia (Korea)

Kospi Ends Positive

Wednesday, August 17, 2011

Kospi closed up 0.7% to 242.00 due to bargain hunting action in various sectors after the stock market had weakened. Foreign investors have turned to sales, making the index away from the high levels amid worries over European debt problems, analysts said.

Foreign investors were selling in 23 of 26 sessions. Technology stocks fell on concern demand for consumer electronics devices, while Dell's revenues are declining burden chipmakers. Samsung Electronics closed +0.3% to KRW752, 000 and Hynix-s4.4% to KRW19, 600, while LG Electronics +4.3% to KRW62, 200. Chemical stocks mixed after Tuesday's (08/16), SK Innovation +1.8% to KRW167, 000, while LG Chem -1.7% to KRW380, 500. Kogas gain of 2.9% to KRW32, 300.

News and European Economic Review (UK)

UK Unemployment Claims Rise Biggest Since May 2009

Wednesday, August 17, 2011

British unemployment rate soared and the number of people claiming unemployment benefits posted the biggest gain in more than 18 months in July as a labor market increasingly reflects the stagnant economy.

Office for National Statistics said Wednesday that the number of people claiming unemployment benefits for Jobseeker Allowance rose by 37,100 in July - the biggest monthly rise since May 2009. Claim count rate increased 0.1 percentage points to 4.9%.

Economists surveyed by Dow Jones Newswires had forecast a rise 20,000 in the claimant count, and the claimant count rate is unchanged from 4.8%.

ONS said the official international measure of unemployment, formerly known as the International Labour Organization measure, an increase of 38,000 in the three months to the end of June to 2.49 million. The unemployment rate rose to 7.9% from 7.7% in the three months to May.

Expectations of economists rate remained at 7.7%.

The number of unemployed women rose 21,000 in the three months to June reached 1.05 million - the highest figure since the three months to May 1988.

British labor market had previously been relatively resilient to the economic recovery is slowing down, with the number of people unemployed dropped in the three months to May.

News Wednesday that the labor market is weakening is a blow for the government coalition of Prime Minister David Cameron, in which banks in the private sector create enough jobs to absorb the 330,000 public sector workers who will lose their jobs due to government cuts over the next four years.

News and European Economic Review (Switzerland)

Investor anxiety rises, Swiss Franc Rise Up

Wednesday, August 17, 2011

In forex trading the European session today (17-08), the currency of safe-haven Swiss franc is generally observed to move sharply higher against several other major currencies.

In forex trading in the spot market tracked the ongoing surge in the strengthening of those currencies against the U.S. dollar on a pair USD / CHF is about 121 pips or about 1:52%.

Meanwhile, the strengthening of the Swiss franc also occur in cross rate of EUR / CHF rises sharply around 196 pips or 1.71%, while against the Australian dollar tracked rose 138 pips or about 1.66%

Analyst Research from Vibiz Consulting Vibiz that worsening public debt crisis in the EU and the European Union's recent report that showed GDP growth of only 0.2%, investors began to fret.

This causes a stronger interest in the safe-haven currency, and triggered a sharp leap Swiss franc today.

News and European Economic Review (UK)

Observed Passive Investors Sterling, Waiting BOE Report

Wednesday, August 17, 2011

In forex trading the Asian session today (17-08), British Pound is generally observed to move lower against several other major currencies.

Monitored the currency is moving lower against the U.S. Dollar, Japanese Yen and Australian dollar, after trading yesterday on the general move to strengthen.

Against the Japanese yen on cross rate GBP / USD Pound tracked down - 30 pips or about - 0.23%, tracked down -24 pips or about - 0.15% on GBP / USD and weakening -17 pips or about - 0.10% against the U.S. dollar on a pair GBP / USD.

Analyst Research Vibiz of Vibiz Consulting told the briefing before the session of the European market today that Sterling has the potential to respond to the report the Bank of England is scheduled to release the latest data indicator MPC Meeting Minutes at 15:30 (GMT) later.

Gold Jumped Over $ 20 Amid Weak Growth in Europe

Tuesday, August 16, 2011

Gold managed to obtain an increase of more than $ 20 per ounce on Tuesday following a string of European economic data weaker than expected global stock markets weighed, and forcing investors to play safe.

Currently Gold traded $ 22 more expensive or up approximately 1.3% in the range of $ 1783 per ounce on the Comex division of the New York Mercantile Exchange.

"Short-term outlook for gold remains positive given the still too much uncertainty with the weakening macroeconomic economic data," said Andrey Kryuchenkov, an analyst at VTB Capital in London.

On Tuesday, Eurostat released a record euro zone GDP growth of 0.2% in the second quarter from three months earlier, which is under the 0.3% growth expectations. German economic growth figures are also only up 0.1% in the second quarter from the previous quarter when the Germans managed to record growth of 1.3%.

News and Economic Review Asia (Korea)

After the Holidays KOSPI Risen

Tuesday, August 16, 2011

Seoul, the KOSPI stock index closed with a strong rebound on Tuesday, flew nearly 5% after the market closed yesterday regarding national holidays and listed the best daily percentage over the last two years.

KOSPI rebounded thanks mainly to foreign investors ending barrage of selling them because diceriakan by solid strengthening in the U.S. stock market.

Index also closed at a high level session and recorded the third best daily percentage gain related to hunting investors snapped up bargains after the market slumped as much as 16% in the last two weeks.

The KOSPI index closed up 4.83% ending up to a session high level of 1,879.87, the best daily percentage rise since 9 April, 2009. While the KOSPI index futures (KSc1) rose 4.86 percent or 241.60 -11.20 points to level. But overall the index is still down more than 13 percent from levels 1 August.

News and European Economic Review (UK)

Sterling Appreciation Continues Post-CPI

Tuesday, August 16, 2011

Pounds are able to turn strengthened versus the U.S. dollar and euro on Tuesday after the release of the data showed Britain's inflation rate rose slightly above the forecast in July, despite the dovish outlook on UK monetary policy will restrict the movement seems to keep the Pound.

UK inflation grew at 4.4% in July, as banks increase the cost and the retailer cut its sales prices into the summer, according to the National Statistics Office reported on Tuesday.

Increasing the rate of inflation is widely expected by the Bank of England, which saw inflation in the range of 5% by the end of this year, before falling back below 2% target within the next 2 years.

"The data is not far from the estimates and BoE policy, so there is no reason to expect the rate hike from the numbers," said Adrian Schmidt, currency analyst at Lloyds Banking Group. Schmidt also assess if the Cable still seems to be trapped in the current trading range.

While some analysts argue that the BoE's main focus remains fixed on the demand side of the economy after weak data last activity indicates continuing slowdown in the economy, potentially leading to further quantitative easing.

News and European Economic Review (UK)

Sterling Turning Positive, Potential Target 1.6470

Tuesday, August 16, 2011

Terkerek Sterling rose against the dollar and the continued strengthening against the euro on Tuesday after a report that UK inflation rate exceeded expectations in July. This data is not far from the expectations and monetary policy played down the prospect that the BoE BoE interest rate rise at this phase is predicted to keep interest rates at low levels until the end of 2012.

As a result, although the currency pair GBPUSD turned positive today, but strengthening is still limited at 1.6399 so far.

Based on technical analysis, intraday bias remains bullish in the short-term test the 1.6470 area, but overall the movement is still in a sideways fashion since the last 4 weeks and the required penetration above the 1.6470 area to proceed further bullish scenario, targeting 1.6745 area.

On the bottom side, the nearest support levels appear in the area 1.6310 - 1.6270, fell below that area could bring the price into the neutral zone because of its direction becomes apparent while testing a key support level of 1.6195 in the short term.

News and Overview of the European Economic Zone

Euro Rebounds Summit Coming to Paris

Tuesday, August 16, 2011

Overall euro tumbled on Tuesday, depressed below the highest point of a 3-week versus the dollar after a report that economic growth in Germany and the euro zone slowdown fears as well as provide policy makers to address the pressing problem of the region's debt.

German GDP data slowed to 0.1% in Q2 below estimates of 0.5%, while the Euro zone GDP was released at the level of 0.2% in the same period, increasing market pessimism towards the European region that have been distressed by the problem of the debt crisis.

But the currency pair EUR / USD looks soar temporarily as the focus shifted to the summit of Paris where French President Nicolas Sarkozy will close the latest solution to the debt crisis of Europe by Angela Merkel. The meeting will be held at 21.00 pm, followed by a press conference expected at around 23:00 pm.

The meeting was to give hope for progress newest solution for issuing security zone Europe / euro zone bonds.

Traded Oil Approaching Highest Point

Monday, 15 August 2011

Oil traded near the highest point in the week due to rising U.S. equities and economic data from Japan assuage worries that a global recovery have faded.

Futures rose as much as 0.8% in London and 0.5% in New York after falling in each of the last three weeks. Japan's economy shrank at an annualized rate of 1.3% in the second quarter, compared with the median forecast for a decline of 2.5%.

Crude oil for September delivery rose 44 cents to $ 85.82 per barrel and at $ 85.69 on the New York Mercantile Exchange at 1:24 am London time. Brent oil for delivery in September at $ 108.25, up 22 cents, after rising as high as $ 108.80 a barrel on the ICE Futures Europe based in London.

News and Economic Review Asia (Japan)

Give Japan Rating Agency Downgrade Warning

Monday, August 15, 2011

One of two major Japanese rating agency may cut Japan's credit rating in recent months, unless it is established commitment from the government to tighten fiscal budgets in the next fiscal year.

Japanese rating agencies, namely, Rating & Investment Information if downgrade the potential to cause panic among investors which is 95% domestic holders of government bonds. Meanwhile, other Japanese agencies, the Japan Credit Rating Agency still maintains a triple-A credit rating of Japanese bonds.

According to Japan's sovereign ratings analyst, Kenji Sekiguchi there is still a 50% probability that the R & I will reduce Japan's bond rating, and still maintain a negative outlook since March 2001.

So far R & I take a negative outlook on Japan's bond debt, because its debt ratio has reached more than double the annual economic output as well as the highest debt ratio compared to other industrialized nations. Looking ahead rating agency R & I will take a decision after getting the Japanese government's spending estimates in September.

News and European Economic Review (Norway)

Norges Fixed Interest Rate 2.25%

Monday, 15 August 2011

Norges Bank's interest rates eventually rise from current levels, the Governor Oeystein Olsen wrote in Dagens Naeringsliv, after the sudden price unchanged last week amid global growth concerns.

The central bank's benchmark rate of Norway remains unchanged at 2.25% last week after the turmoil of global markets forced policy makers to abandon a planned increase.

"When conditions change significantly, as they did in August, Norges Bank will adjust the course of monetary policy towards a new economic outlook," said Olsen. Oslo-based bank last raised borrowing costs in May, after the guard has not changed for a year.

Policymakers are responding to a landslide victory in the global equities amid fears of Europe's debt crisis and the faltering U.S. growth will derail the global recovery. At the same time, the Norwegian central bank needs to drive consumer demand and credit growth is driven by the lowest unemployment rates in Europe. The Bank has signaled it did not want the price in Norway deviate too far from the borrowing costs across Europe.

News and European Economic Review (Switzerland)

Consider Target Swiss Franc

Monday, August 15, 2011

The Swiss government and central bank are discussing the possibility of targeting the exchange rate appreciation of the franc by the weir, newspaper Sonntagszeitung. "The plan was prepared and the Swiss National Bank will set a target in the coming days. Discussions are now focusing on the role of government and plan to be adopted on August 17, "wrote Sonntagszeitung. Walter Meier, SNB spokesman, declined to comment on the report but the weakening of the franc continued after the news was released.

Swiss central bank is looking for ways to prevent investors hunt francs. Although, the SNB had to increase liquidity in money markets and lower borrowing costs to zero percent, but the parliament has given signaled support for tougher measures to protect the economy.

Franc weakened in the London session, USD / CHF 0.7996 touch while EUR / USD reach 1.1456.

News and European Economic Review (UK)

House Prices In London Falls Related to Financial Chaos

Monday, 15 August 2011

London home sellers demand prices fell the most in one year in August as demand in Britain's most expensive property market hit by the turmoil in financial markets, Rightmove Plc said.

Asking price in the capital fell 3.4% from the previous month, when it lost 1.4%, Britain's largest property website, said in a report e-mail today. Nationally, the value is down 2.1%, the second monthly decline in a row and the largest since December.

"Prices often fall back on this year, but the new turmoil in global financial markets may start to weaken the housing market with buyers in London are already far insulated from the worst decline," said Rightmove.

While the values ​​are being supported by a lack of supply of properties and record low interest rates, waning consumer confidence and the potential impact on bank lending from the European debt crisis escalation could undermine activity further, Rightmove said. UK business confidence fell last month and a recovery in the labor market will be slow,

Demand national prices fell 0.3% in August from a year earlier to average? 231,543 or $ 377,000, Rightmove said. It was the first annual decline since September 2009. In London, prices rose 3.2% to? 418 008.

Gold Prices Fall in London

Friday, 12 August 2011

Gold fell in London as some investors sold the metal-related debt and speculation the economic slowdown.

Bullion fell 3% from a record $ 1,814.95 yesterday after CME Group Inc. to raise margins on futures traded in New York. Gains in equities also hold the demand for gold as an alternative asset.

Gold for current delivery fell $ 2.95, or 0.2%, to $ 1,761.15 an ounce at 10:06 am in London. Prices rose 5.8% this week, heading for biggest weekly gain since January 2009. Futures for December delivery rose $ 11.40, or 0.7% to $ 1,762.90 an ounce on the Comex in New York.

Asian Economic News and Review (Hong Kong)

Hong Kong's Gross Domestic Product Down 0.5% In Second Quarter

Friday, 12 August 2011

Hong Kong's economy fell for the first time since the global financial crisis after exports grew more slowly.

Gross domestic product fell 0.5% in the second quarter of the previous three months. Hong Kong's stock index fell more than 20% from November after a loss of confidence triggered victories worldwide in equities.

"Consumer sentiment is weak, and businesses in the U.S. and Europe will continue to drag the growth of Hong Kong, because the trade prospects look bleak," said Raymond Yeung, a Hong Kong-based economist at Australia & New Zealand Banking Group Ltd

High base for comparison in the previous quarter contributed to the decline, the government said in a statement. The government also maintains inflation forecast at 5.4%.