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News and Reviews European Economic Zone

The EU and the IMF Immediately Finalize Help

Friday, June 3, 2011

EU officials and the International Monetary Fund (IMF) today going to finalize plans for the Greek aid worth 78 billion euros (equivalent to $ 113 billion). Clause also includes asset sales and other efficiency measures for Greece. All requirements must be done so that funds will be disbursed.

Greek financial crisis encourage Moody's Investors Service to consider the prospects for further credit of this country. Prime Minister George Papandreou will discuss the issue during a meeting with the Leader of the European Union Finance Minister, Jean-Claude Juncker. "Most of the medium-term plan has been completed, although some technical details still simmering," says George Petalois, a spokesman for Papandreou.

News and Reviews European Economic Zone (UK)

UK Services Sector Reports Growing Fatigue in May

Friday, June 3, 2011

Growth in the dominant services sector slowed in the UK May, touching a low of three months, a survey shows. Friday (3 / 6), further raising doubts about the performance of the economy in the second quarter.

Services PMI fell to 53.8 in May from 54.3 in April, said Markit Economics and the Chartered Institute of Purchasing and Supply.

A figure above 50 indicates the sector is expanding.

Figures for May are weaker than expected by economists dipolling Dow Jones Newswires estimated a note at 54.0.

Paul Smith, senior economist at Markit, said despite the slowdown in May may be partly due to the remaining effects of the extra holiday in April, the sector has lost some fundamental momentum in the last two months.

Figures on Friday came after data Wednesday slowed growth in the manufacturing sector also slowed in May.

PMI figures are weaker than expectations for service and manufacturing sectors bersaman make almost 90% of the UK economy - showed low record for the second quarter GDP product.

News and Reviews European Economic Zone (UK)

UK Construction Growth Up in May

Friday, June 3, 2011

Growth in the UK construction industry increased in May after a decline in April and this suggests the sector could give impetus to the economy in the second quarter.

PMI for the construction sector increased slightly to 54.0 from 53.3 in April, said Markit Economics and the Chartered Institute of Purchasing and Supply Thursday.

This increase further put this sector on the threshold of 50 that indicates the activity is growing.

"Construction activity has increased again in May, with the rate of expansion accelerated since April, " said Sarah Ledger, an expert economist at Markit. "In addition, new orders growth is marked, indicate that the rate of increase in output would be maintained", he said.

U.S. and Greece's Data Stabilize Gold

Thursday, June 2, 2011

Spot gold held steady on Thursday (02/06), as supported by concerns about economic recovery particulars. Market anxiety was triggered by the worsening employment and manufacturing data United States (U.S.). From Europe, optimism faded Greek settlement debt crisis after Moody's cut its rating on government debt state.

Spot gold moved up 0.1% to as low as $ 1,541.89 per ounce, to continue strengthening in the previous session. U.S. gold prices flat in level of $ 1,543.20.

The U.S. economy is minimal encouragement as the data shows that the ratio of the current labor began to decline than expected in May. The output of the manufacturing sector reached its lowest point since 2009.

Abundant U.S. stocks, oil weakened

Thursday, June 2, 2011

U.S. crude oil contract to continue fall on Thursday (02/06) after a surge in inventories in the United States (U.S.). Industry reports that mention that OPEC will raise production at next week's meeting also had a role in the correction.

OPEC would discuss increasing production by 1.5 million barrels per day at a meeting next week, with an increase of 1 million barrels per day that might happen, Energy Intelligence reported yesterday, citing sources and delegates from OPEC.

U.S. crude prices for delivery in Julu down 18 cents at $ 100.11 per barrel level, after the last down $ 2.41 at $ 100.29 a day earlier level.

U.S. crude inventories jumped by 3.5 million barrels last week, reported the API in a statement, compared to previous expectations lower.

News and Reviews Economic Zone of Asia (South Korea)

South Korea Will Raise Electricity Rates In August

Thursday, June 2, 2011

The South Korean government is planning to raise electricity tariffs in August of that country, Dong-A Ilbo newspaper reported Wednesday, citing comments by Minister of Knowledge Economy Choi Joong-Kyung.

Daily news quoted Choi as saying that the ministry has decided to retreat from the initial goal to raise electricity prices in July because of recent changes in senior level positions at the ministry. Choi also said the price increase will be implemented in stages in order to minimize the potential for shocks and the impact on domestic inflation.

The newspaper also said the government also plans to implement a new electricity pricing scheme in 2013, set up three different categories of users to separate the cost of the average power from industrial customers and the related user education. The average cost for electricity consumers on average are likely to rise under the scheme, the report said.

News and Reviews Economics Asia (China)

China Brighten Aussie Performance

Thursday, June 2, 2011

The Aussie rose after data showed the continued expansion of Chinese manufacturing sector, Australia's largest trading partner. China Manufacturing Index rose to a level of 52.0 for the month of May, higher than the 51.6 forecast. The continued expansion of Chinese manufacturing to increase demand for Australian exports in order to help economic recovery.

Aussie achieve even higher levels 3 weeks against the U.S. dollar even though data showed Australia's economic contraction in the first quarter of 2011. Gross domestic product (GDP) shrank 1.2%, worse than the 0.8% growth in the last quarter of 2010. "The data was bad, but aussie is supported by the upward trend in interest rate expectations the Reserve Bank of Australia," said John Rothfield, an economist at Bank of America-Merrill Lynch. Minutes of last month's RBA meeting indicated the central bank might raise interest rates again if inflation rises according to estimates. Index swaps Credit Suisse also show the possibility of increased interest rate of 24 bps in the next 12 months.

News and Reviews Economics Asia (Korea)

Wear Korea Penalty Against HSBC and Credit Agricole

Thursday, June 2, 2011

HSBC Holdings Plc and Credit Agricole SA penalized by the South Korean government for the actions of the domestic branch of trade by way of outsourcing for their branch in Hong Kong.

Financial Supervisory Agency of the FSS, to give warning to the HSBC branch in Seoul due to trade interest rate and currency derivatives exchange, said deputy governor of the banking supervisory agency, Yung Kim Dae in a phone call today. Seoul branch of Credit Agricole also received warnings for the same thing, said Kim.

South Korean officials also tighten regulatory oversight of securities trading by foreign banks or stock-related concerns that the movement disturbances to the flow of funds will hamper the movement of financial markets. FSS yesterday also said to an increase in surveillance and investigation of currency trading at the local offices of global banks and impose a penalty if they do unhealthy collaboration transactions with their branches abroad.

FSS, a watchdog group funded by private menedak rules made ​​by government and institutional financial policies, found that there is one (1) investment bank which allows trading of financial investment products in Singapore, said Kim, who declined to give the bank.

Purchase of Safe-Haven slide, Gold Fall

Wednesday, June 1, 2011

Prices of gold futures ended in the red zone. Hope Greece's debt began to approach the solution, metallic sheen tarnish. However, the weakening dollar give some support

Gold for August delivery, the most active contract, fell 50 cents to U.S. $ 1,536.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold fell 1.2% during the month yesterday. Gold and other commodities slumped on concern about the euro that underpin the U.S. dollar. Dollar rises about 2% and the euro was down about 3% in May.

Silver and other metals more closely with the utility industry, rose on that day, but suffered a monthly loss is quite heavy. Copper ended weaker, because the U.S. housing index shows the weakening in the market. metal with the flat end of this month.

Silver for July delivery rose 44 cents, or 1.2%, to U.S. $ 38.31 per ounce. While a month yesterday, silver plunged 21%. That's the worst month for the silver since August 2008. Silver rose nearly 30% in April.

Silver futures series inhibited the increase margin requirements at the beginning of the month that forced investors out of the market, releasing silver and other commodities. Margin Requirement is the money required to trade futures contracts.

Yesterday, a report said the German stance has softened in the early debt rescheduling for Greece, triggered safe-haven buying of gold. "Last week we were really worried about Greece's debt rescheduling," said Bart Melek, head of commodity strategy at TD Securities. "Investors also took profits after last week's increase."

News and Reviews Economic Zone of Asia (China)

Official Chinese Manufacturing Index Slipping in May

Wednesday, June 1, 2011

China's manufacturing activity rose more slowly in May, according to the reported results Wednesday from the Federation of Logistics & Purchasing Manager China. Results index Purchasing Manager Index (PMI) is marked slowdown from the 52.9 recorded in April and below the 52.2 median forecast of economists in a Reuters survey.

Sub-index of input prices are watched closely dipped to 60.3 from 66.2, according to the results reported, suggesting an easing in wholesale inflation.

Figures for the sub-index showed inflation pressures begin to moderate. "The fall significantly from the input index infalasi suggest that expectations may be decreased, which will slow economic growth," said analyst Zhang Liqun CFLP in a statement.

A private version of the Chinese Red Cross planned to be released by HSBC later this day.

News and Reviews European Economic Zone (Switzerland)

PMI Switzerland Solid, Despite skyrocketing CHF

Wednesday, June 1, 2011

Indicators of manufacturing solid state back in Switzerland in May. This shows that the franc appreciation has not dispelled the demand for machine tools and electrical Switzerland.

Data Purchasing Manager Index (PMI) rose to 59.2 points in May. Note this is the first monthly rise in three months, compared to non-revision rate in April, 58.4. PMI Release date is above the average expectations of economists, 58.1 and above the threshold limit of 50 points.

"The index now sits near the range of 60 points since August to reflect solid economic growth in Switzerland," wrote pelansir government report, Credit Suisse AG. Thus, the PMI data in line with the KOF index, which rose for the fourth consecutive month.

Head of the Swiss National Bank, Phillip Hildebrand, said that growth is still high, but it will slow down the rest of this year. "Supply worries exporters of thinning profit margins," said Hildebrand. Strengthening francs a triggering factor lethargy exporter in the near future. This reason also that the central bank will keep interest rates on hold so that the level of 0.25% at the next meeting.

News and Reviews European Economic Zone (UK)

UK Manufacturing PMI Falls To 20 Month Low

Wednesday, June 1, 2011

Growth in the UK manufacturing sector slowed in May, a survey showed on Wednesday (1 / 6), adding to doubts about the resilience of the economy in the second quarter.

Purchasing Managers' Index (PMI) manufacturing fell to 52.1 in May, the weakest in 20 months from 54.4 in April, said Markit Economics and the Chartered Institute of Purchasing and Supply.

Figures above 50 indicate expansion.

"British PMI showed manufacturing expanded rapidly moving from near stagnation," said Rob Dobson, economist at Markit lsenior.

However Markit also said some weakness in production due to the number of holidays around the royal wedding in April, which is included in the survey period.

News and Reviews European Economic Zone (France)

First Quarter Unemployment Rate in Plains France 9.3% Vs 9.2% Fourth Quarter

Wednesday, June 1, 2011

France's unemployment rate fell slightly in the first quarter of 2011 to 9.2% from 9.3% in the fourth quarter to the plains of France, Insee statistics agency said Wednesday.

Including overseas territory, the unemployment rate unchanged at 9.7%, Insee said.

The market expects the unemployment rate including overseas territory to fall to 9.5% in the first quarter, according to a survey of economists by Dow Jones Newswires.

Insee noted that beginning with data for the first quarter, he had to change some definitions that are used for people in work placements in order to bring in line with unemployment statistics collected by Eurostat.

Consolidated Gold Below $ 1,540

Tuesday, May 31, 2011

Sentiment easing the transfer of risk / risk aversion after the Wall Street Journal reports on Germany and loan assistance packages to Greece have stopped the momentum of rise of gold that had experienced over the last few days.

Precious metals reached the highest point in 4-week level of $ 1540.50 during the Asian session, but gradually slid down to intraday lows at $ 1,532.05. Observed by far the rebound back to the area of ​​$ 1,536.35.

Based on technical analysis, MACD crossover and above indicate an uptrend targeting areas of $ 1,548 in the short term, while at the bottom side support levels are located in the area from 1525 to 1514.

News and Reviews Economic Zone of Asia (Hong Kong)

Hong Kong's April Retail Sales Up 27.7%; Top Expectations

Tuesday, May 31, 2011

Hong Kong's retail sales value rose 27.7% in April from a year earlier to HK $ 32 billion, since the arrival of tourists terlambung strong and stable domestic demand, the Census and Statistics Department (CSD) said on Tuesday (31 / 5).

The growth rate is higher than the 26.2% rise in March and also higher than expected 23.9% average of eight economists surveyed by Dow Jones Newswires.

Hong Kong retail sales by volume rose 21.9% in April from a year earlier, accelerating from March at the 20.2% increase and above the estimated average increase of 20.0% of the survey.

The arrival of visitors last month rose 20% from a year earlier to 3:36 million, terdongkrak with a sharp rise in visitors from mainland China.

News and European Economic Review (Ireland)

Irish No Need Bailout Supplement

Tuesday, May 31, 2011

Dublin Ireland denies speculation the bailout will add a second from the EU / IMF. Dublin is remove yourself from the debt crisis that struck the Greeks, who were trying to avoid default and seems to need a second bailout to cover the funding needs.

"No need for additional bailout," said Finance Minister Michael Noonan told RTE. "EU Funds / IMF enough to help Ireland run the program until the end of 2013." Noonan pointed out Dublin will test the bond market sentiment towards the Irish in the final quarter of 2012 after an absence of two years. "We will not fully return to the market, but we expect the debt management agencies can collect some private funds in the last quarter of next year."

Many economists predict the additional aid and debt restructuring may not be avoided by the Irish. Although the portion of the debt is reduced, but remained high at 120% of GDP and Irish bond yield continues to increase.

News and European Economic Review (Greece)

Euro Stronger As Fears subside Greece

Tuesday, May 31, 2011

The euro had gained on the stock on Tuesday in line with the fears of the Greek situation eased slightly after the report that Germany will push scheduling plan Greek bond maturity to facilitate the new loan assistance package to that country.

The euro traded so far gained 0.88% to the 1.4406 level against the dollar, touching its highest point and 4-week terkerek rose against the pound sterling, yen and Swiss franc.

Optimism over the prospects for settlement of Greece seemed to produce a rally in the Euro, though for a while this uncertainty is still high because the ECB officials, the IMF and European Union are still doing further reviews in Athens so that market participants are still waiting for further comment about the IMF program at the end this week and early next week.

News and European Economic Review (Germany)

German Support the Euro, but the Greek Drag Euro

Tuesday, May 31, 2011

Investors this week will be confusion due to the German attitude that underpin the euro currency but instead with Greece.

News maze between Germans are positive, so the currency is strengthening euro rally but still vulnerable because of the increase is only supported by the euphoria of optimism that is not necessarily occur.

Germany's decision to allow time for the Greeks not mean that the restructuring will be inevitable, when the investors realize it is not impossible to turn back the Euro currency to weaken.

Based on technical studies, the pair EUR / USD is still in progress wave-5 from the Elliott Wave pattern since the rally from 1.3970 area after the target 1.4435. At the level of the new possibilities occur correction to the area width up to 1.4345 & 1.4245. Fell below that area could trigger further bearish momentum to test key support level of 1.4200. Above the 1.4435 resistance level lies at 1.4495 area.

Survey: Oil Prices Will Rise This Week

Monday, May 30, 2011

Oil prices will rise due to strong Asian demand which can imbangi slowing demand for developed countries, according to CNBC survey. Oil touch $ 101.90 last week after the G-8 leaders express tough global economy.

Half of the 10 analysts surveyed predicted an increase in oil prices this week, three expect price declines and the two expect prices will remain steady. The focus this week is a manufacturing index (Wednesday) and employment data (Friday) that can give would signal the world's biggest energy consumer demand. The data may confirm slowing U.S. economic growth amid high input prices, supply disruptions caused by the tsunami than Japan and China demand.

Although there is no certainty of Chinese demand, but analysts are still optimistic that Asian demand will remain strong, more than enough to Balance slowdown of developed countries. "Even with the gloomy economic indicators from the U.S. and China last week, oil remained above $ 100," said Andre Julian, officials OpVest. "Demand for Asia will continue to increase into the summer, even more so with the Japanese economic reconstruction efforts. History also show the increasing oil prices in June in 10 years, except in 2 years but less than 10% reduction. Although there is no indication of action sell up to the range of $ 95, that level is a support and a good opportunity to buy. "

News and Reviews Economics Asia (Korea)

Kospi ended 0.3% Minus

Monday, May 30, 2011

Kospi closed down 0.3% at 276.30. Foreign investors sold technology stocks amid sentiment ahead of the release of U.S. economic data including the ISM manufacturing data this week and the unemployment index.

Release of a series of U.S. data this week to limit the strengthening Kospi, according to Daishin Securities analyst, Jai-sik Choi. "Action has begun to decrease sales, but foreign investors seem to have re-entered the local market, at least until mid-June." KTB Securities analyst, Park Seok-hyun said the decline in U.S. economies data would seem to burden the Kospi in the short term, but the impact seems limited.

Bellwether Samsung Electronics fell 0.8% to KRW884, 000, while the chip manufacturer Hynix dropped 5.8% to KRW29, 500. LG Display fell 3.1% to KRW36, 000. Samsung SDI fell 11.5% to KRW177, 500 after Samsung Electronics said last week it plans to shift operations to Samsung SDI diesel fuel valued at KRW160.8 billion.

News and European Economic Review (Portugal)

Arrived in Portugal, IMF Prepare Monitoring

Monday, May 30, 2011

IMF arrived in Portugal on Monday to begin to lay the groundwork in order to monitor the readiness of these countries in meeting the requirements of the bailout agreement worth? 78 billion that occurred in early May.

The IMF will be in Lisbon for 2 days (30 & May 31) to melakukankan some preliminary work before running a more thorough review in September, where Portugal will obtain appraisals for the first time linked the country's progress in meeting the requirements of the bailout package 3 years, according to a press Portugal news agency, RTP Noticias, on Monday.

Portugal has agreed to get a bailout package from the IMF, the European Union and the European Central Bank in May in an attempt to help overcome the shortage of capital in the banking sector, while the country itself are struggling with large budget deficits and structural reform of its institutions aimed at creating strong economic growth and sustainable.

"Technical assistance has become one of the IMF mission, which would monitor public finances and provide some technical assistance on public financial management," said Public Relations Director of the IMF, Caroline Atkinson.

News and Reviews European Economic Zone (UK)

BoE: Should Delay Tightening

Monday, May 30, 2011

British Chamber of Commerce (BCC) warned higher interest rates the Bank of England could damage the economic recovery. BoE have to wait until the recovery is more certain and stable, said David Kern, BCC chief economist said, announcing the revision of economic growth to 0.1% from 1.3% to 2011.

BCC sure BoE will Tighten monetary policy in early August despite the optimistic analyst's central bank will not change the policy until early next year. Kern believes the central bank will begin tightening in August but still opposes the policy. Kern believes the UK economic recovery was still too fragile at this time to face the next shock when the government is trimming the deficit Boost program. However, the BCC believes England will not be re-dropped into the abyss of recession. "Although the BoE should Tighten monetary policy by damping inflationary pressures, but we expect the central bank will provide the opportunity for recovery to stable first," said Kern told CNBC.

Meanwhile, the sterling weakened in trading on Monday, trading near 1.6468 1.6457 daily low levels.

News and Reviews Economic Zone of Europe (Greece)

Discuss European Greek Bailout Terms

Monday, May 30, 2011

European leaders prepare limits to outsiders in Greek debt settlement intervention. Clearer provisions required for international intervention against the tax and the privatization of assets can be avoided.

Parties involved in the talks said that the new bailout package will include the provision of incentives for asset holders Greece. Especially for those who are willing to accept the rescheduling repayment of Greece. Not only that, Europe is currently discussing a new volume trimming mechanism which will apply Athens.

To achieve 60-70 billion euro loan, Greece was forced to give up state assets as part of the rescheduling repayment terms. EU and IMF could then be given an additional injection of 30-40 billion euros to complete the commitment of aid worth a total of 110 billion euros. European officials warned that any part of the bailout agreement vulnerable trigger resistance. Either by the government and institutions concerned.

On Friday, the government failed to reach an agreement with the various political parties Happenings new bailout. Yet the political consensus is a prerequisite for European assistance. At the same time, the ECB continued to argue the issue of restructuring the outstanding debt to the surface. An ECB officials claim that everything can be controlled if all things neat.

Prone gold Corrections Despite High Investment Demand China

Friday, May 27, 2011

Chinese demand for gold bars and coins in line with private investment to boost imports of precious metals over 400 tons in 2011, according to one estimate consultancy GFMS.

The increase in investment interest in silver is also a factor increasing industrial demand for silver and China's overall consumption will exceed domestic supply this year. Estimation of China for gold investment demand alone is expected reach 300 tons this year rose from 200 tons in 2009.

The increase in demand from China came in when there are fears of inflation amid weakening dollar boosted gold prices to record highs lately had won $ 1,575 in early May before falling sharply due to a sell-off panic commodities and increase Necessary margin transactions in the operator Shanghai and New York.

Gold rally during the decade long enough to bring the increase of gold reached $ 1,600 per troy ounce at the end of the year according to the FMS consultant agency.

Looking at technical analysis, gold rebounded from 61.8% Fibonacci level ($ 1,464) is still in line with the cutting line MACD indicates a bullish trend in the medium term. But short-term indicators of Gold, has shown overbought condition (overbought) look of the RSI, it can be predicted this rise can not last long for the short term.

Gold Breakout from consolidation range that form along the last quarter of 2010 until the end of Q1 2011, so the best strategy at this phase is to buy on a dip of Gold in the event excessive attenuation, with a target in new highs Fibonacci projection area $ 1,600

News and Reviews Economic Zone of Asia (Japan)

Land and property prices in Japan fell after the earthquake

Friday, May 27, 2011

TOKYO. Ministry of Land, Infrastructure, Transport and Tourism said the impact of the earthquake in March 2011 and made ​​the price of land and property in Japan fell more than two-thirds of the previous.

From 146 locations in the survey, at 98 locations price decline over the next three months that ended on April 1, 2011.

This survey does not include locations such as Sendai and Urayusu earthquake affected most. The construction of high buildings and property at the beach too slow. "We need time to rebuild," said Yutaka Iwaki leader of this research.

From the survey, only two regions that showed increased land prices by 3% ie Kobe and Ashiya. The two areas are known by the location of luxury residences near the harbor. While 46 other regions unchanged.

Prices fell 40% residential area, larger than the decrease of 17% the previous month. For commercial areas, property prices fell 77% from 68% in the previous month.