mynameisandhy

Speculators Cut Bullish Oil Position

Monday, November 10th, 2014

Speculators cut their bullish positions terhadpa US crude to its lowest level in 20 months as they lose confidence that OPEC is willing to relieve excess global oil supply. Financial managers cut a long position in West Texas Intermediate crude by 8% last week, according to data from the US Commodity Futures Trading Commission. The number of long positions fell to its lowest level since May 2013, while the number of short positions increased.

WTI tumbled into a bear market this year following the increase in the supply of crude oil from Libya and the US to reduced demand from Europe to China. Saudi Arabia cut the cost of exports to the US this month, signaling a preference for the part of the market rather than the price. Saudi Arabia covers about a third of OPEC output and OPEC will hold a meeting within the next two weeks to discuss the supply. "The market requires action from OPEC and the price cuts were made just for the US by Saudi Arabia," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. "It is making investors think 'Jeez, this does not seem to help.'"

News and Economic Review Zone Asia (Japan)

Current-account & Machinery-orders So Investors Focus Japan

Monday, November 10th, 2014

Japanese shares fall to low levels in the past week in early trading last week (10/11) due to the yen strengthened sharply against the dollar to a level of 114 after responding to US employment data which was released under ekepektasi last weekend.

On Monday, the yen had strengthened to the level of 113.84 after the weekend trade recorded weakened to 115.46, Reuters platforms. The main index Nikkei (N225) ended down 0:59 or -99.85% in the range of 16780.53 points.

On the stock exchange floor seem Nippon Telegraph and Telephone Corp. fell as a result of revenue profit warning after the company warned that the 'net profi't fiscal year will drop 10% compared to previous projections estimate that there are bulls thin.

However, investors' focus this week will be on the release of the data the current account which will air Tuesday and data machinery orders in Thursday where the current account surplus is expected to rise, while the production of machinery orders data is projected to decline throughout the month of September.

Figures estimated current account surplus of 534.2 billion yen in September from the previous month at 287.1 billion yen. While the data machinery orders m / m will decline 1.9% in September, a sharp drop from the previous month in August which recorded 4.7% increase, according to a Reuters poll.

In addition to important economic data that are the focus of investors, a summit of world leaders will also be the center of attention on the market this week. A total of 21 world leaders from countries which are members of the APEC group will meet in Beijing on 11 November to discuss the agenda such as economic integration and growth prospects of reform. In addition, the G20 Leaders Summit will also be held in Brisbane, Australia on November 15 to 16.

News and Economic Review Zone Asia (China)

China's Annual Inflation Rate Stable in October

Monday, November 10th, 2014

The annual inflation rate of consumers in China are still close to the low level of 5-year in October at 1.6%, re-strengthen the evidence that the state of the world's second largest interconnected economy is slowing and make room for the government to stimulate growth if necessary. Analysts expect the annual inflation rate to 1.6% of consumers in October, the same as in September.

On a monthly basis, the rate of consumer inflation flat in October, according to the National Bureau of Statistics on Monday, it is compared with expectations for a rise of 0.1%. The producer price index fell as much as 2.2% from last stahun, decreased for 32 consecutive months, as weak demand levels depress the marketability of the company. The market expects a 2.2% decline sebeasr on the producer price index followed a decline of 1.8% in September.

News and Economic Review Zone Asia (Japan)

Economists Call Abe Will Raise Tax Return

Monday, November 10th, 2014

12 of 15 economists surveyed by Bloomberg said the Prime Minister of Japan, Shinzo Abe, will again raise taxes next year as planned. Economists from JPMorgan Chase & Co. and UBS AG are two of the few economists who predicted it.

Based on a survey conducted on 31 October to 5 November Abe is expected to raise taxes by 2% to 10% in October next year. Abe decision will be taken on the terms of the health of the Japanese economy before the end of this year the deepest contraction in the last five years after the tax increase in April.

Japanese Economics Minister Akira Amari, said Abe neutral toward tax increases. Amari also said he could not say how the required growth rate in the third quarter to decide whether the tax will again raised.

Economists predicted Japan's economy is expected to grow 2.8% (year-on-year) in the three months ended September, after the previous quarter slumped 7.1%.

News and Economic Review Zone Asia (China)

The growth of China's economy Sustain Export Sector

Monday, November 10th, 2014

The country's exports rose more than estimated in October, signaling the level of foreign demand might help prop up the economy is expected to grow at the slowest pace since 1990. Exports increased by 11.6% since last year, exceeding the estimate of 10.6%. Imports rose as much as 4.6%, compared with a projected sebeasr 5%, making the trade surplus was 45.4 billion dollars, according to the customs administration.

Recovery in the US and Europe sustain export growth, with both regions cover about almost one-third of export orders. The level of exports to Hong Hong, which is only for transit, rose as much as 24% in October. Incompatibility between the trade data released by the China and Hong Kong have raised concerns false invoices, which used to spite avoiding capital flows to China.

"The US recovery is strong enough that pushing up the rate of China's exports," said Hu Yifan, chief economist at Haitong International Securities Group Ltd. in Hong Kong. "There may be a slight error in the data due to trade false invoices, but not like last year."

OPEC Cuts Oil Price Projections & Global Demand

Friday, November 7th, 2014

Group the world's largest oil exporter, cut its forecast for growth in the price and the level of global oil demand. In World Oil Outlook, which was released Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said there would be "a slight decline in the real value" of the decade along with the "nominal price constant" at $ 110 a barrel from the current 2020 . Projections for the US economy increased, while the prediction for the country "BRIC" (Brazil, Russia, India and China) are trimmed in the medium term. OPEC added that there is the risk of "excess capacity in the oil sector."

The report was released at a bad time for the oil market. WTI crude oil prices touching the lowest level since August 2011 earlier this week after Saudi Arabia cut the price. Adel Abdul Mahdi, Iraq's oil minister said that OPEC has experienced "perdang price" in his camp alone, and there is concern that it will lead to a race down the price of oil which is very hurting exporters of oil.

News and Economic Review Zone Asia (China)

Car sales in China soared During October

Friday, November 7th, 2014

Vehicle sales in China last month grew at the fastest pace for the first time since June, dealers often offer more incentives to achieve their full year target before the end of the fourth quarter.

Passenger Car Association said in a report today on their blog sites that retail deliveries of cars and SUVs multipurpose rose as much as 9.3% to 1.66 million units for the month of October. Sales have slowed for a period of three months for each type of vehicle since rose by 14% in June, according to data published by the group.

The dealer usually within two months terakhi rmengatakan as the busiest period for the sale of the vehicle, they called as "Golden September and Silver October." The increase in sales helped ease concerns that the world's largest automotive market is slowing down, as demand for commercial vehicles slumped in which analysts estimate the economy will expand at the slowest pace for a full year since 1990.

"The dealers insensitfnya may increase in the coming months to help out requests." said Song Yang, an analyst at Barclays Plc in Hong Kong.

Jeff Chung, an analyst at Bank of America Merrill Lynch in its report of November 3 saying that Volkswagen AG and General Motors Co. started to reduce prices on some models produced by the cooperation partner SAIC Motor Corp. which until the last week of October. Discounts given by them should provide further pressure on manufacturers from Japan and Korea during the fourth quarter, said Jeff.

Nissan Motor Co. and Honda Motor Co., reducing their sales forecasts in two weeks, citing the rigors of competition. Both reported sales declines in October. Toyota Motor Corp. melawantren success by scoring an increase of 27%, helped by sales of the Corolla sedan them.

News and Review of European Economic Zone (UK)

UK Trade Deficit Widened Back In September

Friday, November 7th, 2014

The gap between how much the value of imports and how much the value of British exports in September continues to widen, driven primarily by an increase in imports mimyak and growing trade deficit with Germany, based on data released by the government on Friday.

The trade deficit for goods rose to 9.8 billion pounds ($ 15.5 billion) during the month of September, it was reported by the Office for National Statistics (ONS).

The number is up from a deficit of 9 billion pounds, as the UK exported 4.2% more goods throughout the world, but imports also increased by 5.8% larger. The deficit is still lower than the 10.1 billion recorded in the month of September 2013.

The biggest contributors to the surge in imports in the year to September is the increase in the purchase of oil, especially from countries outside the European Union, said the ONS.

The weakening economy in the eurozone and the strong pound was also hurt the value of exports during the third quarter. Goods trade deficit with Germany, which is Britain's biggest trading partner, has been rising gradually to be the largest ever recorded during the third quarter, according to the ONS.

For the first nine months of this year, the trade deficit in goods amounted to 2.3% greater than the same period in 2013, according to figures from the ONS. It is mainly caused by the economic downturn in the euro zone, which is Britain's biggest trading partner and sanctions against Russia.

News and Review of European Economic Zone (France)

French Industrial Production Flat For In September

Friday, November 7th, 2014

French industrial production stabilized in September as rising energy production imbangi decline in agricultural production and other items, on show in the government data on Friday.

Industrial production in the country with the second largest economy in the Euro zone flat in September compared with August, it was reported by the national statistics bureau Insee. Economists surveyed by the Wall Street Journal predicted to decrease by 0.2%.

Insee also revised down industrial production figures for the month of August to be a contraction of 0.2% from the previous reading to unchanged on the month.

News and Review of European Economic Zone (Germany)

The increase in German industrial production in the Lower Estimates

Friday, November 7th, 2014

German industrial production rebounded in September from a slump in August, although the increase is still below economists' estimates. Destatis reported industrial production rose 1.4% in September from August, lower than economists' estimates of 2.0%. While production data for August was revised to -3.1% from -4.0% the previous release.

Details of the report shows the output of capital goods rose sharply to 4.5%, manufacturing output rose 1.7%, while construction output fell 1.2%.

The report was released a day after Destatis reported factory orders rose 0.8% in September, while August was revised to -4.2% from -5.7%. The increase in factory orders were also below economist estimates of 2.2%.

The second weakness of the report makes some analysts expect the German economy will return to contract in the third quarter, and will be the second consecutive quarterly contraction. The European Commission has lowered its growth forecast to 1.3% of the German economy this year and 1.1% next year, from a previous projection of 1.8% and 2%.

Maintain WTI oil gains of EIA report

Thursday, November 6th, 2014

West Texas Intermediate oil maintained its gains from the biggest gain in two weeks after government data showed crude stocks fell in the hub of the largest refineries in the US. Brent oil steady amid Libya's main oil refinery closes them.

Futures contract was little changed in New York after yesterday's rise of 1.9%. Supply of crude oil at Cushing, Oklahoma, which is the delivery point for the WTI contract, shrank by 551 000 barrels last week, it was the first drop in four weeks, reported by the Energy Information Administration. Libya stop Sharara refinery belongs to those who have been disrupted by strikes and violence in the past, according to two people who know about it directly.

Oil was trading in a bear market amid signs that the global supply exceeded demand. Led by OPEC producers who have resisted calls to cut production as they are competing with the US, which pumps the fastest pace in more than 30 years. Oil prices are falling has "worrying everyone," said Foreign Minister Venzuela, Rafael Ramires when he met with the Saudi Arabian Oil Minister Ali al-Naimi said yesterday.

"This is a turning point for US crude reserves to reduce expansion and start to go down in the middle of the oil refineries increase their operational level to meet the demand for heating oil in the winter," said Kang Yoo-jin, a commodity analyst at Woori Investment & Securities Co. in Seoul today. "Oil may be recovered in the next three months because of low prices can cause problems for the players US shale oil and Canadian producers."

News and Economic Review Zone Asia (Japan)

Nomura: BOJ Stimulus Adding to Return in 2015

Thursday, November 6th, 2014

The Bank of Japan still is not finished with monetary stimulus and will probably surprise the market return for the third time as trying to cushion the impact of the sales tax increase is "almost inevitable", according to Nomura Holdings Inc .. central bank's decision on October 31, then separately add strengthen the bond-buying opportunities that Prime Minister Shinzo Abe will run the plan to raise the national sales tax, according to economists. Abe will be decided at the end of the year if the sales tax will be raised to 10% from October next year, from 8% today.

"Most likely we will see additional easing again along with the increase in public spending around the time of the sales tax increase," said Toshihiro Uomoto, chief strategist at Nomura credit. The yen may weaken will deepen with increasing purchasing program by the BOJ at risk diminish confidence in the currency, he added.

News and Review of European Economic Zone (Switzerland)

SNB Jordan: Gold Swiss Referendum "Dangerous"

Thursday, November 6th, 2014

Results of voting whether to be Switzerland raised its gold reserves would be harmful to the economy, according to the governor of the Swiss National Bank in a newspaper which was released Thursday. The proposed "Save our Swiss gold", made by the right-wing Swiss People's Party (SVP), the central bank plans to ban reducing its gold reserves and the central bank has at least mengharusnya gold at least 20% of its assets. The referendum is scheduled for November 30. SVP think it will stabilize the exchange rate of the franc. The idea has caused anxiety in the currency markets and gold, mengungat it will make the Swiss National Bank (SNB) to increase its stake in gold in large quantities.

Governor SNB, which has opposed the proposal, saying it will make the central bank's job more difficult. "The idea is not from Switzerland for wanting to change fundamentally our monetary policy," said Thomas Jordan in the Swiss newspaper, Neue Zuercher Zeitung. "It would be dangerous if the Swiss limits its ability to act against the chaos and maintain the stability of its currency." Jordan said the result "yes" vote on the SNB will be urged to buy gold worth about 70 billion Swiss francs (70 billion dollars). Survey last month showed the public supported the proposal by 44%, less than the majority it needs to be approved. The results of another poll last week by the Swiss newspaper, 20 Minuten show support for the proposal has been reduced.

In a separate interview, Jordan said that the proposal of the gold may make the central bank more difficult to maintain the minimum exchange rate at brick 1:20 francs per euro, introduced last September 2011 to prevent deflation and recession. "The minimum exchange rate at this time it is important to meet our monetary mandate," said Jordan. "Support for the proposal that the gold will make the application of the minimum exchange rate more difficult."

News and Review of European Economic Zone (UK)

Bank of England Hold Interest Rates, Focus On Inflation Report

Thursday, November 6th, 2014

Bank of England, which had expected to start raising interest rates from near zero English this month, this time seems to be signaling no rate hikes until the middle of next year. Bank of England kept interest rates at 0.5% level, which has not changed since the financial crisis in 2009, at a policy meeting that ends on Thursday, according to economists' estimates. The current focus will be on economic projections that will be released by the Bank of England on 12 November, which would indicate a bad outlook covering the rapid recovery of the UK economy since the BoE's latest quarterly projections released in August.

The combination of weak inflation rate could fall below the level of 1% in the near term, the rate of wage growth is low and the risk of the euro zone falls back into recession, has prompted a number of senior central bank officials to say that they are not ready to start re-normalizing monetary policy. Trimming inflation expectations and growth rates next week will probably drive the financial markets to be sure that there will be no interest rate rise until mid-2015, after the British parliamentary elections in May, or perhaps even longer.

Alan Clarke, economist at Scotiabank, predicted the BoE will cut its forecast for inflation in the period of 2 years to 1.7% from 1.8%, below the BoE's target of 2%. "If our forecast is correct, then the market might conclude a rate hike will not occur until the end of 2015," he said. In contrast with this, Simon Wells of HSBC said that while the BoE will probably cut its forecast for short-term inflation, but the central bank will probably raise the medium-term inflation projections to show how much dampat low interest rates on growth. "Given this, we do not estimate a dovish inflation report," he said. Economists predict the presence of a slight decline in the BoE projections last August, which is to the 3.5% for this year and 3.0% for 2015.

News and Review of European Economic Zone (UK)

Industrial Production Rises in the UK in September

Thursday, November 6th, 2014

UK industrial production rose more than economists forecast in September as production and transportation of oil rebounded from a decline in the summer.

Production rose by 0.6% compared with a decrease of 0.1% in August, in the report by the Office for National Statistics said today in London. The median estimate of 30 economists in a Bloomberg survey showed to rise 0.4%. Manufacturing output rose by 0.4%, also higher than the estimate.

In the third quarter, industrial production rose by 0.2% compared with the previous estimate of 0.5% rise. Downward revision will impact minimal, less than 0.1%, the total estimate for third quarter GDP growth since the category comprising less than 15% of economic activity.

The pound rose after the data are published, and are traded in the range of $ 1.5975, little changed from yesterday's close at 16:50 pm.

US Crude Oil Supply Increases

Wednesday, November 5th, 2014

US crude oil supplies increased last week, while gasoline and distillate supplies fell, according to data from the Energy Information Administration on Wednesday. Supplies of crude oil rose as much as 460,000 barrels last week, compared with analyst estimates for an increase of 2.2 million barrels. Supply of crude oil on the shipping destination Cushing, Oklahoma fell as much as 551 000 barrels, according to the EIA. Refinery output rose as much as 356 000 barrels per day, according to EIA data. Utilitasi refinery level rose as much as 1.8%.

Gasoline supplies fell as much as 1.4 million barrels, compared with expectations for a decline of 380,000 barrels. While the supply of oil distilled, which include diesel and heating oil, fell as much as 724 000 barrels, compared with expectations for a decline of 1.8 million barrels, according to EIA data. US crude oil imports last week fell by as much as 426 000 barrels per day.

News and Economic Review Zone Asia (Japan)

Kuroda Vows to Reach Target Inflation

Wednesday, November 5th, 2014

Bank of Japan Governor Haruhiko Kuroda, which last week surprised the global financial markets by increasing the stimulus program, said the central bank was ready to do more to achieve the inflation target of 2% and re-invigorating the economy. Kuroda stressed that the BOJ has the determination to do whatever it takes to achieve the inflation target within two years and end deflation for almost two decades.

"There is no change in our policy to try to achieve the 2% inflation target as soon as possible, the estimated time of approximately two years," Kuroda said on Wednesday. "There are no restrictions on our policy tools, including the purchase of Japanese government bonds," he said responding to a question from one of the private post-speech analysts.

News and Review of European Economic Zone

Eurozone PMI Weak in October

Wednesday, November 5th, 2014

The growth rate of the business sector in the euro zone grew less than expected in October despite the existence of a deeper price cuts, according to a business survey on Wednesday that gave little reason to be optimistic about the coming months. The companies today are reducing the price for more than 2-1 / 2 years last month and slashed the price of the sharpest rate since early 2010, when the euro bloc plunged into financial crisis. Weak growth and further price cuts will add pressure on the European Central Bank as it seeks to prevent deflation and re-push inflation stood at 0.4% in October out of the "danger zone" and back towards the target.

Markit composite PMI rose only slightly from 10-month low level in September at 52.0, is at 52.1. Although this is above the 50 level for 16 consecutive months, but the expansion was driven by the effort. The sub-index for output prices fell to 47.1 from 48.5 in September, its lowest level since February 2010. "The threat of economic stagnation and a growing risk of deflation will increase the pressure on the ECB to do more to stimulate demand in the euro zone, reinforcing opportunities scale quantitative easing full, "said Chris Williamson, chief economist at Markit.

News and Review of European Economic Zone (UK)

UK Services Sector Growth Rate Slows Sharply

Wednesday, November 5th, 2014

The increasing economic uncertainty in the UK reducing the rate of growth in the services sector more than expected last month, according to the survey results on Wednesday, which signaled a significant slowdown in the recovery at the end of the year. Service sector PMI from Markit / CIPS on Wednesday fell to a 17-month low at 56.2 in October from 58.7 in September, lower than analysts' estimates. While the index remains above the 50 level that is higher than the historical average, the figure is an indicator of the current UK economic indicators are lower than expected.

Meeting of the Bank of England officials this week will consider the survey as a measure of when it will begin raising interest rates. The UK economy is now expected to grow by around 0.5% in the last quarter of 2014, compared with 0.7% in the third quarter, according to Markit. BoE last month estimated fourth-quarter growth rate of 0.8% sebeasr. Markit also said economic growth can still continue to weaken Britain.

The combination of anxiety about the euro zone, the risk of a sharp slowdown in China, uncertainty regarding US monetary policy and geopolitical anxiety, all of which inhibit recovery services sector last month, according to Chris Williamson, chief economist at Markit. "The slowing pace of growth in the services sector push back the prospect of higher interest rates," added Williamson. "The spate of poor economic data in recent years has led to some uncertainty terhaadap outlook."

News and Review of European Economic Zone

Euro Zone Continues To Crawl Into The occurrence Deflation Risk

Wednesday, November 5th, 2014

Eurozone moves closer to the moment in which the risk of deflation becomes a reality.

Firms reduce their prices to the lowest level since 2010 in the middle of them trying to boost sales in the face of sluggish economy and slowing new orders, reported by Markit Economics today. This has pressured margins and reduce resources for hiring and investment and reduce economic opportunities for rebounds, said the company is based in London.

The European Central Bank pumped money into the banking system to trigger inflation has not reached the target of policy makers since the beginning of last year. With manufacturing and services activity index showed growth running slow, it is increasingly apply pressure to raise long-term loans and are ready to announce the asset purchase plan to prevent spiraling price declines in the currency bloc of 18 countries.

"The data in this month also looked pathetic, given the economic picture is being hobbled and more likely to take the picture worse than before," said Chriss Williamson, chief economist at Markit. "The combination of the threat of a stagnant economy and the increasing risk of deflation will add pressure on the ECB to do more to stimulate demand in the Euro zone, it strengthens the call for quantitative easing to full scale."

PMI index for manufacturing and services rose to 52.1 in October from 52 in September, is under estimation in the call for on October 23 at the level of 52.2. The index for services slipped to 52.3 from 52.4. A reading above 50 indicates expansion.

Abundant output, Hedge Funds Cut Bullish Oil Position

Tuesday, November 4th, 2014

Hedge funds reduce positions bullish on crude oil as US oil output hit a record adds an advantage in the global oil supply, sparking the longest losing streak in six years at the price of oil. Financial managers cut positions loong on West Texas Intermediate oil as much as 2.3% last week, according to data from the US Commodity Futures Trading Commission. The number of long positions fell to its lowest level in 17 months.

WTI oil price fell as much as 12% in October for the fourth month in a row, almost equal to the decline in oil prices when the global financial crisis. Production levels by OPEC rose to its highest level in more than a year last month, according to a Bloomberg survey, and the output is at As the fastest pace since at least 1983. The increase in the production rate occurred as the International Energy Agency cut its demand growth estimate for this year and 2015 .

"In 2008, the collapse in oil prices is largely due to permitnaan level," said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. "Currently, due to a decrease in the supply side."

News and Economic Review Zone Asia (Japan)

Car and Motorcycle Sales in Japan Increasingly Lethargic

Tuesday, November 4th, 2014

Japanese auto industry still fail to host in their own country. The low interest in shopping the people making the sales figures of four or more wheeled vehicles declined in the month of October 2014.

Automotive sales for automobile, trucks and buses for the region of Japan fell 9.1% compared to October 2013. According to the Japan Automobile Dealers Association some time ago, this decline marks a drop to 3rd in a row since August yesterday.

Domestic auto sales totaled 240.511 units in October. This figure does not satisfy the manufacturer because it is far below the number of best-selling vehicles in the past year. Sales of automotive product itself is vital to the Japanese economy as it is the first consumer spending data are released each month.

Meanwhile, in a separate place, Japan Light Motor Vehicle and Motorcycle Association said the number of requests for vehicles with 660cc power masksimal down 0.7% for the same period of the calculation. The decline was the first time in two months.

News and Review of European Economic Zone

Coeure Urges Euro Zone Government Reform Perform

Tuesday, November 4th, 2014

The euro zone economy risks losing momentum and delayed recovery unless the government adjusts its monetary stimulus from the European Central Bank and the fiscal and structural policies to sustain growth rate, according to one high-ranking ECB, Benoit Coeure on Tuesday. Coeure, which is a member of the ECB Executive Board, urged the government to immediately implement the reforms to strengthen the economy.

"Except for the presence of monetary, fiscal, structural level of confidence sufficient to encourage and maintain the level of investment and private consumption, we are once again at risk of losing momentum and stunted recovery," he said. "From our side, we are very committed to our part in joint policy, which aims to carry out our mandate and return inflation back to 2%."

The experience of the eurozone crisis and adjustment in the Baltic countries has shown that "overall, the reform earlier give better results than a gradual approach," Coeure said in a speech in Nicosia. switch to Cyprus, he said that there should be enacted that can speed up the legalization of private sector debt restructuring.

News and Review of European Economic Zone (UK)

Growth in UK Construction subside in October

Tuesday, November 4th, 2014

Growth in construction in the UK rose below economists forecast last month as the housing construction slumped to its lowest level in a year.

Markit Economics said that the PMI index fell to 61.4, the lowest level that is five months, from 64.2 in September. Economists estimate for a decline to 63.5, according to the median estimate in a Bloomberg News survey. A reading above 50 indicates expansion. Housing index fell to 61 from 65.8.

Hasiil data follows reports in recent months that showed housing demand weakened due to the latest regulations of the Bank of England which makes consumers more difficult to get a mortgage and consumer wedged at the prospect of higher interest rates in the next year. Nationwide Building Society said last month that the housing market has "lost momentum."

"The survey provides an indication of the beginning of October that the attenuation starts running around the UK housing market boom that has begun to weigh on residential construction sector," said Tim Moore, senior economist at Markit.

The respondents in the survey said that "in the housing market conditions are less favorable that has caused consternation among its clients," according to Markit. Commercial activity slowed in October, though still in the category of strong performance.

News and Review of European Economic Zone

European Union Eurozone Cuts Growth Forecast

Tuesday, November 4th, 2014

The European Commission on Tuesday reducing growth forecasts for the euro zone and the EU, citing tensions in the Middle East and the Ukraiana along with sluggish investment.

The EU executive today expect inflation in the euro zone is still below 2%, which is targeted by the European Central Bank until at least 2016. It allows to increase the expectations of stronger action from the ECB as the purchase of bonds and other assets on a large scale.

The European Commission said that this time they expect euro zone GDP to grow by 0.8% this year, down from 1.2% growth they expect in the spring of this year. In 2015, the Euro-zone economy will probably grow 1.1%, was also under the 1.7% growth seen in the spring of this year. In 2016, growth in the EU currency will rise to 1.7%.

Economic outlook for the euro zone dragged down by lower growth than expected in the major countries, including Germany, France, and Italy, for Italy in the estimate will turn back into a recession this year.

Tampakya picture is only slightly better for the wider European Union. 28 EU countries are now expected to grow by an average 1.3% this year, down from growth of 1.6% in the estimate in the spring. Next year, the EU's GDP is estimated to rise 1.5%, well down from its previous forecast at the level of 2%. In 2016, growth is seen to be 2%.