The Spanish economy contracted more than forecast in the fourth quarter
as harsh austerity measures aimed at reducing the country's huge public
debt continued to hold back growth. The gross domestic product
contracted 0.7 percent quarter-on-quarter in the fourth quarter of 2012,
the latest figures from statistical office Ine showed Wednesday.
Economic confidence survey data from Eurozone is the major data due on
Wednesday, headlining a light day for the European economic news.
Retail sales in Japan added a seasonally adjusted 0.1 percent in
December, the Ministry of Economy, Trade and Industry said on Wednesday,
worth 13.098 trillion yen. That was shy of forecasts for an increase of
0.4 percent following the downwardly revised 0.1 percent contraction in
November. On a yearly basis, retail sales were up 0.4 percent - beating
forecasts for a gain of 0.3 percent after adding a downwardly revised
1.2 percent in the previous month.
South Korea's industrial output added a seasonally adjusted 1.0 percent
on month in December, Statistics Korea said on Wednesday - rising for
the fourth straight month.
The headline figure was in line with expectations and follows the
upwardly revised 2.6 percent increase in November (originally 2.3...
South Korea posted a current account surplus of $2.25 billion in
December, the Bank of Korea said on Wednesday - remaining in the black
for the 11th consecutive month but hitting an eight-month low.
The headline figure was down from the upwardly revised surplus of 6.91
billion in November - which...
The dollar has pulled back against all of its major competitors on
Tuesday, following the release of a pair of weaker than expected
economic reports. Investors have also been playing it cautious ahead of
Wednesday's announcement from the FOMC, which began its 2-day meeting
today.
Home prices in major...
With an increase in payroll taxes negatively impacting sentiment, the
Conference Board released a report showing a substantial deterioration
in U.S. consumer confidence in January. The Conference Board said its
consumer confidence index tumbled to 58.6 in January from an upwardly
revised 66.7 in December. With the decrease, the index fell to its
lowest level since November of 2011.
Home prices in major U.S. metropolitan areas rose by slightly less than
expected in the month of November, according to a report released by
Standard & Poor's on Tuesday.
The report showed that the S&P/Case-Shiller 20-City Composite Home
Price Index rose by a seasonally adjusted 0.6 percent in November
following a revised 0.6 percent increase in October.
Japan's government on Tuesday approved a record budget for the fiscal
2013 that envisages spending cuts, the first time in seven years, and a
reduction in new bond issuance. Prime Minister Shinzo Abe's Cabinet
endorsed a JPY 92.6 trillion budget for the coming fiscal year, cutting
the size of overall government spending to gain control over the
widening budget deficit.
German consumer mood is set to rebound in February as households expect
their future income to increase further as the economy emerges from the
lull induced by the euro area debt crisis, a monthly survey by GfK
revealed Tuesday. The consumer confidence index for February rose to 5.8
from 5.7 in January. This was the first increase in the forward-looking
index in three months.
India's central bank reduced its key rates for the first time in nine
months, reinforcing its shift in stance to address growth risks.
However, the bank sees limited scope for aggressive reductions, given
the higher inflation level. The Reserve Bank of India, or RBI, decided
to cut the repo rate to 7.75 percent from 8 percent as widely expected
by economists at its third quarter review on Tuesday.
Consumer confidence survey data from Germany is the major data due on
Tuesday, headlining a light day for the European economic news.
Australia's business confidence recorded a sharp jump in December as US
lawmakers avoided a "fiscal cliff" while further evidence showed that
the Chinese economic growth is gathering pace, a survey by the National
Australia Bank (NAB) showed Tuesday. The business confidence index
climbed to 3 in December from -9 in November.
New Zealand posted a merchandise trade surplus of NZ$486 million in
December, Statistics New Zealand said on Tuesday, or 12 percent of
exports.
The headline figure beat forecasts for a deficit of NZ$105 million
following the NZ$700 million shortfall in November. It also marks the
largest trade surplus...
The dollar is currently trading with mixed results at the start of the
new trading week. The U.S. currency is relatively flat in comparison to
the Euro, but is gaining ground against the pound sterling. The buck is
also slightly lower compared to the Japanese Yen
With orders for transportation equipment...
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