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  • Forex / Форекс - SIA Real Trade
    its franc limit in the foreseeable future The franc considered a haven in times of turmoil was trading at 1 2095 against the euro as of 12 18 p m in Zurich from 1 2114 yesterday Against the dollar it was at 91 25 centimes Swatch Earnings The Swiss currency s ascent of 9 percent over the past year is weighing on export demand and adding pressure on companies to lower costs just as euro region growth falters In France the area s second largest economy industrial output dropped 1 4 percent from the previous month statistics office Insee in Paris said today Italy s manufacturing production slumped 7 7 percent in December from a year earlier Swatch Group AG UHR the largest maker of Swiss watches on reported full year net income on Feb 7 that missed analysts estimates The franc s strength which cuts the value of sales generated in dollars and euros cut revenue by about 700 million francs 767 million it said The cost of Swiss imported consumer goods dropped 1 8 percent in December from the previous month and were down 3 2 percent compared with a year earlier today s report showed Prices for domestic goods rose 0 1 percent on the month and the year respectively In the U K producer price inflation slowed to 4 1 percent last month the weakest since November 2010 from 4 8 percent in December the Office for National Statistics in London said today The Bank of England which yesterday pledged to pump an extra 50 billion pounds 79 billion into the economy expects consumer price inflation to fall below its 2 percent target by the end of 2012 Risk Scenario Jordan said earlier this week that the franc remains very strong and that policy makers will not tolerate any trading below the minimum rate of 1 20 versus the euro There s currently absolutely no risk of inflation he said If the risk scenario of a further escalation of the debt crisis were to materialize economic activity in Switzerland would suffer a much more pronounced slowdown Jordan said Such a development would lead to a severe risk of deflation European stocks dropped today and the euro weakened against the dollar after euro region finance ministers held back a rescue package for Greece at a meeting in Brussels The Stoxx Europe 600 Index fell 0 4 percent Greece must pass its latest austerity package into law and identify 325 million euros 430 million in spending cuts before euro area governments endorse a second bailout plan Luxembourg Prime Minister Jean Claude Juncker said Greek lawmakers are set to convene this weekend to begin voting U S Confidence In the U S economists forecast a reading of 74 8 on the Thomson Reuters University of Michigan preliminary index of consumer sentiment which is little changed from a reading of 75 at the end of January the highest level in almost a year The trade deficit in the U S

    Original URL path: http://realtrade.lv/en/news/?id=1249&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    0 9 percent to 1 339 45 at 10 28 a m in New York Estimates for sentiment in the Bloomberg survey of 71 economists ranged from 71 to 79 5 The index averaged 64 2 during the last recession Bloomberg Measure Today s report contrasts with another confidence measure released yesterday The Bloomberg Consumer Comfort Index climbed to minus 41 7 in the period ended Feb 5 from minus 44 8 the prior week The Michigan survey s index of consumer expectations for six months from now which more closely projects the direction of consumer spending fell to 68 this month from 69 1 in January The index of current conditions which reflects Americans perceptions of their financial situation and whether they consider it a good time to buy big ticket items like cars decreased to 79 6 from 84 2 the prior month Consumers in today s confidence report said they expect an inflation rate of 3 2 percent over the next 12 months down from 3 3 percent in January Over the next five years the range tracked by Fed policy makers Americans expect a 2 9 percent rate of inflation up from 2 7 percent in January Gasoline Prices Higher fuel costs pose a threat to confidence and household spending A gallon of regular unleaded gasoline climbed to 3 50 yesterday from 3 28 at the end of 2011 according to AAA the nation s largest automobile association Fuel prices dropped to a 10 month low of 3 21 on Dec 20 Another concern is the possibility of higher taxes Congress is considering whether to extend a two percentage point reduction in the payroll tax Lawmakers agreed to continue the benefits for two months following a Dec 31 expiration because they were unable to agree on

    Original URL path: http://realtrade.lv/en/news/?id=1250&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    contribute to a reduction of the country s debt burden Dow Jones reported yesterday citing unidentified people briefed on the talks The agreement could reduce Greece s debt by as much as 11 billion euros Dow Jones said A formal offer for the debt swap must be made by Feb 13 to allow all procedures to be completed before the March 20 bond comes due Parliament may be called to vote on the terms of the writedown on Feb 12 state runs Athens News Agency reported yesterday without saying how it got the information Euro High The euro touched an eight week high against the dollar today reaching 1 3289 the most since Dec 12 European stocks advanced with the Stoxx Europe 600 Index up 0 3 percent after two days of losses U S index futures and Asian shares also rose Papademos met last night for constructive talks with Charles Dallara managing director of the International Institute of Finance which has negotiated the terms of the swap and Deutsche Bank AG Chairman Josef Ackermann according to an IIF statement Creditors are prepared to accept an average coupon of as low as 3 6 percent on new 30 year bonds in the exchange said a person familiar with the talks who declined to be identified because a final deal hasn t been struck yet While the prime minister and party chiefs have agreed to make further cuts this year equal to 1 5 percent of gross domestic product they have yet to close gaps over measures demanded by creditors for the rescue Unions which struck yesterday have derided the conditions as blackmail A Way Out There is a path here for Greece there is a way out for Greece if it wants to take it but there s no denying this will be tough Grant Lewis an economist at Daiwa Capital Europe Ltd in London said in a radio interview with Bloomberg s Ken Prewitt yesterday You are talking about multi year austerity packages against a backdrop of an economy that s shrinking very rapidly A Greek official said yesterday the government and international creditors were close to a final draft of an agreement on budget and structural measures needed to extend the financial lifeline Another official said earlier yesterday talks were focused on how to make up for a 550 million euro shortfall in new austerity measures for this year At stake is whether Greece wins the bailout secures a debt write off with private creditors and remains in the euro region Failure and the country s bankruptcy means even greater sacrifice Finance Minister Evangelos Venizelos has warned With elections due as early as April Greek political leaders are arguing over demands such as ensuring the viability of pension funds and reducing wage and non wage costs to boost competitiveness Second Bailout Efforts to win a second bailout from the troika have hung in the balance over the past five days as lenders demand officials sign up to measures

    Original URL path: http://realtrade.lv/en/news/?id=1248&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    Leaders Meeting Greek officials are working on the final draft of the document listing the budget and structural measures required to receive international funding a government official said The official who declined to be named said the document would be discussed by political party leaders supporting the government of interim Prime Minister Lucas Papademos at a meeting later in the day The official spoke to reporters in Athens The source

    Original URL path: http://realtrade.lv/en/news/?id=1246&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    in Frankfurt Huge Impact The three year loans had a huge impact across several asset classes said Huw Van Steenis a banking analyst in London at Morgan Stanley We ve gone from a period where the risk of a collapse was material to a situation where the systemic risk is coming down All this has given governments time to step up efforts to repel speculators Leaders last week agreed to accelerate to July a year ahead of schedule the introduction of a 500 billion euro bailout fund At the same time Germany Europe s largest economy may be open to the idea of combining that plan with the current temporary fund which still has about 250 billion euros Euro area members also are dispatching 150 billion euros to the International Monetary Fund which is trying to boost its coffers by 500 billion The result could be a combined cash pile of more than 1 trillion euros and likely more if planned leverage boosts Europe s totals even higher Geithner s Call The only way Europe s going to be successful in holding this together making monetary union work is to build a stronger firewall U S Treasury Secretary Timothy F Geithner said Jan 27 Political will also may be paying off Seeking to restore fiscal credibility governments last week inked a German inspired treaty that requires countries to legislate for balanced budget rules and speeds sanctions on nations with bloated deficits Italian Prime Minister Mario Monti s standing in opinion polls rose last month even after he pushed through 20 billion euros in tax increases and spending cuts along with a plan to liberalize the economy Merkel used her Jan 25 speech to the World Economic Forum in Davos Switzerland to underline her commitment to the euro saying officials must dare to pursue even more European integration to tackle a very clear erosion of confidence internationally Signs of Resilience Recent data indicate the region may be showing more resilience than previously predicted European services and factory output expanded in January for the first time since August led by growth in Germany and France London based Markit Economics said Feb 3 Economists at Goldman Sachs Group Inc said last week they now anticipate the euro area economy will contract 0 4 percent this year compared with December s prediction of 0 8 percent shrinkage The breathing space Draghi s ECB has provided is important for Europe certainly but it has also been very important for emerging economies because he has contributed to the stabilization of currencies and the revival of capital inflows Subir Gokarn deputy governor of the Reserve Bank of India said in a Feb 2 interview Still it s not the substitute for a structural solution which is needed The ECB s bank loans have failed to deal with pockets of insolvency said Stuart Thomson a portfolio manager at Ignis Asset Management in Glasgow Greece for example is struggling to cut its debt to 120 percent of gross domestic

    Original URL path: http://realtrade.lv/en/news/?id=1245&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    and push down unemployment Ryan who has supported legislation to have the Fed focus solely on stable prices said in opening remarks he was greatly concerned to hear the Fed recently announce that it would be willing to accept higher than desired inflation in order to focus on the other side of its dual mandate The hearing came one day before a report from the Labor Department that s forecast to show that the jobless rate stayed at 8 5 percent in January according to the median estimate in a Bloomberg News survey of economists Employers probably added 140 000 jobs to payrolls down from an increase of 200 000 in December according to the survey Signs of Improvement In other remarks yesterday Bernanke said the economy has shown signs of improvement while remaining vulnerable to shocks and he called on lawmakers to reduce the long term U S budget deficit To achieve economic and financial stability U S fiscal policy must be placed on a sustainable path that ensures that debt relative to national income is at least stable or preferably declining over time Bernanke said The Standard Poor s 500 Index advanced 0 1 percent to 1 325 54 at the close of trading in New York yesterday The yield on the 10 year Treasury note was little changed at 1 82 percent In adopting an inflation target the Fed joined central banks from Sweden to New Zealand that have such goals The exchange between Ryan and Bernanke turned on the wording of a statement last week explaining how the Federal Open Market Committee might reconcile its inflation target with maximum employment Balancing Objectives I don t think you should read into this any unwillingness to keep price stability as a critical goal of the central bank Bernanke

    Original URL path: http://realtrade.lv/en/news/?id=1244&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    Manufacturing and services growth accelerated to a seven month high in Germany and a five month high in France while contractions in Spain and Italy eased Markit said A composite gauge of euro region services rose to 50 4 in January up from 48 8 in December German business confidence jumped to a five month high in January The Ifo institute s business climate index based on a survey of 7 000 executives climbed to 108 3 from 107 3 in December the group said on Jan 25 The report adds to data that the country has shaken off a probable economic contraction in the fourth quarter Still the euro area economy may struggle to gather strength after expanding just 0 1 percent in the third quarter as governments from Ireland to Spain step up spending cuts to help restore investor confidence European unemployment remained at the highest in almost 14 years in December suggesting the region s debt crisis and cooling economic growth has prompted companies to cut jobs Recession in Certain Phases The euro area economy will probably expand 0 3 percent this year after growing 1 6 percent in 2011 the ECB said on Dec 8 when cutting borrowing costs a second time in as many months The central bank has offered banks unlimited loans for three years to prevent a credit crunch European Central Bank council member Ewald Nowotny said on Jan 30 that the euro area may fail to grow or show a recession in certain phases of this year Anecdotal evidence from survey respondents indicates that much of the improvement appears to be based on business and consumer confidence reviving in the belief that the worst of the region s debt problems are behind us Markit s Williamson said As such the outlook remains

    Original URL path: http://realtrade.lv/en/news/?id=1243&c=3 (2013-09-01)
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  • Forex / Форекс - SIA Real Trade
    2 percent rate in 2011 and its expansion will slow to 8 5 percent this year according to economists estimates compiled by Bloomberg China s official purchasing managers index increased to 50 5 from 50 3 in December exceeding the median estimate in a Bloomberg News survey for a reading below the 50 level that divides expansion from contraction The data may have been distorted by a weeklong holiday Readings for new export orders and imports contracted for a fourth month Shifting to Consumption The economy will grow at least 8 percent over the next decade as growing domestic consumption and investment in new industries offset the export slowdown according to Carlyle Group LP and Leeb Capital Management China is likely to grow between 8 and 10 percent or so for the next 10 years said David Rubenstein co chief executive officer of Carlyle a private equity firm China to me is the most attractive place in the world to invest outside the U S he said at the conference Policy makers are transforming their economy towards consumption to reduce the reliance on exports and policy initiatives encouraging entrepreneurship will power economic growth said Rubenstein Stephen Leeb president of Leeb Capital Management Inc said China s investment in new industries such as renewable energy will help the economy easily maintain an annual growth rate between 8 percent and 10 percent Property Slowdown The next 10 years are going to be probably among the most intense in the history of any industrial country in terms of creating new industries Leeb said at the conference China s growth will be undermined by a cooling property market said Michael Shaoul chairman of New York based Marketfield Asset Management which manages 1 3 billion Lower housing prices will feed rapidly to the construction and

    Original URL path: http://realtrade.lv/en/news/?id=1242&c=3 (2013-09-01)
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