Economic News July 30, 2012
German wholesale trade turnover rebounded in June after declining for the past three months, the latest figures from the Federal Statistical Office showed Monday. (Jul 30, 2012) Full Article
U.K. mortgage approvals declined more than expected in June, the Bank of England said Monday. (Jul 30, 2012) Full Article
Swedish economic growth quickened in the second quarter of 2012, driven by strong export performance, the latest figures from Statistics Sweden revealed Monday. (Jul 30, 2012) Full Article
UK's high street sales increased for the third consecutive month in July, but the rate of growth slowed from the previous month, data from a survey by the Confederation of British Industry (CBI) showed Monday. (Jul 30, 2012) Full Article
The Reserve Bank of India on Monday said inflation is likely to be sticky during 2012-13 despite weak growth outlook. (Jul 30, 2012) Full Article
Forex Top Story
Industrial production in Japan was down a seasonally adjusted 0.1 percent on month in June, the Ministry of Economy, Trade and Industry said in Monday's preliminary reading - contracting for the third consecutive month. (Jul 30, 2012) Full Article
Confidence among South Korean manufacturers declined to its lowest level in more than three years amid fears that a worsening Eurozone situation may affect firms' export intentions in the coming month. (Jul 30, 2012) Full Article
Home prices in the UK declined for the first time this year in July as the deepening recession and Eurozone debt worries curbed demand for properties, a survey by Hometrack revealed Monday. (Jul 30, 2012) Full Article ?
Is the housing market recovery still a pipe dream? The fears intensified following the release of June’s housing market reports, which suggested a loss of momentum. Existing home sales, new home sales and pending home sales all weakened from the month-ago levels. The softness brings in the premonition that the debt travails of Europe are slowly nipping off the nascent housing market recovery in the bud. (Jul 30, 2012) Full Article
Spanish economic output sank further in the second quarter, deepening the recession in the euro area's fourth largest economy, which is already hit by a banking sector crisis and the government's tough austerity measures. (Jul 30, 2012) Full Article
Eurozone economic sentiment deteriorated more-than-expected in July due to lower confidence in all sectors and marked the fourth consecutive month of downturn. (Jul 30, 2012) Full Article
India's central bank is likely to leave interest rates unchanged as inflation remains stubbornly above the comfort level. However, a reduction in cash reserve ratio is widely expected. (Jul 30, 2012) Full Article
Italy and Spain saw their borrowing costs ease on Monday as investor confidence improved on hopes of some crucial action from the European Central Bank, which holds its rate-setting session later this week. The central bank of the 17 nations having euro as their currency is expected to adopt some bolder moves to handle the debt crisis. Hopes are high after ECB President Mario Draghi pledged last week that the bank is ready to do whatever it takes to defend the euro. (Jul 30, 2012) Full Article
Commodities
The price of gold was steady Monday morning even as the euro eased on profit taking after recent smart gains. Traders await cues from this week's economic data and the outcome of FOMC meeting. (Jul 30, 2012) Full Article
The price of crude oil was steady above $90 Monday morning amid hopes for further monetary easing measures by policymakers to boost the ailing euro zone and the U.S. economy. (Jul 30, 2012) Full Article
Political News
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have vowed to defend the euro amid escalating tensions in Eurozone, close on the heels of a similar agreement between Merkel and French President Francois Hollande. (Jul 30, 2012) Full Article
The Syrian regime's attacks on the citizens of Aleppo ultimately will be "a nail in Assad's coffin," U.S. Defense Secretary Leon E. Panetta said at an in flight press briefing while flying to Tunisian capital Tunis on Sunday. (Jul 30, 2012) Full Article
NATO-led International Security Assistance Force (ISAF) has dismissed recent allegations by the Pakistani military that it has notified the coalition forces 52 times that insurgent elements were crossing the Afghan/Pakistan border as incorrect. (Jul 30, 2012) Full Article
A controversial bill criminalizing defamation has become law as Russian President Vladimir Putin signed it on Monday. (Jul 30, 2012) Full Article
Analyst Currency Comments
Westpac analysts noted that trading in the forex market were subdued on Monday in Asia due to lack of market moving news. (Jul 30, 2012) Full Article
Currency Alerts
The euro slipped against most major currencies in early European deals on Monday after a report showed that the Spanish economy contracted further in the second quarter. The gross domestic product fell 0.4 percent in the second quarter of 2012 after a 0.3 percent decline each in the first quarter of 2012 and in the fourth quarter of 2011. The outcome was in line with the Bank of Spain's estimates released early last week. (Jul 30, 2012) Full Article
The Japanese yen and the U.S. dollar strengthened against their most major counterparts in the early European session on Monday amid dismal Spanish second quarter GDP data. (Jul 30, 2012) Full Article
General News
After American swimming legend Michael Phelps, it was the turn of world football champions Spain to become another major casualty in London Olympics. (Jul 30, 2012) Full Article
47 people were killed and 25 others injured in a pre-dawn fire on a passenger train in the southern Indian state of Andhra Pradesh on Monday. (Jul 30, 2012) Full Article
British women's double scullers set an Olympic rowing record in London on Monday. (Jul 30, 2012) Full Article
Ugandan president Yoweri Museveni has called on people to avoid all physical contact to prevent the deadly Ebola disease from spreading. (Jul 30, 2012) Full Article
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