Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Europe- Fiscal cliff saga continues  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 03/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Kuwait News Agency (KUNA)) This week, markets saw German retail sales weakness and German Bundestag approving the Greek bailout package, by 473 to 100. The outcome came after finance minister Schaeuble warned that a default in the country could trigger the collapse of the single currency, National Bank of Kuwait (NBK) global markets weekly report said Sunday.

Euro zone unemployment numbers were at 11.7 percent in October. The Eurozone is hoping that Greece will be able to repurchase at least EUR 40 billion with private investors, yet the Euro could not make a new high and the currency slipped when Moody's downgraded the ESM to AA1 from AAA and the EFSF to AA1 from AAA.

Globally, commodity currencies were under some pressure. Canadian GDP disappointed given both quarterly GDP and monthly growth were less than expected, while the Australian Dollar held strong over the week despite talks of easing from the Reserve Bank of Australia, the report noted.
Hopes in the US continue over the fiscal cliff resolution despite the public fiscal fighting between President Obama and Boehner this week, financial markets closed the week almost flat.

In summary, the Euro started the week trading at 1.2771 levels then dropped to a low of 1.2878 before turning around and hitting a high of 1.3027 on Friday and ending sessions at 1.2986.

The Japanese Yen hit a seven-month low against the Euro and fell against the US Dollar on Friday, extending losses amid speculation that Japanese monetary policy could be aggressively eased when a new government is formed. USD/JPY opened the week at 82.39 and then dropped to 81.67 only to find support and rally back toward 82.74, closing the sessions trading at 82.46.

The Sterling Pound had a range bound performance as it opened at 1.6030 levels, and then dropped to 1.6023, before gaining some strength and trading as high as 1.6062 on Friday, the currency closed the session at 1.6010.

Commodities continue to trade cautiously with gold slipping on Thursday over 30.00 US Dollars and oil trading with a Middle-East risk premium. Gold ended the week at 1,714.19 while oil at 88.91.

New home sales edged down 0.3 percent in October after posting modest improvement earlier in the year.

The slight drop in new home sales was concentrated in the Northeast and the South. However, Inventories of new homes rose slightly for the month but remain low by historical standards. Even with the weaker sales in October, the housing market recovery remains intact, with sales up 19.8 percent over last year's levels As for the US Gross Domestic Product (GDP), it expanded at a 2.7 percent annual rate, as inventories accumulated and export growth offset weak consumer spending also helping to boost the GDP was stronger corporate profit growth for the quarter, rising to USD 67.3 billion from USD 21.8 billion in the second quarter.

The Fed's Beige Book indicated that US economic activity expanded at a measured pace in recent weeks. Hurricane Sandy and concerns about the fiscal cliff were main factors hampering growth during the surveyed period. While the housing market performed better, manufacturing activities weakened with seven districts reporting either slowing or outright contraction. Business owners explicitly stated that worries over the fiscal cliff delayed their business decisions.

In Europe, Eurozone finance ministers and the IMF reached an agreement on allowing the release of financial aid to Greece. The aid disbursement will not only include the EUR 31.5 billion that should have been released in Q2, but also the additional EUR 12.2 billion of aid that is scheduled for disbursement in Q3 and Q4. They also decided on steps to cut Greek debt to 124 percent of gross domestic product by 2020, and promised further measures to lower it below 110 percent in 2022.

However, indicates the report, there are still some hurdles that need to be cleared, as the latest revision to Greece's bailout programs still requires the approval of seven Euro area parliaments, including Germany, Finland and the Netherlands, as well as the head of the IMF (International Monetary Fund).
On Friday, one main hurdle was cleared, as the German lawmakers approved the latest bailout for Greece by a large majority, despite growing unease about the cost to taxpayers. The parliamentary floor leader of Merkel's Christian Democrats, Michael Grosse, said he was happy with the result of the vote, adding: "Greece must now continue its efforts to reduce its debts and carry out structural reforms." Europe's unemployment rate rose to a record in October as the fiscal crisis and tougher austerity measures deepened the region's economic crisis. The unemployment increased to 11.7 percent from 11.6 percent in September, marking its highest level since the data series started in 1995. The jobless report showed that 18.7 million people were unemployed in the Euro area in October, up 173,000 from the previous month. At 26.2 percent, Spain had the highest overall jobless rate. Portugal's unemployment rate was 16.3, while Ireland reported a jobless rate of 14.7 percent.

German Retail Sales Indicator was down 2.8 percent on the month in real terms and 0.8 percent on an annual basis, the data came well below market expectation of a drop of 0.2 percent on the month and a gain of 1.2 percent on the year. The worse than expected retail sales data dented hopes that private consumption could compensate for the impact of the Eurozone crisis on export.

Gold had its biggest weekly drop in more than four months on concern that US lawmakers may not be capable to reach a settlement in talks aimed at avoiding tax increases and budget cuts known as the fiscal cliff.
Gold traded as low as USD 1,705.64 an ounce before recovering slightly and closing the week at 1,715.19 as signs of global economic slowdown and fears of US recession dented the gold's inflation hedge appeal.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014Alcatel-Lucent Enterprise to address the network application challenge with new access switch, added analytics and SDN capabilities ,MENAFN Press
(MENAFN Press) The Enterprise division of Alcatel-Lucent recently unveiled new technology to address the challenges created by pervasive mobility and the explosion of new applications being ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help