FXHIGHWAY

 Breaking News

Industrial outputs slump across Europe, dragging euro down

News Date: 10/2/2016 09:51:38
 
Industrial production fell across Europe as oil and mineral companies cut outputs and slashed investing, while weaker global growth, especially in China and developing companies, stymied European exports in December, leaving consumer spending the only driver of growth, both in Britain and the Eurozone.

France's output slumped 1.6% m/m in December, the biggest drop since May 2014, and added to November's 0.9% drop. Analysts expected a 0.2% growth. Italian output fell 0.7%, compared to forecasts of a 0.3% growth and the previous reading's 0.5% drop.

The euro gave up a heavy 0.55% against the dollar to trade at 1.1233, while sliding 0.63% versus sterling to 0.7755. The common currency eased nearly one percent against the insurgent yen, nearing a two-week low at 128.28.

Britain's industrial production suffered simultaneously. dropping 1.1% m/m in December, the biggest such monthly drop since 2012, while manufacturing production fell for the third month in a row in December by 0.2%. Sterling trimmed earlier gains but was still up on the day, registering a profit of 0.11% against the dollar at 1.4489.

Crude oil prices tumbled on oversupply worries in the U.S., with inventories expected to increase again last week. Crude futures shed 40 cents, or 1.50% to trade at $27.54 a barrel, but on the other Brent crude futures held on to its gain, trading up 14 cents, or 0.46% at $30.48 a barrel.

Latest news

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

More News

Logs

Advertisements