Europe

  • 2015-07-31 05:00


    By Jack Duffy

    PARIS (MNI) - The Eurozone's unemployment rate held steady for the third straight month in June as the number of unemployed continued to stagnate amid slow growth in the single-currency bloc.

    The jobless rate held at 11.1% in June, according to Eurostat, matching the median estimate among economists surveyed by MNI. A total of 17.756 million people were registered as unemployed in the month, up slightly from 17.725 million in May.

    Eurozone GDP is expected to have grown by about 0.4% in the second quarter, as robust growth in former bailout countries like Spain and Ireland is offset by slowing expansions in large economies like France.

  • 2015-07-31 02:23


    -- Trade Up Strongly Year-On-Year
    -- Adds Context: June Drop Leads To Quarterly Contraction

    FRANKFURT (MNI) - Germany's retail sales fell sharply in June, data released by the country's statistics office showed Friday, snapping a two-month streak of increases and providing a first piece of evidence that private household consumption may have peaked, in spite of a robust labour market and strong consumer sentiment indicators.

    Retail sales contracted by 2.3% on month in June, Destatis said, after increasing a downwardly revised 0.3% in May and 1.4% in April in real terms, leading to 2.5% real growth in retail trade in the first six months of 2015.

    On an annual basis, however, retail sales rose 5.1%, largely because of two additional sales days in June 2015

  • 2015-07-31 02:00


    -- Trade Up Strongly Year-On-Year

    FRANKFURT (MNI) - Germany's retail sales fell sharply in June, data released by the country's statistics office showed Friday, snapping a two-month streak of increases and providing a first piece of evidence that private household consumption may have peaked, in spite of a robust labour market and strong consumer sentiment indicators.

    Retail sales contracted by 2.3% on month in June, Destatis said, after increasing a downwardly revised 0.3% in May and 1.4% in April, leading to 2.5% real growth in retail trade in the first six months of 2015.

    On an annual basis, however, retail sales rose 5.1%, largely because of two additional sales days in June 2015 compared with June last year, according to Destatis.

    The disappoin

  • 2015-07-30 19:05


    - July GfK Consumer confidence 4 vs 7 in May

    LONDON (MNI) - UK consumer confidence fell from June's post-crisis high, although still standing well above the average for recent years, with consumers somewhat concerned over the UK's wider economic prospects.

    The GfK Consumer Confidence Survey fell to 4 in July, having reached a post-global financial crisis high of 7 last month - a level not seen for a decade.

  • 2015-07-30 05:00


    --ESI Index Climbs to 104.0 from 103.5 in June

    PARIS (MNI) - Eurozone economic sentiment rose unexpectedly in July, resisting worries about the Greek crisis that rattled business confidence in some countries.

    The European Commission's Economic Sentiment Index (ESI) rose to 104.0 in July from a 103.5 in June, well above the median estimate of 103.3 among economists surveyed by MNI. Economic sentiment rose even more sharply in the wider European Union, with the index rising to 106.6 from 105.5, the Commission said.

    "Improved euro area sentiment resulted from higher confidence in industry, services and retail trade, which was only partly outweighed by lower consumer confidence," the Commission noted.

  • 2015-07-30 04:55


    LONDON (MNI) - The Bank of England has published a consultation document setting out detailed plans for the overhaul of sterling money market data collection and the Sterling Overnight Index Average (SONIA).

    In a statement released Thursday, the Bank said it was looking to improve the information available to it on the conditions in sterling money markets, information which is an "important input to the decisions of the Monetary Policy Committee and Financial Policy Committee."

    The BOE added that is aiming to collect transaction-level data from banks, building societies and major investment firms on both secured and unsecured sterling money market borrowing activity, thus providing a better understanding of developments in short-term interest rates.

    Following the op

  • 2015-07-30 04:35


    -- Labour Office Expects Decline In Fall
    -- SA Unemployment Rate Stays Steady At 6.4%

    FRANKFURT (MNI) - The number of Germans out of work rose for a second straight month in July, providing evidence that the long streak of falling unemployment may be coming to an end.

    The seasonally adjusted jobless total rose by 9,000 after climbing by an upwardly revised 1,000 in June, the German Labour Office said Thursday.

  • 2015-07-30 04:30


    -- Euro Area Recovery Remains On Track

    FRANKFURT (MNI) - The European Central Bank said Thursday that it stands ready to react should increased volatility in financial markets result in a tightening of monetary conditions in the euro area.

    In its regular economic bulletin, the ECB affirmed that the euro area recovery remained on track in the second quarter and should accelerate later this year.

    "The latest developments in the euro area financial markets have been marked by increased volatility, primarily on account of heightened uncertainty regarding the negotiations between Greece and its official creditors," the ECB said.

  • 2015-07-30 04:00


    -- Order Intake Down 1% Y/Y in First Half of Year

    BERLIN (MNI) - Germany's machine builders recorded another month of falling orders in June, the trade group VDMA said Thursday, pushing the overall intake for the first six months of the year slightly below its last year's level and highlighting persistent weakness in one of Germany's core manufacturing industries.

    Orders for German machines fell 4% year-on-year in June, extending a streak of declining intake into its third month and resulting in a half-year contraction of 1% compared with the same period last year.

    Foreign orders plunged especially strongly in June, falling by 9%, though VDMA said that the effect resulted from the unusually strong order volume recorded in June 2014.

    The trade group

  • 2015-07-30 03:58


    -- SA Unemployment Rate Stays Steady At 6.4%

    FRANKFURT (MNI) - The number of Germans out of work rose for a second straight month in July, providing evidence that the long streak of sinking unemployment may be coming to an end.

    The seasonally adjusted jobless total rose by 9,000 after climbing by an upwardly revised 1,000 in June, the German Labour Office said Thursday.