29-03-2024 at 11:45
Belgium Producer Prices Drop For 11th Month

Producer prices in Belgium fell by 8.9% in February 2024, following an 11.6% slump in the previous month, marking the eleventh consecutive month of declines. Costs fell at a slower rate in the domestic market (-13.3% vs -17.2% in January) and in the foreign market (-2.3% vs -3.2%). Meanwhile, deflation slowed down for intermediate goods (-8% vs -8.5%) and energy (-28.8% vs -36.9%). In addition, prices increased at a faster pace for consumer goods (+3.7% vs +3%). Conversely, inflation eased slightly for capital goods (+0.6% vs +0.7%). On a monthly basis, producer prices rose by 1.4% in February, rebounding from a 0.7% drop in the previous month.

29-03-2024 at 11:31
Vietnam FDI Continues to Rise

Foreign direct investment into Vietnam rose by 7.1% from a year earlier to USD 4.6 billion in the first three months of 2024, according to the Ministry of Planning and Investment. FDI pledges, which serve as an indicator of future FDI disbursements, surged by about 13.4% year-on-year to $6.17 billion. 644 new projects with total registered capital of $4.77 billion were granted investment certificates, up 23.4% in the number of projects, and 57.9% in value year-on-year. The manufacturing and processing sector is set to receive the largest portion of investment (63%), followed by real estate (26%). The top sources of investment were Singapore and Hong Kong.

29-03-2024 at 11:28
Greece Producer Prices Fall for 12th Month

Producer prices in Greece fell by 4.3% year-on-year in February 2024, easing from a 7% decline in the prior month. It marks the twelfth consecutive month of producer deflation, mainly led by costs of energy (-8.9%) and intermediate goods (-2.4%). On the other hand, prices increased for both durable (+4%) and non-durable consumer goods (+5.6%), as well as for capital goods (+0.3%). Monthly, producer prices declined by 0.4% in February.

29-03-2024 at 11:24
Greece Retail Sales Fall the Most in Nearly 4 Years

Retail trade in Greece tumbled by 8.9% year-on-year in January 2024, the largest fall since April 2020 and reversing from a 0.8% increase in the previous month. Sales fell for all subcategories, particularly department stores (-21.3%), furniture & household equipment (-11.3%), pharmaceutical products & cosmetics (-7.3%), supermarkets (-6.7%), clothing & footwear (-6.5%), books, stationery & other goods (-5.1%), food, beverages & tobacco (-4.5%), and automotive fuel (-0.2%). On a seasonally adjusted monthly basis, retail activity declined by 5.8% in January, following a downwardly revised 2.2% increase in the previous month.

29-03-2024 at 11:05
Italian Inflation Rises Less than Expected

The annual inflation rate in Italy rose to 1.3% in March of 2024 from 0.8% in the previous month as high base effects for utility bills continued to fade, according to preliminary estimates. Still, the result was less than market expectations of a 1.4% inflation rate in the period, aligned with softer-than-expected inflation in other large European economies. Deflation softened for non-regulated energy (-10.7% vs -10.3% in February) and regulated energy (-13.8% vs -18.4%), while consumer prices accelerated for transportation services (4.4% vs 3.8%). On the other hand, inflation slowed for unprocessed foods (2.6% vs 4.4%) and tobacco (1.9% vs 2.6%). The domestic core inflation rate, which excludes energy and unprocessed food, rose to 2.4% from 2.3% in February. From the previous month, Italian consumer prices edged up by 0.1%.

29-03-2024 at 10:33
Euro on Track for 2.3% Loss in Q1

The Euro traded below $1.08, extending the Q1 loss to about 2.3%, amid speculation that the ECB may cut interest rates soon. Many traders are anticipating a reduction in borrowing costs, with June being the most likely time frame, although April is also a possibility. ECB officials have expressed a dovish outlook, with ECB Governor Council member Villeroy de Galhau saying the time has come to take out an insurance against the growth risk by beginning rate cuts and ECB member Fabio Panetta noted the conditions to start easing monetary policy are materializing. Also, Piero Cipollone indicated growing confidence within the ECB regarding inflation trends reverting to the 2% target by mid-2025, especially as wage growth moderates, thus strengthening the case for lower interest rates. Meanwhile, inflation in France fell more than expected to 2.3% in March while in Spain, inflation edged up to 3.2% as anticipated and in Italy, it rose to 1.3% compared to forecasts of 1.4%.

29-03-2024 at 10:30
Bonds Update: Russia 10Y Bond Yield Gains by 14 bps

Government bond yields remain mixed on Friday. Top gainers are Russia 10Y (14.50bps), South Korea 10Y (4bps) and Netherlands 10Y (0.50bps). Biggest losers are Portugal 10Y (-2bps), Greece 10Y (-1.90bps) and Italy 10Y (-1.60bps).

29-03-2024 at 10:28
Russian Stocks Hold Gains

The ruble-based MOEX Russia Index was close to the flatline at the 3,310 level on Friday, loosely holding the gains from the week as markets continued to assess the latest corporate developments and expectations for dividend payouts. Rostelecom extended its strong momentum and added close to 1%, trading at its highest since 2021 amid expectations of a strong dividend payout and an IPO for one of its subsidiaries. In the meantime, Polus also added close to 1% to lead the gains among heavyweight miners, continuing to benefit from record-high gold prices. On the other hand, Severstal dropped 1% as low steel demand from China pressured the metal’s prices to multi-year lows. Also, Lukoil hovered close to the flatline after the Russian Association of Bond Owners appealed to the Bank of Russia over the oil giant’s lack of insights on 2022 results in its recently published 2023 earnings document. Russia's benchmark stock index is set to gain 6.8% in the first quarter.

29-03-2024 at 10:24
Bulgaria Records Producer Deflation for 11th Month

Producer prices in Bulgaria declined 9.3% year-on-year in February 2024, easing from a 14.2% drop in the previous month. This marked the eleventh consecutive month of producer deflation albeit the lowest since May of last year. Prices rebounded in the manufacturing sector (0.4% vs -1.1% in January), while declining at a slower pace for electricity, gas, steam, and air conditioning supply (-32% vs -39.3%) and mining and quarrying (-3.9% vs -7.1%). On a monthly basis, producer prices dropped by 0.6% in February, following a 1.8% decrease in the previous month.

29-03-2024 at 10:19
Bulgaria Business Mood Edges Up

Bulgaria's business confidence indicator edged up to 24 in March 2024, the highest in six months, from a downwardly revised 23.5 in the previous month. Expected business situation over the next six months (15.6 vs 13 in January) strengthened while uncertainty about the future development of the business situation (-9.5 vs -10.6) was less negative. On the other hand, expectations weakened for production activity (12.9 vs 14.5) as well as employment over the next thee months (5 vs 5.8). Lastly, selling price expectations further softened (3.6 vs 4.2).

29-03-2024 at 10:16
Poland Inflation Rate Lowest in 5 Years

Poland's annual inflation rate slowed to 1.9% in March 2024 from 2.8% in the previous month and compared to market forecasts of 2.2%, preliminary estimates showed. This marked the lowest reading since March 2019, due to lower prices for electricity, gas and other fuels (-2.6%) and fuels for personal transport equipment (-4.5%). Meanwhile, costs of food and non-alcoholic beverages rose by 0.2%. On a monthly basis, consumer prices increased by 0.2% in March, following a 0.3% rise in the prior month and below market expectations of a 0.4% advance.

29-03-2024 at 09:48
Steel Sinks to 4-Year Low

Steel futures slumped to a four-year low of CNY 3,664 per tonne on March 28th before paring losses to the CNY 3,400 level amid an increasingly pessimistic outlook on Chinese demand. Industry data showed that steel producers continued to take iron ore inputs scheduled for delivery, but hot metal output totaled 2.21 million tonnes for the last three weeks, trailing normal averages for the usual levels in the peak season amid the lack of steel bidding. On top of that, earlier estimates showed that output of pig iron, which is smelted iron ore in blast furnaces, dropped by nearly 7% this year. The developments took place as weak consumer purchasing power dampened the confidence over a significant recovery in the Chinese property market, erasing the need for new construction inputs despite efforts from authorities to prompt up housing demand. Major developer Vanke reported a 50% drop in core profit for 2023, while Country Garden delayed the publication of its results.

29-03-2024 at 09:37
Austria Current Account Surplus Nearly Triples

The current account surplus in Austria nearly tripled to EUR 4.7 billion in the fourth quarter of 2023 from EUR 1.57 billion in the corresponding period of the previous year. It was the largest current account surplus since the first quarter of 2020, as goods account swung to a surplus of EUR 2.87 billion from EUR 1.53 billion deficit in Q3 of 2023. Meanwhile, services account surplus narrowed to EUR 2.23 billion in Q4 of 2023 from EUR 3.04 billion a year earlier. At the same time, primary income surplus decreased to EUR 0.31 billion from EUR 0.73 billion in Q4 of 2022, while secondary income deficit increased to EUR 0.71 billion from EUR 0.66 billion.

29-03-2024 at 09:25
France Household Consumption Stalls in February

Household consumption in France stagnated from a month earlier in February 2024, following an upwardly revised 0.6% fall in the previous month. Consumption for manufactured goods (0.5% vs -2.1% in January) rebounded, boosted by higher purchases of durable goods (1.4% vs -4.4%). Moreover, food consumption (0.8% vs 0.2%) increased, due to increased purchases of almost all food goods, except for purchases of oils and fats. Meanwhile, energy consumption (-2.7% vs 1.3%) tumbled, dragged down by a fall in electricity & gas consumption.

29-03-2024 at 09:15
Thailand Private Investment Eases in February

Private investment in Thailand slowed to 0.8% month-on-month in February 2024 from 2.6% growth in the previous month. Investment in construction decreased, dragged down by reduced sales of construction materials. Meanwhile, investment in machinery & equipment expanded, buoyed by increased imports of capital. Moreover, permitted areas for construction were stable, despite increases in areas of industries and factories, suggesting a heightened focus on investment in industrial estate areas.

29-03-2024 at 09:10
Agricultural Commodities Updates: Palm Oil Gains by 0.88%

Today's Agricultural commodities market is characterized by modest daily movements, with Palm Oil standing out as the frontrunner with a 0.88% increase.

29-03-2024 at 09:07
Thailand Personal Spending Up 0.1% MoM

Personal consumption in Thailand increased by 0.1% month-on-month in February 2024 after stalling in the previous month. Spending on services and non-durable goods were partially supported by government measures, such as subsidies in energy prices and a tax rebate program. Meanwhile, spending on durable goods decreased, weighed down by lower sales of passenger cars. Lastly, overall consumer confidence further increased, thanks partly to government measures.

29-03-2024 at 09:05
Metals Commodities Updates: Steel Rebar Rises by 1.69%

Today's Metals commodities market is characterized by modest daily movements, with Steel Rebar standing out as the frontrunner with a 1.69% increase.

29-03-2024 at 09:04
French Producer Prices Drop for 3rd Month

Producer prices in the French domestic market dropped 1.7% month-over-month in February 2024, following a downwardly revised 1% fall in the previous month. This marked the third straight month of deflation, as costs decreased further for mining and quarrying, energy and water (-6.1% vs -3.2% in January), led by the production and trade of electricity (-10.1% vs -5.1%). Meanwhile, prices advanced for manufactured products (0.4% vs 0.1%), mainly prompted by rising costs for coke and refined petroleum products (7.7% vs 2%). Additionally, prices of food and beverages (-0.1% vs -0.4%) and transport equipment (0.1% vs 0.2%) were virtually stable, while those for other industrial products showed no increase (vs 0.1%). On a yearly basis, producer prices declined 5.5% in February, after a downwardly revised 4.9% drop in the preceding month.

29-03-2024 at 09:00
Energy Commodities Updates: Methanol Gains by 0.93%

Top commodity gainers are Methanol (0.93%). Biggest losers are Natural gas (-0.64%). In addition, there was a slight change on Crude Oil WTI (-0.0559%) and Brent Crude Oil (-0.0323%).

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