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Spain' Leading Index Rises 0.8% In January: Conference Board
Spain's leading economic index increased in January after falling in December, data from a survey by the Conference Board revealed Monday.
The Conference Board leading economic index moved up 0.8 percent month-on-month to 106 in January, after falling 0.3 percent in December and rising 0.4 percent in November.
The recovery was driven by a large gain from the Spanish contribution to Euro M2, which more than offset the small decline from the capital equipment component of industrial production, data showed.
At the same time, the coincident economic index, which measures the current condition of the economy, advanced 0.2 percent sequentially to 93.8 in January. This followed a 0.1 percent decrease in December and a 0.2 percent rise in November.
During the six months ended January, the leading index advanced 1.6 percent, and the coincident index grew 0.8 percent, the agency said.
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Decline In German Wholesale Prices Fastest In Four Months
Germany's wholesale prices decreased at the fastest annual rate in four months during February, data from Destatis showed Tuesday.
The wholesale price index declined 1.8 percent year-on-year, after falling 1.7 percent in January. Previously, a similar size fall was logged in October.
Month-on-month, wholesale prices dropped 0.1 percent, same as in January. It was the second monthly fall in a row.
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German investor confidence slides more than expected
German investor confidence continued to drop in March, with the ZEW indicator of economic sentiment sliding 9.1 points to 46.6, missing analyst expectations of 52, data showed on Tuesday. The drop marks the third weakening in a row, after the February survey unexpectedly fell to 55.7. In December, the ZEW indicator climbed to a seven-year high of 62. ZEW President Clemens Fuest said the "Crimea crisis is weighing on experts' economic expectations for Germany," but stressed that the economic upswing is not at risk. The current-situation assessment for Germany rose to 51.3 from 50 in February. For the euro zone, the economic-sentiment indicator lost 7 points, while the current-situation survey picked up 3.5 points.
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German Investor Confidence Weakens On Crimea Crisis
Economic expectations for Germany worsened in March, burdened by the Crimea crisis, while the assessment of current situation hit the highest level since 2011, survey data from the Centre for European Economic Research/ZEW revealed Tuesday.
The economic confidence index dropped more-than-expected to 46.6 in March from 55.7 in February. The March score was the weakest since August 2013. It was forecast to fall less markedly to 52.
"In this month's survey the Crimea Crisis is weighing on experts' economic expectations for Germany," said ZEW President Clemens Fuest.
"Nevertheless, the indicator's level suggests that the economic upswing is currently not at risk."
Meanwhile, the measure of experts' assessment of the current economic situation improved to 51.3 points, the highest since August 2011, from 50 in February. The assessment strengthened for the fourth month in a row, but stayed below the expected level of 52.
The economic expectations index for the Eurozone declined by 7 points to 61.5 threshold. By contrast, the indicator for the current economic situation gained 3.5 points to minus 36.7 points in March.
Although the current political relationship with Russia might have limited impact on the German economy, the possible upcoming measures will put the German recovery to a serious test, ING Bank NV Economist Carsten Brzeski said.
The largest Eurozone economy grew 0.4 percent in the fourth quarter and the government expects it to expand 1.8 percent this year.
The European Commission raised the country's growth forecast for this year to 1.8 percent from 1.7 percent and the projection for 2015 was lifted to 2 percent from 1.9 percent.
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Eurozone Q4 Labor Costs Rise At Faster Rate
Hourly labor costs in the euro area increased further in the December quarter, and at a stronger pace than in the third quarter, data published by Eurostat revealed Wednesday.
The hourly labor cost index moved up 1.4 percent annually in the fourth quarter, after gaining 1.1 percent in the preceding three-month period.
Among the two components that constitute the headline index, wages and salaries added 1.9 percent, while the non-wage component remained stable.
In the industrial sector, labor costs grew 1.7 percent year-on-year, and construction sector posted a 0.3 percent gain. Labor costs in the service sector and in the non-business economy were higher by 0.9 percent and 2.1 percent, respectively, than in the fourth quarter of 2012.
In the European Union, labor costs rose 1.2 percent at the end of last year. This followed a 1.1 percent growth in the September quarter.
Among the EU member countries, the biggest annual increases were registered in Estonia, Latvia, Lithuania, Bulgaria and Poland, while Cyprus and Portugal experienced the largest declines.
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EUR/USD dips as dollar posts cautious gains ahead of Fed announcement
The dollar rose against the euro on Wednesday as investors remained in standby mode ahead of the Federal Reserve's announcement on monetary policy and interest rates later in the session.
The dollar saw support on expectations for the Fed to trim $10 billion from its $65 billion monthly bond-buying program.
Fed bond purchases keep the dollar weak by suppressing interest rates to spur recovery by boosting stocks in hopes investing and hiring ensue, though talk of less monetary stimulus often firms the greenback.
In U.S. trading, EUR/USD was down 0.14% at 1.3914, up from a session low of 1.3900 and off a high of 1.3935.
The pair was likely to find support at 1.3880, Tuesday's low, and resistance at 1.3948, Monday's high.
Expectations that the Federal Reserve will see a need to continue tapering monthly bond purchases bolstered the dollar on Wednesday.
Disappointing economic indicators this year have frayed nerves at times, though consensus has remained that rough winter weather disrupted commerce and softened data through overall, the economy continues to recover.
Data released on Tuesday painted a picture of a U.S. economy still battling headwinds but at the same is still improving and in need of less monetary support.
The Labor Department on Tuesday reported that the U.S. consumer price index slowed to 1.1% in February from 1.6% in January. Analysts had expected the annual inflation rate to decline to 1.2%.
Month-on-month, U.S. consumer prices rose 0.1% in February, in line with forecasts.
Core inflation rates, which are stripped of volatile food and energy prices, rose 1.6% on year and 0.1% month-on-month, both figures in line with market forecasts.
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German Producer Prices Decline For Seventh Month
Germany's producer prices fell for the seventh successive month in February, and the rate of decline matched economists' forecast, latest data revealed Thursday.
The industrial producer price index decreased 0.9 percent in February from the same month of last year, the Federal Statistical Office said. This followed a 1.1 percent contraction in January.
The February outcome matched economists' expectations. Prices have now fallen for the seventh consecutive month.
The development in February was influenced most by a 2.6 percent fall in energy prices, and a 1.9 percent drop in prices of intermediate goods. Meanwhile, capital goods prices grew by 0.5 percent, and consumer goods prices recorded a 1.3 percent gain.
Month-on-month, producer prices held steady in February, after dropping 0.1 percent in the beginning of the year. Expectations were for a 0.1 percent increase.
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Belgium Consumer Confidence At 7-month Low
Belgium's consumer confidence weakened in March to its lowest level in seven months, after remaining stable in the previous month, survey data from the National Bank of Belgium showed Thursday.
The consumer confidence indicator fell to -8 from -4 logged in January as well as February. In December, the score was -5.
The latest reading is the worst since August last year, when the print was -12.
The decline in the index was largely due to the announcement of various corporate restructuring during March, which will result in the loss of a considerable number of jobs, the report said.
All sub-indexes showed decline in March. The index reflecting consumers' view of the country economic situation in next 12 months fell to 7 from 10.
The measure mirroring households' assessment of the unemployment situation rose to 35 from 30, implying increasing concern.
Households' expectation regarding their own financial situation eased, with the index falling to zero from 4. Consumers expect their savings prospects to worsen in coming months and the relevant index fell to -3 from 1.
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EU strikes deal on banking union
EU member states and European Parliament negotiators reached an accord Thursday on a new regulatory system designed to prevent a failing bank from wrecking the economy.
Parliament had initially opposed an agreement reached in December by EU leaders on how to close down a bank in trouble, saying the system was too unwieldy and not fast enough.
But officials said that those differences had now been resolved after marathon overnight talks.
This is "an enormous success," Parliament head Martin Schulz said, adding that party leaders had "agreed with an overwhelming majority to endorse the compromise" and recommended approval by the full assembly.
"The elements agreed will help to ensure that the system cannot become a hostage to political power games and can deliver swift and credible decisions," a Parliament statement said.
In December, EU leaders reluctant to cede powers over their banking systems had agreed a decision-making structure which gave them the final say in any bank closure, minimising the role of the European Commission, the EU's executive arm.
This was the major sticking point for a large majority of MEPs who attacked the provision as allowing political interference which would both skew and slow down the process.
In the new accord, the European Council, which groups together the EU's member states, will only be called in if the Commission requests its help.
"The Council will be involved only at the Commission's express request. This will avoid pervasive interference in the individual resolution cases, a key concern for MEPs," the parliament statement said.
In addition, a fund worth 55 billion euros ($76 billion) to cover the cost of bank closures, which was to have been phased in over 10 years, will now be operational after eight years.
This fund will also be able to borrow on the financial markets to raise extra money if needed.
- End of 'massive bailouts' -
EU Financial Markets Commissioner Michel Barnier said the accord clears the way for the eurozone's new "banking union".
He said it spelt "the end of the era of massive (bank) bailouts" paid for by the taxpayer, which helped turn the 2008 global financial crash into a near-fatal debt crisis for the eurozone.
The centre-right European People's Party (EPP), the biggest group in parliament, welcomed the deal, saying the whole process will now go faster and so help minimise market turmoil.
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Eurozone Current Account Surplus Increases In January
The Eurozone current account surplus increased in January driven by higher surpluses on goods and services, data published by the European Central Bank showed Friday.
The current account surplus rose to a seasonally adjusted EUR 25.3 billion from EUR 20 billion surplus a month ago.
The surplus on trade in goods totaled EUR 15.9 billion compared to a EUR 14.5 billion surplus in the previous month. Likewise, the surplus on services rose to EUR 11.8 billion from EUR 9.6 billion in December.
The surplus on trade was partially offset by a EUR 9.3 billion deficit in current transfers. Nonetheless, the shortfall narrowed from December's EUR 11.2 billion deficit. At the same time, income dropped to EUR 6.8 billion from EUR 7.1 billion.
On an unadjusted basis, the current account surplus declined sharply to EUR 6.4 billion from EUR 28.2 billion in December.
In the financial account, combined direct and portfolio investment registered net inflows of EUR 12 billion in January as a result of EUR 17 billion net inflows for portfolio investment and EUR 5 billion net outflows for direct investment.
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