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German insolvency courts reported 13,454 insolvencies in December, 1% less than December last year, the Federal Statistical Office said Thursday.
The total number of corporate insolvencies fell 1.9% year-on-year to 2,534, while insolvencies of consumers fell 0.8%.
In 2010, altogether 168,458 insolvencies were registered, representing an annual increase of 3.4%. While corporate insolvencies fell 2.1%, consumer insolvencies climbed 4.8% compared to 2009.
News are provided by InstaForex.
European Economics Preview: German Unemployment Data Due
Unemployment figures from Germany and Eurozone and mortgage approvals from the U.K. are the major statistical reports due on Tuesday, headlining a busy day for the European economic news.
At 2.00 am ET, the Federal Statistical Office is scheduled to issue German retail sales figures for December. Economists forecast retail sales to rise 0.8 percent month-on-month after easing 1 percent in November.
French consumer spending and producer prices are due at 2.45 am ET. Consumer spending is forecast to rise 0.2 percent month-on-month after falling 0.1 percent in November. Producer price inflation is seen slowing to 4.7 percent annually in December from 5.6 percent in November.
Spain's flash HICP and Hungary's PPI and unemployment reports are due at 3.00 am ET. Economists forecast Spanish inflation to slow slightly to 2.3 percent in January from 2.4 percent in December.
The Federal Labor Agency is set to release German unemployment data at 3.55 am ET. The number of unemployed is forecast to fall by 10,000 in January. The seasonally adjusted jobless rate is seen stable at 6.8 percent.
At 4.00 am ET, Norway's retail sales and C2 credit indicator figures are due. Retail sales growth is seen at 2.2 percent annually, faster than the 0.9 percent increase in November.
The Bank of England is set to publish mortgage approvals figures at 4.30 am ET. The number of mortgage approvals is seen at 54,000 in December compared to 52,900 in November. M4 money supply data is also due at the same time.
Eurozone jobless data for December is due from Eurostat at 5.00 am ET. The unemployment rate is forecast to rise to 10.4 percent from 10.3 percent in November.
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Euro Extends Slide Against Most Majors
The euro extended its Tuesday's decline against most major currencies in early Asian deals on Wednesday amid weak U.S. economic data and uncertainty about Greece's debt crisis.
The euro that closed Tuesday's New York session at 99.81 against the yen fell to a 9-day low of 99.46 in Asian deals. The next downside target level for the euro-yen pair is seen at 99.0.
Against the Swiss franc, the euro slipped to a fresh 4- 1/2 -month low of 1.2034, compared to Tuesday's close of 1.2040. If the euro-franc pair weakens further, it will break 1.20 and target the 1.180 level.
The euro declined to a fresh multi-year low of 1.5823 against the New Zealand dollar with 1.50 seen as the next downside target level. At yesterday's close, the euro-kiwi pair was quoted at 1.5841.
The euro dropped to 9-day lows of 1.2290 against the Australian dollar and 1.3093 against the Canadian dollar, compared to yesterday's close of 1.2326 and 1.3122, respectively. The next downside target level for the euro is seen at 1.223 against the aussie and 1.306 against the loonie.
But the euro moved sideways against the US dollar and pound after falling to multi-day lows yesterday. The euro is currently worth 1.3071 against the dollar and 0.8296 against the pound, compared to yesterday's close of 1.3085 and 0.8303, respectively.
Investors now focus on the European session, in which U.K. Nationwide house price index for January, Swiss retail sales for December, final PMI reports for January from major European economies and the Eurozone CPI estimate for January are slated for release.
The U.S. ISM manufacturing index and ADP employment report - both for January and the construction spending for December are expected in the New York morning session.
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European Economics Preview: Eurozone Producer Price Data Due
Producer prices from Eurozone and Purchasing Managers' survey results from the U.K. are the major reports due on Thursday, headlining a light day for the European economic news. In addition, Spain and France are set to conduct debt auctions.
At 2.00 am ET, the Federal Customs Administration is slated to publish Swiss December trade data. The trade surplus is expected to fall to CHF 2.5 billion from CHF 2.95 billion in November.
U.K. CIPS/Markit construction Purchasing Managers' survey results are due at 4.30 am ET. The indicator is seen rising to 52.5 in January from 53.2 in December.
Spain is set to raise EUR 3.5 billion to EUR 4.5 billion through a bond auction at 4.30 am ET. The issue includes bonds maturing on January 2017, July 2015 and October 2016.
At 4.50 am ET, France is set to issue longer term bonds or OATs. The Agence France Tresor will auction bonds with 7, 8, 10 years maturity. The agency aims to raise between EUR 6.5 billion and EUR 8 billion.
At 5.00 am ET, Eurostat is scheduled to issue euro area producer price figures for December. Producer price inflation is forecast to slow to 4.3 percent in December from 5.3 percent in November. On a monthly basis, producer prices are expected to drop 0.1 percent.
The Czech National Bank is set to announce its interest rate decision at 7.00 am ET. The central bank is widely expected to retain the rate at 0.75 percent.
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China Intensifies Opposition to Iran Sanctions, Calls for Dialogue to Resolve Issue
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China's People's Daily stepped up Beijing's opposition to tighter sanctions against Iran, warning that such moves are hurting energy markets and could stifle the global economic recovery.
Reports come a day after German Chancellor Angela Merkel urged Beijing to use its influence to persuade Iran to give up its nuclear weapons programme.
The commentary reiterated China's stance that dialogue should be used to resolve the Iranian nuclear issue
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European Economics Preview: German Factory Orders Data Due
Industrial orders from Germany and Eurozone sentix investor confidence are the major reports due at the start of the week, headlining a light day for the European economic news.
The Czech statistical office is slated to release industrial and construction output figures at 3.00 am ET. After rising 5.4 percent in November, industrial production is forecast to grow 1.5 percent annually.
The Society of Motor Manufacturers and Traders is set to publish U.K. new car registrations data for January at 4.00 am ET. Registrations were down 3.7 percent in December.
Eurozone sentix investor confidence is due at 4.30 am ET. The confidence index had fallen to -21.1 in January from -24 in December.
At 6.00 am ET, Germany's Federal Ministry of Economy and Technology is scheduled to issue factory orders for December. Economists forecast industrial orders to grow 1 percent month-on-month after falling 4.8 percent in November. On a yearly basis, a 0.8 percent fall is expected.
At 9.00 am ET, French T-bill auction is due. The government aims to raise EUR 2.1 billion from 182-day T-bills and EUR 2.2 billion from 364-day bills. Also, it will issue EUR 4.2 billion 91-day bills.
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European Economics Preview: German Trade, Debt Auction In Focus
Foreign trade figures from Germany and unemployment data from Switzerland are the major European statistical data due on Wednesday. Further, Germany is set to auction its 5-year Federal Notes today, aiming to raise EUR 4 billion.
Switzerland's State Secretariat for Economic Affairs (SECO) is slated to publish the January unemployment figures at 1.45 am ET.
At 2 am ET, German trade data is due. The trade balance is forecast to post EUR 13.8 billion surplus in December. Exports are seen declining 1 percent from a month earlier, while a growth of 1 percent is forecast for imports.
Bank of France is scheduled to release the business sentiment survey results at 2.30 am ET. Economists expects the sentiment indicator to remain unchanged at 96.
Czech unemployment, Spain industrial production, Hungary foreign trade and Turkey industrial production are due at 3 am ET.
Interest rate decision from the Central Bank of Iceland is expected at around 4 am ET. Base rate announcement from the National Bank of Poland is also due later in the day.
Germany is set to hold an auction of its 0.75 percent 5-year Federal Notes or Bobls at 5.30 am ET. The country is aiming to raise EUR 4 billion from the sale of the debt due February 2017.
The previous tap on the line was on January 11, which was met with strong demand. The yield on the 5-year paper had declined to 0.90 percent and demand was 2.8 times the offer.
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European Economics Preview: ECB, BoE Rate Decisions On Focus
Outcome of the monetary policy meetings of the Bank of England and the European Central Bank are the major events that are set to dominate the scene on Thursday.
At 1.45 am ET, Swiss consumer sentiment is due. Consumer confidence is forecast to improve to -22 in January from -24 in the prior quarter.
Statistics Netherlands is set to issue January consumer prices at 3.30 am ET. Annual inflation is expected to rise to 2.6 percent from 2.4 percent in December.
The Office for National Statistics is scheduled to issue U.K. industrial output figures at 4.30 am ET. Industrial output is expected to grow 0.2 percent month-on-month in December, following a 0.7 percent drop in November.
In the meantime, external trade figures from U.K. are due. The visible trade deficit is seen at GBP 8.6 billion in December compared to GBP 8.64 billion in November.
The BoE is widely expected to lift the size of quantitative easing by GBP 50 billion to GBP 325 billion. The interest rate is seen unchanged at a record low of 0.50 percent. The announcement is due at 7.00 am ET.
The European Central Bank is set to announce its decision at 7.45 am ET. Economists widely expect policymakers to maintain the rate at 1.00 percent. ECB President Mario Draghi is set to hold a the regular post-decision press conference at 8.30 am ET.
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European Economics Preview: German Wholesale Price Data Due
Wholesale price data from Germany and producer prices from Switzerland are the reports due on Monday, headlining a light day for the European economic news. Further, the German government is set to raise EUR 4 billion from a Bubill auction.
Over the weekend, Greek lawmakers approved a highly unpopular package of austerity measures, paving the way for its international creditors to release EUR 130 billion in aid to the troubled euro member.
At 2.00 am ET, the Federal Statistical Office is scheduled to issue German wholesale price figures for January. Wholesale prices had increased 3 percent in December.
Swiss producer and import prices are due at 3.15 am ET. Producer and import prices are forecast to rise 0.2 percent month-on-month in January after rising 0.3 percent in December. On a yearly basis, it is expected to drop 2.2 percent.
At 4.00 am ET, the Czech central bank is scheduled to release current account figures. The account is expected to show a deficit of CZK 3.25 billion in December compared to a surplus of CZK 6.61 billion in November.
The German government is slated to conduct new 6-month Bubill auction at 5.00 am ET, with an aim to raise EUR 4 billion.
Poland's central bank is set to issue current account figures at 8.00 am ET. The current account deficit is seen at EUR 1.17 billion in December compared to EUR 1.034 billion shortfall in November.
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European Economics Preview: German ZEW Economic Sentiment Survey Results Due
Economic sentiment survey results from Germany and inflation figures from the U.K. are the major statistical reports due on Tuesday. In addition, Spain and Italy are expected to step into the debt market after Moody's downgraded their sovereign ratings.
Hungary's statistical office is scheduled to issue inflation and final industrial output figures. Annual inflation is expected to accelerate to 5 percent in January from 4.1 percent in December.
At 4.30 am ET, U.K. inflation figures are due. Annual inflation is forecast to slow notably to a 14-month of 3.6 percent in January from 4.2 percent in December.
As inflation probably remained more than one percentage point above 2 percent for three straight months since Bank of England Governor Mervyn King wrote his last open letter, King is expected to write another letter to Chancellor George Osborne this week.
In the meantime, Spain is set to auction T-bills maturing in one year and 18 months. The 12-month bill auction is set to raise between EUR 2.5 billion and EUR 3 billion and 18-month bills to collect between EUR 1.5 billion and EUR 2 billion.
The rating agency Moody's has downgraded Spain, Italy and four other eurozone nations on Monday. Elsewhere, Standard & Poor's lowered its investment-grade credit ratings on 15 Spanish banks, a month after it cut its ratings on Spain.
The Mannheim based Centre for European Economic Research is scheduled to issue German economic sentiment survey data at 5.00 am ET. The economic confidence is seen improving to -11.8 in February from -21.6 in January.
In the meantime, Eurostat is scheduled to issue industrial production for the euro area. Economists forecast industrial output to fall 1.2 percent month-on-month in December after rising 0.1 percent in November.
The Italian government is set to raise between EUR 5 and EUR 7 billion from medium-long term debt auction. At the same time, Greece 13-weeks T-bill auction is also due.
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