Global Indices & Markets News
Global Equity Markets Update
U.S. S&P 500 slipped 0.3 percent and Dow Jones Industrial Average rose by 0.1 percent last week. MSCI's world share index dropped 0.5 percent. Minutes from U.S. Fed showed U.S. Central Bank is considering change of QE3 in next meeting shook investors’ confidence.
Consider Change of QE
Federal Reserve officials will consider major changes to the central bank's quantitative-easing program at their next meeting in March, according to minutes of the January meeting released Wednesday. Fed officials appear divided about how to proceed with the current $85 billion per month purchase program. Overall, many Fed officials are worried about the costs and risks of the asset purchases, the minutes show.
Euro’s Exchange Rate
States should not attempt to actively influence their currencies' exchange rates, German Chancellor Angela Merkel said, adding that the euro trading between $1.30 and $1.40 was not out of the ordinary. ECB president Draghi said the euro's exchange rate was not a policy target but was important for growth and stability.
France’s Economy
France's economy will grow significantly more slowly this year than the government has forecast and that the deficit target was also likely to be missed, foreign minister said. [Read More] – Weekly Discussion - Downgrade of France and European Debt Crisis
UK lost Aaa Rating
Moody's said weak prospects for British economic growth, which have thrown the government's deficit reduction strategy off course, lay behind its decision to cut the rating by one notch to Aa1 from Aaa.
Weakness in Europe’s Economy
The latest figure of PMI in Europe showed the economy may not as optimistic as economists’ expectations. The indicator fell in February to 47.3 from 48.6.
Japan’s Export
Japanese exports grew faster than expected in January, with shipments to China swing back to growth after a recent fall-off, though the trade deficit hit an all time record. Japan’s trade deficit swelled to a record 1.63 trillion yen (USD 17.4 billion) on energy imports and a weaker yen. [Read More] – Weekly Commentary – Japan’s current account deficit and its medium and long-term impacts to Japanese Yen
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