Wednesday
KBC: MNB is expected to deliver third 50bps rate hike in row
Tuesday
U.S. Trade Deficit Widens Much More Than Expected In November
Reversing a drop in October, the U.S. trade deficit saw a notable increase in November, according to figures released Friday by the Commerce Department.
U.S. exports fell by 0.9 percent to a level of $177.8 billion, while imports rose by 1.3 percent to a level of $225.6 billion, according to the report.
That put the trade deficit at $47.8 billion, a 10.4 percent increase from October's revised level of $43.3 billion - little changed from the $43.5 billion initially reported.
Most economists had predicted that October's narrowing of the deficit would be reversed but had generally forecast that the deficit would come in lower, at roughly $45 billion.
Paul Dales, Senior U.S. Economist at Capital Economics, said the notably wider deficit is "perhaps the first real sign that the crisis in Europe and the more general global slowdown is starting to take its toll on the U.S."
"The combination of a fairly deep euro-zone recession and a slowdown in activity in Asia means U.S. exports will grow only modestly this year and the trade deficit will probably continue to widen," he added.
The widening trade gap was largely driven by a $4.6 billion increase in the deficit between imports and exports of goods but slightly offset by a $100 million increase in the services surplus.
The November figures showed slowing exports of industrial supplies, capital goods, automotive supplies and agricultural goods, while imports of industrial supplies, autos and capital goods increased.
Those figures were somewhat offset by an increase in exports of consumer goods and a decrease in imports of foods, feeds and beverages.
The trade deficit with China fell somewhat in November to $26.9 billion from the October level of $28.1 billion. The decrease was driven in part by U.S. exports to China, which at $9.9 billion, were the highest since December of 2010.
The deficit in trade between the U.S. and the European Union increased to $9.7 billion from the October level of $8 billion, with the deficit with Germany of $4.7 billion marking the highest level since October of 2005.
The November increase in the average price of crude oil, the first increase after five months of falling prices, likely contributed to the increase in the deficit between the U.S. and OPEC nations, which rose to $9.1 billion in November from $8.3 billion in October.
The U.S. continued to post trade surpluses with Hong Kong, Australia, Singapore and Egypt, though the surpluses with Australia and Egypt were somewhat smaller in November than in October.
U.S. trade deficits also grew with Mexico and Nigeria.
The U.S. economy also recorded a slowdown in exports of advanced technology, resulting in a $10.7 billion deficit, the highest on record for that sector, according to the Commerce Department.
Reversing a drop in October, the U.S. trade deficit saw a notable increase in November, according to figures released Friday by the Commerce Department.U.S. exports fell by 0.9 percent to a level of $177.8 billion, while imports rose by 1.3 percent to a level of $225.6 billion, according to the report.That put the trade deficit at $47.8 billion, a 10.4 percent increase from October's revised level of $43.3 billion
Saturday
UK Trade Deficit Rises More Than Expected
The U.K's visible trade deficit rose more than expected in November, data from the Office for National Statistics showed Wednesday.
The deficit on seasonally adjusted trade in goods amounted to GBP 8.6 billion in November. Economists expected the deficit to rise to GBP 8.4 billion from October's GBP 7.9 billion.
Compared to October, exports of goods fell 0.4 percent and imports dropped 0.2 percent.
The UK's deficit on seasonally adjusted trade in goods and services was GBP 2.6 billion in November, compared with the deficit of GBP 1.9 billion in October.
Thursday
UK Visible Trade Deficit Widens More Than Expected, Exports Fall
The U.K's visible trade gap widened more than expected in November, as exports declined due to reduced shipments to non-EU countries, data from the Office for National Statistics revealed Wednesday.
The deficit on trade in goods amounted to a seasonally adjusted GBP 8.6 billion in November. Economists expected the deficit to rise to GBP 8.4 billion from October's GBP 7.9 billion.
The figures have been particularly volatile in the past couple of months, but the big picture is that the overall trade deficit has now returned to the average level seen in the rest of 2011, Vicky Redwood, an economist at Capital Economics said.
However, "net trade still looks unlikely to stop the wider economy from falling back into recession this year," the economist added.
Exports of goods fell 0.4 percent month-over-month, while imports dropped 0.2 percent. Excluding oil and erratic items, the seasonally adjusted volume of exports was 1.7 percent lower, and the volume of imports was 1.1 per cent higher in November, compared with October.
According to the statistical office, the decrease in exports was driven by lower exports of silver to non-EU countries, including India.
"Exports to EU countries actually managed to hold onto November's sharp increase. Clearly we doubt that this will last as euro-zone demand weakens," Redwood said.
The surplus on trade in services came in at GBP 6.1 billion. The deficit on trade in goods and services was GBP 2.6 billion in November compared with the deficit of GBP 1.9 billion in October. Economists were looking for a deficit of GBP 2.4 billion.
Trade with non-EU countries resulted in a deficit of GBP 5 billion, higher than a shortfall of GBP 4.6 billion in October. This was almost in line with expectations. Trade with EU countries also saw a higher deficit of GBP 3.6 billion compared to October's GBP 3.3 billion.
"Looking through the recent erratic monthly moves in the trade data, there is little evidence overall of marked improvement, which is disappointing for hopes that improved exports can boost overall growth and help the UK economy to become more balanced," said Howard Archer, chief economist at IHS Global Insight.
In its latest Quarterly Economic Survey released Tuesday, the British Chambers of Commerce said it expects the U.K. economy to stagnate overall until mid-2012, though the situation is better than those seen in the worst phase of the last downturn.
The Bank of England is expected to retain its key interest rate at a record low during the monetary policy meeting to be held on Thursday. It is also likely to keep the asset purchase target unchanged at GBP 275 billion.
The U.K's visible trade gap widened more than expected in November, as exports declined due to reduced shipments to non-EU countries, data from the Office for National Statistics revealed Wednesday. (Market News Provided by RTTNews) Post Comment Email(required) Password (required) Comment (required)(Characters left: 3000) History 01/11/2012 Portuguese Inflation Eases In December 01/11/2012 UK Trade Deficit Rises More Than Expected 01/11/2012 German Economic Growth Slows In 2011 01/11/2012 Italy Budget Deficit Drops To 2.7% Of GDP In Q3 01/11/2012 Romania Average Gross Wages Rise In November Show All News Show Latest News TOP 100 INVESTING SITESTOP 100 STOCK INVESTING SITESTOP 100 FINANCIAL SITESTOP 100 FOREX SITES Subscribe Live News Subscribe Analytics Trading terms
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