Breaking News

Industrial outputs slump across Europe, dragging euro down

News Date: 10/2/2016 09:51:38
Industrial production fell across Europe as oil and mineral companies cut outputs and slashed investing, while weaker global growth, especially in China and developing companies, stymied European exports in December, leaving consumer spending the only driver of growth, both in Britain and the Eurozone.

France's output slumped 1.6% m/m in December, the biggest drop since May 2014, and added to November's 0.9% drop. Analysts expected a 0.2% growth. Italian output fell 0.7%, compared to forecasts of a 0.3% growth and the previous reading's 0.5% drop.

The euro gave up a heavy 0.55% against the dollar to trade at 1.1233, while sliding 0.63% versus sterling to 0.7755. The common currency eased nearly one percent against the insurgent yen, nearing a two-week low at 128.28.

Britain's industrial production suffered simultaneously. dropping 1.1% m/m in December, the biggest such monthly drop since 2012, while manufacturing production fell for the third month in a row in December by 0.2%. Sterling trimmed earlier gains but was still up on the day, registering a profit of 0.11% against the dollar at 1.4489.

Crude oil prices tumbled on oversupply worries in the U.S., with inventories expected to increase again last week. Crude futures shed 40 cents, or 1.50% to trade at $27.54 a barrel, but on the other Brent crude futures held on to its gain, trading up 14 cents, or 0.46% at $30.48 a barrel.

Latest news

Futures contracts for gold declined with European trading after it was high in the Asian session : with the beginning of today’s hours, futures contracts rose by 0.66%, to be traded at a price
09-2020 21 09:52:41

Gold futures rose for December delivery according to the Asian session on Friday. As it increased by 0.47%, to be traded at the price of 1959.00 dollars per ounce, and it was previously traded at a
09-2020 18 06:02:31

Oil prices rose this morning, due to the halt in oil and gas production due to a hurricane in the United States of America, as the price of crude oil increased by approximately 1.5%, reaching 41.13 d
09-2020 16 06:30:20

We open the trading week with a rise in gold prices today, after it witnessed a decline in the last days of last week, as it is a safe haven for investors, especially when crises that negatively affe
09-2020 14 06:22:57

Gold prices experienced a remarkable decline at the beginning of the week after it concluded its Asian trading at a high, affected by the great rush of investors, if this morning the gold futures con
08-2020 31 08:11:31

More News