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Moody's Lifts Turkish Credit Ratings Moody's Investors Service on Wednesday raised its ratings on Turkish government bonds by one notch to Ba1 from Ba2 with a 'positive' outlook, citing improvement in public finances. This is the highest non-investment grade rating. According to Moody's, the main drivers of the rating action are the significant improvement in Turkey's public finances and the policy actions that have the potential to address external imbalances. Moody's said the improved public finances have increased shock-absorption capacity of the government's balance sheet. Also, the authorities' recent policy actions are capable of addressing the huge current account deficit, which is the largest credit risk facing the country. The agency said the decision to maintain the 'positive' outlook on Turkey's ratings reflected its expectation that both of the drivers that led to today's rating upgrade will continue to improve the country's fiscal and macroeconomic resilience. An upgrade to an investment-grade rating will depend on Turkey becoming more resilient to balance-of-payment shocks, given the already favorable public-finance metrics, Moody's noted. More FOREX-news on pages InstaForex.Com

Europe Must Revive Economic Growth, IMF Says The International Monetary Fund on Monday urged Europe to focus on reviving economic growth to help the recovery of the region's crisis-hit economies. A paper published by IMF staff observed that Europe needs to revive economic growth to help break the vicious cycle of the feedback loop between weak government finances, weak banks, and weak growth that continually undermine each other. IMF also noted that with the recession continuing, and unemployment high and on the rise in many countries, European policymakers needs to do more. The staff said both short-term and long-term solutions are needed to tackle the problem of low growth in the continent. Large-scale reforms could boost GDP by 4.5 percent over five years, according to the report. "Structural reforms should be implemented now to anchor medium-term growth prospects," said Rodrigo Valdes, a deputy director in the IMF's European Department. "But these reforms need to be complemented to sufficiently boost growth in the short term; hence policymakers must supplement them with policies to promote demand, external in some cases, internal in others." Common pools of resources can be strengthened and better targeted, including more forceful interventions to improve labor market conditions, the report said. More FOREX-news on pages InstaForex.Com

UK Property Asking Prices At New High, Rightmove Says Asking prices for a property in the United Kingdom rose to a new record high in June buoyed by strong price movements in London and South East, property website Rightmove said on Monday. Prices of new property coming to market was GBP 246,235, a third consecutive national record. This was 1 percent higher than a month earlier and 2.4 percent above last years' level. Strong rises in the south of the country have helped to push the national average asking price into new record territory, Rightmove Director Miles Shipside said. The report, meanwhile, observed that sellers' prices are now 2 percent up on August 2007, the month before the UK economy faced the run on Northern Rock. They have fallen considerably in real terms when compared to retail price inflation over the same period. London is the only inflation-proof hedge seeing average asking prices 3 percent ahead of the retail price index since August 2007. London and South East regions saw new asking price records in June. "In these uncertain economic times, lenders feel safer to lend to those with a cash-cushion, and those sitting on that cash often feel more comfortable with it invested in tangible assets, including bricks and mortar," Shipside said. June saw a weekly run-rate of 29,394 new sellers in the three weeks prior to the disruption of the Diamond Jubilee break. This was the highest new listing run-rate recorded for two years. Rightmove said this suggested that further increases in asking prices are unlikely as fresh supply exceeds summer demand. A report from the Nationwide Building Society showed last month that the U.K. house prices rose 0.3 percent from a month earlier in May, while demand remained subdued. Lloyds Banking Group's Halifax division said prices increased 0.5 percent in May. More FOREX-news on pages InstaForex.Com

European Economics Preview: Eurozone Foreign Trade Data Due Foreign trade figures from the U.K. and Eurozone are due on Friday, headlining a light day for the European economic news. At 2.00 am ET, the European Automobile Manufacturers' Association is slated to release Europe's new car registrations for May. Sales were down 6.9 percent in April. Sweden's AMV unemployment data is also due at 2.00 am ET. The jobless rate is expected to fall to 4.1 percent in May from 4.3 percent in April. At 3.00 am ET, the Czech Statistical Office is scheduled to publish producer prices for May. Producer price inflation is seen slowing to 1.8 percent from 2.2 percent in April. In the meantime, Hungary's industrial output figures are also due. External trade figures from Italy and Norway are due at 4.00 am ET. The Czech central bank is set to release current account data in the meantime. The balance is forecast to show a shortfall of CZK 3.55 billion in April compared to a surplus of CZK 10.65 billion in March. Half an hour later, the Office for National Statistics is slated to publish April foreign trade figures. The U.K. visible trade deficit is seen at GBP 8.5 billion. At 5.00 am ET, Eurozone foreign trade and employment reports are due. The trade surplus is expected to fall to EUR 4 billion in April from EUR 8.6 billion in March. More FOREX-news on pages InstaForex.Com

European Economics Preview: SNB Rate Decision Due The Monetary Policy Assessment of the Swiss National Bank is set to dominate the scene on Thursday, headlining a busy for the European economic news. At 2.00 am ET, the Federal Statistical Office is scheduled to publish German wholesale price data for May. In the meantime, Finland's consumer price figures are due. Annual inflation is seen unchanged at 3.1 percent in May. The Swiss National Bank is set to announce its rate decision at 3.30 am ET. The central bank is likely to retain the interest rate close to zero. Also, the SNB is expected to maintain the minimum exchange rate of CHF 1.20 per euro. In the meantime, Dutch retail and external trade balance figures are due. Retail sales were up 2.2 percent year-on-year in March. At 4.00 am ET, the European Central Bank is set to release its monthly report for June. The ECB had maintained its key refi rate at a record low 1 percent at the meeting held on June 6. Eurostat is slated to release Eurozone final inflation data at 5.00 am ET. According to flash estimate, annual inflation fell to 2.4 percent in May from 2.6 percent in April. Eurozone first quarter labor cost data is also due. Italy's BTP auction results are due at 5.10 am ET. The government aims to raise between EUR 4 billion and EUR 6 billion. More FOREX-news on pages InstaForex.Com

Sweden Inflation Expectations Fall: Survey Inflation expectations among Sweden's labour market parties, purchasing managers and money market players have eased in June from March, results of a survey carried out by the market research firm TNS SIFO Prospera revealed Wednesday. All survey participants expect annual inflation to be 1.5 percent in the first year, which is less than 1.7 percent forecast in March. The expected figure for the second year was 1.9 percent, lower than 2 percent seen earlier. In five years, inflation is seen at 2.1 percent, down from 2.2 percent expected in March. The expectations on GDP growth was also lower in the latest survey. The GDP growth forecast for the first year was lowered to 1.4 percent from 1.6 percent. In the second year, the economy is seen expanding 2 percent, slower than the 2.3 percent expected earlier. Expectations on wage growth was unchanged from the March survey at 2.8 percent. The participants continue to expect the central bank to cut the benchmark interest rate, which is the repo rate, to 1.4 percent in 3-months time. They do not expect further easing in the policy rate in 12 months, but expect the central bank to raise it to 1.5 percent. The survey, which is commissioned by the Sveriges Riksbank, was carried out among 255 organisations. More FOREX-news on pages InstaForex.Com

Eu Barroso - Eu Needs Deeper Banking Integration European Commission President Barroso calls for EU banking integration within a year. He added that EU needed to take a "very big step" towards deeper integration if it was to learn the lessons of the sovereign debt crisis. The deeper integration plan would also include a regional deposit guarantee scheme and a rescue fund paid for by levies on financial institutions. The plan is likely to be implemented by 2013 without changes to the bloc's treaties, Barroso said. Barroso told the FT he believed there was greater appreciation in London and Berlin about the need for an EU-wide banking regime. However Britain says it will not join a banking union supervised by the EU and Germany. UK also argues over the requirement of EU treaty changes for which it wants specific safeguards in lieu More FOREX-news on pages InstaForex.Com

European Economics Preview: French Industrial Output Data Due Industrial production from France is the important statistical report due on Monday, headlining a light day for the European economic news. At 2.45 am ET, the French statistical office Insee is scheduled to issue industrial output figures. Economists forecast output to fall 0.1 percent month-on-month in April after easing 0.9 percent in March. The Czech Statistical Office is slated to issue consumer prices for May at 3.00 am ET. Annual inflation is seen easing to 3.1 percent from 3.5 percent in April. Romania's consumer prices and industrial output figures are also due. At 4.00 am ET, Italy's statistical office Istat is set to publish final GDP data for the first quarter. The economy shrank 0.8 percent sequentially, according to the preliminary data released on May 15. In the meantime, Norway's consumer and producer price figures are due. Germany's Bubill auction results are due at 5.30 am ET. The government is placing EUR 4 billion in 6-month Bubill. Больше FOREX-новостей на страницах InstaForex.Com

French Business Sentiment Drops For Second Month French business sentiment weakened for the second straight month in May, survey results from Bank of France showed Friday. The corresponding index came in at 93, in line with forecast, but down from the prior month's reading of 94. Likewise, confidence in services dipped to 92 from 93. The bank lowered its economic outlook. Gross domestic product is expected to contract 0.1 percent in the second quarter, revised downward by 0.1 percentage point. Forecasts are that industrial activity will slightly improve in the short term. Service sector activity is also expected to improve over the coming weeks. According to the survey, industrial activity declined, largely reflecting weakness in the automotive and metalworking sectors. While order books diminished due to lower demand, inventories are perceived as being slightly above targeted levels. More FOREX-news on pages InstaForex.Com

Finnish Trade Gap Narrows Sharply In April Finland's unemployment rate decreased significantly in April, data released by the National Customs Board showed Thursday. The trade deficit dropped to EUR80 million in April from EUR160 million in March. In April 2011, the trade balance was a deficit of EUR350 million. Export of goods increased 2 percent annually to EUR4.695 billion in April. Shipments to the European Union states and Eurozone countries decreased 1 percent each during the month. The value of imports, meanwhile, decreased 3 percent annually to EUR4.775 billion in April. Arrivals from the European Union decreased 5 percent year-on-year, while imports from the Eurozone dropped 8 percent. In the January-April period, the trade balance was a deficit of EUR1.115 billion. Exports edged up 1 percent year-on-year during the four-month period, while imports remained broadly unchanged, data showed. More FOREX-news on pages InstaForex.Com

German Gfk Consumer Sentiment Remains steady in June Despite Turmoil The forward looking GfK consumer sentiment for Germany stayed at 5.7 in June as expected, after 5.6 in May. Business cycle expectations in May jumped to 19.6 from 8.5 defying all the bad news the Willingness to spend increased in May to 32.0 from 27.6 in the previous month Quotes On outlook "Consumers seem unfazed by the increased turbulence in the euro zone recently. The elections in France and Greece, which above all have unsettled the markets, have not damaged business cycle sentiment," "An important prerequisite for a sustained positive development of private consumption remains a robust labour market and here the signal is, as before, on green," On risk "The present uncertain situation of the debt crisis poses a potential risk for Germany's domestic economy," "Should the events involving Greece and other euro zone countries intensify further or even escalate, this could quickly bring the positive trend in consumption to a standstill," GfK More FOREX-news on pages InstaForex.Com

France's Hollande Presents His Case, Realizes Ground Realities at European Summit France's Hollande presenred his case for Growth and joint euro bonds along with use of structural funds to shore up Greek growth but realised that there were not many takers for it at the summit of European leaders. He agreed with other leaders to urge Greece to continue walking on the agreed path which not many people in Greece believes in according to results of latest elections More FOREX-news on pages InstaForex.Com

Uk's Clegg Ready Sail With the Wind, Favors Growth Over Austerity - Ft UK's Deputy PM Nick Clegg is ready to move with new idiom among European politician by siding with growth based austerity according to his interview with FT. The move will focus credit infusion housing and infrastructure and would also focus on small businesses. However, finance ministry doesn't fully share views on proposed "massive amplification" of existing credit-easing schemes. Quotes "I think there are people about who will be nervous - even neurotic - about any kind of innovation in this area for fear that it somehow would be criticised by people in the markets," "We're not austerity fanatics for the hell of it - we've actually got some very creative initiatives on growth, which we've already launched, which can be supplemented and will be supplemented," Nick Clegg to FT. More FOREX-news on pages InstaForex.Com

China to Speedup Infra-Investments to Boost Growth China is planning to speed up infrastructure related investment in order to push up growth in construction without creating bubble in property sector according to newspaper reports. It has asked parties to submit project proposals by end of June and even considering advancing projects. Paper also said that infrastructure investment related projects are approved much faster this year. More FOREX-news on pages InstaForex.Com

Uk Banks can Tackle Contagion from Potential Greek Exit says Michael Cohrs BoE's Michael Cohrs said that UK banks are well prepared to tackle any potential contagion from Greek crisis. Quotes "They have thought about their direct exposures to Greece and they have marked them to appropriate levels, their liquidity is strong and they have enough capital to withstand shocks from Greece," "If it goes further it's not clear, and that is why we have been encouraging them to raise more capital because nobody knows where it will stop or it won't stop," "I really want to hammer home this point; it was why we're urging British financial institution to prepare themselves and strengthen their capital," Published: More FOREX-news on pages InstaForex.Com

Germany -Euro Zone Worries to Last for another 2 Years says German Fin Min German's Schaeuble said that euro zone market turmoil surrounding the euro zone crisis could last another 12 to 24 months. He also urged Greeks to decide whether they wished to stay in the single currency. Quotes "It's up to Greek politicians to explain the reality to their people and not make false promises," "We want Greece to stay in the euro but meet its commitments and that's a decision that's up to the Greeks." German Finance Minister Wolfgang Schaeuble. More FOREX-news on pages InstaForex.Com

Japan's Noda Wants Bold Action from Boj, Shirakawa Remains Cautious Japan's PM Noda said that BoJ should take bold and appropriate action to beat deflation and tackling stronger yen. However BoJ's Shirakawa remained cautious on the issue and said it quite clearly that monetary policy alone can't beat deflation and could backfire with unwarranted consequences in the markets. However he admitted that Japanese economy in severe state and BoJ would do utmost to ensure economic growth and price stability. Both of them where speaking at lower house parliamentary session on Japan's social welfare and tax reforms. More FOREX-news on pages InstaForex.Com

Greece Worries Hits Nikkei, S. Korea's Kospi Tumbles Worries about possibility of Greece leaving euroz one hit Nikkei hard as Japanese Benchmark Index lost 1.1 pct at mkt close. South Korea's KOSPI tumbled very sharply by 3.08 pct at mkt close with losers like Samsung Electronics (- 6.2 pct) amd SK Hynix (-8.9 pct). IMF's Lagarde said yesterday that Greece could exit in orderly fashion, but even that could have impact beyond imagination because of possible contagion More FOREX-news on pages InstaForex.Com

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Business Investment stalled French Economy to Zero Growth in Q1 As Expected French preliminary GDP growth was reported neutral in Q1. Business investment was down by 1.4 pct while household and Public investment declined by 0.2 pct and 0.1 pct each. Household consumption (+ 0.2 pct) and Public consumption (+0.5 pct) however supported the economy. Economists also expected a zero growth for the economy however some expected it to decline by 0.3 pct as well. Other European economies going to report their GDP growth are Germany (poll 0.1 pct q/q), Italy (poll -0.6 pct q/q ), Dutch (poll -0.2 pct q/q). Euro zone as a whole expected to report shrinkage of 0.2 pct in q/q terms More FOREX-news on pages InstaForex.Com

China Expands Qfii Investment Products, Relax Rules Chinese authorities have relaxed rules for QFII investor by allowing them to apply for separate QFII status while remaining under the same financial group which will enable number of funds for investment. The scheme will now expand to allow more investments in structure products. Authorities will also relax the ratio for investing in bonds, stocks and cash More FOREX-news on pages InstaForex.Com

Now Is Not the Time to Abandon Flexible Inflation Policies says Boc's Mark Carney Now is not the right time to part with flexible inflation policies with "low -fo-long" said BoC's Carny to FT He said that perusing a policy of temporary higher inflation is an uncertain and extreme response He did not mention any C bank while referring to targeting infaltion Quotes "Moving temporarily to a higher inflation target risks un-anchoring inflation expectations and squandering the hard-won gains of entrenched price stability" "Higher and more uncertain inflation raises risk premiums and real interest rates, and worsens debt dynamics," "Central banks are most effective when they operate with clear and stable objectives." "The pursuit of temporarily higher inflation could only work if policy were anchored to a new target, such as nominal gross domestic product - total output at market prices, unadjusted for inflation," BoC's Mark Carney More FOREX-news on pages InstaForex.Com

European Political Situation Drags Japanese Equities and Yields Lower Results of Greek and French elections fuelled suspicion about EU's ability to implement tough austerity and dragged Japanese markets down by 266 pts of 2.80 pct to 9,113.57. Results of US non farm payrolls also added further woes to investors concerned about global growth prospectus. Japanese yields for 10 and 20 yr yields hit their lowest level since October 2010. South Korea's Kospi also shed 1.70 pct at market open on same worries More FOREX-news on pages InstaForex.Com

Eastern European Business Climate Index of Foreign Direct Investors Soars in April - Oekb The OeKB Central and Eastern European Business Climate index of FDI soared to 24 points from 14 in Jan The economic outlook gauge swung 21 points higher to 11 in April from -10 in Jan. Russia's business climate gained 13 points to 58 and Romania's doubled to 28, while Ukraine's reading fell eight points to 26 amid continued political tension. Hungary was in negative territory even as its business climate improved to -9 from -31. Quotes "The mood among direct investors for the entire central Europe region has improved noticeably since January. For the coming 12 months a pick-up in the economy and thus a rise in Austrian exports to CEE is expected OeKB survey More FOREX-news on pages InstaForex.Com

UK House Prices Increase For Second Month House prices in the UK rose for a second consecutive month in April led by London, a survey by Hometrack revealed Monday. Home prices at national level rose 0.1 percent month-on-month in April after 0.2 percent gain in March, the survey report said. The strongest price gain was reported in London, with a 0.3 percent increase. "Conflicting reports over the strength of the economy and renewed fears over the prospects for the Eurozone could over the coming months impact on buyer confidence," said Richard Donnell, director of research at Hometrack. "As a result we expect price rises to flatten out as we move into the summer." Meanwhile, the supply of properties rose 4.8 percent in April, faster than a 3.6 percent increase in March. More FOREX-news on pages InstaForex.Com