Company News by ForexMart

Euro Drops, Bonds Surge as Italy Says No to Constitutional Reforms


The EUR plummeted along with Asian stocks while bond prices surged after the Italian government voted “No” on the referendum for constitutional reforms, which sparked concerns that this recent development in the country will induce instability in the Italian economy and boost nationalist organizations. The euro hit its lowest point in almost two years after Italian PM Renzi announced his resignation. UK-based stocks and Asian shares index futures also dropped, while government debt recoiled in Treasuries during Friday’s session.

The current Money Fall contest has already started on December 5, 2016 and will end on December 9, 2016.


You can register for the next competition which will take place from December 12, 2016 to December 16, 2016.


Note:
Registration for the next competition finishes 1 hour before the contest starts.

Money Fall Contest Winners for the week of November 14 - 18, 2016

UK’s PMI Edged Higher in November


The primary businesses in the service sector of U.K had an upsurge last month and its highest rate was recorded January, while the economy continued to have its current momentum despite of the fear of some companies regarding the future markets as indicated in yesterday’s survey.


As the Markit/CIPS PMI handles the data relative to the economic sector as it gained 55.2 points for the month of November versus the 54.5 October data, the recent results had presented better-than-expected outcome of Reuters poll surveyed by economists.

China Needs to Address Rising Leverage Concerns


China has to implement market-oriented reforms at a faster pace to counterbalance the climb in corporate leverage including the unnecessary disturbances in the state sector according to a U.S. Treasury official.


The reform is said to include the removal of ‘state guarantees’ and financial sector that disproportionate State-owned Enterprises charged to private sector firms. The country has an estimated total of $18 trillion debt that represents partly of the GDP. They see the relevance of removal of barriers that limits the participation of local and foreign companies in the service sector in line with the shift in focus from a manufacturing-centered country.

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GBP Hits Highest Level in Two Months as Market Hopes UK Government Loses Brexit Case

The sterling pound hit a two-month high after the UK Supreme Court recently concluded its second day of arguments with regards to discussing the right to commence the Brexit referendum, or the UK’s imminent separation from the EU. The GBP recorded its sixth day of increase against the USD, its second consecutive monthly gain since November. The UK government has already lost a Supreme Court case, which was about whether the Parliament should be first given the right to do a vote before the actual implementation of Theresa May’s Brexit strategies.

RBA Interest Rate Decision Remained at 1.5%


The central bank of Australia or also known as RBA has announced their final decision during the board meeting held every month. The Reserve Bank of Australia made a resolution to keep their rates unchanged with a record low reaching 1.50 percent.


According to a site whose purpose is to compare mortgage rates, finder.com.au have made a survey among 75 experts in the industry and most them expected that rates will still be consistent. Furthermore, they support the RBA’s decision as there is no reason to demand the bank to employ such changes. Many professionals from the industry anticipate that the next move of the Australian financial system will be on the upcoming February 2017.

The current Money Fall contest has already started on December 19, 2016 and will end on December 23, 2016.

You can register for the next competition which will take place from December 26, 2016 to December 30, 2016 (Terminal time). .

Note:

Registration for the next competition finishes 1 hour before the contest starts.

Italian Government Solicits €20bn to Support Their Struggling Banks

The Italian government waiting for parliamentary approval to borrow as much as 20 billion Euro equivalent to 17 billion pound to backed up weak banking sector especially Monte dei Paschi. This puts pressure to the newly elected Italian Prime Minister Paolo Gentiloni afraid to suffer losses regards to bailout rules of European Union.

He indicated that this serves as a preventive measure to protect savings. Also, Pier Carlo Padoan the Italian economy minister said that this would be used to induce liquidity in the banking industry to support troubled banks. They are looking for ways to pay losses incurred by retail investors.

New Section "Economical News"

Dear traders!

We have added a new section "Economic news" on our site. Every day we will publish the main news in the field of economics and finance. In this news section you will always find interesting, actual and relevant information about important economic indicators, current exchange rates and much more. You can also learn the latest important events affecting the world and Russian economy.

Keep the track of the world events and stay tuned with ForexMart!