ForexMart's Forex News

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  1. #31
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    July 31. EU GDP collapses by record 14.4%

    According to the statistical agency Eurostat, the GDP of the EU countries in the II quarter fell by 14.4% in annual terms. On a quarterly basis, the indicator decreased by 11.9%. In the first three months of the year, the EU economy contracted by 3.6%. Figures like these signal that the European economy has entered a recession.

    Earlier in July, the European Commission presented its forecast for changes in Europe's GDP: experts expected the economy to decline by 8.3%.

    At the same time, the economies of 19 eurozone countries contracted by 12.1% in the second quarter and by 15% – in annual terms. Analysts had expected a decline of 11.2% and 13.9%, respectively.

    The fall in all indicators has become the sharpest and strongest since 1995 – since the beginning of statistics.

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    August 03. The PMI index of the industry of the eurozone in July rose to 51.8 points

    According to the research organization Markit Economics, the index of business activity (PMI) in industrial production of 19 eurozone countries in July rose to 51.8 points against 47.4 points in June. Analysts predicted that the indicator would rise to the level of preliminary estimates of 51.1 points.

    At the same time, industry PMI in Germany, according to final data, rose to 51 points from 45.2 points in June. PMI in France in July increased to 52.4 points from 52.3 points in June.

    Analysts had expected the German index to rise to 50 points and the French to 52.

  3. #33
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    August 04. Gold rises in price on increasing geopolitical risks

    On Tuesday evening, the price of gold started to rise sharply, reaching $ 2.001 per troy ounce. The growth driver was fears of further deterioration in relations between the United States and China.

    Market participants continue to follow the news around the TikTok app, owned by the Chinese company ByteDance. Earlier, it became known that US President Donald Trump announced plans to ban TikTok on the grounds that this Chinese company, by law, must transfer user data to the PRC authorities.

    Trump's actions are forcing TikTok to sell its US assets to an American company, which was seen by the Chinese authorities as another provocation and led to increased tensions between the two countries.

    As a result, market players prefer to ditch risky assets in favor of safer ones, which traditionally include gold.

  4. #34
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    March 24. Suez Canal blocked: 12% of world trade in question

    One of the largest container ships in the world, owned by the Taiwanese company Evergreen Marine, ran aground in the Suez Canal, completely blocking traffic on the most important trade route connecting Europe, Asia and the United States to the Middle East.

    Experts note that about 12% of world trade passes through this channel, 30% of the world's container ships' capacity per year, and about 600 thousand barrels of crude oil from the Middle East to Europe and the United States every day. Moreover, the Suez Canal remains the main source of income for Egypt.

    At the moment it became known that at the entrance to the canal tankers with oil and liquefied natural gas, container ships with various goods and dry cargo vessels are accumulating. If congestion continues until the end of this week, it will affect the transit of 15 LNG tankers and disrupt the entire shipping schedule. Unblocking of the channel is expected to take several days at best.

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    March 25. The backlog of vaccinations in the EU was estimated at 123 billion euros

    Economists believe that the lag of the EU countries from the approved vaccination calendar against coronavirus could cost the European economy about 123 billion euros. The EU is currently seven weeks behind schedule.

    It is noted that by the end of summer, the EU countries should vaccinate 70% of the population. And in order to achieve this, vaccination must be significantly accelerated. However, problems with the supply of vaccines from AstraZeneca and the refusal of residents of many European countries to vaccinate with this particular drug call into question the success of this campaign.

    According to experts, France is also seven weeks behind the vaccination schedule, and each week of lag could cost the country's economy 3 billion euros.

    The current difficulties with vaccination will be discussed at the summit on Thursday by the heads of state and government of the EU countries. It is assumed that politicians will discuss measures to increase vaccine production and accelerate vaccination of the population.

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    March 26. Experts believe that cars will rise in price because of the Suez Canal blocking

    Experts believe that blocking the movement of ships through the Suez Canal will inevitably lead to higher prices for cars.

    It is noted that the incident involving the container ship Evergreen mainly affected the European Union. For three days, a queue of more than 200 ships gathered near the blocked canal. Another part of the tankers headed by a roundabout route around Africa – and this will move the delivery dates by 15 days.

    Analysts also note that the situation in the Suez Canal may affect the cost of some industrial goods from Europe, including automotive products. The fact is that the increase in costs due to the additional time spent in chartering ships is approximately $8,000 for each container from China. Although this is a small amount, the main problem is timing.

    Currently, the European markets are already experiencing assembly problems due to the lack of chips. And 15 days of delay can lead to an increase in the cost of cars by 1-2%.

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    March 30. Consumer Confidence in the US in March rose to its highest in a year

    According to the analyst firm Conference Board, the consumer confidence index in the US in March rose to 109.7 points from the revised February index of 90.4 points. Analysts had forecast growth in the indicator to only 96.9 points from the initial February value of 91.3 points. In addition, the index has reached its highest value in a year.

    The index of economic expectations in March jumped to 109.6 points from the revised February index of 90.9 points. The index of economic conditions in March also rose to 110 points from the revised value of 89.6 points in February (originally the indicator was 92 points).

    The US dollar reacted to such statistics with even greater growth. For example, the exchange rate of the main currency pair EUR/USD is 1.1700, which is the lowest value since November last year.

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    March 31. ECB sees opportunity to launch digital euro by 2025

    The head of the European Central Bank (ECB) Christine Lagarde said that the regulator could launch the digital euro around the middle of this decade, in 2025.

    In her interview, Lagarde noted that the main task of the ECB is to ensure the correct approach to the process of creating a digital European currency, which can take several years. «This is a technical project and also a fundamental change. We have to make sure we don't break the system, but we will improve it», Lagarde said.

    The ECB intends to publish an analysis of the 8,000 responses received in a public consultation on a potential digital currency launch. Further, the analysis will be sent to the European Parliament, and then – to the ECB Governing Council, which by the middle of this year will decide whether to continue this experimental work. The final decision on whether to introduce digital currency at all will be made six months or a year after that.

    The European Central Bank has said it is considering issuing a digital euro to prepare for the digital age. The European Commission, in turn, noted that the digital euro can support the digitalization of the entire EU economy, which is one of the most important elements of the EU's development.

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    April 1. Owners of container ship Ever Given will pay about a billion dollars in fines

    The manager of the Suez Canal, Osama Rabia, said that the financial losses from the blocking of the trade route, which arose due to the fault of the container ship Ever Given, would amount to about a billion dollars. This amount will be collected from the owner of the vessel. According to Rabia, the money will go to offset the cost of re-floating the vessel, as well as to cover financial losses caused by the congestion in the waterway. Suez Canal navigation resumed on Tuesday 30 March.

    Osama Rabia also said that all ships affected by the forced delay will be given a discount of up to 15% for passage. The discount will vary from 5% to 15%, depending on the period of time for which each vessel was forced to stand idle.

    After the incident, Egyptian President Abdel Fattah al-Sisi ordered the purchase of the most modern and large dredgers and tugs for his needs. Their cost is estimated at $500 million. The very same vessel Ever Given will remain at a stop in the lakes until the investigation is over, the perpetrators of the incident are identified, and compensation and fines are not paid.

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