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Economic News by ForexMart


Turkey Inflation Rates Reached Double Digit After 5 years

 

The price for the Annual consumer price increased as high as 11.29 percent in the month of March as the country faced with economic problems as Lira dropped down and the surge in oil market which is the worst condition since 2008. This caused the inflation rates to reach double digits for the first time in five years.

 

The policymakers are being pressured as they try to stabilize the weakened currency and at the same time sustain the growth by the start of the year. Currently, the central bank targets inflation rates from 3 to 7 percent but the March result was not as expected with the 10.7 percent reading.

 

Although, the Lira has been secured in the past few months because of tightening in its monetary policy. The economic growth also has shown signs of recovery in its recent fourth quarterly GDP as it rose by 3.5 percent after a drop of 1.8 percent in the past quarter which has been the worst decreased since the financial crisis.

 

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Australian House Values Surged by 1.4 percent in March

 

The housing prices in the main cities in Australia accelerated in March with the fastest growth in annual basis nearly in seven years.

 

According to a CoreLogic, California-based property consultant, the house price index from the major towns rose to 1.4 percent in the previous month versus the gain of the other month.

 

Moreover, the annual growth rate of prices ascended to 12.9 percent from its previous figures of 11.7 percent. The result beat the past highest point in 2015 as well as the fastest pace recorded in May 2010.

 

This event triggered concerns of Reserve Bank of Australia (RBA) based on speculations that it was fueled by debt which could affect banks and consumers eventually.

 

The central bank implemented more constricted guidelines on investments and interest-only mortgages as a means to ease the market. The RBA further increased interest rates and blamed regulatory costs.



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Student Debt Burden Weighs Down US Rates—Dudley

 

Fed New York President William Dudley stated that US interest rates are being weighed down by the increasing burden of student loans, and that policymakers should seriously consider implementing free tuition fee rates for college students. In addition, Dudley and several of his colleagues are saying that the US economy has already lost its potential to grow as fast as before the financial crisis in 2008 due to a number of factors, such as a steadily-aging population, diminished spending powers by households, and very dismal productivity growth.

 

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Europe’s Banking Lobby Raises Concerns in Financial Stability Over Brexit

 

If Brexit negotiations did not end well could affect the wholesale banking and financial stability according to the banking lobby in Europe. The Association for Financial Markets in Europe (AFME) emphasized concerns faced in Brexit including access to the bloc but at the same time aiming to maintain being part of the single market.

 

On the other hand, the European Securities and Markets Authority (ESMA) is said to be important in resolving the issue of maintaining the “equivalence” operation between E.U. and

non-E.U. firms, according to the AFME.

 

In the part of E.U., they also need to manage policies in the financial markets, gain the trust of financial firms from London while mediating the negotiation with Britain and curbing undiversifiable risk inherent to the process. It makes the whole system complicated and harder to manage systematically.

 

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German Advisers Argued ECB Cashless Society

 

The economic experts of Germany have given their advice regarding the zero-interest rate policy of European Central Bank (ECB) and the possible serious risks it might bring to the country’s financial sector.

 

Wolfgang Schaeuble, Finance Minister of Germany, have recommended about the limitation of cash transactions about 5,000 euros as a means to fight against illegally-gained money together with the terrorist financing. However, the plan was opposed over by the German nation.

 

According to reports, there are banks and insurance corporations that ran into financial difficulties, particularly in generating profits and filling in their expenses because of the extremely low-interest rates.

 

Mario Draghi, President of ECB, mentioned the substantiality of cash as the medium of paying out upon the introduction of the new €50 banknote. The 69-year old Italian economist further stated that the three-quarters of payments in the European region were done by cash, hence its essentiality remains in the economy.

 

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Indian Economy to Accelerate by 7.4%, says ADB

 

The Indian economy is projected to increase by  7.4% amid the fiscal year 2017-2018 versus its previous growth of 7.1%. The boost occurred due to lift in public investment and demand in consumption goods based on the statement of Asian Development Bank (ADB) on Thursday.

 

According to the latest 2017 report of  Asian Development Outlook (ADO), 2016-17 GDP data failed to obtain the demonetization effects and the decline influenced the continuous slide of investments.

 

Moreover, ADO anticipates for the consumption to climb higher since there are additional bank notes set in the circulation following the shock withdrawal on highest-valued currencies happened on the 8th of November. The plan for an increase in salary and state employees pension were already implemented.

 

The ADB further expected the acceleration to 5.2% in the current year till 2018 while 5.4% in the coming 2018-19 considering the economic recovery along with the rebound of commodity prices.

 

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