Greece recession likely to worsen

Jul 23, 2015 09:28 am UTC| Commentary

Greeces recession looks likely to worsen significantly, although the extent is difficult to gauge with any precision."GDP is projected to -2.1% and -1.1% for 2015 and 2016, respectively (from -0.6/-0.1%), mostly as a...

Euro area government’s debt-to-GDP ratio may fall below 70%

Jul 23, 2015 09:17 am UTC| Commentary

Weaker euro exchange rate likely to have a favorable impact on volume of exports, therefore, current account balance is expected to improve. The general government is on track to record another sizable surplus this year...

Gold unlikley to make noticeable gains, faces headwinds from ETF's

Jul 23, 2015 09:15 am UTC| Commentary

Precious metals this morning appear to have recovered some of their losses of recent days. That said, gold in US dollar terms rises above the $1,100 per troy ounce mark.In euro terms, it has also regained the 1,000 per...

US crude oil stocks rose despite record-high crude oil processing

Jul 23, 2015 09:12 am UTC| Commentary

US crude oil stocks rose by 2.5 million barrels last week. This was attributable to a sharp increase in imports to nearly 8 million barrels per day, the second-highest figure this year.Crude oil processing also rose,...

OPEC plans to stick with its strategy also after the recent oil price drop

Jul 23, 2015 09:09 am UTC| Commentary

Oil prices are still prone to weakness. Brent has fallen to $56 per barrel and as such is again nearing the three-month low it hit two weeks ago.At $49 per barrel, WTI is at its lowest price since early April. There is...

Singapore following weaker inflation path

Jul 23, 2015 08:45 am UTC| Commentary

Singapore June headline inflation came in at -0.3% y/y, which was -0.4% May and -0.5% April.The June headline inflation is in line with consensus; core inflation edged up to 0.2% y/y in same month (May: 0.1%; April: 0.4%)....

Russia's Gold Hoarding Continues

Jul 23, 2015 08:41 am UTC| Commentary

The Bank of Russia (CBR), the countrys central bank, expanded its gold reserves by $350 million last month to $48.229 billion, according to official data from the monetary authority. Gold accounted for 13.3% of its total...