International Trading


Bundesbank raises German growth projections for 2010
Bundesbank raised its growth forecasts for the current year to 3% instead of 1.9% estimated in June after the better-than-expected growth figures recorded in the second quarter, while last year the economy shrank 4.7%.

Germany, the largest economy in the euro zone, expanded 2.2% in the second quarter, the fastest pace of growth in nearly 20 years, boosted by the rise in exports that was spurred by the euro's depreciation. 

Bundesbank added that the pace of progress is likely to continue in the second six months of this year but with normal rate.

With regard inflation, the bank predicts “a continuation of moderate upward price developments.” 

Concerning budget deficit, the bank expects the deficit to reach 4% next year and 3% in 2012.

UK CBI Trend Total
UK economy released its CBI Trends Total Orders report for the month of August showing a slight improvement as expected to -14, compared with the previous -16.

Swiss Zew survey spikes to 9.1
Swiss Zew survey (expectations) climbed to 9.1 in August from 2.2 a month earlier.

UK mortgage approvals retreat to 47 thousands
UK Mortgage approvals matched forecasts coming in at 47 thousands in July compared with the prior 48 thousands recorded in June.

UK M4 money supply exceeds forecasts
UK M4 money supply for the month of July reached 2.3% on the yearly basis, lower than the prior reading of 3.0% which was revised to 3.1% yet higher than forecasts of 2.0%. On the month, the reading came in at 0.4% exceeding the prior 0.0% revised up to 0.1% and median estimates of 0.3%.

UK public finance records surplus in July
UK public finances (PSNCR) recorded a surplus of 4.1 billon pounds in July compared with the prior deficit of 20.9 billion pounds which was revised to 20.7 billion pounds deficit; while analysts expected a deficit of 0.9 billion pounds.

Public sector net borrowing for the same month showed a narrowed deficit to 3.2 billion relative to the revised 13.9 billion pounds from the initial deficit of 14.5 billion pounds, better than market forecasts of 4.8 billion pounds deficit. 

UK Reatil Sales Beat Estimates
UK retail sales excluding auto fuel improved in July as it rose to 0.9% compared with the prior 1.0% which was revised to 1.1%. Annually, the reading climbed to 2.4% from the previous 3.1% revised up to 3.0%. Analysts expected 0.2% and 1.8% rise on the month and the year respectively.

Retail sales with auto fuel jumped to 1.1%, higher than both prior and medina estimates of 0.7% and 0.3% respectively. On the year, the reading soared to 1.3%, inline with the preceding reading that was revised to 1.1%, beating projections of 0.6%.

Switzerland Trade Balance increases
Switzerland released its trade balance report showing a surplus in the month of July, reaching 2.89 billion, compared with the previous 1.77 billion. The index showed that Real Exports rose in July by 1.9 percent, compared with the previous revised -5.5 percent, while Real Imports dropped by 4.0 percent, compared with the previous revised -10.2 percent.

Germany Producer Prices
Germany released its Producer Prices index for the month of July showing a rise on the monthly and the yearly scale, where the index rose on the monthly scale by 0.5%, compared with the previous 0.6% and the expected 0.1%, while on the yearly scale, the index rose by 3.7%, compared with the previous 1.7% and the expected 3.3 percent.