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IFX Gertrude
post Oct 26 2017, 05:59 AM
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Gary Cohn Out of Running to Become Next Fed Head



Export prices in Australia were down 3.0 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for a decline of 4.0 percent following the 5.7 percent drop in the three months prior.

Import prices were down 1.6 percent on quarter, missing slightly forecasts for a decline of 1.5 percent following the 0.1 percent contraction in the second quarter.

On a yearly basis, export prices were up 14.2 percent and import prices dipped 0.4 percent.

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IFX Gertrude
post Oct 27 2017, 05:18 AM
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COLOMBIA: Colcap Rises With Ecopetrol's Sharp Gains



Colcap, the main index of the Colombian Stock Exchange, rose 0.10% Thursday, closing at 1,471.17 points due to the good performance of Ecopetrol, which gained more than 5%.

Andr?s Fonseca, an analyst at Alianza Valores, said that oil prices continue to rise after Russian and Saudi officials indicated that they intend to extend production cuts by 2018.

Fonseca said that the oil rebound favored the performance of the state-owned oil company Ecopetrol and a good part of Colcap's constituents.

The locally traded U.S. dollar closed the day at 3,015.01 Colombian pesos, marking a 0.56% rise, due to investors expectation over a tax reform in the United States and the appointment of the new head of the U.S. Federal Reserve bank.

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IFX Gertrude
post Oct 27 2017, 06:01 AM
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Dollar Stands Tall after ECB’s Dovish QE Taper Weakens Euro



The dollar was buoyant on Friday, poised for weekly gains, while the euro fell to its lowest level in three months after the European Central Bank announced a so-called 'dovish tapering' of its bond purchasing program and lowered the possibility that it would raise interest rates in 2018.

The dollar index rose 0.2 percent to 94.800, trading at three-month highs and bound for a weekly gain of 1.1 percent. Against the yen, the greenback rose 0.15 percent to 114.155 yen, close to this week's three-month peak of 114.245 reached on Wednesday. For the week, it was up 0.5 percent.

The ECB prolong its quantitative easing programme by nine months to September 2018, and left the door open to further extension after the said period. The central bank said it would begin reducing its monthly rate of buying by 50 percent to 30 billion euros beginning in January.

ECB President Mario Draghi said that a significant degree of monetary stimulus is still needed as inflation in the region remains muted and failed to show signs of a sustained upward movement.

The euro fell 0.15 percent at $1.1633 after hitting $1.624, its lowest trading level since July 26. For the week, it is trading 1.3 percent lower. The common currency weakened against the dollar as the ECB's cautious strategy underlined the difference between the Federal Reserve, which is positioned to lift its rates once more this December.

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IFX Gertrude
post Oct 30 2017, 02:25 AM
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Gold Steadies After Weekly Losses



Gold futures were flat Friday, unable to trim recent losses as U.S. stocks continued their record-setting run.

Surging techs stocks drove the Nasdaq up 2 percent, while the rest of the market was in consolidation mode after all-time highs.

With gold's safe haven appeal diminished, the precious metal has fallen in October.

Dec. gold added $2.20, or 0.2%, to settle at $1,271.80/oz, but was down 0.8% for the week.

Economic growth in the U.S. slowed modestly in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.

The report said real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent.

The Federal Reserve is widely expected to raise interest rates in December if the economy performs well over the next two months.

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IFX Gertrude
post Oct 30 2017, 03:37 AM
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Japan Retail Sales Picks up as Consumer Spending Gains Momentum



Japan's retail sales increased in September at the fastest clip in three months and extended a recovery into an 11th consecutive month as shoppers increased their spending on clothes and daily goods, showing strength in consumer spending.

The 2.2 percent annual rise in retail sales in September was less than the average estimate for a 1.5 percent annual rise and comes after a revised 1.8 percent year-on-year increase in August.

Economists project consumption in the third quarter to a bit softer than the prior quarter. However, they also noted that outlook continues to be healthy and consumer spending is still in moderate recovery. They see the labor market providing support to consumer spending.

Purchases of clothes increased 5.0 percent in September from a year piro, the fastest rate in three months, according to trade ministry data released on Monday. Spending on daily goods increased by an annual rate of 1.2 percent against the 0.4 percent annual contraction in the preceding month. The Bank of Japan is widely expected to indicate that it will postpone expanding its stimulus for the moment during its policy meeting that will end on Tuesday.

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IFX Yvonne
post Nov 2 2017, 09:53 AM
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European Economics Preview: Bank Of England Likely To Hike Interest Rate



The Bank of England is widely expected to lift its key rate for the first time in a decade despite Brexit uncertainties, as inflation continues its upward trend on a weaker pound.

The BoE is forecast to raise the rate by 25 basis point to 0.50 percent. The monetary policy committee is expected to maintain the asset purchase programme at GBP 435 billion.

The policy announcement is due at 8.00 am ET on November 2, dubbed "Super Thursday". The bank is also slated to release its latest Inflation Report along with the MPC decision.

At 2.45 am ET, the Swiss State Secretariat for Economic Affairs releases consumer confidence for October. The sentiment index is forecast to rise to zero from -3 in previous quarter.

At 4.00 am ET, final trade balance from Hungary and Purchasing Managers' survey from Poland are due.

At 4.15 am ET, Switzerland's retail sales data is due. Economists forecast sales to grow 0.3 percent on year in September, reversing a 0.2 percent fall in August.

In the meantime, Spain's manufacturing PMI is due. The index is seen at 54.8 in October versus 54.3 in September.

At 4.45 am ET, IHS Markit releases Italy's manufacturing PMI. Economists forecast the index to rise slightly to 56.5 in October from 56.3 in September.

Thereafter, final manufacturing PMI figures are due from France, at 4.50 am ET.

At 4.55 am ET, final factory PMI and unemployment reports are due from Germany. The number of unemployed is forecast to fall 10,000 in October, following a decrease of 22,000 in September.

At 5.00 am ET, the Eurozone final manufacturing PMI is due. The index is expected to match the flash reading of 58.6 in October.

At 5.30 am ET, IHS Markit publishes UK construction PMI for October. Economists forecast the indicator to rise to 48.5 from 48.1 in September.



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IFX Gertrude
post Nov 3 2017, 02:44 AM
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Dow Ends at Record Peak, S&P Flat after Release of Tax Reform Bill



U.S. equities finished mostly higher on Thursday as investors assessed the details of the tax-reform plan proposed by Republicans.

The plan would reduce the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for firms and individuals.

The Dow Jones industrial average rose 0.35 percent 23,516.26, a record peak, after briefly losing 84 points. The index also notched a record intraday peak. Shares of Boeing were the best-performers on the 30-stock index.

The S&P 500 edged up 0.02 percent to 2,579.85, with financials climbing 0.9 percent. The index finished above the flatline. Shares of Allstate were among the best-performing stocks in the financials sector, adding 3.8 percent.

The Nasdaq composite finished below breakeven at 6,714.94; it dropped earlier, with tech investors being disappointed by the 12 percent rate on repatriated cash.

Apple advanced as the iPhone maker's revenue forecast for the holiday shopping quarter was highly above market expectations.

Facebook dropped 2.0 percent as investors brushed off solid quarterly results and were more concerned about the social media firm's spending. The stock was the biggest laggard on the S&P 500 and Nasdaq.

U.S. housing sector stocks plunged amid concerns regarding the tax plan's cap on deductions for mortgages. The PHLX Housing index dropped 1.1 percent, with Toll Brothers losing 6.1 percent and MDC Holdings down by 12.0 percent.

Shares of home improvement retailers also declined. Lowe's fell 4.1 percent and Home Depot pulled back 1.6 percent, adding pressure on the Dow.

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IFX Gertrude
post Nov 3 2017, 05:59 AM
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China Private Sector Growth At 16-Month Low



China's private sector expanded at the weakest pace in sixteen months in October, survey data from IHS Markit showed Friday.

The Caixin composite output index, which covers both manufacturing and services, dropped to 51.0 in October from 51.4 in September. However, any reading above 50 indicates expansion in the sector.

The softer increase in overall output was largely driven by a further slowdown in manufacturing production growth. At the same time, Chinese services activity picked up from September's 21-month low. The seasonally adjusted Caixin China General Services Business Activity Index rose to 51.2 from 50.6.

New business increased across both the manufacturing and service sectors during October.

Employment at the composite level was little-changed for the third straight month in October, as further job shedding at manufacturers continued to offset hiring at services companies.

"The Caixin PMIs for October showed that the economy had a relatively weak start to the fourth quarter. However, monetary policy is unlikely to be loosened unless major downside risks emerge," Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

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IFX Yvonne
post Nov 6 2017, 09:18 AM
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UAE Non-Oil Private Sector Growth Improves In October



UAE's non-oil private sector growth improved at the start of the fourth quarter, survey figures from Emirates NBD and IHS Markit showed Monday.

The headline Emirates NBD Purchasing Managers' Index, or PMI, rose to 55.9 in October from 55.1 in September. Any reading above 50 indicates expansion in the sector.

"The increase in the UAE's headline index in October reflects faster output growth and a sharp increase in inventories, as firms anticipate stronger demand in the coming weeks," Khatija Haque, Head of MENA Research at Emirates NBD, said.

Employment growth remained robust in October, extending the current sequence of job creation to one-and-a-half years.

On the price front, input prices increased at a solid rate in October, while output prices fell at the fastest rate since March 2010, as firms continued to discount selling prices in order to support demand.



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IFX Gertrude
post Nov 7 2017, 03:31 AM
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UK Like-For-Like Sales Slide In October - BRC



Like-for-like sales in the United Kingdom tumbled in October, the latest survey from the British Retail Consortium revealed on Tuesday - sliding 1.0 percent on year.

That was well shy of forecasts for a gain of 0.8 percent and down sharply from the 1.9 percent increase in September.

Overall sales were up just 0.2 percent, marking a nine-year low for the October month.

"The decline was driven by the worst performance of non-food sales since our record began in January 2011," said BRC chief executive Helen Dickinson.

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IFX Gertrude
post Nov 7 2017, 05:12 AM
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Wall Street Notched Record Peaks as Dealmaking Eyed



U.S. equities advanced to record peaks on Monday, supported by news of corporate dealmaking and as investors bet that a Republican plan to trim corporate taxes would buoy earnings.

The Dow Jones industrial average climbed 0.04 percent to 23,548.42, an all-time peak. The S&P 500 managed to hit a record peak, rising 0.13 percent to 2,591.13. The Nasdaq composite also ended at an all-time peak, adding 0.3 percent to 6,786.44.

Investor optimism was also spurred by a Republican proposal to lower the corporate tax rate to 20 percent from 35 percent and end some tax breaks for firms and individuals.

Qualcomm gained 1.15 percent after Broadcom offered to buy its fellow chip maker for $103 billion, in what could be the largest-ever acquisition in the tech sector. Shares of Broadcom rose 1.42 percent. Qualcomm's increase also helped the VanEck Vectors Semi ETF to notch an intraday record peak.

Advanced Micro Devices also bounced on dealmaking news.

Twenty-First Century Fox soared 9.93 percent after CNBC reported that the film and television conglomerate has held talks to sell most of the company to media giant Walt Disney Co. Shares of Disney climbed 2.02 percent.

Apple advanced 1.01 percent and contributed the most to the S&P 500 index's gains.

The S&P 500 energy index jumped 2.2 percent on gains in crude prices after the crown prince of Saudi Arabia, the world's biggest oil exporter, tightened his grip on power through an anti-corruption purge.

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IFX Gertrude
post Nov 8 2017, 03:33 AM
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Wall Street Mixed; Media Stocks Rise on Dealmaking Prospects



U.S. equities advanced on Tuesday as investor sentiment was supported by the prospects of dealmaking in the media sector.

The Dow Jones industrial average climbed 0.04 percent to 23,557.23, extending a record closing peak. The S&P 500 ended just below breakeven at 2,590.64. The Nasdaq composite dropped 0.4 percent to 6,767.78. The three indexes notched intraday record peaks earlier in the session.

Dealmaking hopes were fueled by news that Disney approached 21st Century Fox on a deal. The two companies have been in talks in recent weeks, but there is no certainty that a deal will get done. Disney gained one percent and was the best-performing stock on the Dow.

Shares of Discovery Communications bounced 1.3 percent and were among the best performers on the S&P 500. CBS also climbed 1.14 percent.

Financial shares dropped as Wells Fargo lost 1.7 percent and Citigroup dropped 1.8 per cent. Shares of JPMorgan were also down by 2.8 percent. The decline in financials comes as the yield curve flattened further for a seventh day in a row.

TripAdvisor and Priceline were the biggest decliners on the S&P 500 after both online travel websites issued quarterly results that raised concerns on their growth prospects.

Solid corporate earnings, along with improving economic data and the prospects of changes to the U.S. tax code, have helped stocks to increase higher since President Donald Trump was elected.

In the first and second quarter of the year, S&P 500 earnings rose 15.5 percent and 10.8 percent, respectively. The current earnings season has also been resilient. According to FactSet, third-quarter earnings have increased 6.3 percent on a year-over-year basis.

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IFX Gertrude
post Nov 8 2017, 06:27 AM
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China Exports Rise Less Than Expected In October



China's exports increased at a slower-than-expected pace in October, data from the General Administration of Customs showed Wednesday.

In dollar terms, exports climbed 6.9 percent year-over-year in October, slightly below economists' forecast for an increase of 7.1 percent.

At the same time, imports surged 17.2 percent in October from a year ago, faster than the expected growth of 17.0 percent.

The trade surplus totaled $38.2 billion in October versus the expected surplus of $39.1 billion.

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IFX Gertrude
post Nov 9 2017, 03:07 AM
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China CPI Climbs To 1.9% In October



Consumer prices in China were up 1.9 percent on year in October, the National Bureau of Statistics said on Thursday.

That exceeded expectations for 1.8 percent and was up from 1.6 percent in September.

On a monthly basis, inflation gained 0.1 percent after rising 0.5 percent a month earlier.

The bureau also said that producer prices advanced an annual 6.9 percent - unchanged from the previous month but topping forecasts for 6.6 percent.

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IFX Gertrude
post Nov 9 2017, 05:20 AM
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Wall Street Moved Higher Despite Fall in Bank Shares



Bank shares declined broadly on Wednesday amid concerns that the recent Republican electoral losses might hinder the party's push to reform the U.S. tax code.

The Dow Jones industrial average climbed 0.03 percent to 23,563.36, with Wal-Mart and Merck as the best-performing stocks in the index. Wal-Mart and Merck advanced 1.5 percent and 1.8 percent, respectively.

The S&P 500 rose 0.1 percent to 2,594.38, with consumer staples as the best-performing sector. The Nasdaq composite added 0.3 percent to 6,789.12.

The SPDR S&P bank exchange-traded fund dropped 0.7 percent and hit its fourth consecutive session in the red.

Bank of America was among the worst performers in the ETF, losing 1.5 percent. Shares of JPMorgan Chase also dropped 1.1 percent. However, Goldman Sachs got a boost after it announced it had installed new leaders for its struggling fixed-income division. The bank's shares climbed 0.67%.

Lenders declined after Republicans lost elections in New Jersey and Virginia. These losses raise uncertainty surrounding the GOP's plans to move forward with tax reform.

Banks were also under pressure due to a flattening yield curve. The spread between the two and the 10-year U.S. bond yields moved around 70 basis points, its lowest level in a decade.

A flattening yield curve is sometimes the precursor of an inverted curve, which has been a recession warning.

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IFX Gertrude
post Nov 10 2017, 03:20 AM
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Japan M2 Money Stock Gains 4.1% In October



The M2 money stock in Japan was up 4.1 percent on year in October, the Bank of Japan said on Friday - coming in at 981.9 trillion yen.

That was in line with expectations following the downwardly revised 4.0 percent gain in September (originally 4.1 percent).

The M3 money stock gained an annual 3.5 percent at 1,308.8 trillion yen. That beat expectations for a gain of 3.4 percent, which would have been unchanged.

The L money stock advanced 4.0 percent on year to 1,715.0 trillion yen, up from the 3.8 percent gain in the previous month.

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IFX Gertrude
post Nov 10 2017, 03:48 AM
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Germany Trade Surplus Slightly Expands in September



Germany's trade surplus increased marginally in September, as imports fell more than exports compared to August.

According to official data from the Federal Statistics Office, the surplus stood at €21.8 billion in September on a seasonally adjusted basis from €21.3 billion in August.

The widening came as exports dropped 0.4 percent to €107.5 billion, and imports dropped one percent to €85.7 billion. The surplus was €20.2 billion the previous year.

The reading, which followed months of growth in both exports and imports, showed that sales of German goods and services abroad only slightly grew overall in the third quarter.

According to economists, trade would not provide any significant contribution to expansion in the quarter, but they are optimistic about the outlook given strong demand for German goods.

Industrial firms posted a 3.6 percent rise in orders in August after contracts for “Made in Germany” goods dropped by an upwardly revised 0.4 percent in July, recent data showed.

Export growth has been softer, which indicates that the economy is counting more on consumption, state spending and construction as drivers.

The country's wider current account surplus, which measures the flow of goods, services and investments, increased to €25.4 billion after an upwardly revised reading of €18.0 billion in August, unadjusted data showed.

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IFX Gertrude
post Nov 16 2017, 02:42 AM
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Australia Jobless Rate Falls To 5.4% In October



The unemployment rate in Australia came in at a seasonally adjusted 5.4 percent in October, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for 5.5 percent, which would have been unchanged from the September reading.

The Australian economy added 3,700 jobs in October to 12,297,100, well shy of the forecast for 18,800 following the addition of 19,800 in the previous month.

The participation rate fell to 65.1 percent, missing expectations for 65.2 percent, which would have been unchanged.

Full-time employment increased 24,300 to 8,425,400 in October and part-time employment shed 20,700 to 3,871,700.

Unemployment decreased 8,100 to 701,500. The number of unemployed persons looking for full-time work remained steady at 485,900 and the number of unemployed persons only looking for part-time work decreased 8,100 to 215,600.

Monthly hours worked in all jobs increased 4.6 million hours (0.3 percent) to 1,723.7 million hours.

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IFX Gertrude
post Nov 16 2017, 02:59 AM
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European Markets Drop as Commodities Decline, Earnings Mixed



European equities retreat as market sentiment was weighed down by declines in commodity stocks while earnings reports were mixed.

The pan-European STOXX 600 fell 0.49 percent provisionally. It was the index's seventh consecutive session of declines, its longest losing streak since October 2016 when markets fell in the run-up to the U.S. presidential election.

The U.K.'s FTSE 100 dropped 0.56 percent, while France's CAC 40 lost 0.27 percent and Germany's DAX slid 0.44 percent.

Autos were among the biggest losers, slipping 0.9 percent, but declines were spread across sectors as investors continued to take profits following this year's rally.

Basic resources was also one of the worst performers, as lower-than-expected retail sales and industrial production figures recently seen and a drop in metal prices weighed on trade. Copper producer Aurubis lost four percent.

Oil and gas tumbled 1.49 percent due to lower oil prices. Crude oil's price decline added pressure on mining and energy stocks like Rio Tinto and Royal Dutch Shell.

Among oil companies Tullow Oil led declines, dropping 5.2 percent while services firm TechnipFMC and Austrian refiner OMV also fell 3.2 to 4.3 percent.

German rubber maker Lanxess dropped more than three percent after posting its third quarter net profit which turned out to be lower than the previous year. Potash miner K+S plunged more than five percent, after its operating profit and third quarter revenue missed market expectations.

Bucking the trend was Airbus rising 2.35 percent after receiving a 430 airplane order from Indigo Partners. Shares of Cobham also climbed more than 3.5 percent before trimming gains to end 2.36 percent higher, after it issued a trading statement saying its performance for this year remained "unchanged".

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IFX Gertrude
post Nov 17 2017, 05:05 AM
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COLOMBIA: Government Lowers Growth Projection For 2017 To 1.8% From 2%



The Colombian economy should grow less than expected in 2017 - from 2% to 1.8% - said the South American country's Minister of Finance, Mauricio C?rdenas. The minister made the estimate after Colombia's statistics office reported that country's Gross Domestic Product (GDP) grew by 2% in the third quarter of 2017 on an annual basis.

According to C?rdenas, the official figures "confirm, once again, that the worst is over, that we overcame the most difficult moment and the economy is in a recovery process."

He also said that the government expects a 2.5% annualized growth in the fourth quarter of 2017.

C?rdenas stressed that the third-quarter's data was much better than the last four quarters records, which "raises a more positive economic scenario."

Finally, the minister announced that the economy is expected to grow around 3% in 2018, in line with the forecasts of the International Monetary Fund (IMF) which, in its most recent report, estimates that the Colombian GDP would increase in a 2.8%.

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