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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • Greek Q2 2013 GDP Beats Expectations 0 comments
    Aug 13, 2013 7:58 AM

    Greek Q2 2013 GDP Beats Expectations

    Euro trade steady at 1.33 level, but the signs of weakness reappearing.

    Asian shares: Japan's Nikkei 2.57%, Hong Kong's Hang Seng 1.13%(07:00 GMT), Korea's Kospi 1.50%, Australia's ASX 200 0.93% and China's Shanghai 0.23%.

    German Consumer prices in July 2013: +1.9% on July 2012. Wholesale prices no change.

    British house prices are rising at their fastest pace in seven years, according to an industry survey that may raise concerns that government lending incentives are creating a new property bubble. The Royal Institution of Chartered Surveyors' seasonally adjusted house price balance jumped to +36 in July from +21 in June and just +5 in May. That was the best reading since November 2006 and one of the sharpest improvements over a three-month period since the survey began in 1978.

    European Union policymakers paved the way for the region's banks to load up on U.S. municipal debt by creating a loophole that lets them hold minimal capital against the bonds of local authorities like Detroit, which buckled last month under debts of $18.5 billion.

    Estonia's economy expanded less than analysts forecast, narrowly avoiding a technical recession. Gross domestic product rose 1.3 percent in the second quarter from a year earlier, compared with 1.1 percent in the prior three months.

    Greek Q2 2013 GDP beats expectations. Seasonally unadjusted GDP GDP comes in at -4.6% from -5.0% exp giving a sliver good news to the ailing country. They also confirmed a primary budget surplus of €2.6bn for the year to July. It's not all good news though as the figures follow horrendous unemployment figures and news over the weekend that they will require further aid.

    Japanese yen fell after a media report on Tuesday said Prime Minister Shinzo Abe is considering a cut in corporate tax to counter the pain of a planned sales tax increase. Abe is trying to spur growth and pull the world's third-largest economy out of 15 years of deflation with expansive fiscal and monetary policies, dubbed "Abenomics". The yen slipped to 97.40 yen to the dollar, pulling further away from a seven-week high of 95.810 touched last week.

    Australia business confidence index at 8-mth low. Australian business confidence took a hit last month as firms reported an intensifying squeeze on profits, a survey found today, underlining the case for record-low interest rates. The survey's main measure of business conditions stayed at a revised -7 points in July, led by a further decline in profitability to its lowest in over four years.

    Watch: UK CPI, German ZEW, US retail sales.

    By Zulutrade

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