Forex News

The euro area continues to experience steadying recovery when compared to other nations, which comes ironically as the area suffers strong downside pressures from the debt crisis and adopted austerity measures.  According to reports today, the third quarter recovery seemingly continued to be witnessed in the area despite the expected slowing when compared to the second quarter. Industrial New Orders in August surged 5.3% higher by 24.4% from a year earlier. The rally reversed the previous month's drop of 2.4% and extended beyond the expected rise of 2.2% and 19.3% on the year. 

UK reported a slightly less than anticipated weakening in the housing market for September, where BBA loans for house purchases dropped slightly less than anticipated to 31104 from the previously revised 31781 which was revised to the upside from the original estimate of 31767. The data was though still weak and reflected the decelerating pace of recovery in the sector it was still stronger than the expected decline to 31000. 

The Australian economy issued its producers price index for the three months ending September 30, which rose 1.3%, compared with a previous reading of 0.3% in the previous three months, whereas the anticipations referred to 0.5%.  Moreover, the annualized producers price index rose 2.2% in the third quarter of the year, compared with a previous 1% a year earlier, while the actual reading came betters than expectations that estimated of 1.4%. 

Wells Fargo & Company reported today its third quarter earnings for the year 2010 where managed to beat analysts' estimations by reporting better than expected diluted earnings per share at $0.60. The company reported total revenues of $20.87 lower than both previous quarter of $21.39 Billion and year earlier quarter of $22.47 Billion, yet the company managed to record net income of $3.34 or $0.60 diluted earnings per share which is higher than both prior and year earlier quarters' net income, and also higher than the estimated $0.564 diluted earnings per share. Wells Fargo & Company's Tier 1 Capital ratio is 10.9% higher than year earlier of 10.6% and quarter earlier of 10.5%, while its Tier 1 Common Equity ratio is 8.0% higher than year earlier of 5.2% and quarter earlier of 7.6% while its current Price/Earnings stands at 10.36.