News

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Mon, 02 Jan 2012 07:45:37 GMT

Purchasing Managers' Index deteriorates in South Korea and Taiwan

According to HSBC survey manufacturing outlook in Taiwan and South Korea contracted in December. HSBC's production Purchasing Managers' Index (PMI) for Taiwan firms was 47.1, remaining below 50 for a seventh consecutive month. PMI for South Korean companies was 46.40 which is the weakest reading in three years. Both economies suffer from large decline in new orders, said HSBC analysts. 

Fri, 30 Dec 2011 15:31:18 GMT

Dow Jones up 6.1% for 2011

Dow Jones Industrial Average Index gained 1.12% or 135.63 points and finished at 12,287.04 on positive news about US long term employment tendencies. All 30 of blue chips constituents surged sending index 6.1% up on a yearly basis with one trading session left. Financials and technology stocks bolstered the index with Bank Of America Corp. surging 3.21% and Hewlett-Packard Company adding 1.67%. General Electric Company gained

Fri, 30 Dec 2011 15:31:09 GMT

S&P 500 curtails part of its losses on Thursday

S&P 500 Index gained 1.07% or 13.38 points and closed 1,263.02 partly offsetting previous days' losses as the number of long-term unemployment claims indicated positive trend for US job market. All 10 industries rose within the index, led by financials. J P Morgan Chase & Co gained 2.36% while Morgan Stanley added 2.28%. On the upside also were Masco Corp. and Pultegroup advancing 8.41% and 6.05%

Fri, 30 Dec 2011 15:31:02 GMT

Fitch ratings downgrades Egypt's currency debt

Fitch ratings agency downgraded Egypt's long term currency debt amid drop in central bank foreign reserves and doubt about IMF support. Fitch cut the rating from BB to BB- with a pessimistic outlook.  The reserves of Egyptian central bank lost 44% in 2011 after the national bank attempted to maintain the domestic currency stable amid falling tourism and investment.    

Fri, 30 Dec 2011 15:30:53 GMT

Japan's benchmark Nikkei down 17.3% for 2011

Japan's Nikkei Stock Average gained 0.67% or 56.46 points on Friday closing at 8,455.35. Japan's leading exporters partly recovered from previous days' losses as Sony Corp. ascended 2%, Sharp Corp. climbed 1.1% while Panasonic Corp. jumped 1.6%. Appreciation in the Nikkei 225 also was fuelled by retailers as Fast Retailing Co. soared 1.2% and J. Front Retailing Co surged 1.9%. Nikkei 225 is down 17.3%

Fri, 30 Dec 2011 15:30:43 GMT

Hang Seng slightly up on the last trade of 2011

Hong Kong's Hang Seng Index mildly recovered from previous days' losses and finished 0.2% or 36.47 points higher at 18,434.39. Volumes were low as investors stayed cautious amid global uncertainty. Companies that are seriously exposed to Europe demand experienced appreciation as HSBC Holdings PLC gained 1% and Prada SpA advanced 1.6%. Chinese property firms listed in Hong Kong traded mixed on Friday. China Resources Land

Fri, 30 Dec 2011 15:30:24 GMT

Euro moves toward its first yearly nonstop drop since 2001

17-nation currency depreciated 0.2% against US Dollar reaching $1.2937on London morning trade, escalating current year's drop to 3.3%. The euro is moving towards its first continuous fall since 2001 amid growing concerns about Europe's ability to tame debt crisis. The Euro Zone probably is in a slight recession already, suggests Michael Turner, a currency strategist at Royal Bank of Canada. EUR/USD currently trades at $1.2917. 

Fri, 30 Dec 2011 15:29:57 GMT

European markets open higher on the last trading day

European equity markets opened higher on last trading session in 2011 led by metal and energy stocks. Stoxx Europe 600 index and German DAX 30 index both gained 0.3% at 243.26 and 5,864.06 respectively. French CAC 40 index added 0.4% reaching 3,140.69. British FTSE 100 index traded flat at 5,571.20.

Fri, 30 Dec 2011 15:29:50 GMT

Loonie strengthens against Euro after Italian debt auction

Canadian Dollar appreciated against European common currency reaching 11-month record-high on investor speculation ECB will have to enlarge cash infusions after Italy did not manage to auction the planned amount of bonds. Canadian Dollar added 0.3% against the Euro, reaching C$1.3221 in Toronto session. Currently USD/CAD is trading at C$1.0209. 

Fri, 30 Dec 2011 12:38:59 GMT

Greece's retail sales saw further decline

Greece faced a decline in the retail sales in October, according to official data. The retail sales decreased by 10.8% in October on an annual basis after declining by 6.5% in the preceding month, according to ELSTAT. The revenue generated by sales decreased by 8.1% in October as compared to 3.7% slump in September.

Fri, 30 Dec 2011 12:38:02 GMT

Russia's currency and gold reserves advanced to $503.0 billion

Russia's currency and gold reserves rose 4.92% to $503.0 billion from $479 billion last year, reported Russian Central Bank. The reserves jumped by $ 1.7 billion during the last week. India, one more member of BRIC, also saw a jump of the foreign exchange reserves by $2.48 billion. Analysts explain the increase by the rising value of gold holdings and foreign currency during the

Fri, 30 Dec 2011 12:36:46 GMT

Indian vote on the anti-corruption bill is postponed

India's parliament has delayed the vote on the anti-corruption Lockpal bill on the strong opposition. The debates lasted till midnight of the local time with the opposition claiming the PM has to resign as the government does not comply with regulation. The government said it respects constitution and blamed the opposition in failure to pass the law. The bill will be revised and discussed

Fri, 30 Dec 2011 12:34:20 GMT

Experts believe the silver is a viable investment option

Currently the commodity market provides an advantage to traders as price for precious metal declines but the metals are likely to appreciate in the nearest future, said James West, advisor of the Midas Letter Opportunity Fund. He expects the silver price to become about one-sixteenth of the gold one. The silver is likely to outperform the gold in the following year, according to Eric Sprott.

Fri, 30 Dec 2011 12:33:29 GMT

Crude oil futures fell below $100

Crude oil futures edged down during the early European trade on Friday despite supply concerns due to Iranian issue. On the New York Mercantile Exchange, crude oil futures for February delivery lost 29 cents to $99.39 a barrel. Brent oil eased down 34 cents to $107.69 a barrel, on the ICE Futures Exchange.

Fri, 30 Dec 2011 12:32:52 GMT

India may increase steel output

Despite the fall in steel price, Indian steel producers are optimistic about the base metal's price prospects. During this year the demand for the metal declined by 3%; however, it is still higher than in 2010, according to Business Standard. The production is likely to jump in the next months but the demand is likely to take longer to follow an upward trend, said

Fri, 30 Dec 2011 12:31:07 GMT

Hungary plans to pass controversial law

Hungary plans to accept changes to constitution that limits  the independence of the Hungary's central bank. The changes are expected to be approved during the last session of the parliament in 2011. The country has applied for aid package of 20bn Euros from the IMF and the EU. Currently, the organizations ceased the negotiations as the new law undermines the independence of the country's

Fri, 30 Dec 2011 12:28:36 GMT

Japan postpones an increase in sales tax

Japan's leading party, the DPJ, agreed to put on hold an increase of the sales tax as the opposition expressed strong protest to the move. The party agreed to postpone 8% tax increase due April 2013 until April 2014. The measure pursues the improvement of country's finances amid increasing debt level. Japan has the highest portion of debt to the GDP among the developed countries.

Fri, 30 Dec 2011 12:28:02 GMT

China's real estate market to remain cool next year

China's tightening policy aimed at cooling exorbitantly growing property market has led to slowdown of the real estate sector's expansion.  Experts predict the next year will be even tougher to the industry. Expected amount of sales contracts to be signed by the end of 2011 equals 9.5 million sq m for new houses that is 23% lower than a year before and is the smallest

Fri, 30 Dec 2011 12:23:42 GMT

Silver drops by 15% amid rising short positions

Silver price was falling in December as traders not only stayed away from the white metal, but also opened more short positions in silver. Experts predict further fall in prices of precious metals as risk in the market grows and such commodities as silver and gold are now considered as risk assets. Moreover, silver and gold started to show strong correlation with equities thus increasing

Fri, 30 Dec 2011 12:21:07 GMT

Recession to return to Europe

The overwhelming majority of the economists surveyed by BBC believe the crisis will return in 2012 to Europe. Many economists saw the possibility of the Euro Zone's break-up as 30%-40%. The poll also indicated that the interest rates are likely to stay at 0.5% in the UK next year. The survey was conducted among 34 economists, regular advisers of the Bank of England.

Fri, 30 Dec 2011 12:20:39 GMT

CNOOC sets up a fund for protecting marine environment

CNOOC, China's owner of oilfield which spilled about 700 barrels of oil in Bohai Bay, will establish nonprofit fund aimed at protection of marine environment. The company donated 500 million yuan as an initial amount for the fund; in future the funds will be provided through the CNOOC's subsidies, said the company.

Fri, 30 Dec 2011 09:12:17 GMT

Copper advances despite 48.7 PMI in China

Copper price increased on Friday even despite reports on low PMI in China that was 48.7 in December while reading below 50 indicates contraction. However, the metal found support in the increasing pending home sales in the US. COMEX copper for delivery in January traded at $3.373 a pound, advancing $0.075.

Fri, 30 Dec 2011 09:12:06 GMT

Yuan approaches new record in the year's last day of trade

The Yuan added 148 basis points against the USD in today's trade, approaching a new record of 6.3009 versus the US Dollar. Yearly Renminbi's appreciation against the USD achieved 4.86%, reported the China Foreign Exchange Trading System. The Yuan is likely to experience larger fluctuations against the USD in 2012, said Zhao Qingming, researcher from China Construction Bank.

Fri, 30 Dec 2011 09:11:56 GMT

China's tourism infrastructure expands

The number of hotels in China touched 13,908 with 607 five-star hotels, signaling on rapidly growing truism infrastructure in the country. China's travel agencies totaled 23,315 and the tourist arrivals for the period between 2006 and 2011 amounted 9.3 billion, bringing 6 trillion yuan revenue to the country, reported Shao Qiwei, director of China's National Tourism Administration.

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