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Thu, 29 Dec 2011 15:04:49 GMT

German inflation slows down amid debt crisis

Germany's inflation rate decreased in December as European region's sovereign debt turmoil is hurting economic expansion. The inflation rate fell from 2.8% in November to 2.4% in current month. The reading matches economists' expectations. Euro area countries are facing severe spending cuts to reduce debt which hampers growth and as a result, the inflation, said Marina Luetje, Dekabank's economist.

Thu, 29 Dec 2011 15:02:56 GMT

Nikkei 225 slightly down by 0.3%

On Thursday Japan's Nikkei Stock Average fell 0.29% or 24.73 points and closed at 8,398.89 as export dependent companies tumbled on European anxiety. Japan's technology exporters were the main losers in Tokyo, affected by the drop in the European common currency against the Japanese Yen. Sharp Corp. declined 3.2%, Casio Computer Co. traded down 2.7% while Advantest Corp. decreased 1.1%. Equities of Elpida Memory Inc. lost

Thu, 29 Dec 2011 15:02:17 GMT

Dow Jones tumbles amid a day before Italian bond auction

Dow Jones Industrial Average edged down 1.14% or 139.94 points to 12,151.41 as investors were concerned about forthcoming Italian 10-year bond auction on Thursday. All 30 of blue chip's constituents declined. Nevertheless Dow Jones still is 5% up on a yearly basis. Among worst performers was Bank of America, giving up 3.47%, aluminum producer Alcoa Inc. falling 3.07% and machinery producer Caterpillar which sank by 2.38%.

Thu, 29 Dec 2011 15:02:10 GMT

Hang Seng extends losses on Thursday trade

Hong Kong's Hang Seng Index lost 0.65% or 120.75 points and finished at 18,397.92, as investors remained cautions before Italian bond auction. Commodity companies extended previous days' losses as China Coal Energy Co. fell 1.5%, Cnooc Ltd. dropped 1% and Zijin Mining Group Co was down 2.4%. Financials also contributed negatively to the index as China Resources Land Ltd declined 4.9% and Agile Property Holdings Ltd.

Thu, 29 Dec 2011 15:01:30 GMT

Loonie weakens as Canadian stocks decline amid European concern

Canadian Dollar depreciated as nation's stocks fell after ECB's balance sheet rallied to a record high bolstering fears fiscal crisis can hurt economic growth. Canadian domestic currency fell 0.6% to C$1.0244 per US Dollar in Toronto evening trade. Before ECB announcement Loonie had strengthened to three-week record high. Currently USD/CAD is trading at C$1.0243. 

Thu, 29 Dec 2011 15:01:00 GMT

Italy sells bonds worth 7 bn Euros

Italy auctioned government notes worth 7 bn Euros and nation's borrowing costs declined. Treasury in Rome managed to sell 2.5bn Euros of offered 3 bn Euros in 2-year bonds at yield of 5.62% compared to that of 7.89% in November auction. Borrowing costs for 10-year Italian bonds reached 6.98% compared to 7.56% month before. 

Thu, 29 Dec 2011 15:00:35 GMT

S&P 500 down for 2011

S&P 500 experienced a sharp decline on Wednesday as investors were concerned about Thursday's Italian long-term debt auction. US benchmark index slipped 1.25% or 15.79 points to 1,249.64 and drove into negative area for 2011 reaching minus 0.64% year to date change. All 10 industry groups faced a drop led by energy and natural resource stocks. Cliffs Natural Resources Inc. fell 4.62% while Tesoro Petroleum

Thu, 29 Dec 2011 14:59:39 GMT

Iberia cancels 118 flights due to pilot strike

Iberia announced it cancelled 118 flights scheduled today due to pilot strike. Pilots are protesting to launch of new low cost unit as setting up such unit contradicts to Iberia collective agreement. The company rejects the claim while pilots say they will continue strike until the consensus is reached with Iberia management.

Thu, 29 Dec 2011 14:57:45 GMT

Sugar futures ease down on the bigger Russia's output

Sugar futures eased down in the year-end trade amid the firmed USD and ample supplies due to Russia's report on the sugar output approaching a record high of 5.1 million metric tons. Sugar futures for delivery in March traded at USD0.2311 a pound during the European afternoon session, on the ICE Futures US Exchange, edging down 0.38%.

Thu, 29 Dec 2011 14:55:56 GMT

Hungary sees increase in 10-year bonds' interest rates to 9.7%

Hungary sold 15bn forints on the debt auction as compared to government's target of 18bn forints. The country already negotiates refinancing package with the IMF and EC. However, the talks were prolonged due to fears over lack of independence of Hungary's central bank. The interest rate on the country's 10-year bonds surged from 8.78% to 9.7%.

Thu, 29 Dec 2011 14:53:26 GMT

Soybeans near seven-week high

Soybean futures eased down but traded close to seven-week high as market eyed unfavorable weather forecast for South America. Soybeans futures for delivery in March traded at USD12.0375 a bushel at the early European trade, on the Chicago Mercantile Exchange, edging down 0.3%.

Thu, 29 Dec 2011 14:51:36 GMT

Monti sees crisis resolution in the united action

Italian PM announced the Euro Zone members should act jointly to resolve the region's debt crisis. Despite two successful bond auctions, Italy is still far away from getting out of recession, he added. Italy raised about 7bn euros of debt at the today's auction. Italian 10-year bonds' interest rate stands at 6.98%, the level considered to be hardly sustainable.

Thu, 29 Dec 2011 14:51:04 GMT

Hong Kong exports slump

The exports of Hong Kong tumbled last month on the lower demand from Europe which is expected to slide further on the negative region's economic outlook. November's exports added 2% on a yearly basis as compared to 11.5% increase in October. Imports increased by 8.8% in November on an annualized rate while October's figure saw 10.9% increase.

Thu, 29 Dec 2011 14:48:52 GMT

Initial jobless claims increased more than expected in the US

In US the number of people applied for unemployment benefits jumped more than expected last week. The number of residents, filing the application for jobless benefits reached 381,000, adding 15,000 on a seasonally adjusted basis. Experts predicted the figure to approach 370,000. Despite increase in claims, the figure is still below 400,000, indicating improving situation in the labour market.

Thu, 29 Dec 2011 14:46:55 GMT

Copper futures slide to one-week low

Copper futures suffered losses, nearing one-week low as market remained cautious ahead of Italy' s bond auction. Moreover, many investors already have closed their positions and are on the holiday leady, thus decreasing volumes and surging volatility. Copper futures for delivery in March traded at USD3.361 a pound at the early European trade, on the New York Mercantile Exchange, losing 0.13%.

Thu, 29 Dec 2011 10:26:58 GMT

Silver falls ahead of Italy's auction

Spot silver approached three-month low, decreasing by 1.2% and adding to 5% loss in the previous trading session. Currently, the white metal is trading at USD26.88 an ounce, depicting 18% monthly loss and tumbling for the third quarter in line.

Thu, 29 Dec 2011 10:26:11 GMT

Gold approaches three-month low

Gold tumbled to three-month low on stronger USD and as market sentiment was affected by the Italian auction due later today. Spot gold lost 0.7% to USD1,543.79 an ounce, indicating 11% monthly decline in December, the biggest monthly decrease in the last three years. US gold eased down by 1.2% to USD1,545. The yellow metal may fall to USD1,542 an ounce during today's trading, reported

Thu, 29 Dec 2011 10:25:30 GMT

China to direct foreign investments to new sectors

China's government wants to channel foreign investments to new areas such as healthcare and financial-leasing. The government aims to redirect investment flow from automobile and petrochemical industries as they are already well-established. New investment guidelines, featuring investment areas that are favoured, have been already released.The new guidelines are expected to come into force at the end of January 2012.

Thu, 29 Dec 2011 10:24:24 GMT

Euro Zone M3 money supply expands less than expected

The M3 money supply of the Euro Zone expanded less than expected last month. The ECB reported M3 money supply in the Euro Zone increased by 2% on an annual basis, being lower than 2.5% expected. Private sector loans expanded by 1.7% on an annualized rate while analysts predicted a 2.8% increase last month. Following the news, the Euro suffered losses against the Dollar with

Thu, 29 Dec 2011 10:23:40 GMT

Aussie and Kiwi fall on European worries

New Zealand and Australian dollars reached one-week low against Japanese Yen amid investor worries European debt crisis might worsen. Both Pacific currencies declined yesterday after ECB said its balance sheet has soared to 2.73 trillion Euros. Aussie depreciated 0.3% against Yen attaining ВҐ78.46 and dropping to $1.0090 against its US peer. Kiwi lost 0.2% against Yen reaching ВҐ59.78 in yesterday trade. AUD/JPY currently is trading at

Thu, 29 Dec 2011 09:45:18 GMT

Italy to sell 10-year bonds worth $11 billion

Today Italy prepares to sell 8.5 bn euros ($11 bn) in government notes expiring in 2022, 2021, 2018 and 2014. The borrowing costs on Italy's 10-year benchmark note added three basis points reaching 7.02% in Rome morning trade. Italian 1.9 trillion Euro debt is larger than that of Greece, Spain, Ireland and Portugal combined. 

Thu, 29 Dec 2011 09:45:01 GMT

Euro reaches a decade record low against Yen

17-nation currency depreciated against Japanese Yen reaching 10-year record low amid worries region's debt crisis will hamper economic growth. Euro lost 0.5% against Yen attaining ВҐ100.53 in Asian session. Euro weakened against most of its major trading peers yesterday after ECB issued its balance sheet which has surged to 2.73 trillion Euros. Currently EUR/JPY is trading at ВҐ100.44.

Thu, 29 Dec 2011 09:44:06 GMT

US car sales recovered in 2011

After several years of silence the car market in US has started to recover, announced research company TrueCar.com. Auto sales including cars, sport utility vehicles (SUVs) and trucks in 2011 surged to 12.8 million compared to 11.6 million previous year. Jesse Toprak, the Vice President of TrueCar.com predicts further car business recovery in 2012.

Thu, 29 Dec 2011 09:43:42 GMT

European stocks close lower on Wednesday

European equity markets closed down on Wednesday led by German and French stocks as ECB reported its balance sheet soared by 239 bn Euros. Stoxx Europe 600 index lost 0.7% reaching 240.74; German DAX slipped by 2.0% to 5,771.27; CAC 40 tumbled 1.03% at  3,071.08 and UK's FTSE 100 fell 0.1% to 5,507.40.

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