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.
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.
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%.
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.
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
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.
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
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
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.
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.
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.
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.
China's economy is likely to be impacted by the bleak economic outlook, industrial overcapacity and dismal real estate market, reported Bank of China Ltd. Economic expansion is expected to contract to 8.8% next year as compared to 9.3% in 2011, the bank added. The pace of China's growth will be severely affected by slowdown in developed countries as global economy is projected to grow by
China's company Soho Ltd. will buy Shanghai's commercial site for $632 million from two companies Greentown China Holdings Ltd. and Shanghai Zendai Property Ltd. The takeover is a part of Soho's strategy aimed at acquiring commercial property at important locations near the main transportation networks between Beijing and Shanghai.
China added about 12 million jobs in the urban areas and the rate of unemployment in cities decreased below 4.6%, said Yin Weimin, minister of human resources and social security referring to preliminary statistics.
Crude oil futures appreciated as investors mostly sold their oil holdings to get profits and reinvest them in the USD purchases amid fresh concerns over the Euro Zone's debt crisis. Light, sweet crude oil futures for February delivery traded at USD99.39 a barrel during the morning Asian trade, on the New York Mercantile Exchange, adding 0.03%.
US gasoline stocks are likely to fall by 50,000 barrels. However, experts surveyed by Dow Jones Newswires have had different opinions as forecasts ranges from 3 million barrels fall to 1 million barrel increase. Traders await EIA report on the gasoline inventories due today.
Retail sales experienced substantial gains during Christmas holidays helped by warm weather and Christmas evening falling on a Saturday. Turnover in the last week surged 14.8% on a yearly basis, said ShopperTrak. On December 26 volume of sales expanded by 25.5% reaching $7.1 bn, added shopping mall traffic observer. Additional reason for good sales figures are said to be heavily advertising campaigns through the year.
China's SOEs' profits are expected to jump to about 900 billion yuan this year from 848.98 billion yuan in 2010. State enterprises saw stable growth in 2011 despite global economic challenges, said Huang Shuhe from Assets Supervision and Administration Commission. The companies enhanced innovation and corporate management this year that allowed them to raise profits by 3.6% on a yearly basis.
New York Times announced it is going to sell 16 of its regional newspapers across the California and US Southeast to Halifax Media Holdings to reduce costs and concentrate on its most significant newspapers and their websites. The deal is valued at $143 million. Regional newspapers have been suffering from decline in national advertising and local retail, reflecting broader economic struggles.
Gold prices decreased as investors tend to increase the Dollar positions avoiding the yellow metal as they are worried about the spreading Euro Zone crisis. Gold futures for delivery in February traded at USD1,556.15 a troy ounce during the Asian morning traded, on the Comex division of the New York Mercantile Exchange, losing 0.51%.
On Wednesday Standard & Poor's decided to put retailer Sears Holdings Corp. for a probable downgrade. S&P agency insists that closing more than 100 stores is not very likely to improve Sears performance. Sears corporate credit rating affirmed by S&P currently is at B. Sears stocks plunged on Tuesday after retailer announced it will shut between 100 and 120 Sears and Kmart stores to reduce costs.
China will go on increasing its currency flexibility and boosting domestic demand, according to foreign ministry. Since last year, the exchange rate had become much more flexible, said Hong Lei. The country's foreign trade is more balanced with decreasing current account surplus to 3% of the GDP in the first nine months of 2011, he added.
Alibaba group hired Washington based lobbying company signaling that China's e-commerce firm is interested to make a bid for whole Yahoo Inc. Hiring a US lobbying company could aid Alibaba avoid US political opposition against a full takeover of Yahoo Inc. by a firm from a nation that censors and controls the Internet.