New Zealand's export volumes hit the highest level since the beginning of 1990's in Q4, reported Statistics New Zealand. Export volumes grew by 2.9% on a seasonally adjusted basis in the last quarter of 2011 due to rapid increase in dairy products' exports. Meanwhile, prices for exported products added 1.7% led by price increases for milk, fruit and dairy while
Canadian currency appreciated to the 5-month record high after ECB provided 800 banks with EUR 529.5 billion three-year loans. Loonie jumped 0.5% against US Dollar to CAD 0.9899. On monthly basis Canadian Dollar has gained 1.3% against the Greenback while on year to date basis Loonie has climbed 3.2%. Currently USD/CAD is trading at CAD 0.9890.
Singapore's economic growth beat Hong Kong's GDP for a second consecutive year as the country benefited from stronger currency, steeper population expansion and growth in pharmaceutical and casino sectors. Singapore's GDP was SGD 326.8 billion for the year 2011 or about USD 260 billion while that of Hong Kong's reached HKD 1.89 trillion or USD 243.3 billion.
India's Purchasing Managers' Index modestly slowed in February compared to January when it reached 8-month record high, indicating slowdown in country's economy might be easing. PMI declined from 57.5 in previous month to 56.6 in February, said HSBC Holdings Plc and Markit Economics today.
Japanese firms' capital spending advanced to a 5-year record high in 4th quarter, signalling the world's third largest economy may be regaining momentum. Capital spending eliminating software climbed 4.9% on annual basis compared to a 11% drop in the 3rd quarter, said Finance Ministry. Reconstruction demand probably contributed most to capital spending expansion said Akiyoshi Takumori, Sumitomo Mitsui Asset Management chief economist.
Australian and New Zealand currencies appreciated versus Yen and US Dollar on news Japan's firms' capital spending surged to 5-year record high in the 4th quarter. Aussie strengthened 0.3% against Yen to JPY 87.34 and added 0.2% versus greenback to USD 1.0758. Kiwi also climbed 0.3% against Yen to JPY 67.88 and advanced 0.3% versus its US peer to USD 0.8363.
Greece's lawmakers approved reductions in health care and pensions to secure the second bailout funding and save the nation from default. 213 members of parliament supported the law while 58 lawmakers were against. The vote implies Greece has fulfilled most of its obligations demanded by EU and IMF. Finance Ministers will discuss the rescue package for Greece today in Brussels.
China's production advanced for a third consecutive month in February, said China's statistics bureau today. The Purchasing Managers' Index climbed from 50.5 in January to 51.0 in February indicating China is continuing to grow despite uncertainty in Europe and slowdown in local property market.
German DAX index moved higher on Wednesday with most of shares posting gains as ECB provided 800 Euro Zone lenders with EUR 529.5 billion of cheap cash. Commerzbank jumped 2.7% and Deutsche Bank surged 2%. Electric utilities provider RWE AG surged 2.5% after Exane BNP Paribas upgraded the company from neutral to outperform. On the downside Deutsche Boerse and Daimler
After closing 0.2% up on Tuesday session, British FTSE 100 index fluctuated between gains and losses on Wednesday. ITV PLC posted the biggest gains for the index, rallying 7.4% on company's forecast it will beat the market via advertising in 2012. Vodafone Group heavyweight shares fell 1% on its CEO Vittorio Colao proposal to merge investments to remain competitive. Essar
Agricultural commodities, except for sugar, rallied on Tuesday amid weaker US Dollar and positive headlines from the US and the EU. However, sugar futures edged lower during the volatile trade as investors cashed out of the market to profit from four-month high sugar prices before switching to the next month contract. Moreover, Rabobank expects sugar price to fall in the
Energy futures tumbled on Tuesday amid positive data from the EU and weak US Dollar. Falling durable orders and home prices in the US weighted down on oil's price Moreover, the commodity group lost momentum provided by geopolitical tensions and investors turned to the demand concerns. Record high energy prices created a downward pressure on the demand from key consumers
Industry metals were mixed on Tuesday with advancing zinc and copper and falling aluminum and nickel. Expanding manufacturing activity in the US and improved consumer sentiment in the Euro Zone both created a boost for the base metals' prices. Indications of property market recovery in China also contributed to gains. However, strong price stimulating factors failed to support nickel and
Precious metals posted strong gains as investors expect the ECB's LTRO to inject more liquidity into the Euro Zone's economy by providing 0.5 trillion Euros of cheap bonds. Moreover, announcement of the central bank of Iran that it would accept gold and other hard currencies in exchange for its oil products stimulated price growth. Broadly weaker US Dollar also lent
Japan's Nikkei Stock Average traded almost flat on Wednesday as appreciating Yen offset gains from stronger than expected industrial production in January. Nikkei 225 index closed 0.01% or 0.98 points up at 9,723.50. On monthly basis index has jumped 10.5%. Panasonic Corp added 1.5% on announcement it elected a new president to attempt to return to profitability. Toshiba Corp. climbed
Hong Kong's Hang Seng index prolonged its upward trend on Wednesday supported by positive US economic data and further declining oil prices. Hang Seng index surged 0.52% or 111.35 points and closed at 21,680.08. Airline sector provided the main upside contribution to the index. China Eastern Airlines Corp gained 1.7%, Air China Ltd added 1.9% and Cathay Pacific Airways Ltd
Dow Jones Industrial Average index climbed on Tuesday finishing above 13,000 points for the first time since 2008. Blue chip index gained 0.18% or 23.61 points and settled at 13,005.12 with six out of nine sectors posting gains. Intel Corp. advanced 1.3% on news Micron Technology will buy it stake. The main winner was Microsoft Corp. which added 1.7%. On
The Euro appreciated against the Yen ahead of the ECB's LTRO that will inject liquidity into the Euro Zone's economy by offering 500 billion Euros of cheap loans. Moreover, the Yen was pressured by the easing measures implemented by Bank of Japan. The pair EUR/JPY approached 108.45 during the Asian session, moving up by 0.15%.
Japan reduced its oil purchases from Iran by about 339,000 barrel per day, or by 22.5% in January, reported the Ministry of Economy. Japan was looking for ways to cut its Iranian oil imports to be avoid US ban. The US reported that the country that will manage to reduce essentially Iranian oil consumption will be allowed not halting totally
Fiat has confirmed that it will invest 1.1 billion US Dollars in setting up plants in Russia. Sberbank agreed to provide financial backup to the project in return of 20% stake. The plant will be built in the St Peterburg's area and the vehicles will be produced in cooperation with ZIL. The targeted output is 120,000 vehicles per year.
Australian retail sales increased in compliance with expectations last month, according to Australian Bureau of Statistics. The retail sales jumped by 0.3% on a seasonally adjusted basis last month as compared to a 0.1% fall in December. On an annual basis, retail sales increased by 2.7% in January. Following the data release, Australian Dollar appreciated against US counterpart and the
Greek parliament has agreed on the 3.2 billion Euros spending cut as the step towards getting the next bailout package. The parliament passed reductions in minimum wage and pensions. However, the parliament still has to ratify further spending cuts later on Wednesday. Lucas Papademos, the country's PM, is going to visit Brussels to get approval for the bailout. The protests
Crude oil futures were flat on Wednesday after falling on the concerns that prices approached too high level and customers are going to restrict buying of oil and its derivatives at such an exorbitant price. Light, sweet crude oil April contract traded at 106.61 US Dollars per barrel on the New York Mercantile Exchange, easing up 0.06%.
Chinese housing market showed signs of recovery after the government abandoned some price lowering measures in major cities, said Citigroup. Softer credit terms and stronger demand both contributed to slight price increase in leading China's cities. Analysts predict a correction of the prices with potential of a 10% fall this year but not a 20%-30% tumble as it was initially