China's fiscal income achieved a record high level of 10.37 trillion Yuan last year, reflecting 25% increase from the preceding year, according to the Ministry of Finance. Analysts suggest that the accelerating revenues growth may allow more tax reductions and economic stimulus to prevent hard lending. At the same time, fiscal spending attained 10.89 trillion Yuan last year, indicating an
US shares closed up for a third straight week, lifted by good performance results from IBM and Microsoft. S&P 500 Index gained 0.1% or 0.9 points and finished at 1,315.38, Dow Jones Industrial Average Index climbed 0.8% or 96.50 points and settled at 12,720.48. Meanwhile Nasdaq Composite lost 0.1% or 1.63 points, closing at 2,786.70.
Crude oil futures continued to face losses on Monday as investors awaited the Greece's debt deal that will impact the development of country in the future. Light, sweet crude oil futures for March delivery traded at USD97.83 a barrel during Asian session, on the New York Mercantile Exchange, dropping 0.5% since opening.
Germany and France are looking for the ways to relax the worldwide banks' capital rules to limit negative impact on the real economy. Finance ministers of France and Germany are going to call for special treatment for financial institutions that are involved in insurance business. Moreover, ministers will urge essential clauses of the Basel III guidelines on the basic capital
After climbing for four consecutive days, Loonie weakened on Friday, as government statistics showed nation's inflation slowed at faster pace than analysts had predicted. Cooler inflation may curb central bank's officials to increase benchmark interest rate. Canadian Dollar fell 0.2% to C$1.0132 in Toronto evening trade. Currently USD/CAD is trading at C$1.0130.
Energy sector faced downward move in 2011 with energy stocks being lower worldwide. However, there are signs of recovery in Latin America. Global energy companies plan to boost spending on production and exploration by about 9%, especially concentrating on shale resources and deep-water projects, reported Dahlman Rose&Co. This move may stimulate Latin American energy sector as investors are likely to
Chinise crude steel production jumped 8.9% on a yearly basis, approaching 683.27 million tons in 2011. The pace of the expansion of the sector was 0.4% slower than in 2010. However, the country remains the world's top steel producer. Steel industry saw 295.2 billion Yuan overall profit last year, reflecting a 29.9% jump from the previous year.
Gold eased up on Monday at the holiday trading as China, Singapore, Indonesia and Malaysia are closed for Lunar New Year. COMEX gold futures for delivery in February traded at USD1,664.95 a troy ounce, on the New York Mercantile Exchange, adding 0.06% since opening.
Olympus shares surged 7% after the company avoided being delisted from the Tokyo Stock Exchange. The company was accused of accounting malpractice worth USD1.7 billion. The TSE put the company on close watch and imposed a fine of USD130,000. The decision of TSE implies that Olympus will still have access to the equity capital.
Australia's PPI increased less than expected last quarter, reported the Australian Bureau of Statistics. The indicator grew by 0.3% last quarter on a seasonally adjusted basis from 0.6% in Q3. Experts predicted the PPI to add 0.4% over the period.
Trust in the government deteriorated all over the world, reported the Edelman Trust Barometer. People blame government in the political and financial turmoil of 2011. Overall trust decreased by 9% attaining 43%. Meanwhile, trust in business declined to 53% from 56% over the year. The only survey participant that faced an essential increase in business trust from 61% to 71%
Spain and Italy called for an essential increase of the rescue fund of the EU and a boost of the financial stimulus by the ECB. Mario Monti said that the ESM has to be doubled to EUR 1 trillion to improve investor confidence in the indebted states; the move was supported by Spanish foreign minister. The measure followed Angela Merkel's
Australian and New Zealand Dollar climbed against most of their counterparts on Monday amid speculations, upcoming US reports may show US economy is recovering. Australian Dollar appreciated close to 12-week record high, hitting $1.0486, while New Zealand Dollar strengthened to $0.8071. Currently AUD/USD is trading at $1.0488, while NZD/USD is trading at $0.8069.
European Union officials today are going to announce oil embargo on Iran. The imposed sanctions will not only prohibit the imports of Iran crude but also place restrictions on nation's trade with precious metals including gold, said two persons familiar with situation. Iran exports about 2.2 m barrels of crude oil per day and around 18% is created for European
Sales of existing houses soared in December, reaching one-year record high, indicating real estate market is stabilizing. Purchases of previously owned homes surged for a third consecutive month jumping 5%, said National Association of Realtors. Cheaper property and increasing employment may encourage Americans to purchase a house, predict analysts. Nevertheless the relatively high number of foreclosures may slow the recovery.
UK lawmakers decision to cut down payments for new houses is likely to stimulate home construction industry which has severely contracted since 2006. Currently home purchasers have to pay down payment equal to 25% of total house value. The new government plan would share the guarantee between constructors and state to protect creditors. Analysts expect home building industry to expand by 15% in second
EU officials today are meeting in Brussels to continue talks on new budget restrictions, funding for debt troubled countries and Greek debt reductions. Greece and private creditors confirmed they had reached progress in last weekend talks. Euro added 2%, hitting $1.2931 last week despite S&P downgrades on speculation Euro area will survive the crisis.
German DAX Index joined its European counterparts in posting 5-month record close prices on Thursday but slightly retreated on Friday amid Greek struggle to negotiate debt cuts and write offs. Six of nine sectors posted losses on January 20 led by utilities and service stocks. Metro AG lost 1.81%, while Heidelbergcement dropped 1.6%. On the upside index was supported by
After climbing to 5-month record high on Thursday, FTSE 100 Index pulled back 0.3% on Friday, pressed by oil and mining stocks. Investors also perceived negatively the lingering Greece's debt negotiations. BP PLC lost 2.7%, Cairn Energy PLC dropped 0.8% and Tullow Oil PLC slipped 1.2%. Petrofac Ltd. tumbled 4.7% after the firm was downgraded from buy to neutral due
Japan's Nikkei Stock Average kept upward trend on Friday, as exporters rallied on successful bond auction across the biggest European economies. Nikkei 225 jumped 1.47% or 126.68 points to 8,766.36, posting gains for the fifth consecutive day. Car makers shares surged with Toyota Motor Corp. adding 4.12% and Honda Motor Co. soaring 3.26%. Financials also provided positive contribution to the
Hong Kong's Hang Seng Index extended gains on Friday supported by investor optimism about European economic outlook and rally on Wall Street. Hang Seng Index added 0.84% or 167.42 points and settled at 20,110.37 lifted by exporters and banks. Esprit Holdings Ltd jumped 2.9%, while HSBC Holdings PLC soared 3.2% and Bank of East Asia gained 2.65%. On the downside
Dow Jones Industrial Average Index climbed on Thursday, as Bank of America posted it returned to a profit in the last quarter of 2011 and jobless claims fell to almost four-year record low. Blue chip index climbed 0.36% or 45.03 points and closed at 12,623.98 with 20 of 30 stocks posting gains. Bank of America jumped 2.4%, and J P
S&P 500 Index surged on Thursday, lifted by earnings reports and fewer than expected unemployment claims. S&P benchmark index gained 0.49% or 6.46 points and finished at 1,314.5 with eight out of ten sectors reporting gains. F5 Networks Inc. rallied 11%, after the manufacturer of Internet networking equipment reported an increase in earnings and a optimistic profit outlook. Sears Holding
European markets rallied on Thursday and finished at highest level since August 2011 as France and Spain performed well in bond auctions, regaining investor confidence. Stoxx Europe 600 Index gained 1.2% to 256.57 and French CAC climbed 2%, finishing at 3,328.94. UK FTSE 100 jumped 0.68% and ended at 5,741.15, while German DAX surged 1% to 6,416.26.