China is likely to experience difficulties in the foreign trade next year as world's economic outlook remains bleak, said commerce official. The country faces new challenges like higher production costs, weaker demand and tough competition, the official added. The expansion of foreign trade has slowed to 17.6% last month, edging down 4% from the preceding month's level.
On Tuesday loonie depreciated against greenback after the Federal Reserve announced it will not change benchmark interest rate to support US dollar. Canadian dollar fell 0.7% reaching C$1.0343 per US dollar, the lowest figure since November 30. Lonnie appreciated 0.5% against euro. Currently USD/CAD is trading at 1.0339 while EUR/CAD is trading at C$1.3476.
Aussie and Kiwi traded 0.5% from 2-week record low against their US peer as worries European debt turmoil may cause national downgrades undermined need for less secure assets. Australian Dollar traded at $1.0023 on Wednesday's Sydney trade while New Zealand Dollar dropped to $0.7541. AUD/USD currently is trading at $1.0018 while NZD/USD is trading at $0.7563.
The Group of Twenty will increase the IMF resources, said Felipe Calderon, Mexican President. During closing session of G20, Felipe Calderon will lead the members to achieve consensus on economic stability stipulating design of new mechanisms. New tools should boost resources of the IMF to support the euro-zone in short-term needs. It is important for European countries to make firm and effective decisions to combat
Nexon, Japanese gaming company, has lukewarm response to its IPO worth $1.2bn, the largest Japanese IPO in 2011. The stocks opened higher by 0.5% on the Tokyo Stock Exchange but were 0.5% lower on the broader markets. Analysts say the most promising prospects for the company are in China where the gaming market is expected to become the world's largest by 2014.
China will try to seek fast but sustainable growth over the next year, according to statement following economic work conference. The crucial issue for the next year is to maintain stable macro-economic strategy, sustainable growth and stable prices. The country has to adjust its economic model to changing environment, the statement adds. oHHHHhhhhyyhhHHHHHH However, China's officials claim no changes in prudent fiscal policy for the
The rupee's decline has a moderate effect on the Indian businesses, according to Moody's Investors Service. The rupee has fallen dramatically against dollar on the high inflation rate and slower growth. The companies dependent on import, especially on foreign supplies of oil are the most likely to be impacted by the currency slump; however, export-led companies can gain on the weaker rupee, said Vikas Halan,
Apple Inc. has sold its founding papers for about $1,594,500 at the recent auction. The papers were signed by company's co-founders Steve Jobs, Steve Wozniak and Ronald Wayne in 1976. The buyer is Eduardo Cisneros, the CEO of Cisneros Corporation based in Miami and engaged in property development and telecommunications.
Crude oil futures were rising rapidly on the growing threats that Iran, one of the man oil exporters, might disrupt operations due to western economies opposition to its nuclear program. However, on Wednesday light, sweet crude oil started to decline. On the New York Mercantile Exchange, crude futures for January delivery traded at USD99.88 a barrel at the Asian morning trade, edging down 0.26% since
Almost a half of financial asset managers now believe in the partial euro-zone's breakup, according to new survey. More than 40% consider at least one country will leave the euro-zone in the end of 2012. Moreover, 75% project further downgrade of the US debt by rating agencies. About 200 major investors with almost 600 billion US dollars under management were surveyed by Merrill Lynch/Bank of
Iraq PM, Nouri al-Maliki, said US corporations have to invest in the Iraq economy to support country's recovery after war. The announcement came after troops of the US started preparation for pulling out from Iraq. The security of the country has improved and businesses not generals should lead the future of Iraq, added PM. Currently US contributes about tenth part of the foreign investment and
Gold futures fell during the electronic trade following US Fed decision not to inject additional funds into economy amid concerns over the euro-zone. The yellow metal futures for delivery in February lost $20.10 to $1,643 at the Asian afternoon trade, tumbling by 1.2% since opening.
Olympus, scandal camera producer in Japan, announced that it revised financial reports to avoid delisting from the Tokyo Stock Exchange. The company revised reports for the last five years three hours before delisting from the stock exchange. However, officials still can delist Olympus due to financial malpractice.
US consumer confidence increased more than previously projected for the fourth month in line, according to industry data. IBD/TIPP Economic Optimism Index gained 2.2 points to 42.8 this month from 40.6 in November. Experts projected the indicator to add 1.9 points to 42.5 in December.
In November, India's wholesale price index added 9.11% on a yearly basis, said commerce ministry in New Delhi. Economists surveyed by Bloomberg predicted price increase of 9.02%. In October annual inflation was 9.73%. Analysts expect that Reserve Bank will stick to its benchmark interest rate at 8.5% also after policy meeting due December 16.
Fitch Ratings agency revised down debt outlooks for Czech Republic, Bulgaria, Latvia and Lithuania from positive to stable. Eastern Europe are closely linked to economic and financial developments in Eurozone therefore growth prospects have been reduced amid intensified financial stress across the euro region, said Fitch. Slower GDP growth makes it harder to cut budged deficits while uncertainty in EU can boost borrowing costs, Fitch added.
17-nation currency traded 0.2% from 11 month record low against US dollar on Wednesday's Tokyo trade ahead of today's European bond auction. Drop in euro shows investor belief the turmoil is far from being solved, suggest analysts. Euro tumbled to $1.3033 in Tokyo. Consequently Japanese yen strengthened to 2-month high at ВҐ101.61. EUR/USD currently is trading at $1.3045 while EUR/JPY is trading at ВҐ101.68.
US equities dropped for a second straight day after Fed decided to leave its key interest rate unchanged and retail sales rose at slower pace than predicted. Dow Jones Industrial Average tumbled 0.6% or 66.45 points to 11,954.94, S&P 500 Index lost 0.9% or 10.74 points to 1,225.73, while Nasdaq Composite was down 1.3% or 32.99 points at 2,579.27.
On Tuesday the white house lawmakers voted to approve a workforce tax cut motion which also includes the Keystone pipeline provision. Proposal won with 234 votes for and 193 against. The bill now has to be approved by the Senate. However, President Obama may veto the Keystone pipeline proposal, said the House. Payroll tax extension would prolong 4.2% payroll levity cut which is due 31
Asian stocks fluctuated between gains and losses on Wednesday on speculation that markets already have incorporated all negative news. Shanghai Composite and Hang Seng Index both lost 0.2%, while Japan's Nikkei Stock Average dropped 0.6%. South Korea's Kospi was down 0.1% and Australia's S&P/ASX 200 index traded flat.
On Tuesday US equities opened up on higher-than-expected German investor confidence index and as well as on successful domestic bill auction in Spain. Dow Jones Industrial Average added 108.07 points reaching 12,129.46, S&P 500 Index gained 10.96 points at 1,247.43, while Nasdaq Composite jumped 26.81 points attaining 2,639.00
British benchmark index FTSE 100 recovered on Tuesday on better-than-expected German investor confidence data. During the afternoon trade FTSE 100 climbed 0.94% or 50.8 points to 5,478.66. On the upside the index was boosted by mining and energy companies, as Petrofac Ltd. gained 6.19% and Essar Energy added 3.19%. Randgold LTD ascended 1.95% while Royal Dutch surged 1.97%. On the downside was Whitbread PLC
After experiencing loss on Monday, German DAX index opened flat at 5,808.88 on Tuesday morning. However, German benchmark recovered sharply after ZEW reported that investor confidence index for December was higher than expected. Auto producer Volkswagen AG gained 1.6% after the company presented 15% increase in November sales on yearly basis while BMW AG added 1.9%. Adidas AG and Deutsche Telekom climbed 1.51% and 1.31%,
On Monday Dow Jones Industrial Average lost 1.34% or 162.87 points and closed at 12,021.39. 28 out 30 blue chip index companies experienced losses. On the downside were Bank of America Corp. which plunged 4.7% and Intel Corp. which gave up 4% after the company reduced its profit outlook for the 4th quarter. Caterpillar declined by 2.84% and Alcoa Inc. dropped by 3.01%. Art