Shares of retailers in India decreased essentially after the government started to discuss opening of the Indian retail market for overseas supermarket chains. Pantaloon Retail India, the largest retailer in the country, lost 11%. Smaller retailers like Shopper's Stop and Trent also experienced a decline of 9% and 4% respectively. However, the government paused opening up the retail market just before passing it as the
Labor unrest increases in China due to raising worries on economic slowdown. China's GDP increased by 9.1% from June to September, being the slowest rate in the last two years. China's government is concerned another slowdown may lead to public anger. It is urgent to create social management system to fit to the country's socialist market economy, said Zhou Yongkang, a member of the politburo.
The Australian Labor Party accepted cancellation of the ban on sale of uranium to India. India and Pakistan have not signed the nuclear non-proliferation treaty. Pakistan now hopes it will get access to Australian uranium as the country considers the cancellation of ban should apply not only to India but also to other countries, said Pakistan's high commissioner.
The number of highly qualified staff for one vacancy in the City of London hit the record of the last two years, reported financial services recruitment firm. At the moment there are 5 professionals for each vacancy as compared to 1.7 candidates in the beginning of 2010, according to Astbury Marsden. Banks are decreasing jobs eyeing the global slowdown of the UK economy and spreading
China plans to extend real estate growth's tightening policies after expiration of the current one, according to China's Ministry of Housing and Urban-Rural Development. Last year over 48 cities issued limitations on the number of houses the person can buy to combat speculation and booming prices. Analysts expected China to ease its property restriction measures as a part of fine-tuning of macroeconomic policies to adjust
A rapid increase in shale gas output helped US to raise natural gas supplies to a high level in recent years thus allowing the country sustain adequately low prices and enhancing the country's energy independence. US natural gas storage approached to record of 3.852 trillion cubic feet, reported the Energy Information Administration. The expansion of shale gas production can result in revolution in energy sector
European officials are going to take another attempt to resolve region's debt turmoil. Key event this week will be the European summit in Brussels that will take place on December 9. Today French President Sarkozy will meet German Chancellor Merkel to align their viewpoints on several issues regarding crisis resolution. Tomorrow Timothy Geithner, Treasury Secretary will meet political leaders but on December 8 ECB will held
Economists expect that service industries in US probably advanced most rapidly since May indicating that country's economy is picking up the pace during last months of 2011. Analysts surveyed by Bloomberg predict the index for non- manufacturing industries to be somewhere between 51.5 and 55. Index above 50 is indication expansion. Economists say US economy is signalling recovery, however, concerns over Eurozone remain.
Most of Asian stocks experienced a slight increase as investors expressed positive expectations for progress in tackling European sovereign debt crisis. Hong Kong's Hang Seng Index and Japan's Nikkei Stock Average both added 0.5%, while Australia's S&P/ASX 200 index advanced 1.1%. South Korea's Kospi closed flat and Shanghai Composite index declined 0.9%.
The US motor vehicles industry is recovering faster than expected as car producers are moving towards sales of $12.8 m, the best performance since 2008. Consumers demand has recovered ranging from large pickups to luxury vehicles. Chrysler Group LLC and General Motors Co. managed to get back market share from disaster-troubled auto makers Honda Motor Corp. and Toyota Motor Corp.
The European common currency appreciated versus its major counterparts, as Italy improved its deficit reduction plan ahead of European summit on Eurozone's debt crisis. Italian PM reported plan for austerity measures worth €30 bn euros. Euro gained 0.1% both against US dollar and Japanese yen reaching $1.3404 and ¥104.51 respectively in Tokyo trade. EUR/USD currently is trading at $1.3408 while EUR/JPY is trading at ¥104.55.
According to officials familiar with matter, the European leaders' proposal to guide central banks' loans through IMF could provide nearly €200bn to tame debt crisis. According to proposal central banks will recycle capital via IMF. As Germany is not willing to lend extra money to troubled countries, the proposal would reveal additional source of funding.
US jobless rate declined to 8.6% in November, the lowest level in the last two years. US economy succeeded in creating over 120,000 jobs in the period, reported Labor Department. However, experts claim that the decrease was mainly caused by fall in the total labor force as more than 315,000 people stopped searching jobs during November indicating the desperation among the society.
German benchmark index DAX 30 jumped by 1.4% on Friday with Deutsche Bank AG up 4.2% and Commerzbank AG gaining 5.2%. German Auto makers also provided a positive contribution to the index as BMW AG edged up 2.3%, Volkswagen AG added 2.4% and Daimler AG rose by 3.3%. Philip Shaw, Investec Securities' chief economist claims markets look forward next week's summit hoping for the positive
On Friday London trade UK's FTSE 100 jumped by 1.4% to 5,566.95 led by HSBC Holdings PLC and Standard Chartered PLC each adding 3% and 3.3% respectively. Among major gainers were also resource shares: energy giant BP PLC rallied 2% while miner company BHP Billiton PLC jumped above 3%. Simon Smith FxPro's chief economist said markets feel more comfortable during past few days as
Dow Jones Industrial Average closed lower on Thursday compared to previous day's rally. Index remained steady ahead of US jobs report and after applications for unemployment allowances increased last week. Index declined 0.2% or 25.65 points reaching 12,020.03. 20 out of 30 its constituents dropped. Biggest gainers were Boeing Company and Bank of America which advanced 3.33% and 1.65% respectively. On the downside were Alcoa
On Thursday S&P 500 Index was slightly down 0.2% or 2.37 points and closed at 1,244.59. On the upside were technology and resource stocks which were the best performers among 10 industries. Netflix added 4.09% while Cf Industries Holdings gained 5.14%. Yahoo! Inc joined successful performers within the index trading by 3.31% higher after Alibaba Group Holding announced it is planning make a bid. On the downside were financials with Citigroup
Game designer Zynga, creator of popular Farmville game for Facebook, plans listing on the stock market. Prior estimates indicate the company may raise about $925m from floatation. Zynga plans to sell over 100 million shares at $8.50 to $10 per share. The valuation can make the company the largest by the share market value in the US game market.
The unemployment rate increased unexpectedly in Canada in November, according to official data. The indicator rose to 7.4% in November on a seasonally adjusted basis from 7.3% in October while analysts predicted the rate stay unchanged, according to Statistics Canada.
On Friday trade Japan's Nikkei Stock Average added 0.54% or 46.37 points and closed at 8,643. Increase was mainly led by export dependent car producers as European economic outlook improved after Merkel's and Sarkozy's announcements. Both Toyota Motor Corp. and Nissan Motor Co. added 1.1% after reporting surge in US sales. On the upside many Japan's retailers also gained. J. Front Retailing Co. edged up
Hong Kong's Hang Seng Index extended modest gains on Friday and closed at 19,040.39 adding 0.2% or 38.13 points. Banks listed in Hong Kong helped to improve the index. Bank of China Ltd. advanced 4.5%, China Merchants Bank Co traded up 2%, while HSBC Holdings PLC surged 1.6%. At the downside, stocks of footwear producer Belle International Holdings Ltd. plunged 6.6% after CDH Investments reported it
US stock futures increased rapidly on Friday in line with European equity markets. Futures for the Dow Jones Industrial Average added 0.9% or 103 points, while futures on Standard & Poor's 500 gained 1% or 12.10 points reaching 1,256. Nasdaq 100 futures edged up 0.1% or 22.75 points. Markets extend gains on hopes for positive job report from US later today.
German Chancellor Angela Merkel in her speech compared tackling debt crisis with marathon. She also rejected again the idea of issuance of common Eurobonds as well as claimed that ECB should not be required to resolve crisis alone. Merkel emphasized that the role ECB is different from that of Fed or Bank of England. Chancellor told only long term steps can end
Italian bond yields decline for a third consecutive day as French President Sarkozy claimed more discipline is needed to solve Eurozone's debt turmoil. The 10-year Italian borrowing costs dropped 13 b.p. or 0.13 percentage points reaching 6.52%. In contrast German bond yields added 2 b.p.reaching 2.18%. ECB's President Draghi confirmed that bank could help to fight the woe if stricter