China manufacturing companies' profits fell 2.2% to USD 64.2 billion in April, National Statistics reported on Sunday. In March companies net earnings advanced by 4.5%. The drop in profit fuels concerns the Chinese economy is slowing to larger extent than expected. Annual manufacturing profit growth for 2012 might be somewhere between 10%-20%, Lu Zhengwei, analyst at Industrial Bank predicted.
China has granted private investors the same rights as state firms possess while investing in China's banks. The move is aimed at boosting economic growth via attracting more overseas investors who were put off by inefficient banking sector in the country. Recently, China also opened its telecommunications and energy sectors for foreign investors.
US Dollar was broadly lower in Asian session on Monday as recent polls indicated that parties favoring bailout measures are becoming more popular in Greece. Hence, the country is likely to stay in the single currency union. EUR/USD added 0.53%, approaching 1.2583 while GBP/USD gained 0.18% to trade at 1.5954. At the same time, the greenback moved down versus the
Gold futures went up in Asian session on Monday, being bolstered by indications that more pro-bailout parties are likely to gain power while dip buying opportunities also supported the price increase. COMEX gold June contract traded at 1,575.85 US Dollars per troy ounce on the New York Mercantile Exchange, easing up by 0.30%. Meanwhile, COMEX silver for delivery in July
Crude oil prices increased in Asian session on Monday amid stronger than initially expected US consumer confidence data and failure of Iranian talks to reach a consensus on nuclear program. Moreover, indications that pro-austerity parties are gaining popularity in Greece also lifted the price. Light, sweet crude oil futures for July delivery traded at 91.47 US Dollars per barrel on
Industry metals rallied on Thursday despite weak manufacturing data from the Euro Zone, China and the US.Aluminum closed slightly higher due to tumbling supplies as major producers started to cut down the output levels in view of low prices. Henan, largest aluminum producing province in China, reduced capacity by 700,000 tons in the recent months.Copper also faced production cuts as
Precious metals went down on Thursday as weak PMI releases from the Euro Zone pushed the single currency down against the greenback.Gold was only marginally lower as the yellow metal gained support from increasing buying of Philippines, Ukraine and Mexico's banks that wish to diversify away from the US Dollar the Euro.Silver was the only gainer due to rebound of
The value of European market has grown this Friday, due to the recent data that was released in Germany, which displayed the European Union's consumer confidence, which is successfully stabilizing. The Stoxx Europe 600 ratio went up by 1.1 per cent to 6,385.44, the increase was supported by the rise of Total SA Index by 1.1 per cent, as well
Raw oil futures decreased in European trade on Friday. Futures for July reached USD90.94, falling by 0.30%. Otherwhere on the Intercontinental Exchange Brent Crude for July rose by 0.45%, being traded at USD107.03 for a barrel. USDX fell by 0.10%, reaching USD82.35.
UK experiences 0.3% economic downturn in the beginning of this year instead of predicted 0.2%. Cameron's opponents insist that it is due to false economic policies: too high austerity, and false decisions to invest in private sector. IMF report showed that government budget deficit was 8% instead of planned lower than 6%. UK's 10-year gilt yield yesterday was 1.738 percent
Energy markets followed bullish trend on Thursday after news that Iran and six major economies failed to reach a consensus on Iran's nuclear program. Crude oil managed to add almost 1% as potential supply disruptions spurred the commodity price. However, weak manufacturing data releases across the world restricted crude oil's gains.Brent oil was the top-performer as supply risk-premium returned after
Agricultural commodities balanced between global demand concerns and potential supply cuts. Broadly stronger US Dollar also weighed on the commodity pack.Wheat extended previous losses despite speculation that droughts in the US, Russia and Australia are likely to impact the crops.Corn was sharply lower as cooling China's economy and turmoil in the Euro Zone added to worries about fall of the
World trade organization received China's complaint regarding tariffs the US put on some of the import from China. Complaint is regarding countervailing duties related to 22 goods with the annual import to the US value of USD 7.3b. Other two trade disputes should be ruled out by WTO soon as well. First - concerns China's export of electrical steel. In the second
Italy's trading deficit with non-EU countries decreased by EUR 1.6b in April in comparison to the same period last year and was EUR 904m. Export to non-EU countries increased by 2.3% in comparison to April 2012 and reached EUR 13.9b. Imports from non-EU countries to Italy decreased by slightly more than 8% from the same period last year and was
Trading in the shares of Bankia has been suspended in Madrid. Market regulator announced that this was done due to circumstances which might influence normal trading. Bankia is said to be forced to ask EUR 15b government bailout. Fourth largest Spanish bank was formed in 2010 after uniting seven troubled regional banks and currently holds EUR 32b worth of troubled assets.
Asian stocks closed lower on Friday trade as risk-aversion among investors remained high in the light of economic instability in the EU and China. China's Shanghai Composite Index fell by 0.7% while Hong Kong's Hang Seng Index lost 0.3%. Meanwhile Japan's Nikkei 225 and South Korea's Kospi both managed to climb by 0.2 and 0.5%, respectively.
Moody's cut long-term ratings of three Sweden's banks, citing g overreliance on wholesale funding, risk to asset quality and relatively low profit margins. The ratings agency lowered Nordea Bank AB and Svenska Handelsbanken AB by one notch to Aa3. The firm also cut rating of Landshypotek AB by two notches to Baa2. At the same time, Moody's reaffirmed its ratings
Core durable goods orders in the US declined unexpectedly in April, falling by second month in line. Orders of core durable goods dropped by 0.6% on a seasonally adjusted basis, confronting forecast of a 0.9% rise, reported the US Census Bureau. Meanwhile, total orders of durable goods eased up by adjusted 0.2% last month while experts predicted a 0.5% gain.
Consumer prices in Japan increased by 0.2% last month, being spurred by rising energy costs. The figure still is below the target of central bank of 1%. Energy costs soared by 4.7% in April, indicating that the government's hopes that Japan managed to avoid deflation seem premature, said Martin Schulz from Fujitsu Research Institute.
Crude oil prices decreased in Asian trade on Friday as elevated US inventories and global manufacturing slowdown lingered demand concerns. From the supply side, the commodity was also pressured as talks between Iran and six major economies progress. Light, sweet crude oil futures for delivery in July traded at 90.552 US Dollars per barrel on the New York Mercantile Exchange,
Gold prices declined during Asian session on Friday, being pressured by global growth concerns and broadly stronger greenback. The US Dollar Index that monitors its performance against a set of six main currencies gained 0.04% to 82.47 US Dollars. COMEX gold June contract traded at 1,552.95 US Dollars per troy ounce on the New York Mercantile Exchange, declining by 0.29%.
US manufacturing expansion slowed this month as exports continued to soften. Markit PMI attained thee-month low of 53.9 as compared to a previous month reading of 56.0. Markit attributed the slowdown in manufacturing growth to weaker exports in the EU and China. Recent fall in durable goods orders also contributed to a decline, indicating that businesses are not willing to
JP Morgan cut its Australia's growth forecast for 2012, but the bank still expects mining boom in the country to stimulate economic expansion. The investment bank now predicts Australia's GDP to grow by 2.7% this year as compared to an initial expectation of a 3.0% expansion. It also lowered growth forecast for 2013 from 3.3% to 3.0%. JP Morgan cited
Natural gas futures declined during late US trade on Thursday after IEA reported that US inventories increased by 101 billion cubic feet on an annual basis last week, being higher than five-year average change of 97 billion cubic feet. Natural gas futures for June delivery traded at 2.707 US Dollars per million Btu on the New York Mercantile Exchange, tumbling