China's import of gold from Hong Kong reached 85.7 tons in October compared to 57 tons in the preceding month, reported Hong Kong Census and Statistics Department. Hong Kong remains the largest source of gold for China's mainland. China's gold demand is expected to stay strong fueled by constantly growing gold prices. The average import of gold is likely to grow by 10%
Wheat futures increased after five0day decrease amid lower commodity export-earnings in Australia. On the Chicago Mercantile Exchange, wheat futures for delivery in March traded at USD5.9912 a bushel at the early European trade, edging up 0.69% since opening.
E.On, Germany's energy company, has taken about 3bn euros citing the impact of the troubled EU economies, especially the impact of Spain and Italy that cut forecasts for energy demand and price. Following the announcement, E.On share price declined by 2.2% in the morning trade in Frankfurt. However, the company claimed that expected profits for 2013 are in line with previous forecast.
Crude oil futures remained steady just slightly above the two-week low as investors anticipated Fed rate decision and OPEC meeting due on Wednesday. On the New York Mercantile Exchange crude futures for January delivery traded at USD97.91 a barrel at the early European trade, gaining 0.14% since opening.
Areva, France's nuclear giant, has announced large cuts of jobs, investments and dividends after it projected a net loss of 1.6bn euros for 2011. The company will cut 1,500 jobs in Germany after Germany said it plans phasing out the nuclear power generation. France's payroll will not be decreased but the salaries will be frozen. The investments for the next 5 years are going to
Copper futures remained steady today after fall to two-week low on the worries of downgrade of the euro-zone members' credit ratings. On the Comex division of the New York Mercantile Exchange, copper futures for delivery in March traded at USD3.467 a pound at the early European trade, edging up 0.1% since opening.
On Tuesday US stock index futures traded higher as ZEW reported better than expected economic sentiment index in Germany and investors were expecting Fed announcement about its monetary policy. Futures on Standard & Poor's 500 index added 7.10 points at 1,236.4, while those on Dow Jones Industrial Average rose 60 points reaching 12,003. Nasdaq 100 futures climbed 12 points attaining 2,302.5.
Germany's investor confidence unexpectedly surged the first time since October 2010, signalling Germany, the largest European economy is surviving regional debt woe. ZEW Center reported that its index, consisting of analyst and investor expectations aiming to predict outlook for 6 months ahead, advanced and reached minus 53.8 compared to a 3-year record low of minus 55.2 in November. Earlier analysts forecast a drop in index
UK's inflation decreased in November in compliance with expectations, falling of the second month in line, according to official data. The rate of consumer price inflation fell to 4.8% last month as compared to 5.0% in preceding month, reported the UK Office for National Statistics. The rate remains above the Bank of England's target of 2%. The CPI eased to 5.2% in November after jumping
Viktor Orban, Hungarian PM said Hungary will have to review its 2012 government budget due to diminishing economic outlook as well as weakness of national currency forint. Hungarian parliament expects next year's growth to reach only 0.5% instead of earlier predicted 1.5% as demand from debt harmed European nations has declined sharply.
On Tuesday Spanish borrowing costs for 10-year notes increased 9 b.p. to 5.88%. Today Spain is going to auction securities with maturities 12 and 18 months. Italian 10-year bonds followed their Spanish peers and added 13 basis points to 6.66%. German bonds also declined as their 10-year yield gained 4 b.p. EFSF plans to auction 3-month bills worth €2bn.
The pound edged up against the US dollar on the improved market confidence before the Fed's rate decision. GBP/USD approached to 1.5626 at the early European trade, being the daily high, gaining 0.11% since opening. Investors also anticipate the report on UK's CPI due later today.
The ECB overnight deposits hit another record on the market tensions and end of the month reserve period of the ECB. Banks deposited 346.357 billion euros overnight on Monday as compared to previous record of 334.905 billion euros deposited on Friday. The increase reflects continuous distrust in lending between banks.
Stocks of the Asian computer chips producers declined after Intel, the leading microprocessors maker, announced the cut in the profit forecast citing the hard disk supply shortage. In Korea, shares of the Samsung Electronics declined 1.29% and shares of Hynix Semiconductor edged down 2.02%. In Japan, shares of semiconductors tumbled in a range between 2% and 3%.
Crude oil futures edged up at the Asian trading hours finding support after approaching to two-weeks low on the firm dollar and higher US index futures. Crude-oil futures for January delivery increased by 10 cents to $97.87 a barrel, gaining 0.1% since opening. Investors anticipate Wednesday's meeting of the OPEC.
The economy of the UK is likely to decrease more than previously projected. The British economy may contract by 1.3% next year as compared to expected growth of 0.6%, according to economists from Standard Chartered bank. The economy of the euro-zone will contract even more by 1.5%. However, the experts from the Office for Budget Responsibility expect the economy of the UK to expand
Qatar Airways Co is going to increase the number of flights to China to about 70 flights a week in 2013, said the CEO of the Qatar Airways. The number of China's residents traveling abroad is rising and the occupancy of flights is about 75% thus making the industry highly attractive. In case Chinese aviation authority allows increasing the number of flights, the company
European equity markets opened generally flat with mining companies gaining and financials declining. Stoxx Europe 600 index added 0.3% reaching 236.76, French CAC 40 index traded flat at 3,088.47 while German DAX 30 index increased 0.4% to 5,808.88 and UK's FTSE 100 gained 0.1% to 5,435.49.
The US dollar hit a 2-month record high against the euro, before bond auction on concern that Standard & Poor's may reduce national debt ratings in the euro area. The greenback touched $1.3161 against euro on Tuesday, highest since October 4. The dollar is appreciating on euro weakness, said Sacha Tihanyi, Scotia Capital's currency strategist. EUR/USD currently is trading at $1.3196.
New Zealand and Australian dollar recovered from 2-week lows before US retail report which is expected to show that retail sales in US surged in November. Economists surveyed by Bloomberg predicted an increase of 0.6%. Australian dollar gained 0.1% against greenback on Tuesday reaching $1.0086 in Sydney trade, while its New Zealand counterpart added 0.2% to $0.7643. AUD/USD currently is trading at $1.0110 while NZD/USD is
Central bank of China plans to introduce investment vehicle aimed at managing $300 billion of foreign reserves, according the source familiar with the matter. The mechanism is likely to improve returns on foreign exchange reserves and will target investments in the US and Europe. China's foreign exchange reserves achieved $3.2 trillion in September. China's officials have not confirmed this information yet.
Hundreds of Americans expressed their protest against exorbitant profits of multinational corporations. People blocked the docks of harbors with hope to impact the income of corporations which run the ports. The demonstrations resulted in partial closure of harbors in Oregon, Washington and California states, but not in clashes.
Japanese tertiary index, the leading gauge of the economic health, increased more than expected in November, according to official data. Japanese tertiary industry activity index increased by 0.6% on a seasonally adjusted basis from -0.7% in October, reported METI. Economists expected the index to increase by 0.4% in the period.
China's banks are attempting to increase lending that might lead to higher number of bad loans, according to the government's decision makers. In the end of November four large commercial banks unexpectedly increased lending by 70 billion yuan. It appears very hard for central bank to restrict the accelerated lending of the banks, said government's decision-makers. The banks have to take responsibility of probable non-performing