News

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Fri, 30 Dec 2011 09:11:56 GMT

China's tourism infrastructure expands

The number of hotels in China touched 13,908 with 607 five-star hotels, signaling on rapidly growing truism infrastructure in the country. China's travel agencies totaled 23,315 and the tourist arrivals for the period between 2006 and 2011 amounted 9.3 billion, bringing 6 trillion yuan revenue to the country, reported Shao Qiwei, director of China's National Tourism Administration.

Fri, 30 Dec 2011 09:11:25 GMT

UK Nationwide HPI declines to minus 0.2%

The UK's Nationwide home price index decreased more than expected in November.  The index dropped to minus 0.2% in November from 0.4% in October. Experts predicted the index to grow 0.3% in November. Following the data release, the Pound decreased against the USD and the pair GBP/USD is currently trading at 1.5417, losing 0.001%.

Fri, 30 Dec 2011 09:11:15 GMT

Deutsche Telekom pays above $95m to settle the bribery charge

Deutsche Telekom and Magyar Telekom, its Hungarian subsidiary, agreed to pay about $95m to settle the charges of the US that accused the companies in bribing the officials in Macedonia and Montenegro. The companies wanted officials to keep the competitions out of the market. Deutsche Telekom will not be prosecuted for two years in case the company improves compliance to the law, said the Justice

Fri, 30 Dec 2011 09:10:51 GMT

Chinese manufacturing activity falls for second consecutive month

China's factory activity fell for the second month in line in December on the weak global demand and ongoing tightening of the real estate market, according to HSBC. The HSBC Purchasing Managers' Index slightly gained this month to 48.7 from 47.7 in November on a seasonally adjusted basis. A reading below 50 indicates contraction. Companies also reported about inventory buildup for the first time in

Fri, 30 Dec 2011 09:10:19 GMT

Canada may sell its oil to China on the lack of Keystone decision

Canada may sell its oil to China amid the delay in the US decision on the Keystone's pipeline. US government postponed the approval of the pipeline project that proposes to build a Keystone XL pipeline between Texas and Alberta and is expected to pump more than 830,000 barrels daily. The projects also met resistance from the environmentalists as they claim it may impact the environment.

Fri, 30 Dec 2011 09:10:00 GMT

South Korean inflation stays above the target

South Korea's inflation stayed above the target of the country's central bank in December. Consumer prices added 4.2% this month on a yearly basis and 0.4% on a monthly basis. The Bank of Korea attempts to slow the inflation to 4% by increasing the interest rates. Analysts are concerned that higher interest rates may accelerate the economic slowdown.

Fri, 30 Dec 2011 09:09:49 GMT

ICBC starts bond sale to boost capital

The largest commercial bank of China, the ICBC has started two-day bond sale worth 50 billion yuan to increase its capital. The sale comprises 10-year bonds totaling 10 billion yuan and 15-year bonds totaling 40 billion yuan, reported Chinabond.com. The bank is trying to raise capital by all means as Chinese banks face stricter CAR of 12.51%, increased lending and decreasing deposits.   

Fri, 30 Dec 2011 09:02:22 GMT

Credit Agricole and BNP enfolded by debt sales

BNP Paribas SA and Credit Agricole SA, the leading French corporate bond distributors predict slowdown for 2012 as both companies have managed to attract the least amount of capital in second half of 2011 since 2007. The turnover of bonds issued by French firms had declined 22% from July 1. The bond market may tumble even more as S&P considers the downgrading of France.

Fri, 30 Dec 2011 09:01:49 GMT

Germany to speed up bailout payments

According to announcement of Angela Merkel's party, Germany is considering speeding up bailout payments to European Stability Mechanism in order to ensure higher ratings for nation's bonds and get higher independence from rating agencies. Germany is likely to pay 8.6 bn Euros in bailout fund to encourage other Euro Zone members to amplify their payments. 

Fri, 30 Dec 2011 09:01:20 GMT

Lending in South Africa surges on low interest rates

In November South African borrowing rose faster compared to previous month reaching increase of 6.22% as nation's central bank maintained its interest rate unchanged at 5.5% or 30-year record low to boost growth in Africa's biggest economy. Borrowing by businesses and households added 5.5% compared to October, reported Reserve bank. South African economy expanded 1.4% in third quarter.

Fri, 30 Dec 2011 09:00:09 GMT

Aussie and Kiwi recover as stocks retreat

New Zealand and Australian Dollars strengthened on Friday against their major trading counterparts as Asian stocks recovered, stimulating demand for more risky assets. Both Australian and New Zealand Dollars gained 0.2% against US Dollar reaching $1.0155 and $0.7726 respectively. Appreciation in both currencies also was fuelled by expectations on next week data that may show US manufacturing has escalated. 

Fri, 30 Dec 2011 08:59:20 GMT

Australia's home value declines

Housing prices in Australian 8 main cities dropped 3.7% during period January-November 2011, creating the biggest fall in 12 years on anxiety European debt turmoil may harm the country's economic growth. Decline in home prices was led by Brisbane slipping 7% and Melbourne giving up 5.7%, said property researcher RP Data. Home loans increased by 5.7%, the slowest annual pace since 1977. 

Fri, 30 Dec 2011 08:58:51 GMT

Bank of America to be the worst stock of Dow Jones

Bank of America is on path to become the worst stock within Dow Jones Industrial Average Index for 2011.  Growing concern among investors about escalating mortgage losses amid global slowdown pushed down the value of US second-largest lender. On year to date basis, Bank of America has plunged 59.07% with one trading session left. Bank of America is likely to be the worst performer of

Fri, 30 Dec 2011 08:58:20 GMT

US stocks move higher with one session left

US stocks traded higher on Thursday as the number of long-term jobless claims indicated positive trend for US employment level. Dow Jones Industrial Average gained 1.12% or 135.63 points closing at 12,287.04. S&P 500 Index added 1.1% or 13.38 points reaching 1,263.02, while Nasdaq Composite climbed 0.9% or 23.76 points at 2,613.74. 

Fri, 30 Dec 2011 08:57:32 GMT

Chinese manufacturing slows down further

In December China Purchasing Managers' Index dropped to 48.7, compared to preliminary reading of 49.0, said HSBC who issued the survey. Level below 50 is indicating contraction. The survey showed the weakest reading on a quarterly basis since 2009. Although speed of slowdown is alleviating, weakening exports demand is harming the growth, said Hongbin Qu, HSBC economist. 

Fri, 30 Dec 2011 08:45:48 GMT

US pending house sales surge to 19-month high

US pending home sales increased essentially in November, approaching 19-month high. The pending home sales index jumped by 7.3% last month while analysts expected only 1.5% increase, reported the National Association of Realtors. The jump may be a result of delayed transactions, said Lawrence Yun, chief economist. After the release of data, USD advanced against the Euro and the pair EUR/USD was traded at 1.2928,

Fri, 30 Dec 2011 08:36:27 GMT

Asian stocks recover on last trading session for 2011

On Friday Asian markets managed partly recover from previous days' losses and traded higher on the last trading session in 2011. Japan's Nikkei Stock Average and Hong Kong's Hang Seng Index each gained 0.5%, while China's Shanghai Composite advanced 0.9%. Only Australia's S&P/ASX 200 index extended losses and was down 0.4%. Markets in South Korea were shut for a holiday.

Thu, 29 Dec 2011 15:06:40 GMT

South Korean industrial output sinks on dismal domestic demand

South Korean factory output decreased last month on the weaker demand in the country. The output declined by 0.4% in November on a monthly basis, beating the expectations of analysts. Spending on construction and equipment eyed the biggest decrease. Experts claim the global downturn and high debts of the households severely impacted many businesses. The Bank of Korea's manufacturer's outlook index decreased from 83 this

Thu, 29 Dec 2011 15:04:49 GMT

German inflation slows down amid debt crisis

Germany's inflation rate decreased in December as European region's sovereign debt turmoil is hurting economic expansion. The inflation rate fell from 2.8% in November to 2.4% in current month. The reading matches economists' expectations. Euro area countries are facing severe spending cuts to reduce debt which hampers growth and as a result, the inflation, said Marina Luetje, Dekabank's economist.

Thu, 29 Dec 2011 15:02:56 GMT

Nikkei 225 slightly down by 0.3%

On Thursday Japan's Nikkei Stock Average fell 0.29% or 24.73 points and closed at 8,398.89 as export dependent companies tumbled on European anxiety. Japan's technology exporters were the main losers in Tokyo, affected by the drop in the European common currency against the Japanese Yen. Sharp Corp. declined 3.2%, Casio Computer Co. traded down 2.7% while Advantest Corp. decreased 1.1%. Equities of Elpida Memory Inc. lost

Thu, 29 Dec 2011 15:02:17 GMT

Dow Jones tumbles amid a day before Italian bond auction

Dow Jones Industrial Average edged down 1.14% or 139.94 points to 12,151.41 as investors were concerned about forthcoming Italian 10-year bond auction on Thursday. All 30 of blue chip's constituents declined. Nevertheless Dow Jones still is 5% up on a yearly basis. Among worst performers was Bank of America, giving up 3.47%, aluminum producer Alcoa Inc. falling 3.07% and machinery producer Caterpillar which sank by 2.38%.

Thu, 29 Dec 2011 15:02:10 GMT

Hang Seng extends losses on Thursday trade

Hong Kong's Hang Seng Index lost 0.65% or 120.75 points and finished at 18,397.92, as investors remained cautions before Italian bond auction. Commodity companies extended previous days' losses as China Coal Energy Co. fell 1.5%, Cnooc Ltd. dropped 1% and Zijin Mining Group Co was down 2.4%. Financials also contributed negatively to the index as China Resources Land Ltd declined 4.9% and Agile Property Holdings Ltd.

Thu, 29 Dec 2011 15:01:30 GMT

Loonie weakens as Canadian stocks decline amid European concern

Canadian Dollar depreciated as nation's stocks fell after ECB's balance sheet rallied to a record high bolstering fears fiscal crisis can hurt economic growth. Canadian domestic currency fell 0.6% to C$1.0244 per US Dollar in Toronto evening trade. Before ECB announcement Loonie had strengthened to three-week record high. Currently USD/CAD is trading at C$1.0243. 

Thu, 29 Dec 2011 15:01:00 GMT

Italy sells bonds worth 7 bn Euros

Italy auctioned government notes worth 7 bn Euros and nation's borrowing costs declined. Treasury in Rome managed to sell 2.5bn Euros of offered 3 bn Euros in 2-year bonds at yield of 5.62% compared to that of 7.89% in November auction. Borrowing costs for 10-year Italian bonds reached 6.98% compared to 7.56% month before. 

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