Philip Hildebrand, the chairman of the Swiss National Bank, resigned after he had faced allegations in malpractice. His wife was accused of using leaked information on the reduction of the Frank exchange rate to raise currency deals. Both continue to deny guilt. The SNB claimed that Philip Hildebrand and his wife had not broken any rules.
Corn futures rebounded after hitting one-week low as worries on South American crop conditions weighted up on the commodity price. Corn futures for delivery in March traded at USD6.5112 a bushel during the European morning session, on the Chicago Mercantile Exchange, soaring 1.17%.
Germany's industrial production decreased more than expected in November, falling for the first time for four consecutive months. Industrial production declined by 0.6% seasonally adjusted in November, reported Destatis. Analysts had expected the production to contract by 0.5%. On an annual basis, the production expanded by 3.6% in November while experts predicted 3.9% rise after a 4.2% increase in the preceding month.
SeaFrance was officially liquidated by the French court and was forced to stop activity. The liquidation means more than 130 jobs loss in the UK. The Tribunal de Commerce made a decision after the EC adjudged the 200m Euros rescue package provided by the France's government was illegal.
Crude oil saw gains on Monday on persistent worries on supply disruption from Iran and on anticipation of the meeting between Nikolas Sarkozy and Angela Merkel. Light, sweet crude oil futures for February delivery traded at USD101.81 a barrel at the early European trade, on the New York Mercantile Exchange, gaining 0.25%.
Retail sales in Suisse increased essentially more than expected in November. The retail sales surged 1.8% on an annual basis in November while analysts expected them to add 0.5%, reported Switzerland's Federal Statistical Office. After the data release, Swiss Franc stayed higher against the USD and the pair USD/CHF is currently trading at 0.9536, shrinking 0.16%.
German exports totaled EUR 94,9 billion while imports totaled EUR 78,7 billion in November, reported Destatis. The exports expanded by 8.3% while imports added 6.7% on a yearly basis in November. Considering monthly changes, the exports gained 2.5% while imports declined by 0.4%. The foreign trade balance was EUR 16.6 billion in November, Destatis added.
Thai economic expansion is likely to slow down, falling below the forecast of 1.8% growth in 2011, reported the central bank of Thailand. Severe floods coupled with global economic downturn impacted the country's economy, said Songtum Pinto from the central bank of Thailand. However, the bank left the forecast of 4.8% GDP growth this year unchanged.
Swiss jobless rate saw modest increase in December, according to the State Secretariat for Economic Affairs. The rate edged up to 3.1% seasonally adjusted last month from 3% in the preceding month. The increase is basically in compliance with forecast of 3.2% rise. The number of people seeking for job jumped by 8,025 on a monthly basis, approaching 185,706 in December.
Hong Kong Airlines placed order for 10 Airbus A380 aircraft amounting about $3.8bn.The order might have been derailed by the tensions between the EU and China. China has refused to pay tax on carbon emissions imposed by the EU that essentially decreases the profits and competitiveness of foreign air carries in the EU.
Sales of General Motors Co. and company's joint venture in China increased by 8.3% to 2,547,171 units in 2011. Shanghai GM sales advanced 16.2% to 1,200,355 units, the GM announced on Monday. During December the auto producer sold 196,797 vehicles that is 9.8% more than in December 2010.
South Korean biggest pension fund, the NPS, has got an approval from officials to invest in China's securities. The NPS announced it is the first pension fund worldwide to win the QFII status. The company will be allowed to trade Yuan-denominated bonds and stocks. The approval was given by Lee Myung-bak, South Korean President.
US grain futures saw decline during the last Friday trade on firmer US Dollar while weather forecasts in South America limited losses. Soybeans, wheat and corn futures for delivery in March lost 1.48%, 4.35% and 0.55% over the week, respectively, on the Chicago Mercantile Exchange.
Trade balance of New Zealand decreased more than expected in December. The trade balance tumbled to -308M seasonally adjusted from -228M in November, reported Statistics New Zealand. Experts had projected trade balance to decline to -300M in December.
Crude oil declined as market focused more on the fresh concerns over the spreading Euro Zone crisis than on possible supply disruptions from Iran. Light, sweet crude oil futures for February delivery traded at USD101.28 a barrel during the US trade, on the New York Mercantile Exchange, easing down 0.27%.
Loonie depreciated for a third consecutive day against greenback after data showed country's employers hired fewer than expected new employees in December while unemployment level surged to 9-month record high. Canadian dollar lost 0.8% reaching C$1.0284 in Toronto evening trade. Currently USD/CAD is trading at C$1.0304.
China's economy is expected to expand at a slower pace in the Q4 of 2011. The GDP may grow by 8.5% in Q4 of 2011 and by the same rate in 2012, economists claimed. However, slower expansion will allow the government to concentrate on problems in China's economic structure. But the country still has to ease its prudent policies to prevent hard landing.
Canadian jobless level unexpectedly soared for a third consecutive month in December. According to Statistics Canada, the unemployment level surged to 7.5% compared to 7.4% increase in November and 7.1% in September. Economists questioned by Bloomberg earlier predicted unemployment rate to stay steady at 7.4%.
Philippines vehicle sales decreased by 4% in 2011 on the supply disruptions caused by floods in Thailand and earthquake in Japan, according to industry report. Overall sales in 2011 amounted 141,616 vehicles as compared to 147,488 in 2010, announced Chamber of Automotive Manufacturers. December's total sales of vehicles lost 14% while sales of the passenger cars saw 23% increase due to sales promotions.
Rolls-Royce Motor Cars announced 31% increase in car sales to 3,538 units over 2011. However, the growth pace was sharply lower than in the previous year when sales saw 150% expansion. The most successful was BMW luxury marque that hit a new record in 2011. We should take momentum and continue UK success story, said Torstein Muller-Otvos, company's CEO.
Australian retail sales stayed at the same level in December, according to official data. The country's retail sales for the month showed 0% seasonally adjusted increase from November while November's retail sales saw 0.2% monthly growth, according to Australian Bureau of Statistics. Analysts had expected the indicator to rise by 0.4% in December.
Yuan lending approached 7.47 trillion Yuan in 2011 as compared to 7.8 trillion Yuan in the preceding year, reported China's central bank. The outstanding Yuan deposits amounted 80.94 trillion Yuan in the end of the last year, indicating yearly increase by 13.5% and deceleration of the deposits growth pace by 6.7%. Meanwhile, other currencies denominated deposits totaled 275.1 billion USD, signaling 19% yearly increase.
European stocks showed various performance on Friday as German and Italian markets fell while UK experienced an increase. Stoxx Europe 600 Index was slightly up gaining 0.06% or 0.14 points to 247.53 while Italian FTSE MIB stock index fell 0.8% or 121.58 points at 14,645.64 after UniCredit shares plunged. German DAX index lost 0.6% or 38.07 points to 6,057.92 after drop of Deutsch Bank stocks
The Australian domestic currency depreciated against its major counterparts on Monday after data showed national retail sales suddenly decayed in November. Meanwhile Kiwi extended a 3-day decline after country reported its trade deficit increased. Aussie lost 0.5% to $1.0173 while Kiwi was nearly flat at $0.7802. Currently AUS/USD is trading at $1.0188 while NZD/USD is trading at $0.7814.