China prohibited its airlines from entering EU carbon emissions system, created to restrict pollution. China claimed the program breaches international regulations. The carbon system violates the UN Framework Convention on Climate Change and world-wide civil aviation rules, said China's Civil Aviation Administration in a statement issued yesterday.
Japanese leading electronic companies claimed they are likely to loose about USD 17 billion in 2012. Sony Corporation doubled its yearly loss outlook while Sharp Corporation and Panasonic Corporation forecast the worst year in their companies' histories. Japanese electronic producers were heavily hit by Thailand flooding and appreciating Yen amid strengthening positions of Apple and Samsung.
Australian currency depreciated after government report posted an unexpected drop in nation retail sales, boosting investor predictions Reserve Bank of Australia will be forced to cut interest rate tomorrow. Aussie weakened 0.5% against US Dollar to USD 1.0720 while its New Zealand peer dropped 0.6% to USD 0.8306. Currently USD/AUD is trading at USD 1.0718 while NZD/USD is trading at USD
Retail sales in Australia unexpectedly slumped in December, making the first decline in 6 months as consumption on dining out and at grocers weakened. Australia retail sales fell 0.1% on a monthly basis, said Sydney Bureau of Statistics. Economists earlier predicted an increase of 0.2%. After report analysts expect a further benchmark interest rate reduction from Reserve Bank of Australia.
17-nation currency declined against most of its counterparts on Monday Asian trade as investors awaited Greek officials' response to international creditor requirements. The Euro dropped 0.6% against greenback to USD 1.3085 and lost 0.3% against Japanese Yen, reaching JPY 100.46. Currently EUR/USD is trading at USD 1.3070 and EUR/JPY is trading at JPY 100.30.
Indonesian economy expanded in 2011, reaching record high pace since pre-Asian crisis period in 1996. Indonesia's annual GDP added 6.5% compared to predicted 6.44% growth. Indonesia has outperformed its neighbour countries including Philippines and Thailand. A rapid private consumption growth signals surging customer confidence despite global uncertainty, suggest Bank Danamon Indonesia's economists.
US factory orders increased by 1.1% in December, reported the Commerce Department. The figure was below the expectations of a 1.4% increase. Shipments soared by 1.4% while unfilled orders climbed by 1.4%. At the same time, inventories rose by 0.1% while durable goods added 3.0% in December.
Agricultural commodities, excluding wheat, inched up on Thursday amid expected decline in crops. Wheat, the only loser, tumbled by 1.71% as traders cashed out to book gains after previous rally and as Russia delayed its grain export decision. Other grain commodity, corn, was supported by the 30% fall of Argentinian exports. Sugar was slightly higher due to speculations over Brazilian
Energy commodities faced mixed performance on Thursday, with easing up natural gas and Brent oil and falling heating oil and crude oil. Crude oil price fell to almost six-week low amid weak demand and growing US stockpiles. The IEA reported the largest single week fall in crude oil consumption in 14 years. At the same time, Brent oil drew some
Base metals tumbled on Thursday as investors tended to sell off metals to book profits before US employment report due on Friday. At the same time, the world top metals' producers reported a decline in copper and zinc production over 2011. Aluminium was the top loser, falling by 3.09%. The metal may found support on the increase in cancelled warrants
Precious metals rallied on Thursday amid positive data from the US. Gold added 0.92%, hitting more than two-month high of USD 1759.55 per ounce. The yellow metal drew support from the fall in the US jobless claims and Fed's decision to keep low interest rates. Silver, the top gainer, was mostly tracking the gold's jump. At the same time, platinum
German DAX 30 index climbed on Friday, as investors anticipated positive PMI statistics across Europe and awaited US jobs data. Utilities and consumer services posted the biggest gains within the index. Muenchener RUE, the world's biggest reinsurer contributed most to the index, adding 2%. On the downside Thyssenkrupp AG and Deutsche Bank fell 0.7% and 0.6% respectively. German index rallied
US employment surged more than predicted in January while the unemployment level dropped to the lowest reading in last three years, confirming the US labour market is recovering and raising doubts about Fed's pledge to maintain interest rates down by the end of 2014. The number of payrolls increased by 243 000 and the jobless rate decreased to 8.3% in
FTSE 100 Index improved on Friday after PMI data confirmed European region economy is gaining momentum. UK benchmark added 0.4% with eight out of ten sectors posting gains. BT Group Plc, the biggest British Internet service provider climbed more than 3% after it raised its annual operating profit forecast and reported it has attracted more subscribers. FTSE 100 accelerated sharply
Canada's jobless rate increased to 9-month record high in January amid slower hiring. The unemployment rate grew to 7.6% compared to 7.5% in December, said Statistics Canada. Economists questioned by Bloomberg earlier predicted that jobless level will remain unchanged at 7.5%. Hiring rose by 2300 last month. Consumers account for about 50% of Canada's economy.
Chinese PM Jiabao said the government is considering providing financing to EFSF and ESM in order to stabilize Euro monetary union after a meeting with Angel Merkel in capital Beijing. China is evaluating possible ways how to finance bailout funds through the IMF, said PM Jiabao. China is the largest holder of foreign exchange reserves.
The Euro Zone's business activity was stable in January, indicating a slight expansion after falling for four consecutive months. The final Markit Euro Zone's PMI edged up to 50.4 last month as compared to 48.8 in the preceding month. Higher growth was observed in France and Germany while Italy, Spain and Ireland weighted down on the business activities' expansion.
Asian share markets performed differently on Friday amid earnings reports and investors cautiousness towards upcoming US hiring data. Japan's Nikkei Stock Average dropped 0.5%, Australia's S&P/ASX 200 index slipped 0.4% and South Korea's Kospi fell 0.6%. Chinese markets faced better session with Shanghai Composite surging 0.8% and Hong Kong's Hang Seng Index adding 0.1%.
The retail sales in the Euro Zone faced 0.4% in December despite holiday shopping period, reported the Eurostat. Experts expected the sales to advance by 0.2% in December. Considering yearly changes, the retail sales dropped by 1.6% in December, confronting the expected 1.3% annual fall.
The service sector of the UK started the year on the positive note with business and activity expanding at faster pace. Business Activity Index hit the 10-month high of 56.0 last month as compared to 54.0 in December's reading. The sentiment also improved as business expectations soared to more than 15-year high.
Japan's Nikkei Stock Average index retreated from previous gains and declined on Friday as investors anticipated disappointing earnings reports. Nikkei 225 index lost 0.42% or 37.22 points and settled at 8,831.93. Yamaha tumbled 7% on weak earnings and Sumitomo Metal Industries Ltd. gave up 2.2% after predicting fiscal year loss. On the upside Sony Corp. recovered from earlier reporting quarterly
After opening lower, Hong Kong's Hang Seng index managed to offset losses and finished higher on Friday, gaining 0.09% or 17.53 points and closed at 20,756.98, led by property and mining shares. Telecommunications company Hutchison Whampoa Ltd. climbed 3.3% after announcing its unit in Europe will buy Orange Austria. Agile Property Holdings Ltd. added 1.8%, while China Resources Land Ltd.
Dow Jones Industrial Average Index slightly declined on Thursday as investors awaited for hiring data on the next trading session. Blue chip index slipped 0.09% or 11.05 points and closed at 12,705.41, weighted down by technology and health care shares. Pfizer declined 0.8% after recalling birth control pills. Walt Disney gave up 1% while Hewlett Packard and IBM dropped 0.9%
S&P 500 index modestly climbed on Thursday as the number for jobless claims fell to a record low since June 2008. US benchmark index gained 0.11% or 1.45 points and finished at 1,325.54. Retailer Gap advanced 10.7% after reporting a 6% increase in revenue at its Banana Republic stores. Abercrombie & Fitch Co. plunged 13.8% after the company said that