China's oil companies pursue sustainable growth and seek more active overseas expansion. Daqing Oilfield Co Ltd set 20 billion yuan revenue target generated from foreign operations by 2015 which is four times higher compared to this year figure. The company has its operations in 28 countries and sees expansion opportunities to Indonesia and Middle East, reported Wang Yongchun, the General Manager of DOCL.
Gold futures decreased, falling again below $1,600 an ounce at the Asian trading. Gold futures for delivery in February approached $1,595.00 an ounce during the Comex electronic trade as compared to last week's closing price of $1,609 an ounce. The gold continued its downward trend despite lower dollar index that fell from 79.990 to 79.874.
On Friday Canadian national currency strengthened against its major counterparts as US data indicated economic recovery. On weekly basis loonie added 1.7% to C$1.0206 per one US Dollar, the largest weekly gain since the week ended December 2. C.J. Gavsie, foreign-exchange unit managing director at Bank of Montreal in Toronto expects Canadian Dollar to reach C$1.06 during the first 6 months of 2012. Currently USD/CAD
China's economic growth is expected to decrease by approximately 8.5% in 2012 but only in case the Euro Zone crisis does not evolve into world's recession, according to senior economist. China's emerging market is closely connected to developed economies and dismal situation on the Western markets impacts nation's economy. Chinese export growth is expected to shrink to 10% next year as compared to 20% in
The index of South Korea consumer confidence declined to a 3-month low as North Korea political outlook worsened after death of Kim Jong Il. The confidence index tumbled from 103 to 99 in November. A figure below 100 signals pessimism outweighs optimism. The leader of North Korea died on December 19. His son is expected to replace him.
The dollar index maintained last week's losses as analysts predict US consumer confidence surged most in 5 months and manufacturing measures advanced. The dollar index which measures the US dollar against basket of 6 other currencies, edged down 0.1% to 79.853. Last week dollar index slipped 0.2% as demand for less risky assets declined.
Strategists name Japanese Yen as the most successful currency of 2011 and predict even further appreciation despite officials promise to intervene again. The improvement of Yen including 4.1% advance against US Dollar depicts worries in world markets as Europe struggles with debt crisis for a second year. Foreign ownership of Japanese debt reaches record high since 2008.
US stock markets attempted to extend a rally ahead of Christmas holidays with all major indexes closing higher. On Friday Dow Jones Industrial Average gained 1% or 124.35 points and finished at 12,294. S&P 500 Index climbed 0.9% or 11.33 points reaching 1,265.33 while Nasdaq Composite Index advanced 0.7% or 19.19 points to 2,618.64.
Asian stock markets experienced a decline on Tuesday, as South Korean shares fluctuated and Chinese stocks dropped amid worries about country's economic outlook. South Korea's Kospi erased early gains and closed 0.6% or 11.1 points down at 1,845.11. China's Shanghai Composite lost 0.45% or 10.5 points down at 2,179.02, while Nikkei Stock Average gave up 0.41% or 34.2 points at 8,445.05. Markets in Hong Kong and in
Consumer spending grew less than expected in November as salaries decreased first time in last three months, indicating US recovery might not be as fast as previously estimated. Economists surveyed by Bloomberg forecast spending increase between 0.2% and 0.6%. Personal income added 0.1% in November. Drop in wages harmed growth in spending, said Yelena Shulyatyeva, BNP Pariba's economist in New York.
UK services output dropped to 6-month low in October. Services that account for about 75% of the nation's economy tumbled 0.7% compared to September. Transport, communications and storage were down 2.5% whereas distribution, restaurants and hotels edged down 0.2%. Finance and business services lost 0.7%.
France's economy expanded by 0.3% in Q3 as compared to 0.4% previously estimated. The disposable income also decelerated, reported France's Insee statistics. Moreover, the country's credit rating was placed on a pessimistic outlook by Fitch agency signaling probable downgrade in the next 12-18 months.
Indonesia plans to impose export tax on coal and industrial metals next year and completely ban the commodity exports by 2014. The measure aims to stimulate minerals processing to higher value products before export thus adding to national treasury. The country is the largest exporter of coal and some of the base metals. Therefore, the ban may essentially impact the market.
The factory output in Singapore decreased in November on the decline in electronics production amid weakening global demand. Factory production lost 9.6% from the previous year with fell in electronics output by 30.1%. Experts predict the industrial activity to remain low for some time, according to CIMB Research.
Indian crude oil production decreased for the second month in line, reported India's oil ministry. Crude oil output tumbled 5.7% or 3.1 million tonnes on a yearly basis last month. ONGC, largest oil company in India, saw the decline in output by 4.2% to 1.9 million tonnes.
Experts claim that even despite slowdown in China's economy the government is likely to continue strict control over the real estate market. There is a pressure on the government to ease the policy, especially from the side of property developers and regional governments; however, officials believe policy loosing will lead to deteriorated credibility of the government.
Taiwan's economy is likely to grow by 4.3% next year, according to Shih Yen-Shiang, country's economic minister. The country also predicts NT$1.1 trillion of private investment and expects growth in exports between 8% and 10% next year, he added.
Consumer confidence in Italy decreased this month on the worries about possible recession in the country next year. The indicator declined to 91.6 this month from 96.1 last month, reported Isat. Italian government expects the economic growth to decrease by 0.4% next year.
China took advantage of low copper prices and increased its imports of the metal to the highest level in the last two years. The amount of imports added 16.5% to 343,926 tonnes as compared to 295,341 tonnes a month before. However, the overall demand for copper was weaker as the manufacturing output of the country contracted.
The World Bank plans to provide $5.5bn support for the development of Pakistan. The funds will be used to develop social services such as education and healthcare. The country's economy faces difficulties due to severe floods this year amid global slowdown. The government downgraded the growth forecast for 2011 to 3%.
Business confidence in China decreased in Q4 on the growing fears over the slowdown of the second-largest world economy. The business confidence index lost 6% to 41.7% in Q3, reported the People's Bank of China. Reading below 50% indicates the pessimism on the market.
Canadian currency appreciated reaching 2-week record high as US economic data indicated that Canada's most significant trading partner is making progress. Consumer confidence and jobless claims showed better than expected figures. Loonie gained 0.6% to C$1.0203 per US Dollar Toronto evening trade. Currently USD/CAD is trading at 1.0200.
After struggling for several months Congress is ready to approve payroll tax reduction. Lawmakers agreed to extend payroll tax of 4.2% for two months. Obama praised the decision, emphasizing tax cut extension is crucial for US economy. Obama predicts every employed American to save around $1000 a year due to tax cut.
Moody's Investors Service cut Slovenia's sovereign credit rating as government had to intervene to support banking system amid region's debt turmoil. Moody's lowered Slovenia's rating by one level to A1. The country was downgraded by Moody's for the second time in last quarter. Standard & Poor's ranks Slovenia one level up at AA-.