News

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Wed, 21 Dec 2011 17:08:38 GMT

Belgian business climate gets better in December

Belgium's business confidence rose more than expected this month but remained negative for the eight month in line. The business climate index added 1.6 points on a seasonally basis approaching minus 10.6 in December as compared to minus 12.2 last month, reported the National Bank of Belgium.  Experts predicted the figure to improve by 1.1 points to minus 11.1 this month.

Wed, 21 Dec 2011 17:08:26 GMT

Copper futures approach one-week high

Copper futures saw essential gains, approaching one-week high after the USD suffered losses and optimism increased on the ECB sale of three-year loans.  Copper futures for delivery in March traded at USD3.411 a pound on the Comex division of the New York Mercantile Exchange during the early European trade, gaining 1.25% since opening.

Wed, 21 Dec 2011 17:08:14 GMT

Global LNG demand to jump after nuclear crisis

The recent nuclear crisis in Japan increased the world's demand of LNG to 248.5 million metric tons. The demand is likely to exceed the commodity supply by 75 million mt over the next three years, reported Global LNG Market Short and Long Term Outlook. The LNG market is likely to achieve balance by 2020 but the lack of investment flow into the industry and shortage

Wed, 21 Dec 2011 17:08:02 GMT

Bank of Japan kept the interest rate steady

The Bank of Japan left its benchmark interest rate steady as it was widely expected and decreased its growth forecast. The interest rate remained between zero and 0.5%. The budget for exchange traded funds and corporate bonds purchases was also left unchanged at JPY20 trillion. After the data release, the Japanese Yen appreciated against the USD with pair USD/JPY currently trading at 77.75, 0.18% down.

Wed, 21 Dec 2011 17:07:49 GMT

Gold is likely to be bearish next year

The three year trend for gold indicates upward movement; however, the recent price decrease of the yellow metal below its 200-day average for the first time since 2008 signals on probable ongoing fall of the commodity price. The market sentiment for gold may become bearish next year. Currently, the gold futures trading at USD1610.85 an ounce.

Wed, 21 Dec 2011 17:07:38 GMT

Trade balance of Japan decreased more than expected

Japanese trade balance declined more than initially projected in November, according to official data. The balance decreased to -0.54T on a seasonally adjusted basis from -0.46T in October. Experts predicted the November's figure to drop to -0.28T.

Wed, 21 Dec 2011 17:07:24 GMT

Core retail sales in Canada increased more than expected

Canada's core retail sales increased more than expected in October, rising for the third month in line. Core retail sales, excluding automobile sales, added 0.7% on a seasonally adjusted basis as compared to 0.4% expected increase, reported Statistics Canada. After the data release, Canadian currency appreciated against the USD and the pair USD/CAD is currently trading at 1.0293, edging down 0.05%.

Wed, 21 Dec 2011 17:07:02 GMT

Euro fell following the ECB decision

The Euro suffered losses during the US morning trade after the ECB announced its long-term lending program had strong demand. About 523 European banks applied for three-year loans to the ECB totaling 489 billion euros. The Dollar index increased to 79.915 from 79.871. The euro decreased to $1.305 in the late US trade yesterday.

Wed, 21 Dec 2011 17:06:48 GMT

Coffee futures decrease amid fears of oversupply

Coffee futures fell, approaching a year low on the fears over ample supply of the commodity while concerns on the unfavorable weather conditions in Colombia supported the commodity price. On the ICE Futures Exchange, Arabica coffee for delivery in March traded at USD2.2053 a pound at the European afternoon trade, losing 0.25% since opening.

Wed, 21 Dec 2011 17:05:13 GMT

Loonie appreciates on crude oil rally

The Canadian Dollar reached December record high as surge both in crude and stock markets relieved investor risk aversion. Canada's currency also was strengthened by government report showing that price level stayed unchanged last month. Canadian Dollar gained 0.9% attaining C$ 1.0298 in yesterday's Toronto trade. Currently USD/CAD is trading at C$ 1.0280.

Wed, 21 Dec 2011 13:53:04 GMT

UK consumer confidence reaches three-year low

US consumer confidence dropped in December to the lowest level since peak of the financial turmoil in 2009. The sentiment index lost 2 points compared to November and reached minus 33, the lowest figure since February 2009. Index for expectations about the economy tumbled 8 points at minus 41, the weakest since January 2009. Pre-Christmas spending has not boosted optimism, said Nick Moon, managing

Wed, 21 Dec 2011 13:50:34 GMT

HSBC to sell its Japan banking division

HSBC Holdings Plc has announced it will sell its private banking division in Japan to Credit Suisse Group AG. HSBC, the leading European financial by market value reduces assets to cut expenses and meet international capital requirements. The deal is likely to be accomplished in the 2nd quarter next year, said HSBC today without revealing the price. 

Wed, 21 Dec 2011 13:50:22 GMT

ECB lends banks more than forecast

The ECB awarded €489 bn ($645 bn) in three-year loans, compared to previous expected estimate of €293 bn. In total 523 Euro Zone banks called for cash which will be provided at a cost equal current benchmark 1%. European debt turmoil has amplified risk of bank and government defaults, therefore financials became more reluctant to lend driving up borrowing costs. By providing cheap cash, ECB

Wed, 21 Dec 2011 13:49:58 GMT

Italian GDP shrinks

Italy's economy declined in the 3rd quarter indicating the nation may face a new recession. GDP lost 0.2% compared to 2nd quarter when it gained 0.3%. Consumer spending and investment dropped 0.2% and 0.6% respectively. Exports added 1.6% whereas imports edged down 1.1%. Threat to economic growth is fuelled by planned austerity measures which will face final vote tomorrow.

Wed, 21 Dec 2011 13:49:23 GMT

S&P 500 rallies on new housing starts

Standard and Poor's 500 Index jumped 2.98% or 35.95 points on Tuesday and closed at 1,241.30 led by banks, network companies and constructing companies. Recovery in US markets was fuelled by higher-than-expected housing starts, improved German business confidence and successful Spanish bond auction.US benchmark had the best day since November 30 and narrowed its annual loss to 1.3% as all 10 industries within the index

Wed, 21 Dec 2011 10:45:38 GMT

US urge Iraq to solve political disputes

Joe Biden, US Vice-President, urged leaders of Iraq to solve the political dispute caused by arrest of Tariq al-Hashemi accused of terrorism. The arrest increased concerns over fragile political stability in Iraq after the US solders left the Iraqi territory. Meanwhile, Tariq al-Hashemi denies any wrongdoing and his political bloc continues to boycott the parliament.

Wed, 21 Dec 2011 10:44:30 GMT

US court may call off exorbitant tariffs on China's goods

US court may call off the tariffs imposed on the Chinese goods to protect domestic production. However, the changes in legislation can last for years, admitted George Thompson, a lawyer at Neville Peterson LLP. At the moment China's exports to the US are subject to over 100 anti-dumping duties as China's goods are perceived to be undervalued and their presence on the US market may

Wed, 21 Dec 2011 10:43:51 GMT

Crude oil futures surge on supply concerns

Crude oil futures increased on the concerns over possible supply disruptions and strong economic data in the world. Labour disputes in Kazakhstan and fresh sanctions to be imposed on Tehran both contributed to supply worries. Light, sweet crude oil futures for February delivery traded at USD97.58 a barrel at the morning trade on the New York Mercantile, gaining 3.75%.

Wed, 21 Dec 2011 10:42:46 GMT

Wen Jiabao calls for confidence in the economy

Wen Jiabao, China's Premier, called for country to stay confident in the economy despite tough outlook of further development. The country faces fall in export growth to EU and challenges from slower economic growth and inflation, though China overcame similar difficulties in 2008 and now the country is able to struggle with challenges, he added.

Wed, 21 Dec 2011 10:38:10 GMT

Members of Mercosur ban Falkland's ships to enter their ports

Members of Mercosur that includes Brazil, Argentina, Paraguay and Uruguay have agreed to impose blockade of their ports to the Falkland's vessels. The decision is based on the solidarity with Argentina that has claimed its sovereignty over Falkland. Currently, the islands belong to the UK that considers the future of the territory not negotiable and insists on further explanations from Mercosur.

Wed, 21 Dec 2011 10:35:52 GMT

China's state owned enterprises see profit increase

China's state-owned enterprises and holdings' profits increased to 2.04 trillion yuan, reported Ministry of Finance. Revenue of companies amounted 33.48 trillion yuan being 23.2% higher than revenue in 2010. At the same time the costs of companies rose by 23.9% on a yearly basis. The top performers are chemical, coal and construction materials sectors.

Wed, 21 Dec 2011 10:34:18 GMT

Nike sees higher profit on increased sales

Nike reported the increase in profit in Q2 supported by high demand for its products. The earnings of the company surged from $457m to $469m in Q2 with 18% increase in revenue to $5.7bn. However, higher production costs impacted profit margins that declined by 2.6% to 42.7%.

Wed, 21 Dec 2011 10:33:15 GMT

Gold futures advance during the Asian trade

Gold futures advanced during the electronic trade following the common upward commodity trend supported by lower value of the USD. On the Comex Division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,626.00 per ounce, gaining 0.5% since opening.

Wed, 21 Dec 2011 10:32:14 GMT

Federal Reserve to adopt stricter rules for US banks

Federal Reserve plans to introduce new rules for big US banks aimed at strengthening financial sector against collapse. The new rules stipulate that banks having over $50bn in assets will be obliged to raise minimum amount of cash hold. The biggest banks as Bank of America and Goldman Sachs will have even stricter requirements. The banks oppose the measure citing the possible drop in lending.

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