News

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Mon, 02 Jan 2012 14:10:27 GMT

Crude oil eased down to USD98.89 a barrel

Crude oil prices eased down during the last trade of 2011 on the negative headlines from the Euro Zone but the price was supported by fears over the disruption to oil supplies from Iran. Light, sweet crude oil futures for February delivery traded at USD98.89 a barrel, on the New York Mercantile Exchange, tumbling 0.95% during the week. On a yearly basis crude oil

Mon, 02 Jan 2012 14:07:32 GMT

China saw production improvement

China saw an improvement in core gauge of manufacturing that increased optimism over the stable economic expansion in 2012. The PMI increased to 50.3 in December as compared to 49 in November on the improved demand during the holidays. The December figure indicates that significant slowdown is not expected to occur this year, reported CFLP.

Mon, 02 Jan 2012 14:06:21 GMT

French new-car registrations decline by 18% last month

France's new car registrations tumbled 18% last month on a yearly basis. The decline was expected by analysts. French car manufacturers saw a 29% drop in registrations, while foreign producers faced only a 4.3% fall last month. During the 2011, new car registrations dropped 2.1% with Peugeot Citroen seeing a fall by 4.9% and Renault experiencing a decline of 9.6%.

Mon, 02 Jan 2012 14:04:31 GMT

Exxon wins oil dispute with Venezuela

Exxon won the case with Venezuela's government on the compensation for nationalization of the company's crude oil project. The amount of compensation totaled $908m that is $1bn less than the Venezuelan government offered three months ago.  Exxon hopes for better court decision on the case regarding nationalization of Cerro Negro oil project.

Mon, 02 Jan 2012 14:04:00 GMT

Euro Zone collapse to start in 2012

The era of the common currency union is likely to end in the next decade with Italy and Greece leaving the Euro Zone in 2012, said leading expert. There is 99% probability that the single currency will not exist over the next 10 years, reported the CEBR. According to the CEBR forecast, the Britain economic growth will contract in the Q1 of 2012.

Mon, 02 Jan 2012 13:59:46 GMT

Grain futures rally on adverse weather conditions

Grain futures jumped to several-week high on the adverse weather forecasts in Brazil and Argentina that may hurt the crops. US corn, soybean and wheat futures all posted gains in the last nine trading sessions. On the Chicago Mercantile Exchange, soybeans, wheat and corn futures for delivery in March increased over the last week by 3.25%, 4.8% and 2.8% respectively.

Mon, 02 Jan 2012 13:57:33 GMT

Nigeria sees doubling oil prices after subsidy withdrawal

Oil prices almost doubled in many regions of Nigeria after the government withdrew oil price subsidy that cost $8bn a year. Residents are disappointed as higher oil price will also increase the price for other goods. Trade unions call people to go on strike. Nigeria being the African largest oil producer still imports the refined oil as corruption and malpractice made it impossible to refine

Mon, 02 Jan 2012 13:54:07 GMT

Gold lost 5.1% on Friday

CME gold futures for delivery in February lost 5.1% or $82.10 during the last trade of 2011 on Friday. The gold shares also saw decline with NYSE Arca Gold Bugs Index decreasing by 6.6%. The move was unexpected by analysts as the gold futures traded higher before the holidays in the 8 years out of last 9, remarked Mitsui, Japanese gold dealer.

Mon, 02 Jan 2012 13:51:41 GMT

Spain public deficit to exceed target

Spain public deficit in 2011 is expected to be much higher that targeted 6% of the GDP, said Luis de Guindos, Economy Minister on Friday. The announcement increased fears over the indebted Euro Zone and created downward pressure on the Euro which hit the record low against the Yen with the pair EUR/JPY currently trading at ВҐ99.54.

Mon, 02 Jan 2012 13:49:21 GMT

India may ease its monetary policy

India may ease the monetary policy on the worries about the global economic downturn, announced the RBI. The bank plans to concentrate on the measures aimed at boosting growth rather than on controlling inflation. The bank increased its interest rate 13 times during the last 10 months to combat exorbitant inflation but growing worries over the slower growth forced officials to start reviewing monetary policy.

Mon, 02 Jan 2012 13:48:16 GMT

Natural gas futures fell on mild weather

Natural gas futures saw losses on Friday's trade as investor's sentiment was impacted by mild weather forecasts and increasing inventory level. Natural gas futures for February delivery traded at USD2.966 per million British thermal units on Friday, on the New York Mercantile Exchange, losing 5.45% during the week.

Mon, 02 Jan 2012 13:47:45 GMT

Hyundai and Kia expect lower pace of sales growth

Hyundai and Kia Motors announced they expect to see essentially slower growth in sales in 2012 than in 2011 amid the global economic slowdown. European recession and increased competition from Japanese car producers are likely to limit expansion, said Chung Mong-koo, Hyundai Motor's chairman. Companies predict sales in 2012 to increase by 6%, approaching 7 million cars as compared to 15% jump in 2011.

Mon, 02 Jan 2012 12:04:38 GMT

Manufacturing activity is still contracting in Europe but at a slower pace

Industrial production activity across Euro Zone countries indicated a contraction for a fifth straight month. Purchasing Managers' Index in December climbed to 46.9, rebounding from 28-month record low of 46.4 in November. The reading shows that production activity continued to decline but at slower pace than before. PMI survey confirms European manufacturers are highly concerned with domestic demand, pointed out Howard Archer, IHS Global Insight's chief

Mon, 02 Jan 2012 12:03:53 GMT

Canadian Dollar averages above par in 2011

Canadian currency traded on average close to parity last year, reaching strongest mean value since 1976. The Loonie averaged C$0.9892 per US Dollar in 2011. Canadian Dollar experienced its highest annual closing price against the Euro since 1999. The strength of national currency is provided by long-term conservative practices and regulations, said C.J. Gavsie, forex trading unit executive at Bank of Montreal. The Loonie

Mon, 02 Jan 2012 11:15:08 GMT

European stocks open higher on the first trading day in 2012

European stock markets opened up on the first trading session this year, led by German shares, as investors responded positively to PMI data. However, the activity was limited as UK and US markets are closed for a holiday. Both Stoxx Europe 600 index and French CAC 40 index added 0.1% to 244.86 and 3,163.89, respectively. German DAX jumped 1.45% 5,983.74 led by SAP AG

Mon, 02 Jan 2012 11:13:12 GMT

India's PMI faces 6-month high growth

India's industrial production expanded in December reaching the quickest pace in 6 months strengthening inflationary pressure and lessening possibility for the national bank to lower interest rates. In December Purchasing Managers' Index climbed to 54.2 compared to 51.0 in November, according to HSBC Holdings Plc's report. Production activity recovered in India as number of new orders and output rose. 

Mon, 02 Jan 2012 09:15:17 GMT

India government to allow foreign investors to purchase stocks

India's government has decided to allow foreign individual investors to purchase directly domestic equities as the nation attempts to stimulate capital inflows and lessen volatility in its financial markets. The new law is expected to be approved by January 15. At the moment overseas investors are allowed to invest in stocks only via participatory notes.

Mon, 02 Jan 2012 09:14:48 GMT

European leaders need to gain time to save Euro

European officials return from Christmas holidays striving for extra time to Italian and Spanish governments to put under control their debts and save the common currency. According to UBS AG debt worth about 157 bn euros ($203 bn) will mature during the first quarter of 2012. By the end of that three-month period officials have to approve stricter rules for monitoring government spending. 

Mon, 02 Jan 2012 07:46:50 GMT

China manufacturing PMI slightly up in December

China's production measure improved in December, indicating that a strike in the country's economy might be stabilizing despite European debt woe which weakens the exports outlook. Purchasing Managers' Index rose to 50.3 in December compared to 49 previous month, said Chinese logistics federation yesterday. In contrast, PMI estimated by HSBC showed an increase from 47.7 to 48.7.

Mon, 02 Jan 2012 07:46:42 GMT

European stocks fall 11% in 2011

European shares experienced slight gains on the last trading day for 2011, but closed with significant yearly losses as European debt crisis hampered the region's economies. Stoxx Europe 600 index added 0.9% to 244.57 on Friday but was down 11.3% for 2011. Germany's DAX 30 index finished the day 0.8% up at 5,898.35 but tumbled 14.7% on yearly basis. UK's FTSE 100 stock index closed 0.1%

Mon, 02 Jan 2012 07:46:33 GMT

Indonesia inflation slows down for a fourth straight month

Indonesian inflation slowed for the fourth consecutive month in December, reaching the lowest reading since 2010, said Jakarta based Central Bureau of Statistics. Consumer prices added 3.79% on a yearly basis compared to 3.86% predicted by economists. In November inflation reached 4.15%. Bank Indonesia's officials left interest rates unchanged in December after cutting them in November and October.

Mon, 02 Jan 2012 07:46:19 GMT

Dow up 5.5%, S&P flat, while Nasdaq down 1.8% for 2011

US stocks closed lower on the last trading day for the year. S&P 500 Index fell 0.43% or 5.42 points to 1,257.60, Dow Jones Industrial Average declined 0.57% or 69.48 points finishing at 12,217.56 and Nasdaq Composite Index dropped 0.33% or 8.59 points to 2,605.15. On yearly basis S&P 500 ended flat, Dow Jones gained 5.5% and Nasdaq gave up 1.8%. 

Mon, 02 Jan 2012 07:46:10 GMT

South Korean Won weakens on anxiety European crisis will hit Asian economies

South Korean domestic currency Won depreciated as investors remained worried about European debt turmoil impact on Asia's growth. The Won lost 0.2% against greenback reaching 1,154.45 Won per one US Dollar. On yearly basis South Korean currency has dropped 2.2%. Experts predict further depreciation for the Won. Domestic inflation reached 4.2% in December while yields on sovereign bonds due 2016 climbed two basis points.

Mon, 02 Jan 2012 07:45:56 GMT

Asian stocks experienced decline on the first trading session

Most of Asian shares fell during the first trading session of 2012 on worries European debt turmoil will hinder global growth. South Korean Kospi was flat while Taiwan's Taiex Index dropped 1.7% after HSBC survey indicated contraction in manufacturing. MSCI Asia Pacific (excluding Japan) lost 0.4%, Indonesia's Jakarta Composite index sank 0.3% and BSE India Sensitive Index dipped 0.3%. Markets in Japan, Hong Kong and US were closed

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