China's government considers the ways to boost FDI as the country faced declining FDI from the developed economies in 2011 and the outlook for this year is not positive, trade official announced. US FDI to China dropped by 26.07% to 2 billion US Dollars while FDI from the EU declined by 3.65% to 6.35 billion US Dollars last year. Experts
Royal Bank of Scotland posted a GBP 1.8 billion loss compared to a profit of GBP 12 million in corresponding quarter year ago. The drop in profit was twice as big as expected, mainly triggered by a 17% drop in revenue which decelerated from GBP 7.14 billion to GBP 5.92 billion. Economists questioned by Bloomberg predicted a net loss to reach
Crude oil futures posted losses during the electronic session on Thursday. Even a slight decline in the US Dollar did not provided a further lift for the energy commodity price. Light, sweet crude oil April contract traded at 105.96 US Dollars per barrel during the Asian afternoon session on Thursday, falling by 32 cents, or by 0.3%.
Barack Obama proposed to decrease the corporate tax from 35% to 28% by paying for reduction through abandoning subsidies and tax loopholes, said Timothy Geithner, US Treasury Secretary. The move is aimed at increasing domestic investment as well as stimulating labour market. Further, the lowered corporate tax will simplify tax code and decrease deficiencies in the US tax system.
Cigarette manufacturer British American Tobacco reported an 7.5% increase in its net profit for fiscal year 2011. Company also said that despite global uncertainty, it has a positive financial outlook for 2012. British American Tobacco net profit climbed to GBP 3.1 billion in 2011 compared to GBP 2.88 million in previous year. Revenue added 3%.
US equities traded mostly lower on Wednesday as investor sentiment was hampered by weaker European and Chinese PMI data amid HP earnings report. Greece's stability also remained in focus. S&P 500 index lost 0.33% or 4.55 points and closed at 1,357.66, Dow Jones Industrial Average fell 0.21% or 27.02 points to 12,938.67 and Nasdaq Composite gave up 0.52% or 15.40
German manufacturing activity fell to two-month low this month, according to official data. The German manufacturing PMI measured by Markit lost seasonally adjusted 0.9 points to 50.1 this month as compared to 51.0 in the preceding month. Experts predicted to indicator to add 0.5 points to 51.5. Moreover, the services sector posted losses, falling by 1.1 points to 52.6 while
Credit Agricole SA announced wider loss for Q4 citing 4% fall in revenue. The lost amounted 3.07 billion Euros compared with the 328 million Euros in the preceding quarter. Analysts of FactSet Research predicted the loss to approach 2.7 billion Euros. The company will not declare dividend for 2011, reported Credit Agricole.
The yellow metals posted some gains on the technical buying and weak Euro Zone's PMI data that increased gold's safe haven appeal. COMEX gold futures for delivery in April traded at 1,775.95 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.25%.
Belgium business climate improved this month but stayed in the negative area for 10th month in line. The business climate index measured by the National Bank of Belgium improved by seasonally adjusted 1.8% to minus 7.7 this month as compared to minus 9.5 in January. Experts predicted the index to add 1.0 attaining minus 8.5 this month. Business confidence was
European shares traded notably lower on Wednesday after Euro Zone PMI unexpectedly indicated contraction and Fitch cut Greece's credit rating to C. Stoxx Europe 600 index dropped 0.8%, French CAC 40 index edged down 0.5% and German DAX index fell 0.9%. FTSE 100 index and Athens General index lost 0.2% and 5.7% respectively.
Canadian Dollar depreciated against its US peer on Wednesday as investor willingness to accept risk was curbed by declines in global stock markets amid renewed worries about economic growth. Canadian currency fell 0.3% against the US Dollar to CAD 0.9998. Currently USD/CAD is trading at CAD 0.9998.
New Zealand and Australian Dollars traded close to flat on Thursday as Asian stock markets showed relatively weak performance. Aussie climbed 0.1% against its US counterpart to USD 1.0646 while Kiwi traded flat at USD 0.8295. Currently AUD/USD is trading at USD 1.0665 and NZD/USD is trading at USD 0.8325.
Japanese Yen depreciated to seven-month record low against the US Dollar on Thursday Asian trade after US reported its existing home sales reached two-year record high, fuelling hopes for further nation's recovery. Japanese currency weakened 0.7% against its US peer to JPY 80.29 and dropped 0.8% against the Euro to JPY 106.38. Currently USD/JPY is trading at JPY 80.19 and
Shanghai will maintain its property curbs despite Chinese government's decision to ease borrowing restrictions to allow more people to purchase second homes. Local government of Shanghai is not planning to ease home buying restrictions, confirmed Liu Haisheng, the head of Shanghai housing authority.
Chinese PM Wen Jiabao is likely to reduce the country's expansion target below 8% in his report next month, claim majority of economists questioned by Bloomberg. Financial uncertainty, curbing pollution and inequality are seen as main decelerators of economic growth. PM Jiabao may announce economic expansion target rate of 7.5%, predict analysts. Chinese stocks mostly declined on the news.
The sales of existing US house sales advanced 4.3% in January supported by improving economy, warm weather and lower prices. Sales were up in all four main regions, reaching annual rate of 4.57 million homes. Economists questioned by Marketwatch earlier predicted an increase to 4.7 million.
Energy markets were mixed on Tuesday with advancing crude and Brent oil and falling heating oil and natural gas. Energy commodities received strong stimulus after the EU nations finally agreed on the long-awaited Greek bailout. Moreover, continuous geopolitical tensions across Iranian nuclear program significantly weighted up on the Brent and crude oils. Potential conflict between Iran and Israel or US
Industry metals soared on Tuesday after EU leaders finally agreed on the extended Greek bailout package. However, the gains were limited due to weak China's demand. Traders also await China's PMI data due on Wednesday. At the same time, copper, the main driver of the commodity group, may seek further support from falling LME inventories and production disruptions in Chile's
Precious metals rallied on Tuesday after international lenders reached an agreement on the Greek bailout. Broadly weaker US Dollar and successful bond sales both provided additional support for precious metals jump. Gold gained 2.08% as some indications of monetary easing lifted the yellow metal's price. At the same time, gold being an inflation hedge was backed up by the lingering
German DAX index extended losses on Wednesday as investors kept worrying Greece may struggle to implement tough austerity measures. Moreover, Euro Zone PMI dropped to 49.7 instead of expected increase to 50.8 and Fitch cut Greece sovereign rating to C. Deutsche Luft and Commerzbank put the main downward pressure on the index edging down 2.2% and 1.7%. At the moment
Grain commodities faced some losses after Tuesday's rally as news as stronger China's demand for US grain exports appeared to create short-living momentum. At the same time, sugar and coffee show relative stability posting slight gains over the week. Sugar continues moving up even despite expected oversupply in the market in the current season. Coffee advanced despite fears that current
British FTSE 100 index maintained downward trend on Wednesday as Euro Zone Purchasing Manger Index unexpectedly fell in February, renewing worries about recession risk and Fitch Ratings downgraded Greece from CCC to C. Vedanta Resource provided the main negative contribution to the index, giving up 4.8%. On the negative side were also Marks& Spencer and Carnival Corp, dropping 1.6% and
S&P 500 index traded almost flat on Tuesday as investors returned from holiday. US stock index climbed 0.07% or 0.98 points and finished at 1,362.21 supported by oil shares. Marathon Oil surged 2.3% and Tesoro Petroleum gained 2%. Wynn Resorts jumped 6% on news it will purchase Japanese gambling giant Kazuo Okada's 20% stake at a large discount. Netflix tumbled