Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Saturday, March 17, 2012
Asian shares steadied on Friday and the dollar took a breather after its recent broad rally spurred some profit taking, but a fresh batch of data suggesting the US economy may be picking up momentum underpinned investor sentiment.
The MSCI Asia Pacific ex-Japan index was barely changed and Japan’s Nikkei opened down 0.1% after rising to an 8-month high on Thursday.
The Standard & Poor’s 500 index on Thursday closed above 1,400 for the first time since June 2008, having risen about 11.5% this year without a major pullback. Some analysts have called for a consolidation while others see ongoing momentum.
The FTSEurofirst 300 index of top European shares finished 0.35% higher, and up 10% this year to nearly recover from last year’s 10.7% drop.
“The market is still going through a relief rally more than chasing a new trend on global growth,” Barclays Capital analysts said. “We are getting into profit-taking territory,” they added.
The number of Americans claiming new jobless benefits fell back to a four-year low last week, while the New York Federal Reserve said on Thursday its Empire State general business conditions index rose to its highest since June 2010 last month. The Philadelphia Federal Reserve Bank’s business activity index also showed manufacturing kept growing in the region this month.
“The New York Fed, Philadelphia Fed and the jobless claims data overnight were again favourable, so we can expect to see strong support for markets,” said Yumi Nishimura, senior technical analyst at Daiwa Securities.
The dollar stood at ¥83.40, retreating from a 11-month high of 84.17 touched on Thursday, and also off a two-month high against a basket of major currencies of 80.738 hit the previous day. The US currency steadied against the euro at $1.3080, easing from Thursday’s one-month high of $1.3004.
The US economy shows encouraging signs of early expansion but still faces tough challenges that call for measures to create jobs to help restore fiscal sustainability, US Treasury Secretary Timothy Geithner said on Thursday.
Oil rebounded after a sharp decline on Thursday when Reuters, citing two British sources, reported that Britain decided to cooperate with the United States in an agreement to release oil from government-controlled strategic reserves.
US crude was up 0.4% to $105.50 a barrel on Friday, after settling down 0.3% at $105.11 a barrel. US crude futures fell to a session low of $103.78 on Thursday. Brent crude fell 1.14% to settle at $123.55 a barrel on Thursday.
Asian credit markets were slightly firmer early on Friday, with the spread on the iTraxx Asia ex-Japan investment-grade index narrowing by 2 basis points.
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Saturday, March 17, 2012 Comments
Monday, July 26, 2010
Concluding the FTA negotiations will send a clear signal of engagement on both sides. It would boost both trade and investment between EU and India, said Daniele Smadja, head of India’s delegation to the EU
New Delhi: India and the European Union (EU) are to hold a fresh series of free-trade talks in August in Brussels in a bid to clinch a deal by the end of the year, an official said.
Chief negotiators for India and its largest trading partner will meet at the European Union headquarters in Brussels in August as part of a push to conclude negotiations on the India-EU free-trade pact by December.
“We hope we will keep that (December) date,” Daniele Smadja, the head of India’s delegation to the EU, said late Friday.
“Concluding the FTA negotiations will send a clear signal of engagement on both sides. It would boost both trade and investment between EU and India. We need to seize the opportunity -- a one-in-a-lifetime for both of us.”
As part of the drive to wrap up talks, the two sides will meet in Brussels in the last week of August, she said. Around the same time, Indian commerce minister Anand Sharma and the EU trade commissioner Karel De Gucht will meet on the sidelines of an international meeting in Vietnam, she added.
India and the 27-member EU have been negotiating the market-opening pact since June 2007 to boost bilateral commerce.
But progress has been stymied by differences over intellectual property rights and efforts by Brussels to link trade with climate and India’s social sector performance in such areas as child labour.
India has opposed incorporation of what it calls “extraneous” non-trade issues into the EU talks.
Other issues include the seizure of Indian generic drugs meant for Third World countries as they pass through European ports. India claims developed countries are using the cover of a fight against counterfeit medicines to protect pharmaceutical giants and suppress legitimate generic drugs.
So far nine rounds of free-trade negotiations have been completed.
India’s trade volume of $80.6 billion with the EU accounts for 21% its exports and 16% of imports.
The EU and India set an ambitious target of more than doubling their bilateral trade to $200 billion in the next four years if a free-trade deal is concluded.
Monday, July 26, 2010 Comments
Sunday, July 11, 2010
It's too early to say the economic crisis in Germany has passed because considerable risks to the recovery remain, the head of the Federal Labour Office, Frank-Juergen Weise, was quoted as saying on Saturday.
Weise told German newspaper Rheinpfalz am Sonntag that while developments on the labour market were better than expected, he was worried "the economic crisis is being declared over," he said in excerpts from an article due to appear on Sunday.
"There are still major uncertainties," Weise said.
Adjusted for seasonal swings, unemployment fell for a 12th straight month in June to its lowest level since December 2008. However, concerns about the outlook for 2011 cast some doubt over whether the jobless total could fall much further.
The German economy suffered easily its biggest postwar recession in 2009, shrinking by some 5%. Since then, an export-led recovery has enabled the country to make up a substantial portion of the ground lost in the slump.
Many analysts believe Europe's largest economy probably grew by at least one percent in the second quarter, accelerating from 0.2% in the January-March period. However, leading indicators suggest the recovery may slow in the months ahead.
Sunday, July 11, 2010 Comments
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