(Bloomberg) -- China's stocks advanced, set to complete a record monthly gain, after Angang Steel Co. and Anhui Conch Cement Co. reported higher earnings and JPMorgan Chase & Co. raised its economic growth forecast for the nation.
``A large number of companies have reported good earnings for the first quarter,'' said Fan Dizhao, who helps manage about $1.8 billion at Guotai Asset Management Co. in Shanghai. ``It's almost certain that the 2007 earnings will rise 30 to 40 percent for all listed companies as the economy keeps growing.''
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Sunday, April 29, 2007
China stock index up 1.2 pct despite reserve hike
(Reuters) - The benchmark Shanghai Composite Index .
The central bank's announcement on Sunday that it would raise reserve ratios by 0.5 percentage point was taken as mildly positive, implying it saw no need to hike benchmark interest rates -- a harsher monetary tightening step -- in the short term. Many investors had feared a rate hike over the holiday.
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The central bank's announcement on Sunday that it would raise reserve ratios by 0.5 percentage point was taken as mildly positive, implying it saw no need to hike benchmark interest rates -- a harsher monetary tightening step -- in the short term. Many investors had feared a rate hike over the holiday.
Read more at Reuters.com Hot Stocks News
Canada Outgrows China as Market of Choice for International Bond Borrowing
(Bloomberg) -- From Reykjavik to Wellington, the queue in Toronto is making Canada the fastest-growing market for international borrowers. Not even China's burgeoning bond sales can keep up with the pace of foreign debt being issued in Canadian dollars.
Canada's supremacy as the capital market of choice for companies as diverse as New Zealand's Telecom Corp. and Iceland's Kaupthing Bank hf has a lot to do with the Ottawa- based government's obsession with balanced budgets, some of the lowest interest rates available anywhere, a sinking currency against the euro and a 2-year-old law that lets pension funds own as much foreign debt as they want without a tax penalty.
Read more at Bloomberg Exclusive News
Canada's supremacy as the capital market of choice for companies as diverse as New Zealand's Telecom Corp. and Iceland's Kaupthing Bank hf has a lot to do with the Ottawa- based government's obsession with balanced budgets, some of the lowest interest rates available anywhere, a sinking currency against the euro and a 2-year-old law that lets pension funds own as much foreign debt as they want without a tax penalty.
Read more at Bloomberg Exclusive News
ABN, Air Liquide, Credit Suisse, Fiat, Siemens: European Equity Preview
(Bloomberg) -- The following stocks may rise or fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.6 percent to 386.10. The Dow Jones Stoxx 50 Index dropped 0.7 percent to 3850.56. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, declined 0.7 percent to 4383.13.
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The Dow Jones Stoxx 600 fell 0.6 percent to 386.10. The Dow Jones Stoxx 50 Index dropped 0.7 percent to 3850.56. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, declined 0.7 percent to 4383.13.
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Google, 4 U.S. states partner on gov't info search
(Reuters) - Google, the dominant provider of search services on the public Internet, said it has struck deals with the four states on a two-pronged approach to make state government information more accessible, both via Google and on the states' own sites.
"A lot of state agencies view their Web sites as billboards as opposed to dynamic means of two-way communications between governments and their citizens," said Darrell West, a professor of political Science at Brown University.
Read more at Reuters.com Bonds News
"A lot of state agencies view their Web sites as billboards as opposed to dynamic means of two-way communications between governments and their citizens," said Darrell West, a professor of political Science at Brown University.
Read more at Reuters.com Bonds News
U.K. Inflation Will Exceed BOE's 2 Percent Target for a Year, NIESR Says
(Bloomberg) -- U.K. inflation will exceed the 2 percent target for another year because the Bank of England cut interest rates too far in 2005, the National Institute of Economic and Social Research said.
Consumer-price inflation will average 3 percent in the three months through June, and stay above the central bank's ceiling until the second quarter of 2008, the London-based research group, whose clients include the central bank and the U.K. Treasury, said today. The forecasts assume a fourth interest-rate increase to 5.5 percent in the second half of this year.
Read more at Bloomberg Bonds News
Consumer-price inflation will average 3 percent in the three months through June, and stay above the central bank's ceiling until the second quarter of 2008, the London-based research group, whose clients include the central bank and the U.K. Treasury, said today. The forecasts assume a fourth interest-rate increase to 5.5 percent in the second half of this year.
Read more at Bloomberg Bonds News
Australian Coal Price Rises to 10-Week High on Newcastle Port Congestion
(Bloomberg) -- Export prices for power-station coal at Newcastle, Australia, the world's largest coal-export terminal, rose to a 10 week high, as producers struggle to get their fuel onto ships because of congestion at the port.
The price of thermal coal for immediate delivery from the port in New South Wales state gained 18 cents to $54.59 a metric ton in the week ended April 27 from a week ago, according to the globalCOAL NEWC Index. The price has increased from a low of $41.10 in the second week of November and in February the index reached a 29-month high.
Read more at Bloomberg Energy News
The price of thermal coal for immediate delivery from the port in New South Wales state gained 18 cents to $54.59 a metric ton in the week ended April 27 from a week ago, according to the globalCOAL NEWC Index. The price has increased from a low of $41.10 in the second week of November and in February the index reached a 29-month high.
Read more at Bloomberg Energy News
Taiwan's Dollar Falls to Six-Month Low on Yield Disadvantage; Bonds Gain
(Bloomberg) -- Taiwan's dollar weakened to the lowest in six months on speculation investors will sell the currency to buy higher-yielding assets overseas.
The currency headed for a fifth monthly loss as the island's key interest rate of 2.875 percent, the second-lowest in Asia after Japan, encouraged carry trades where investors borrow in Taiwan dollars to put money in assets abroad. In Indonesia, the benchmark rate is 6.125 percentage points higher than in Taiwan, while the U.S. rate is 2.375 points more.
Read more at Bloomberg Currencies News
The currency headed for a fifth monthly loss as the island's key interest rate of 2.875 percent, the second-lowest in Asia after Japan, encouraged carry trades where investors borrow in Taiwan dollars to put money in assets abroad. In Indonesia, the benchmark rate is 6.125 percentage points higher than in Taiwan, while the U.S. rate is 2.375 points more.
Read more at Bloomberg Currencies News
Taiwan's Equities Fall, Paced by Taiwan Semiconductor; Hon Hai Advances
(Bloomberg) -- Taiwan stocks fell for a second day. Taiwan Semiconductor Manufacturing Co. dropped after U.S. economic growth cooled to the slowest in four years, raising concern exporters' overseas earnings will decrease.
Hon Hai Precision Industry Co., the world's largest contract electronics manufacturer, gained after it said first-quarter profit rose 49 percent from a year earlier.
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Hon Hai Precision Industry Co., the world's largest contract electronics manufacturer, gained after it said first-quarter profit rose 49 percent from a year earlier.
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Australia's S&P/ASX 200 Rises, Led by BHP, Woodside on Higher Oil, Copper
(Bloomberg) -- Australian shares gained, led by BHP Billiton Ltd., the world's largest mining company, after oil, copper and gold prices gained.
The S&P/ASX 200 Index climbed 35.3, or 0.6 percent, to 6186.90 at 10:44 a.m. in Sydney.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index climbed 35.3, or 0.6 percent, to 6186.90 at 10:44 a.m. in Sydney.
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China, Indonesia, Korea, Philippines, Sri Lanka: Asia Local Bond Preview
(Bloomberg) -- The following events and economic reports may influence Asian local-currency bonds today. Yields are from the previous session.
China: National Bureau of Statistics' Chief Economist Yao Jingyuan said at a conference in Beijing on April 27 he's confident the government will keep inflation in check. He also said the economy wasn't overheating. China's economy grew by 11.1 percent in the first quarter, the fastest in more than a decade. China Development Bank said April 27 it will sell 20 billion yuan ($2.6 billion) of 10-year bonds on May 9.
Read more at Bloomberg Bonds News
China: National Bureau of Statistics' Chief Economist Yao Jingyuan said at a conference in Beijing on April 27 he's confident the government will keep inflation in check. He also said the economy wasn't overheating. China's economy grew by 11.1 percent in the first quarter, the fastest in more than a decade. China Development Bank said April 27 it will sell 20 billion yuan ($2.6 billion) of 10-year bonds on May 9.
Read more at Bloomberg Bonds News
South Korea's Kospi Is Little Changed; SK Networks Falls, Hyundai Gains
(Bloomberg) -- South Korea's Kospi index dropped 1.89, or 0.1 percent, to 1540.63 as of 9:02 a.m. in Seoul. The Kosdaq added 0.3 percent to 677.21.
SK Networks Co. fell and Hyundai Motor Co. rose.
Read more at Bloomberg Stocks News
SK Networks Co. fell and Hyundai Motor Co. rose.
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Australia Dollar May Gain as Lending Data May Boost Rate Rise Expectations
(Bloomberg) -- The Australian dollar may gain on speculation data from the central bank will show lending to Australian consumers and businesses strengthened, boosting bets for higher interest rates.
The Reserve Bank of Australia has raised borrowing costs three times the past 12 months, helping the currency advance 9.2 percent. Strong private sector credit figures may prompt traders to increase odds the central bank will raise rates again, after they cut the chance of a tightening following lower than expected inflation figures last week.
Read more at Bloomberg Currencies News
The Reserve Bank of Australia has raised borrowing costs three times the past 12 months, helping the currency advance 9.2 percent. Strong private sector credit figures may prompt traders to increase odds the central bank will raise rates again, after they cut the chance of a tightening following lower than expected inflation figures last week.
Read more at Bloomberg Currencies News
Exxon Mobil Beaumont, Texas, Refinery Unit Is Shut Down, State Reports
(Bloomberg) -- Exxon Mobil Corp., the world's largest oil company, shut down a unit at its Beaumont, Texas, refinery, according to a report on a state-regulatory Web site.
The ``NBRU'' unit was shut because of ``hydrocarbon carry over into sewer,'' the report said. The ``event'' began early April 27 and resulted in the release of 14 pounds of benzene into the environment, the report said. A company spokesman wasn't immediately available for comment.
Read more at Bloomberg Energy News
The ``NBRU'' unit was shut because of ``hydrocarbon carry over into sewer,'' the report said. The ``event'' began early April 27 and resulted in the release of 14 pounds of benzene into the environment, the report said. A company spokesman wasn't immediately available for comment.
Read more at Bloomberg Energy News
Zloty, Peso, Won, Rand Never Looked Better to Currency Traders
(Bloomberg) -- Investments in emerging-market currencies, from the Mexican peso to the South Korean won, have never been safer.
The cost of options to protect against fluctuations in emerging-markets fell last week to a record low, a sign investors have grown more confident in the stability of developing countries, according to data compiled by JPMorgan Chase & Co.
Read more at Bloomberg Currencies News
The cost of options to protect against fluctuations in emerging-markets fell last week to a record low, a sign investors have grown more confident in the stability of developing countries, according to data compiled by JPMorgan Chase & Co.
Read more at Bloomberg Currencies News
China raises banks' required reserves again
(Reuters) - China on Sunday ordered banks for the second time this month to hold more of their deposits in reserve in an attempt to prevent credit and investment growth from causing the world's fourth-largest economy to overheat.
The People's Bank of China said big banks would have to hold 11 percent of their deposits in reserve at the central bank as from May 15, up from 10.5 percent now.
Read more at Reuters Africa
The People's Bank of China said big banks would have to hold 11 percent of their deposits in reserve at the central bank as from May 15, up from 10.5 percent now.
Read more at Reuters Africa
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