South Korea holds interest rates despite rising inflation
May 13, 2011 by Kay Murchie South Korea’s central bank has today elected to hold interest rates for the second consecutive month despite rising inflation.
TSX negative as lower commodities encourage sell-off of resource stocks
TORONTO - Resource stocks led the way to a lower session on the Toronto stock market Thursday as worries about slowing economic conditions triggered further volatility on commodity markets. The S&P/TSX composite index lost 94.23 points to 13,325.51 — about 25 points below where the main index started the year — while the TSX Venture Exchange fell 35.94 points to 2,034.28. Lower prices for metals and oil helped push the Canadian dollar down 0.82 of a cent to 103.23 cents US
China raises bank reserve requirements, more expected
China’s central bank increased the reserve requirement ratio for its commercial banks by another 50 basis points on Thursday, extending its campaign to calm prices despite initial signs of slowing in the economy.
European stocks dragged down by global selling (AFP)
LONDON (AFP) – Europe’s main stock markets dived on Thursday, joining a global sell-off after heavy losses in Asia and on Wall Street, as sliding commodity prices dented the resources sector, dealers said. Sentiment was further rattled after China announced it would raise its bank reserve requirement ratio, stoking concerns about slower economic growth in the Asian powerhouse. In midday deals, London’s benchmark FTSE 100 index sank 1.13 percent to 5,908.34 points
US trade deficit pushed up by rising oil import costs
May 12, 2011 by Kay Murchie The US trade deficit swelled in March to $48.18 billion (£29.5 billion) – up from $45.4 billion the previous month. The widening was attributed to higher prices for imported oil, the Commerce Department reported. Imports rose 4.9% to $220.8 billion, while exports grew 4.6% to a record high of $172.7 billion – the largest monthly gain since 1994
London shares open lower tracking Wall Street (AFP)
LONDON (AFP) – London shares fell at the start of trading on Thursday in the wake of a decline on Wall Street as lower crude oil prices hit shares in oil companies. The benchmark FTSE 100 index tumbled 35.71 points or 0.60% to 5,940.29 points in early deals
Asian shares dragged down by Wall Street slump (AP)
BANGKOK – A slump on Wall Street sparked by tumbling demand for oil and fears of slackening growth in the U.S. pulled Asian shares down Thursday. Japan’s Nikkei 225 index dropped 0.8 percent to 9,786.52, while South Korea’s Kospi slid 1.2 percent to 2,141.09
Special report: Chinese stock scams are the latest U.S. import (Reuters)
NEW YORK (Reuters) – It seemed like the perfect China play, a way for investors to cash in on the world’s fastest growing economy. China MediaExpress Holdings Inc (CCME.O), which provides advertising on buses that clog the smog-choked streets of the country’s largest cities, was on a tear on the Nasdaq stock exchange. After rising 45 percent in 2009, the stock gained another 49 percent in 2010.
TSX tumbles over 200 points, Chinese data helps spark resource sector selloff
TORONTO - The Toronto stock market tumbled more than 200 points Wednesday amid a selloff in resource stocks as oil prices retreated on signs of lower U.S. energy demand and metal prices fell on worries about a slowing Chinese economy. The S&P/TSX composite index lost 222.08 points to 13,419.98 with all sectors in the red while the TSX Venture Exchange was off 49.08 points to 2,077.01.
Tokyo markets gain on weaker yen, Tepco agreement
May 11, 2011 by Elaine Frei Tokyo’s equities markets were higher after the yen weakened and on a gain for Tokyo Electric Power (TYO: 9501) after it agreed to government conditions in order to receive support as it attempts to overcome the nuclear disaster at its Fukushima Dai-Ichi power plant, which was damaged by the earthquake and tsunami that hit northern Japan on 11 March, with the utility submitting to government oversight of payments to victims of the disaster and saying that it will not limit compensation amounts.