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Posts Tagged ‘outlook’

OSEA2010 boosted as global industry outlook points to steady growth

In Uncategorized on November 20, 2010 at 4:13 pm

IMF downgrades global growth outlook

In Uncategorized on November 5, 2010 at 10:54 am

Asian stocks weighed by US outlook worries

In Uncategorized on October 27, 2010 at 9:10 am

HONG KONG, Oct 27, 2010 (AFP) – Stock markets mostly fell in Asia Wednesday on uncertainty about the US outlook and lower-than-forecast Australian inflation data that dampened rate-hike expectations.

Japan’s Nikkei index ended up 0.10 percent, or 9.65 points, at 9,387.03, but Sydney closed down 0.85 percent, or 39.7 points, at 4,648.1 and Seoul was down 0.51 percent, or 9.87 points, at 1,909.54.

Hong Kong’s Hang Seng index was off 1.60 percent by lunch and Shanghai was down 0.20 percent in the afternoon.

Tokyo was lifted by optimism about first-half earnings this week from major Japanese companies and a slightly stronger dollar, which helps the country’s key export sector.

However Australian stocks fell after the announcement that annual inflation was at a lower-than-expected 2.8 percent, reducing the likelihood of a rate hike.

The news caused the Australian dollar to slip further from the record high reached earlier this month, when it briefly achieved parity with the greenback.

The Aussie dropped more than half a US cent and was trading at 97.30 US cents.

Sentiment in Hong Kong was muted ahead of a meeting next week of the US Federal Reserve’s Federal Open Market Committee that is expected to unveil new stimulus measures to boost the country’s jobless recovery.

Expectations of further US quantitative easing helped push up Asian markets earlier this month, but this effect has tailed off amid uncertainty about the degree of US central bank intervention.

Commodity producers were down in Hong Kong and on the mainland due to worries that a strengthening dollar would hit their sales.

Major player China Coal lost ground in Hong Kong after a long rally, as did oil and gas companies such as Sinopec. Car maker BYD Auto dived 8.32 percent after results pointed to a 99 percent plunge in profits year-on-year for the three months to September.

“The market has been awaiting a reason to consolidate and the dollar strength may continue to exert pressure on commodity prices, hence stocks, near-term,” Daniel So, analyst at Sun Hung Kai Financial, told Dow Jones Newswires.

Wall Street closed barely higher on Tuesday after data showed a slight improvement in consumer confidence and sentiment was lifted by positive corporate earnings data. A strengthening dollar put paid to any hopes of larger gains.

The Dow Jones Industrial Average was up 0.05 percent, while the Nasdaq rose 0.26 percent.

The Conference Board consumer confidence index for October — a pivotal indicator of US economic health — stood at 50.2, up from 48.6 in September, beating analysts’ consensus forecast of 49.0.

Japan’s currency has this month neared its post-war high of 79.75 to the dollar reached in 1995. But on Wednesday the greenback was changing hands at around 81.74 yen, up from 81.43 in New York late Tuesday.

The euro fetched 1.3817 dollars, down from 1.3857 dollars in New York. It bought 112.96 yen from 112.68 Tuesday.

On oil markets a predicted surge in US crude inventory data dragged down prices in Asian trade, analysts said.

New York’s main contract, light sweet crude for December delivery, fell 47 cents to 82.08 dollars a barrel. Brent North Sea crude for December dipped 38 cents to 83.28 dollars.

Gold opened at 1,339.00-1,340.00 US dollars an ounce in Hong Kong, up from Tuesday’s close of 1,335.00-1,336.00 dollars.

In other markets:

— Manila closed 0.13 percent higher, or 5.54 points, at 4,285.07.

Top-traded Cebu Pacific airlines, which made its debut on the exchange Tuesday, fell 1.5 percent to 131 pesos. But Banco de Oro Unibank gained 1.58 percent to 60.95 pesos while Metropolitan Bank and Trust Co. rose 4.62 percent to 79.25 pesos.

— Taipei fell 0.63 percent, or 52.19 points, to 8,291.04.

Taiwan Semiconductor Manufacturing Co was 0.48 percent lower at 62.0, while MediaTek, the island’s leading integrated circuit design house, fell 2.54 percent to 383.0.

— Wellington fell 0.16 percent, or 5.10 points, to 3,280.34.

Telecom NZ closed down 1.5 percent at 2.04 New Zealand dollars, Air New Zealand was steady at 1.34 and Fletcher Building slipped 0.8 percent to 8.02.

Source: SGGP

Economy outlook “better” than expected: bankers

In World on September 8, 2009 at 5:25 pm

The global economy is stabilising and the outlook is better than previously expected, leading central bankers said after a meeting on Monday.

“It’s already known a number of projections have been slightly revised up, confirming that we probably are … out of the period of freefall which had marked the last quarter of last year and the first quarter of this year,” said Jean-Claude Trichet, speaking on behalf of the G10 top central bankers.

“That is something which seems to be confirmed at the global level — stabilisation, better projections than previously anticipated,” he added.

In recent weeks, a whole series of data has pointed to an overall improvement in the global economy but officials have been cautious, warning that any recovery remains fragile while unemployment is still rising.

Trichet noted that the central bankers from industrialised and emerging economies meeting at the Bank for International Settlements agreed that “we were observing a confirmation of some better indicators than previously anticipated.”

However, the central bankers also urged “prudence.”

“We have to remain prudent and cautious that it is not excluded that we will have a bumpy road ahead and that alertness remains of the essence,” Trichet said.

Tourist boats are seen sailing past under-construction casino and hotel buildings in Singapore

“We are not yet at the level of functioning of global finance that we can consider normal,” he added.

Trichet, who is also president of the European Central Bank, cited complacency as a risk, noting that it is “extremely important that … we are doing all what is necessary” to prevent a repeat of the crisis.

He also pointed to other risks, including protectionism, as well as imbalances — domestic and external — that plague the global economy.

“The domestic imbalances are reflected in terms of pure accounting by the external imbalances and the reverse,” said Trichet.

“We are thinking of the rebalancing of domestic strategies that would permit precisely to reduce the level of these imbalances — whether deficits or surpluses … to be sure that we don’t pave the way for further difficulties in the time ahead,” he said.

Economists have repeatedly warned about the scale of the widening US budget and trade deficits, especially with China.

The White House has projected a 9.05-trillion-dollar deficit for the 2010-2019 period, a two trillion dollar increase from the February estimate made a month after Obama took office and confronted the worst economic slump in decades.

Analysts say such a gap can thwart long term economic growth.

Meanwhile, the politically sensitive gap with China, the second-largest US trade partner, swelled to 18.4 billion dollars from 17.5 billion dollars in May, hitting the highest level since January.

Critics have accused the Asian powerhouse of keeping its currency artificially low to gain a trade advantage.

Monday’s meeting in Basel included the G10 group of central banks as well as others but officials declined to say how many or which ones took part.

Source: SGGP