BEIJING -- China's economy is at a crucial stage and the government will improve the flexibility of its macro-policies as the basis of the economic recovery still needs to be consolidated, the National Bureau of Statistics said Thursday.
"At present, it is the crucial stage for the national economy to realize stable growth, yet the basis of the economic recovery still needs to be consolidated, and the insufficient external demand is still severe," the statistics bureau said in a statement on the country's economic data for the first three quarters.
It said China will maintain the consistency and stability of macro-economic policy and keep its active fiscal policy and moderately loose monetary policy.
It said China should improve the relevance, flexibility, effectiveness and consistency of its macro policy.
Li Xiaochao, spokesman for China's statistics agency, is holding a briefing on the economic data that started 0200 GMT.
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DATA SNAP:Italy Sep Consumer Confidence Highest Since Dec 06
ROME -- Italian consumer confidence rose unexpectedly in September to its highest level in nearly three years on households' optimism over the economy and their own personal situation, data showed Monday.
State-funded research center ISAE said its seasonally-adjusted consumer confidence index for Europe's fourth-largest economy jumped to 113.6 in September from 111.8 in August.
The 113.6 reading was well above the 111.4 forecast by eight economists polled by Dow Jones Newswires. Consumer confidence has been rising since March, when the index hit a low of 99.8.
State-funded research center ISAE said its seasonally-adjusted consumer confidence index for Europe's fourth-largest economy jumped to 113.6 in September from 111.8 in August.
The 113.6 reading was well above the 111.4 forecast by eight economists polled by Dow Jones Newswires. Consumer confidence has been rising since March, when the index hit a low of 99.8.
Asian Shares Higher; Japan Auto, Tech Stks Up On Easing Yen
SINGAPORE -- Asian shares pulled higher Tuesday, on the back of Wall Street's gains. Stocks of Japanese automakers and technology companies recouped some of their recent losses as the yen weakened following Monday's rally.
Japan's Nikkei 225 gained 1.0% and South Korea's Kospi Composite rose 0.5%. Australia's S&P/ASX 200 was 1.8% higher while New Zealand's NZX-50 was up 0.7%. Dow Jones Industrial Average futures were 1 point lower in screen trade after rising 1.3% Monday, for its first gain in four sessions.
"There's a lack of fundamental news, so sentiment is getting more important in determining the market's daily direction. And the overnight rebound in the U.S. markets certainly helped improve sentiment today" in Seoul, said J.J. Park at Taurus Investment & Securities.
Japanese stocks were higher as the U.S. dollar popped past the Y90 mark, after sharp losses recently. The weaker yen helped automotive and technology exporters recover from Monday's losses with Toyota Motor up 1.1%, Honda Motor up 1.9% and Sharp up 1.0%.
Still, caution was advised as "today's buying is just short-covering, so (the market's) gains will be limited," said Yumi Nishimura, market analyst at Daiwa Securities SMBC. "The foreign exchange market is going through a correction after the yen strengthened a bit too much against the dollar recently," she says. However, "The market remains cautious about possible further yen strengthening near-term."
In Korea, Daewoo International was up 4.8% on an edaily report that the company picked Hyundai Heavy Industries as its preferred bidder to construct offshore facilities in Myannmar. Hyundai Heavy was up 0.5%.
Australian stocks set a fresh 11-month high with NAB up 2.5%, Macquarie up 2.2%, BHP Billiton up 1.9% and Origin Energy up 2.5%.
IG Markets analyst Ben Potter said U.S. mergers and acquisition activity was rubbing off on the Australian share market and high cash levels could fuel further gains. He added that a sustained break above 4,750 would point to 4,800 as the next resistance, though traders should wait for a daily close above 4,750.
The New Zealand market was up on Wall Street's positive note. "We are firmer on the back of offshore markets having another rebound again. The blue chips, with the exception of Telecom, are trading higher, in particular Fletcher Building," said Hamilton Hindin Greene broker Grant Williamson. "Investors are looking at which stocks are going to benefit most from economic recovery and Fletcher Building is right at the top of the pile," he said.
Fletcher Building was up 1.3% while Telecom slipped 1.9% after the government said it would review funding for the company's delivery of rural services.
In foreign exchange markets, the U.S. dollar was higher against the yen, after stop-loss buy orders were triggered at around Y89.80. Hiroshi Maeba, Senior Dealer at Nomura Securities noted that low U.S. interest rates, repatriation of overseas earnings by Japanese firms before end of fiscal half-year this week could "keep the (dollar's) topside quite heavy."
The dollar was at Y90.09 from Y89.61 in late New York trade, after hitting an eight-month low at Y88.23 on Monday. The euro at Y131.15 from Y130.91 in late New York and $1.4629 from $1.4606.
Japanese government bonds were little changed. "Most market participants will retreat to the sidelines ahead of the semiannual book closing, so we don't expect much to happen in the market," said Mitsubishi UFJ Securities strategist Naomi Hasegawa. "With dollar-yen recovering and the Nikkei in positive territory, that will cap the upside for the JGB market."
The lead December futures contract was last 0.02 lower at 139.29 points while the 10-year yield was down 0.5 basis point at 1.275%.
The London Metals Exchange three-month copper futures contract was down $33 at $5,978 per ton from the London kerb while aluminum was $3 lower at $1,830. Spot gold was trading at $989.70 per troy ounce, down $2.85 from the New York close.
Nymex crude oil futures for November were last 30 cents higher at $67.14 on Globex.
Japan's Nikkei 225 gained 1.0% and South Korea's Kospi Composite rose 0.5%. Australia's S&P/ASX 200 was 1.8% higher while New Zealand's NZX-50 was up 0.7%. Dow Jones Industrial Average futures were 1 point lower in screen trade after rising 1.3% Monday, for its first gain in four sessions.
"There's a lack of fundamental news, so sentiment is getting more important in determining the market's daily direction. And the overnight rebound in the U.S. markets certainly helped improve sentiment today" in Seoul, said J.J. Park at Taurus Investment & Securities.
Japanese stocks were higher as the U.S. dollar popped past the Y90 mark, after sharp losses recently. The weaker yen helped automotive and technology exporters recover from Monday's losses with Toyota Motor up 1.1%, Honda Motor up 1.9% and Sharp up 1.0%.
Still, caution was advised as "today's buying is just short-covering, so (the market's) gains will be limited," said Yumi Nishimura, market analyst at Daiwa Securities SMBC. "The foreign exchange market is going through a correction after the yen strengthened a bit too much against the dollar recently," she says. However, "The market remains cautious about possible further yen strengthening near-term."
In Korea, Daewoo International was up 4.8% on an edaily report that the company picked Hyundai Heavy Industries as its preferred bidder to construct offshore facilities in Myannmar. Hyundai Heavy was up 0.5%.
Australian stocks set a fresh 11-month high with NAB up 2.5%, Macquarie up 2.2%, BHP Billiton up 1.9% and Origin Energy up 2.5%.
IG Markets analyst Ben Potter said U.S. mergers and acquisition activity was rubbing off on the Australian share market and high cash levels could fuel further gains. He added that a sustained break above 4,750 would point to 4,800 as the next resistance, though traders should wait for a daily close above 4,750.
The New Zealand market was up on Wall Street's positive note. "We are firmer on the back of offshore markets having another rebound again. The blue chips, with the exception of Telecom, are trading higher, in particular Fletcher Building," said Hamilton Hindin Greene broker Grant Williamson. "Investors are looking at which stocks are going to benefit most from economic recovery and Fletcher Building is right at the top of the pile," he said.
Fletcher Building was up 1.3% while Telecom slipped 1.9% after the government said it would review funding for the company's delivery of rural services.
In foreign exchange markets, the U.S. dollar was higher against the yen, after stop-loss buy orders were triggered at around Y89.80. Hiroshi Maeba, Senior Dealer at Nomura Securities noted that low U.S. interest rates, repatriation of overseas earnings by Japanese firms before end of fiscal half-year this week could "keep the (dollar's) topside quite heavy."
The dollar was at Y90.09 from Y89.61 in late New York trade, after hitting an eight-month low at Y88.23 on Monday. The euro at Y131.15 from Y130.91 in late New York and $1.4629 from $1.4606.
Japanese government bonds were little changed. "Most market participants will retreat to the sidelines ahead of the semiannual book closing, so we don't expect much to happen in the market," said Mitsubishi UFJ Securities strategist Naomi Hasegawa. "With dollar-yen recovering and the Nikkei in positive territory, that will cap the upside for the JGB market."
The lead December futures contract was last 0.02 lower at 139.29 points while the 10-year yield was down 0.5 basis point at 1.275%.
The London Metals Exchange three-month copper futures contract was down $33 at $5,978 per ton from the London kerb while aluminum was $3 lower at $1,830. Spot gold was trading at $989.70 per troy ounce, down $2.85 from the New York close.
Nymex crude oil futures for November were last 30 cents higher at $67.14 on Globex.
US Stock Market
Unlike the "legitimate bull markets" of many foreign markets, Peter Schiff believes the US is merely experiencing a "rally in a bear market," and is lagging the rest of the world "for a reason."
Sep 25, 2009 The Business Insider
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
Sep 25, 2009 The Business Insider
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
U.S. markets decline at the opening; Euro and pound Pick up
FXstreet.com (Barcelona) - U.S. markets have opened the week with declines weighed by sharp declines in financials and basic-materials sectors. Euro and Pound are breaking higher.
Dow Jones Industrials Index declines 0.65%, while the Nasdaq Index drops 1.34%, and the S&P Index drops 1.14% in the first minutes of trading.
Earlier in the day markets in Asia and Europe have gone through losses following a 6.7% drop in Chinese benchmark Index, while markets in the UK have been closed for holidays.
Euro and Pound pick up
EUR/USD has risen to levels above 1.4300 reaching 1.4320 after having remained moving in a range from 1.4260 to 1.4300 during most of the day.
GBP/USD has remained moving in a range from 1.6180 to 1.6235 for most of Asian and European sessions, and is trying to reach higher on early U.S session, reaching 1.6260 so far.
USD/JPY bounce at 92.55 has extended to levels above 93.00 during Asian session tio reach 93.30 and return to prices right below 93.00 at the time of writing.
Dow Jones Industrials Index declines 0.65%, while the Nasdaq Index drops 1.34%, and the S&P Index drops 1.14% in the first minutes of trading.
Earlier in the day markets in Asia and Europe have gone through losses following a 6.7% drop in Chinese benchmark Index, while markets in the UK have been closed for holidays.
Euro and Pound pick up
EUR/USD has risen to levels above 1.4300 reaching 1.4320 after having remained moving in a range from 1.4260 to 1.4300 during most of the day.
GBP/USD has remained moving in a range from 1.6180 to 1.6235 for most of Asian and European sessions, and is trying to reach higher on early U.S session, reaching 1.6260 so far.
USD/JPY bounce at 92.55 has extended to levels above 93.00 during Asian session tio reach 93.30 and return to prices right below 93.00 at the time of writing.
