What the other papers say this morning – 24 January 2014 January 23, 2014 FINANCIAL TIMES China is top gold consumer for 2013 China has overtaken India as the world’s largest gold consumer thanks to soaring purchases of jewellery, minted Panda coins and small gold bars. According to the Thomson Reuters GFMS gold survey, Chinese demand reached 1,189.8 tonnes last year, a 32 per cent year-on-year jump and a [...]
New York Report: China’s factory data sees stock fall on Wall St January 23, 2014 US STOCKS fell yesterday, with the Dow Jones industrial average recording its third consecutive day of losses, as risky assets sold off in wake of disappointing manufacturing data in China. Financials and materials stocks were the day’s biggest losers while telecom services was the only positive sector as investors sold growth-oriented stocks and bought defensive [...]
China’s factory sector contracts for the first time in six months January 23, 2014 Asian stocks dipped in Thursday trading, after an unexpected contraction in China’s factory activity in January. HSBC’s flash manufacturing purchasing managers’ index came in overnight at 49.6 from 50.5 in November and below expectations of 50.6. The number hails the first contraction in six months, as new orders declined and exports stayed soft. On [...]
Huge growth in new buyers leads Christie’s to record year January 22, 2014 HISTORIC auction house Christie’s sold more than £4.54bn worth of art and antiques during 2013 as booming numbers of first-time buyers led the firm to a record year of sales. Christie’s, founded in London in 1766, saw the number of new buyers increase 30 per cent last year. In total, these newcomers accounted for 22 [...]
Chinese central bank injection to avert crunch January 21, 2014 THE PEOPLE’S Bank of China (PBOC) intervened to boost liquidity yesterday, acting to head off a further credit crunch in the country’s squeezed and secretive monetary system China’s central bank announced in social media that it will ensure stability in markets, and is reported to have injected about 255bn yuan (£25.59bn) into the country’s interbank [...]
Cointreau chases Chinese sales January 21, 2014 French spirits group Remy Cointreau has forecast a return to growth in the key Chinese market next year on the back of increased promotional efforts, hoping to buck a trend that sent cognac sales down 32 per cent in the third quarter. Group sales reached €287.6m (£235.7m) in the final three months of the year. [...]
Markets buzz on Chinese liquidity shot January 21, 2014 Yesterday, Chinese GDP numbers showed that economic growth slowed in 2013 from 7.8 per cent to 7.7 per cent. In response, the Chinese government last night administered a short-term liquidity injection to commercial banks, showing its willingness to act in the face of dwindling growth. Market strategist Ishaq Siddiqi of ETX Capital comments that markets [...]
What you need to know before the open – 21/01 January 21, 2014 With German and European ZEW surveys for January out this morning, Europe is set to open up. A positive number will most likely push markets higher. The International Monetary Fund is expected to revise up its growth forecasts for the UK. #FTSE100 called +20pts at 6855 as 2014 optimism gets fillip from PBOC interventing to [...]
Slower Chinese economy beats state’s targets January 20, 2014 THE CHINESE economy grew by 7.7 per cent during 2013, the joint slowest expansion recorded for over a decade, but above the government target for a 7.5 per cent boost. Many emerging markets suffered from slower growth last year, after markets began to expect the tapering of the US quantitative easing programme during the summer. [...]
China gold imports to dip in 2014 January 20, 2014 Chinese gold imports look set to fall from last year’s record levels, analysts warned yesterday, despite the precious metal’s declining price. “I think that perhaps a figure of 10 to 15 per cent down year-on-year is probably about right for Chinese imports of gold. There is a good level of stock there that can be [...]