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Chinese Properties Prices Rise
May 16, 7:30 PM EDT |
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| China continues its infrastructrure building at a rapid pace. The rate of building matched the rate of 25% achieved in 2007. New property prices rise. |
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| The government agency in China reported urban property prices rose 10.1% in April from a year ago and prices of new building rose 11.4% in the month. The property investment surged nearly 25% in the first four months of the year matching the rate in 2007. Shipping and container companies surged after 4% rise in Baltic Dry Index that tracks ocean freights in the world. |
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British Energy Discusses Merger
May 16, 6:43 PM EDT |
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| Stocks in London closed higher on the rise in hiring in the financial service sector, 45% jump in profit at British Air and British Energy disclosure. |
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| British Energy surged 5% after it reported that it exploring merger possibilities with several bidders. British Energy news lifted FTSE 100 index 0.8% to 6,304. British Air reported 45% rise in profit on 3% rise in revenue. Despite the higher fuel costs the operating costs were lower. The airline maintained its estimate of 4% rise in revenue in the current year. London financial service sector hiring was up 10% in April according to a private estimate but the number of applicants increased 20%. |
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Saudi Lifts Supply, Metals Rise, JC Penney Falls
May 16, 6:44 PM EDT |
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| Saudi Arabia pledged to increase daily prodcution by 3.3% or 300,000 at the request of the President Bush. |
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| U.S. and European stocks struggled as crude oil traded near record high. Retail and home builder stocks rallied after 8% rise in home starts in April. Inflation in India soared to a new high as manufacturers struggle with rising commodities prices. JC Penney fell after it reported earnings. Copper, aluminum and zinc added between 1.4% and 2.4%. |
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Stocks Fight Rising Inflation
May 16, 5:26 PM EDT |
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| Investors worried after the latest read on the inflaton surged to a new high on rising commodities and energy products prices. |
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| The latest read on wholesale inflation for twelve months period ending two weeks ago rose to 7.83% from 7.61% in the previous week. The rising inflation in food, energy, fuel and manufactured products prices have put consumers in a tight spot. Government sought and received as much as 5% price reduction in cement prices will help but similar relief is not likely in fuel prices and other industrial products. Sensex 30 index added 0.5% to 17,434. |
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Housing Starts Up, Oil $127, Stocks Turn Lower
May 16, 11:11 AM EDT |
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| Positive sentiment on the 8% rise in housing start data was lost as crude surged to $127. Stocks in Germany, UK trade higher. |
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| U.S. stocks opened higher after the release of housing start data but quickly lost the ground on a rise in crude oil. April housing starts rose 8.2% and building permits increased 4.9%. The volatile condo construction impacted the monthly rise in addition to the cyclical activity after the winter months. In the earnings news, Kohl''s Corp reported first quarter sales rose 1.5% and net income increased 27%. Thailand, Australia and Indonesia led the gainers in Asia. |
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