The Australian Dollar once again retreated during Friday evening's trade as concerns about the global economic recovery emerged and equity markets headed down in Europe and the US.
Premier Wen Jiabao said China's economy was responding appropriately to its stable policies, adding relatively fast growth would help create jobs and boost domestic demand, the Xinhua news agency reported on Sunday.
Ford Motor and its partly-owned Jiangling Motors Corp broke ground on Sunday on a $300 million vehicle plant in central China as the partners speed expansion in the world's largest auto market.
A drop in consumer confidence in Europe amid worries about the region's debt crisis is holding back a recovery in global consumer sentiment and weighing on the broader economic outlook, a survey showed on Sunday.
Higher taxes on property transactions would do more than a property tax to curb speculation, an influential Chinese policy maker said in an editorial published on Saturday, in which he advocated maintaining current cooling measures in the second half.
Google Inc is pumping hundreds of millions of dollars into new businesses, but Wall Street is nervous about the ultimate payoff.
Daimler pledged to raise its 2010 earnings forecast later this month after unveiling a strong preliminary second-quarter figures driven by excellent results at its Mercedes-Benz luxury car brand.
Google Inc missed Wall Street's quarterly profit estimates for the first time in two years after a spike in expenses offset a 24 percent revenue jump, but it vowed to keep investing in new businesses to drive long-term growth.
Agricultural Bank of China's $19.3 billion IPO limped across the finish line on Friday after a three-month sprint, its modest Hong Kong debut reflecting concerns over valuations and investor cautiousness.
Agricultural Bank of China is confident that its 2010 net profit will exceed its previously announced target after its massive share offering, a senior executive at the country's third-biggest bank said.
Amid slowing down economic growth in the country, the Chinese iron ore imports may further get a dent as the Indian government is reported to be considering a ban on iron ore exports so as to safeguard its domestic industry. In a latest statement from the steel secretary, Atul Chaturvedi, it was proposed that a ban should be imposed on exports of iron ore so as to preserve the non-renewable energy resource for local industry.
China's lukewarm response to copper imports has hit the commodity's prices in the London market. This week copper traded a bit low in London as China reported a drop in copper imports for the third straight month in June, leading to caution on the demand outlook by the key buyer of the metal.
China will stick with the policies that cooled economic growth last quarter and will keep faith with the euro despite Europe's debt problems, Premier Wen Jiabao said on Friday.
Global oil prices remained under $77 in highly volatile Asian trade as equity markets fell across the region while concerns over potential storms on the east coast of US helped the black gold. Light sweet crude for August delivery was seen trading at $ 76.71 a barrel at 11.30 a.m Singapore time while ICE Brent for September, the front-month contract after August expired on Thursday, gained 1 cent to $76.10 on the Comex.
It seems the fate of gold is depended on central banks across the world. Till now, economic crisis looming over the global economy has been the biggest boost for gold prices as more and more people rushed to buy gold as a safe haven option.
Gold prices gained in Asian trade Friday mainly on a weak dollar while fragile US and China economic growth data boosted its appeal as an alternative asset. Gold for immediate delivery was seen trading at $ 1208.87 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery were at $1,209.30 per ounce.
Agricultural Bank of China's $19.3 billion IPO limped across the finish line on Friday after a hectic three-month sprint, its modest Hong Kong debut gains reflecting valuations concerns and tough markets.
Chipmaker Advanced Micro Devices Inc posted better-than-expected results and estimated revenue growth of up to 10 percent in the current quarter on stronger demand for its new notebook chip set.
Hot on the heels of the FOMC downgrade of U.S GDP softer than expected Chinese data triggered a selloff of higher yielding Currencies in Asia as concerns over the potential slowdown in global growth resurfaced.
The AUD has opened slightly stronger this morning as ongoing concerns about the recovery in the US economy weakened the USD.
Investors have muted expectations for Google Inc's second-quarter results, as economic clouds and shifts in the company's strategy dampened hopes that it will beat Wall Street estimates.
(Corrects analyst's affiliation in last paragraph to ThinkEquity instead of Kaufman Brothers)
