Global oil prices advanced towards $70 a barrel in Asian trade Wednesday mainly after the API report showed dip in US petrol stockpiles. Light sweet crude for july delivery was seen trading at $69.66 a barrel at 12 noon Singapore time while Brent crude was at 69.97 a barrel in London.
Gold prices advanced in Asian trade Wednesday despite a firming dollar as geopolitical tensions in the Korean peninsula boosted its appeal. Gold for immediate delivery was seen trading at $1204.94 an ounce at 12.00 noon Singapore time while US gold futures for June delivery was at $1205.44 an ounce eat the same time on the COMEX division of the New York Mercantile Exchange.
The euro fell on Wednesday driven by fears that Europe's debt woes can wreak havoc in its banks, though Asian stocks rebounded from nine-month lows as value investors hunted for bargains.
It was a volatile session overnight, with AUD trading to its lowest level since July 2009, before rebounding back towards USD0.8300.
Stocks sank in a broad global sell-off on Tuesday as investors worried that Europe's banking problems and North Korea's threats of military action against South Korea could derail the economic recovery.
Stocks sank in a broad global sell-off on Tuesday as investors worried that Europe's banking problems and North Korea's threats of military action against South Korea could derail the economic recovery.
Asia stocks fell to multi-month lows, the euro slid and oil and higher yielding currencies weakened on Tuesday on fears that Europe's sovereign debt woes will trigger a renewed crisis in the continent's banking sector.
Sony and Samsung Electronics discussed at a meeting on Monday further developing cooperation but not raising flat panel supplies to the Japanese firm as widely speculated, South Korea's Yonhap news agency reported Tuesday.
China struck a conciliatory note at the opening of talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.
China will stick to gradual reform of its yuan currency, President Hu Jintao told the United States at the start of high-level talks on Monday in which North Korea emerged as a point of potential contention.
North Korea's crumbling economy is feeling the effects of sanctions for nuclear and ballistic missile activities, with foreign trade falling 10 percent in 2009 from the previous year, South Korea said on Monday.
Jim Owens, chairman and chief executive officer of Caterpillar Inc., is concerned that the U.S. is not on a path to sustain the global economic competitiveness our country has sustained for a long time.
World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 122 million metric tons (mmt) in April. This is 35.7% higher than April 2009.China's crude steel production for April 2010 was 55.4 mmt, an increase of 27% compared to April 2009. It is the highest amount of crude steel China has ever produced in a single month.
The Internet is a lifeline for Asian mothers, with a survey finding two-thirds use it to shop for themselves and their children and an even bigger number going online to research purchases and talk about them.
HSINCHU, Taiwan May 17 - AU Optronics Corp, Taiwan's No. 2 LCD maker, said an LCD panel shortage is likely to last into the second half of this year on robust demand for PCs and TVs, even though fears linger about a weak euro.
The euro sank to four-year lows on Monday as angst over Europe's debt crisis led investors to pull more money from stocks in favor of havens such as gold and Asian bonds.
Britain's Prudential Plc is expected to outline divestments of some Asian assets in its upcoming rights offering prospectus in an effort to appease shareholder concerns about its planned AIA acquisition, a source familiar with the process told Reuters on Friday.
Director James Cameron, whose blockbuster Avatar set off a 3D frenzy in the movie industry, on Thursday told television producers to put aside their worries about higher filming costs and embrace the technology.
Asian stocks hit highs for the week on Thursday after new austerity steps pledged by Portugal and Spain raised hopes that Europe's debt crisis can be contained, while IBM's strong profit forecast boosted tech shares.
Asian stocks rose on Thursday as fresh austerity measures promised by Spain and Portugal gave investors hope that Europe's debt crisis can be contained, while IBM's strong profit forecast gave a further boost to tech shares.
The euro slipped on Wednesday on nagging worries about festering euro zone debt problems despite a $1 trillion rescue package unveiled this week, which fueled a short-lived rally in global stocks.
Toyota Motor Corp forecast a slower-than-expected recovery in earnings this year as a stronger yen and Europe's debt problems hamper efforts to undo the damage from the worst recall crisis in its history.
