Market Rumours

2010/11/09 17:35*DJ UK Sep Industrial Production +0.4% On Mo; +3.8% On Yr

2010/11/09 17:35*DJ UK Aug Global Trade Deficit GBP8.5B Rev Vs Deficit GBP8.2B

2010/11/09 17:35*DJ iTraxx SovX Western Europe Over 180 Bps For First Time-Markit

2010/11/09 17:33*DJ UK Aug Non-EU Trade Balance Unrevised At Deficit GBP4.7B

2010/11/09 17:33*DJ UK Sep Adj Non-EU Trade Deficit GBP4.6B

2010/11/09 17:33*DJ Portugal 5-Yr Sovereign CDS At New High Of 480 Bps - Markit

2010/11/09 17:33*DJ UK Sep Global Goods Trade Bal Forecast At Deficit GBP8.0B

2010/11/09 17:32*DJ UK Sep Adj Global Goods Trade Deficit GBP8.2B

2010/11/09 17:31*DJ UK Aug Indus Production Revised To +0.4% MM, +4.3% YY

2010/11/09 17:31*DJ UK Sep Mfg Output Was Forecast At +0.2% MM, +4.9% YY

2010/11/09 17:31*DJ UK Aug Mfg Revised To +0.4% On Mo, +6.1% On Yr

2010/11/09 17:31*DJ UK Sep Indus Production Forecast +0.6% MM, +3.8% YY

2010/11/09 17:30*DJ UK Sep Mfg Output +0.1% On Mo, +4.8% On Yr

2010/11/09 17:16*DJ 10Y Irish/German Yield Spread Hits Record High At 552Bps

2010/11/09 16:59*DJ 10Y Portuguese/German Yield Spread Hits Record High At 446Bps

2010/11/09 16:46*DJ RBS Chairman: Aim To Sell Non-Core Assets In 2-3 Years

2010/11/09 16:37=DJ DATA SNAP: French Sep Trade Gap EUR4.68B Vs EUR4.98B Aug Gap

2010/11/09 16:36DJ French Budget Deficit Narrows To EUR124.2B At End September
DJ French Budget Deficit Narrows To EUR124.2B At End September PARIS -France's budget deficit narrowed to EUR124.2 billion by the end of September from EUR125.6 billion at the corresponding time last year, data from the budget ministry published Tuesday show. The ministry said expenditure rose to EUR310.1 billion in the first nine months of this year from EUR263.9 billion a year earlier. But that substantial increase was more than offset by a sharp rise in government receipts to EUR204.4 billion from EUR169.7 billion. The ministry said the remainder of the account was affected by swings in special accounts. It noted the repayment of EUR2 billion of emergency government loans to the auto industry and the extension of EUR1.1 billion in loans to Greece. The budget ministry said the trend in the deficit was in line with that foreseen by the 2010 budget. It noted the latest expenditure figures showed there was less spending on economic stimulus.
2010/11/09 16:32*DJ RBS Chairman: RBS To Own 33.9% Of Chinese Securities JV

2010/11/09 16:19DJ Bank Of France Sees 4Q GDP Rising 0.5% On Quarter
LYON, France -The Bank of France Tuesday said it expects economic growth to accelerate in the fourth quarter this year, based on its industry and services survey for October. Gross Domestic Product will rise 0.5% in the fourth quarter from the previous quarter, the Bank of France said. The estimate is the central bank's first for the fourth quarter and comes after its estimate of a 0.3% quarterly rise in the third quarter. The Bank of France's sentiment indicator for industry in October rose to 103 in October from 102 in September. Industry saw an improvement in all sectors, with the exception of industrial products, which remained flat, the central bank said. 'Forecasts point to an improvement in the coming months,' it said. The services sentiment indicator was unchanged in October from a 96 reading in September. However, activity in the services sector picked up a little as a result of growth in temporary work and the Bank of France expects ongoing growth in services in the short term. The Bank of France's forecast for a 0.5% rise in GDP in the fourth quarter will provide some comfort to the government, which has an official forecast of 1.5% GDP growth for the whole of 2010. French GDP expanded 0.2% in the first quarter and 0.7% in the second. French statistics agency Insee publishes third-quarter GDP figures for the first time Friday. Economists are expecting a 0.4% expansion from the previous quarter, according to a survey by .
2010/11/09 16:15DJ PBOC Adviser Urges Key Countries To Ensure Exchange Rate Stability
BEIJING -China's central bank adviser Li Daokui on Tuesday urged key countries to ensure basic exchange rate stability, echoing the recent global concerns over competitive depreciation among issuers of reserve currencies. Li told a financial forum in Beijing that exchange rate stability would help the global economic recovery, but didn't name the key countries or elaborate. China has repeatedly expressed its concerns about exchange rates and capital flows following the U.S.'s announcement of a second round of quantitative easing measures last week. Li also said on the sidelines of the forum that China doesn't aim for the yuan to replace the U.S. dollar as the most important global currency but seeks a 'reasonable' global monetary system. -Liu Li contributed to this article, ; (86 10) 8400-7712; li.liu@dowjones.com
2010/11/09 16:10*DJ 10Y Irish/German Yield Spread Up 3Bps At 551Bps

2010/11/09 16:02*DJ Stoxx 600 Index Flat After The Open

2010/11/09 16:02*DJ FTSE 100 Up 0.1% After The Open

2010/11/09 16:00*DJ Dec Bunds Breaks 130.89 Resistance As Rally Gains Momentum

2010/11/09 15:49=DJ DATA SNAP: German Inflation Stays Subdued In October
FRANKFURT -Inflation in Germany remained subdued in October, with consumer prices edging up 0.1% from September, leaving the annual inflation rate unchanged at 1.3%, the Federal Statistics Office said Tuesday. The figures confirm preliminary estimates. 'The [annual] result for October also falls below the benchmark rate of 2% which is relevant for monetary policy,' the statistics office said. German consumer prices, when calculated based on items in a European Union-standardized basket of goods, rose 0.1% in October from September and increased 1.3% from a year ago. This harmonized measure, known as HICP, is closely watched by the European Central Bank, which aims to keep the euro zone's annual inflation rate just below 2%. Website: www.destatis.de
2010/11/09 15:49*DJ French Sep Trade Gap EUR4.683B Vs EUR4.975B Gap In Aug

2010/11/09 15:48*DJ French Sep Trade Gap EUR4.683B

2010/11/09 15:48DJ Tokyo Shares End Down As Yen Rises, Exporters Fall -2-
Brad Frischkorn Of TOKYO -Tokyo stocks fell Tuesday, as a stronger yen dragged down exporter shares such as Canon, while Olympus suffered for a second straight session after cutting its earnings forecast. The Nikkei Stock Average fell 38.43 points, or 0.4%, to 9694.49 following Monday's 1.1% rise. The Topix index of all the Tokyo Stock Exchange First Section issues also slipped 1.79 points, or 0.2%, to 839.95. Stocks opened lower amid heightened concerns about debt problems in Ireland, Portugal and Spain, which pushed the euro down against the yen. The Japanese currency also rose against the dollar, hurting exporters across the board. 'The resurgence of uncertainty surrounding Europe is making shares top-heavy,' said Yutaka Miura, senior technical analyst at Mizuho Securities. He noted that the recent global equity rally may peak out following enthusiasm over the U.S. Fed's fresh stimulus package. Japan September current account data released before the opening bell suggest gloomy prospects for Japan's export-driven economic recovery, according to Hirokata Kusaba, senior economist at Mizuho Research Institute. The data showed exports up 15.9%, slowing from a 16.5% rise in August. 'The scenario of a Japanese economic recovery driven solely by exports would not work' as uncertainty is rising over the pace of global economic growth, said Kusaba. He added that Japan domestic demand is likely to show signs of weakening after the effects of fiscal stimuli fade. Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets, said that a firmer dollar and signs of robust U.S. spending during the upcoming Christmas shopping season are keys to the Nikkei futures index rising above 9800. Exporter shares were generally lower from the start with bellwethers such as Canon down 1.3% to Y3,875, Fanuc off 1.0% to Y12,300, and Komatsu shedding 1.1% to Y2,250. Among earnings-related technology stocks, Olympus' 4.2% slide was one of the sharpest declines in percentage terms among Nikkei constituents. Investors sold its shares for the second consecutive session after the firm cut its full-year net profit forecast to Y15 billion from an earlier-projected Y21 billion figure. Olympus, which is also sensitive to the euro, surrendered 2.3% Monday. Obayashi also lost 3.8% to Y327 after the company slashed its full-year net profit outlook to Y15 billion from Y19 billion during trading hours. 'The environment for contractors continues to be severe with narrow prospects for growth in construction demand in the future,' said a market analyst at Japanese brokerage. On the other hand, Isuzu Motors closed up 2.1% to Y338 after posting solid first half earnings and lifting its full-year net profit forecast to Y52 billion from Y40 billion, thanks to brisk sales of trucks in emerging countries, as well as cost-cutting efforts. 'The trend for buying stocks with strength in emerging markets will continue,' said Toshiyuki Kanayama, a market analyst at Monex. Aiful also added 32% to Y66 after the consumer lender said it expects a first half net profit of Y3.4 billion, reversing its previous net loss forecast of Y3.25 billion, due to lower expenses. Aiful retracted previously announced full-year forecasts, saying challenging conditions make it difficult to predict earnings. Shares have risen 57% over the past four sessions. December Nikkei 225 futures closed down 30 points, or 0.3%, at 9690 on the Osaka Securities Exchange.
2010/11/09 15:46*DJ French Budget Deficit Narrows To EUR124.2B At End September

2010/11/09 15:31*DJ Bank Of France Sees 4Q GDP +0.5%

2010/11/09 15:27DJ Tokyo Shares End Down As Yen Rises, Exporters Fall
Brad Frischkorn Of TOKYO -Tokyo stocks fell Tuesday, as a stronger yen dragged down exporter shares such as Canon, while Olympus suffered for a second straight session after cutting its earnings forecast. The Nikkei Stock Average fell 38.43 points, or 0.4%, to 9694.49 following Monday's 1.1% rise. The Topix index of all the Tokyo Stock Exchange First Section issues also slipped 1.79 points, or 0.2%, to 839.95. Stocks opened lower amid heightened concerns about debt problems in Ireland, Portugal and Spain, which pushed the euro down against the yen. The Japanese currency also rose against the dollar, hurting exporters across the board. 'The resurgence of uncertainty surrounding Europe is making shares top-heavy,' said Yutaka Miura, senior technical analyst at Mizuho Securities. He noted that the recent global equity rally may peak out following enthusiasm over the U.S. Fed's fresh stimulus package. Japan September current account data released before the opening bell suggest gloomy prospects for Japan's export-driven economic recovery, according to Hirokata Kusaba, senior economist at Mizuho Research Institute. The data showed exports up 15.9%, slowing from a 16.5% rise in August. 'The scenario of a Japanese economic recovery driven solely by exports would not work' as uncertainty is rising over the pace of global economic growth, said Kusaba. He added that Japan domestic demand is likely to show signs of weakening after the effects of fiscal stimuli fade. Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets, said that a firmer dollar and signs of robust U.S. spending during the upcoming Christmas shopping season are keys to the Nikkei futures index rising above 9800. Exporter shares were generally lower from the start with bellwethers such as Canon down 1.3% to Y3,875, Fanuc off 1.0% to Y12,300, and Komatsu shedding 1.1% to Y2,250. Among earnings-related technology stocks, Olympus' 4.2% slide was one of the sharpest declines in percentage terms among Nikkei constituents. Investors sold its shares for the second consecutive session after the firm cut its full-year net profit forecast to Y15 billion from an earlier-projected Y21 billion figure. Olympus, which is also sensitive to the euro, surrendered 2.3% Monday. Obayashi also lost 3.8% to Y327 after the company slashed its full-year net profit outlook to Y15 billion from Y19 billion during trading hours. 'The environment for contractors continues to be severe with narrow prospects for growth in construction demand in the future,' said a market analyst at Japanese brokerage. On the other hand, Isuzu Motors closed up 2.1% to Y338 after posting solid first half earnings and lifting its full-year net profit forecast to Y52 billion from Y40 billion, thanks to brisk sales of trucks in emerging countries, as well as cost-cutting efforts. 'The trend for buying stocks with strength in emerging markets will continue,' said Toshiyuki Kanayama, a market analyst at Monex. Aiful also added 32% to Y66 after the consumer lender said it expects a first half net profit of Y3.4 billion, reversing its previous net loss forecast of Y3.25 billion, due to lower expenses. Aiful retracted previously announced full-year forecasts, saying challenging conditions make it difficult to predict earnings. Shares have risen 57% over the past four sessions. December Nikkei 225 futures closed down 30 points, or 0.3%, at 9690 on the Osaka Securities Exchange.
2010/11/09 15:24=DJ HEARD ON THE STREET: Beating A Path To Asia's Door

2010/11/09 15:20*DJ Barclays 9-Mos EPS 19.9p

2010/11/09 15:12DJ Forex Options: Dollar/Yen Options Unchanged On Stable Spot
TOKYO -Dollar/yen options remained unchanged in Asia as market participants came bargain-hunting while real demand for hedges waned as the greenback traded in a relatively narrow range against the yen. Benchmark volatilities implied by one-month at-the-money options stood at 9.95%/10.65%, unchanged from New York Monday. The U.S. unit traded in a range of Y80.71 to Y81.23 in the Tokyo morning. The mid-point of volatiles may rise sharply if the dollar resumes falling or rising rapidly against the yen, as the current level is probably a bottom for volatilities, said an options dealer at a major Japanese bank. The dealer said one player sold a three-week dollar-put/yen-call options contract at a strike price of Y79.60 with implied volatility of 10.30% and a face value of about $50 million. Another person bought a three-month at-the-money straddle options contract with implied volatility of 11.05% and a face value of about $200 million. Straddles profit on wide swings in the exchange rate.
2010/11/09 15:11=DJ PRECIOUS METALS: Gold Hits Record; Silver Breaks $28/Oz

2010/11/09 15:06*DJ German Final Oct CPI Forecast +0.1% On Mo; +1.3% On Yr

2010/11/09 15:01*DJ German Final Oct CPI +0.1% On Month; +1.3% On Year

2010/11/09 14:56DJ JGBs Fall; Market Shrugs Off Solid 40-Year Tender Results
At 0600 GMT Change TFX June 3-Mos Euroyen Price: 99.675 .005 TSE Dec 10-Yr JGB Futures Price: 142.70 .16 10-Yr 1.0% JGB No. 310 Yield: 0.965% +0.010 TOKYO -Japanese government bonds ended slightly lower Tuesday on weakness in U.S. Treasurys overnight, with no major impact seen from the solid results of a 40-year bond auction. JGB players may be willing to snap up 10-year JGBs with around 1% yield at bargain prices, but their 'buying capacity' seems to be shrinking after some bought government debt at very expensive levels during recent bullish market, said Chotaro Morita, chief strategist at Barclays Capital. The benchmark 10-year cash JGB yield rose 1.0 basis point to 0.965% as of 0600 GMT. Lead December JGB futures finished the day down 0.16 at 142.70. Still, some analysts expect market momentum to recover in the longer term. 'While there will be adjustments in the short term, we expect the market to find support over the medium term,' said Tetsuya Miura, chief market analyst at Mizuho Securities. With about Y10 trillion of JGBs set to mature in December, many market participants will be forced to reinvest them before the end of the year, providing support to the domestic bond market, Miura said. Earlier in the day, the Ministry of Finance auction of 40-year JGBs enjoyed strong investor demand but the results failed to reverse the market's weak momentum. Japan's Ministry of Finance sold Y299.6 billion of 40-year JGBs at an issue price of 103.90 and with a relatively high yield of 2.055%. The 40-year notes were sold in a Dutch-style auction in which all successful bidders pay the lowest accepted bid. Given the limited supply in the 40-year sector, real money market participants, such as domestic life insurance companies, jump at the chance to buy Japan's longest government bonds, while dealers would be looking to cover short positions, analysts say. Other Cash Bond Yields At 0600 GMT Change 2-Year 0.1% JGB No. 298 Yield: no trade 5-Year 0.3% JGB No. 92 Yield: 0.335% +0.015 20-Year 1.8% JGB No. 122 Yield: 1.850% +0.005 30-Year 2.0% JGB No. 33 Yield: 2.000% .005 ***********
2010/11/09 14:46*DJ PBOC Adviser Calls For Key Countries' Exchange Rate Stability

2010/11/09 14:46*DJ PBOC Adviser: Exchange Rate Stability To Help Global Economic Recovery

2010/11/09 14:38DJ UK Osborne: Welcome Chinese Investment, Including Sovereign Funds
BEIJING -The United Kingdom welcomes more investment from China, including from sovereign wealth funds, Chancellor of the Exchequer George Osborne said Tuesday during a visit to China. Osborne also said the U.K. and China will expand their technical cooperation on a number of issues, including the offshore market for yuan trading. Osborne added that Aberdeen Asset Management PLC has received a quota to invest in China, but didn't elaborate.
2010/11/09 14:33*DJ PBOC Official: Worried US QE Could Fuel Inflation Pressure

2010/11/09 14:30=DJ PBOC WATCH:1-Yr PBOC Bills Rate Rise To Strengthen Money Withdrawal Function

2010/11/09 14:18=DJ UPDATE: GF Securities To Sell Its Stake In GF Huafu Securities
(Adds report on potential buyer of GF Huafu stake, reason for the stake sale.) By Joy C. Shaw Of SHANGHAI -Mid-sized Chinese brokerage GF Securities Co. (000776.SZ) said Tuesday it plans to sell its 60.4% stake in brokerage unit GF Huafu Securities to meet regulatory requirements. GF Securities said in a statement it plans to sell the stake for CNY2.49 billion ($373.6 million) via an asset exchange with one or multiple buyers. The brokerage said the planned disposal is in response to a China Securities Regulatory Commission request that it sell down its stake to avoid competing with its unit in the same area of business. A state-run Securities Times report Tuesday said GF Securities plans to sell the stake to Fujian Investment & Development Group Co., an investment arm of the government of Fujian province. Officials at GF Securities couldn't immediately be reached for comment. An official at Fujian Investment & Development Group's administrative office declined to comment. GF Securities said the disposal would reduce its consolidated annual revenue by 11.49% and net profit by 7.58%, based on the company's 2009 financial results.
2010/11/09 14:06=DJ UPDATE: ICBC (Asia) Shareholders OK Parent's Plan To Take Firm Private
(Adds comment from executive on fundraising outlook.) By Chester Yung Of HONG KONG -Industrial & Commercial Bank of China Ltd.'s (0349.HK) shareholders approved Tuesday its parent company's plan to take the unit private for US$1.4 billion. The move is part of Industrial & Commercial Bank of China Ltd.'s (1398.HK) plan to streamline its operations as China's biggest lender by assets expands its Hong Kong operations. ICBC will delist from the Hong Kong stock exchange Dec. 21. Stanley Wong, deputy general manager of ICBC , said the parent company has no plans to inject capital into the firm in the near term and ICBC has no fundraising plans for now. 'But we may need to increase capital from 2011 onward for business development through different means...including a capital injection from the parent company,' Wong told reporters. In August, ICBC, which owns 72.81% of ICBC , offered minority shareholders HK$29.45 in cash for each of their shares in the unit, representing a 28% premium to ICBC 's share price of HK$23.05 at the time. ICBC 's shares were suspended from trading Tuesday pending the results of the shareholders' meeting following a court meeting related to the parent company's plan to take the unit private. ICBC 's shares closed at HK$28.65 Monday, putting the offer price at a 2.8% premium to the last share price. ICBC bought a controlling stake in ICBC , formerly Union Bank of Hong Kong, in 2000 from China Merchants Finance Holdings Co.
2010/11/09 14:05=DJ ENERGY MATTERS: Oil Edges Nearer OPEC's $90/Bbl 'Worry' Zone

2010/11/09 14:05*DJ Nikkei Stock Average Closes Down 0.4% At 9694.49

2010/11/09 14:01DJ Japan Economy Minister: Government Aims To Beat Deflation By March 2013
TOKYO -Japan's government aims to get rid of deflation in the fiscal year ending March 2013, Economy Minister Banri Kaieda said Tuesday, in an admission that it could take time to reverse general price falls that have weighed on Japanese growth over the years.Kaieda made the comment during a parliamentary session.
2010/11/09 13:37*DJ UK Osborne: Welcome Chinese Investment, Including Sovereign Funds

2010/11/09 13:07DJ PBOC Vice Gov: Negative External Impact Of US QE Has Already Emerged
BEIJING -People's Bank of China Vice Gov. Ma Delun said Tuesday the negative impact of the U.S.'s quantitative easing policies on the economies of other countries has already emerged. 'The new round of quantitative easing policies introduced by the U.S. recently may help to improve the U.S. economy, but its negative impact on the global economy and the economic growth of other countries has already emerged,' Ma said at a financial forum. He didn't elaborate on the specifics of the negative impact. But he said the Federal Reserve's latest cash infusion to reinvigorate the U.S. economy may cause global economic imbalances and asset bubbles, and lead to inflation worries. While reiterating the PBOC is always vigilant about inflation risks, Ma said he doesn't believe China's money supply is excessive. -Liu Li and Andrew Batson contributed to this article, ; 8610 8400 7799; li.liu@dowjones.com
2010/11/09 12:58DJ CICC Applies For New Shareholding Structure Change
SHANGHAI -Chinese investment bank China International Capital Corp., in which Morgan Stanley holds a 34.3% stake, has submitted an application to change its shareholding structure, according to a notice posted on the China Securities Regulatory Commission's website Monday. The notice didn't include any details of the changes sought in the application, which was submitted Thursday, but it said the regulatory review of such applications takes up to three months. Separately, a state-run China Securities Journal report Tuesday cited unnamed sources as saying the proposed change involves the sale of Morgan Stanley's stake in CICC, which would pave the way for the U.S. bank to set up a new investment-banking joint venture in China with China Fortune Securities Co. CICC previously applied for a shareholding structure change on May 4, which the CSRC approved Aug. 13. A CICC spokeswoman said last month that that change concerned the transfer of a 43.35% stake in CICC held by brokerage China Jianyin Investment Ltd. to Central Huijin Investment Ltd., the domestic investment arm of China's sovereign-wealth fund. Central Huijin is the parent of China Jianyin Investment. Earlier this year, people familiar with the situation said potential buyers for Morgan Stanley's 34.3% CICC stake included private-equity firms Kohlberg Kravis Roberts & Co. and TPG Capital, adding selling the stake would likely fetch more than $1 billion for Morgan Stanley.
2010/11/09 12:57*DJ Spot Silver Hits New 30-Year High At $28/Oz

2010/11/09 12:56*DJ Japan Econ Min: Govt Aims To Beat Deflation By March 2013

2010/11/09 12:30DJ ICBC (Asia) Shareholders OK Parent's Plan To Take Firm Private
HONG KONG -Industrial & Commercial Bank of China Ltd.'s (0349.HK) shareholders approved Tuesday its parent company's plan to take the bank private for US$1.4 billion. The move is part of Industrial & Commercial Bank of China Ltd.'s (1398.HK) plan to streamline its operations as China's biggest lender by assets expands its Hong Kong operations. ICBC, which owns 72.81% of ICBC , offered in August to pay minority shareholders HK$29.45 a share in cash in the deal, which at the time represented a 28% premium to ICBC 's share price of HK$23.05. ICBC was suspended from trading Tuesday pending the results of a shareholders' meeting after a court meeting related to the parent company's plan to take it private. ICBC closed at HK$28.65 on Monday, which means the offer price now represents a 2.8% premium. ICBC bought a controlling stake in ICBC , formerly Union Bank of Hong Kong, in 2000 from China Merchants Finance Holdings Co.
2010/11/09 12:30DJ Germany's BHF-Bank May Be Broken Up - Newspaper
BHF-Bank, a unit of Deutsche Bank AG , may be split up, the Financial Times Deutschland reported Tuesday, citing unnamed sources. The daily newspaper said LGT Bank of Liechtenstein had offered to buy parts of BHF-Bank. Deutsche Bank obtained BHF-Bank when it acquired private bank Sal. Oppenheim. Deutsche Bank wants to sell BHF-Bank but will have a hard time selling it whole and for its book value of around EUR650 million, the newspaper said. Newspaper Web site: http://www.ftd.de -; dennis.baker@dowjones.com
2010/11/09 12:29DJ ICBC (Asia) Shareholders OK Parent's Plan To Take Firm Private

2010/11/09 11:58*DJ ICBC (Asia): May Need To Increase Capital From 2011 For Business Development

2010/11/09 11:56*DJ PBOC Vice Gov: US QE To Add Pressures To Asset Bubbles

2010/11/09 11:54*DJ PBOC Vice Gov: US QE Adds To Risks Of Global Economic Imbalance

2010/11/09 11:47*DJ PBOC Vice Gov: QE Pressures Developing Countries To Adjust Balance Of Payments

2010/11/09 11:45DJ US's Summers: Expect 'Satisfactory' Outcome To Resolve Global Imbalances At G-20 Summit
SEOUL -The leaders of the Group of 20 industrial and developing nations will likely come to a satisfactory agreement to resolve global imbalances when they meet in Seoul later this week, Director of the White House National Economic Council Larry Summers said Tuesday. 'I am confident that a satisfactory outcome will be reached' at the Nov. 11-12 meeting, he said via video-conference at a forum in Seoul. Summers also said the U.S. economy is likely to show 'moderate growth' over the near term. It is important for the U.S. to seal its pending free trade agreement with South Korea, Summers said, adding that President Barack Obama is eager to move the pact forward.
2010/11/09 11:40*DJ PBOC Vice Gov: PBOC Always Stays Vigilant Over Inflation Risks

2010/11/09 11:39*DJ PBOC Vice Gov: US QE Has Caused Inflation Worries

2010/11/09 11:38*DJ PBOC Vice Gov: Negative External Impact Of US QE Has Already Emerged

2010/11/09 11:36*DJ ICBC (Asia): No Fund-Raising Plan In Near Term

2010/11/09 11:34*DJ ICBC (Asia): Parent Has No Plan To Inject Capital In Company Near Term

2010/11/09 11:20*DJ ICBC (Asia) Shareholders OK Parent's Plan To Take Firm Private

2010/11/09 11:00DJ UK To Owe GBP10 Trillion By 2015, Faces Long Retrenchment
LONDON -The total indebtedness of the U.K.'s public and private sectors will rise to GBP10 trillion by 2015, and will remain equivalent to more than five times annual economic output, according to a report published Tuesday by business services firm PwC. The firm said that while the burden imposed by servicing the debt is bearable at the very low interest rates that exist now, it could become much more difficult should rates rise in tandem with an economic recovery. And it warned that efforts by both the public and private sectors to cut their debts could push the economy back into recession, or at the very least will be a drag on growth for years to come. PwC said it expects total U.K. debt to rise to GBP10.2 trillion in 2015 from GBP7.5 trillion last year. With the economy set to grow by 2% next year and at an average of 2.5% between 2012 and 2015, that would leave the stock of debt relative to gross domestic product at 536%, down from 543% last year. But by historic standards, debt would remain very high. It was twice as large as GDP in 1987, and just over three times as large as GDP as recently as 2000. 'This is a very heavy burden of debt for the economy to continue to bear, particularly with interest rates likely to rise significantly at some point over the next five years or so,' said John Hawksworth, PwC's chief economist. The Bank of England has maintained its key interest rate at a record low of 0.5% since March 2009, and although it shows no inclination to raise the rate soon, it will at some point in coming years. Hawksworth said that could place additional pressure on household budgets that are already going to be hit by the government's spending cuts and tax hikes. 'You have the fiscal squeeze and a potential debt squeeze on top of that,' he said. PwC forecast that household debt will climb to GBP1.9 trillion by 2015 from GBP1.5 trillion now, and corporate debt will rise to GBP2.2 trillion from GBP1.7 trillion. And it expects the financial sector's debts to rise to GBP4.5 trillion from GBP3.4 trillion. Hawksworth said there is no quick or easy way to deal with the U.K.'s 'addiction to debt,' and that it may take a quarter of a century to correct the excesses of the last 25 years. 'We have to accept that there's been a very long party, and there is going to be a very long hangover from that,' he said. The government has taken the first steps towards easing its reliance on borrowing. Last month it laid out GBP81 billion in spending cuts that are intended to help it eliminate its structural budget deficit by 2015. But that means that it will continue to add to its stock of debt, albeit at a slowing rate. PwC forecast that government debt will rise to GBP1.4 trillion from GBP0.9 trillion last year Among PwC's proposed remedies in the private sector are measures to increase the supply of affordable housing in the U.K., since the build up in personal debt is a consequence of the rapid rise in house prices over the past decade. Hawksworth also proposed that the tax system be changed to eliminate the favorable treatment of debt as a source of funding for companies relative to equity. But that would only be possible in the context of international agreements. 'None of these are easy things to do, or things you would want to do quickly,' he said. 'It would be disastrous if we tried to do this too quickly.' -Paul Hannon, , +44 20 7842 9491; paul.hannon@dowjones.com
2010/11/09 10:56*DJ Japan Fin Min Noda: Will Take Decisive Forex Steps If Necessary

2010/11/09 10:53*DJ Spot Gold Hits New Record In Sterling; GBP875/Oz

2010/11/09 10:45*DJ Spot Gold Hits New Record High Of $1,413.20/Oz

2010/11/09 10:44DJ Japan, US To Launch Dialogue To Secure Rare Earth Minerals -Kyodo
Tokyo and Washington have decided to launch high-level talks on resources and energy in a bid to secure rare earth minerals amid stalled exports of them from China, Kyodo News reported Tuesday citing sources close to Japan-U.S. relations.Japanese Prime Minister Naoto Kan and U.S. President Barack Obama are expected to reach a final agreement Saturday when they meet on the sidelines of the Asia-Pacific Economic Cooperation forum summit in Yokohama.Since an incident involving collisions between a Chinese fishing trawler and Japanese patrol boats in September near disputed islands in the East China Sea, Chinese customs officials have imposed broad shipment restrictions on rare earth exports to Japan.China, which accounts for about 90% of the global output of rare earths, also halted shipment of the metals to Europe in October. It denies, however, imposing any embargos.The Japanese and the U.S. governments have decided to reinforce their ties concerning the matter as China could impose such an embargo as a diplomatic card in the future, according to the sources.The planned high-level talks will comprise vice-ministerial-level officials from the Japanese foreign and trade ministries and the U.S state and energy departments, the sources said.
2010/11/09 10:18=DJ Fed's Fisher: Fed Liquidity Must Be Matched By Fiscal Austerity

2010/11/09 10:15*DJ US Summers: Expect 'Satisfactory' Outcome To Resolve Global Imbalances At G-20 Summit

2010/11/09 10:11*DJ GE Investment To Include $500 Mln In R&D, Innovation Centers

2010/11/09 10:04*DJ US's Summers: US Economy To Show 'Moderate Growth' Near Term

2010/11/09 10:02*DJ Spot Silver Hits New 30-Year High At $27.87/Oz

2010/11/09 09:30DJ OECD: Major Asean Economies Returning To Pre-Crisis Growth Rates
TOKYO -The six major economies of the Association of Southeast Asian Nations are seeing strong growth and should be able to post 2011-15 annual GDP expansion of 6.0% on average, equal to what they saw before the 2008 global financial crisis, the Organization for Economic Cooperation and Development said in a report Tuesday.The OECD said the figure would be about the same as the 6.1% posted by the six nations in 2003-2007, before the financial crisis in the fall of 2008. The six nations listed by the OECD as the major economies are Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.But the OECD said that growth needed to be more consistent across the region. The Asean grouping also includes Brunei, Cambodia, Laos and Myanmar.It said that to achieve this, 'well-designed fiscal rules, independent fiscal institutions and medium-term budgetary frameworks' need to be created.In addition, it recommended measures to enhance external competitiveness and to reduce dependence on exports of a 'narrow range of electronic products.' It suggested that diversification into areas such as of healthcare products would provide a new source of trade growth. It also recommended development of a more-integrated transport infrastructure.
2010/11/09 09:25DJ Japan Finance Minister: G-20 Leaders May Agree On Need For Curr Acct Guidelines
TOKYO -Japan's finance minister said Tuesday that the leaders of the Group of 20 industrial and developing countries may agree on the need for "indicative guidelines" to mend global trade imbalances, but they probably won't settle the specific details, and instead, will leave that to the finance ministers."I'm expecting that they will come to share the view that we need indicative guidelines and they will then let finance ministers and others work on details," Finance Minister Yoshihiko Noda said at a news conference after a regular cabinet meeting.Noda expressed doubt that the G-20 leaders, who are set to meet in Seoul later in the week, will be able to agree on numerical targets to fix current-account imbalances."On the question of whether everything, including the issue over numbers will be decided in Seoul, well, there are various opinions and also individual nations or regions have their own situations on current accounts," Noda said.
2010/11/09 09:10=DJ US Banks Ease Some Loan Terms, But Demand For Credit Falls

2010/11/09 08:41*DJ ICBC (Asia) Suspended From Trading; Pending Court Meeting Results

2010/11/09 08:37=DJ DATA SNAP: UK October Retail Sales Buoyed By Sunny Weather-BRC

2010/11/09 08:30=DJ DATA SNAP:UK Oct House Price Balance Slumps To -49 Vs Sep -36

2010/11/09 08:25DJ EU Juncker: Euro Bonds Could Be Part Of Crisis Mechanism
BRUSSELS -A permanent mechanism for dealing with euro-zone countries that can't finance their debts could issue euro bonds to provide countries with financing, Luxembourg Prime Minister Jean-Claude Juncker said Monday.'This is a point which will have to be examined,' Juncker said, speaking to reporters on the sidelines of a hearing at the European Parliament.
2010/11/09 08:16DJ Japan Sept Unadjusted Current Account Surplus Rises 24.3% On Year
TOKYO -Japan's current account surplus expanded in September as imports increased at a slower pace, the Ministry of Finance said Tuesday.The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.960 trillion in September before seasonal adjustment, the data showed. That was wider than expected by 20 economists surveyed by and the Nikkei, who estimated a mean surplus of Y1.664 trillion.The current account measures trade in goods, services, tourism and investment. It is calculated by determining the difference between Japan's income from foreign sources against payments on foreign obligations, and excludes net capital investment. Website: http://www.mof.go.jp/bpoffice/e1c004.htm
2010/11/09 08:05*DJ Nikkei Stock Average Opens Down 0.7% At 9667.44

2010/11/09 08:04*DJ Lead 10-Yr JGB Futures Open Up At 142.96 Vs 142.86 Mon

2010/11/09 08:02*DJ UK BRC Oct Total Retail Sales +2.4% On Year

2010/11/09 08:02*DJ UK RICS House Price Balance -49 In Oct Vs -36 In Sep

2010/11/09 08:02*DJ UK RICS House Price Balance Was Forecast At -38 In Oct

2010/11/09 08:02*DJ UK BRC Oct Same-Store Retail Sales +0.8% On Year

2010/11/09 07:56*DJ Japan Noda: G-20 Leaders May Discuss Forex, Inflows Issues

2010/11/09 07:55*DJ Japan Oct M3 Money Stock +2.0%

2010/11/09 07:54*DJ Japan Sep Trade Surplus Y926.9B

2010/11/09 07:54*DJ Japan Sep Trade Surplus Y926.9B; +53.2% On Yr

2010/11/09 07:52*DJ Japan Sep Unadj Goods & Svc Surplus Y857.1B; +49.9% Y/Y

2010/11/09 07:52*DJ Japan Sep Unadj Goods & Svc Surplus Y857.1B

2010/11/09 07:52*DJ Japan Sep Unadjusted Curr Acct Surplus Y1.960T; +24.3% Y/Y

2010/11/09 07:52*DJ Japan Oct Broad Measure Of Liquidity +0.4%

2010/11/09 07:51*DJ Japan Oct M2 Money Stock +2.7%

2010/11/09 07:50*DJ Japan Oct Bank Lending -2.0% On Yr

2010/11/09 07:50*DJ Japan Sep Curr Acct Surplus Y1.960T; Expected Surplus Y1.664T

2010/11/09 07:33*DJ Japan PM Kan, Obama To Agree Saturday On Resources, Energy Talks -Kyodo

2010/11/09 07:31*DJ Japan, US To Launch Dialogue To Secure Rare Earth Minerals -Kyodo

2010/11/09 07:13=DJ US Blue-Chip Stocks Close Lower As Euro-Zone Concerns Weigh

2010/11/09 07:13=DJ WORLD FOREX: Euro Suffers After Renewed Focus On Euro-Zone Debt

2010/11/09 06:25=DJ US Blue-Chip Stocks Close Lower As Euro-Zone Concerns Weigh

2010/11/09 06:16=DJ WORLD FOREX: Euro Suffers After Renewed Focus On Euro-Zone Debt

2010/11/09 05:51DJ Treasurys Fall On Debt Supply, But Higher Ylds Lift 3-Year Auction
(Adds swap spreads, euro-zone debt concern, Irish record high yield premium, and price table.) By Min Zeng Of YORK -Treasury prices fell Monday, pressured by a heavy slate of new bond supply from both the U.S. government and the private sector.As of 3:08 p.m. EST, the benchmark 10-year note was 3/32 lower to yield 2.552%. Bond prices move inversely to their prices.The three-year note was 4/32 lower to yield 0.548% and the two-year note was 2/32 lower to yield 0.403%.The resulting higher yields boosted demand for a $32 billion sale of three-year notes. The Treasury sold the notes at a second-lowest yield ever of 0.575%, allowing the U.S. government to borrow at historically low interest rates to fund a budget shortfall. The record low yield was set at last month's sale, at 0.569%.The Treasury Department will sell $24 billion in 10-year notes Tuesday and $16 billion in 30-year bonds Wednesday as part of this week's $72 billion in new debt auctions."Supply is the key focus of the week. But I think the 10-year auction will go OK as the Fed is friendly to the bond market," said Mary Ann Hurley, vice president of trading in Seattle at D.A. Davidson & Co.The Fed plans to buy $600 billion in Treasurys from now through June, aimed at stimulating the economic recovery by pushing down long-term borrowing costs for consumers and businesses, which are based on Treasury yields.The central bank "will be buying as much as will be issued for the next six months and probably next year," which will help keep bond yields low, said Tom Tucci, head of U.S. government bond trading in New York at RBC Capital Markets LLC.Lower interest rates have spurred many companies to borrow to take advantage of the historic low rates. Monday, more than $11 billion in U.S. investment-grade corporate bonds hit the market, including $2 billion from UPS, and more corporate debt sales are scheduled for coming days.The Fed plans to spend 86% of the $600 billion on Treasurys maturing between 2 1/2 years and 10 years. The five- to seven-year sectors will be the primary focus of the buying.The 10-year note's yield, a benchmark for consumer and corporate borrowing, has dropped from this year's peak of 4.017% set in early April. It touched as low as 2.332% last month, the lowest level since January 2009.Michael Pond, co-head of U.S. rates strategy at Barclays Capital Inc. in New York, said this week's 30-year Treasury bond sale will be "a real test for the market" as "demand for the long end has faded because long-term inflation expectations are on the rise and the Fed indicated it would not buy a significant amount there."The 30-year bond had been avoided since the Fed's plans devote only 4% of the $600 billion program to maturities of 17 years to 30 years. The yield premium over the benchmark 10-year note has risen to record highs in recent sessions.Also, many investors have been selling the 30-year bond in the past few weeks due to worries that the Fed's expected plans will generate longer-term inflation, which erodes bonds' fixed returns over time.But Ira Jersey, interest-rate strategist in New York at Credit Suisse Securities USA LLC, said with yield around 4.14%, the 30-year bond auction should have some support because some investors, such as pension funds, need long-term high-grade assets to match their long-term liabilities.Short-dated notes were the biggest losers. Part of the price decline was driven by heavy selling in short-term euro-dollar interest-rate futures, which reflected growing anxiety over funding costs in the money market into year end over sovereign debt fears in Europe, some marker participants said.Worries grew that Ireland would be unable to sell government debt in international markets next year due to its fiscal and economic problems. Investors pushed up the yield premium to hold Irish 10-year government bond over German bunds, the region's benchmark, to record high of 550 basis points."There is liquidation of front end positions in euro-dollar futures and it has forced other selling including two and three-year Treasury notes," said Richard Gilhooly, senior U.S. rates strategist at TD Securities in New York. "Dealers and investors are trying to hedge against credit risks. The source is probably default fears in Europe at the most illiquid time of the year."US Swap Spreads WidenU.S. swap spreads widened Monday on rising worries over the fiscal and sovereign debt problems in the euro zone.Investors pushed up the swap rates, or the cost to swap fixed-rate payments for floating rates, amid concern about the credit risks of their private counterparties.The two-year U.S. swap spread, which measures the differential between the two-year swap rate and two-year Treasury yield and a main gauge of credit risks, was 2.25 basis points wider at 17.75 basis points. The 10-year swap spread was 0.5 basis point wider at 13.75 basis points.COUPON ISSUE PRICE CHANGE YIELD CHANGE3/8% 2-year 99 30/32 dn 2/32 0.403% +3.2BP3/4% 3-Year 99 27/32 dn 4/32 0.548% +4.5BP1 1/4% 5-year 100 19/32 dn 4/32 1.125% +2.9BP1 7/8% 7-Year 100 22/32 dn 1/32 1.770% +0.5BP2 5/8% 10-year 100 20/32 dn 3/32 2.552% +1.3BP3 7/8% 30-year 95 29/32 up 4/32 4.114% .9BP***********2-10-Yr Yield Spread: +215 BPS Vs +217 BPS Source: Tradeweb
2010/11/09 05:25DJ OIL FUTURES: Crude Edges Higher; Stronger Dollar Caps Gains

2010/11/09 04:42*DJ OIL FUTURES: Nymex Crude Settles 21c Higher At $87.06/Bbl

2010/11/09 04:17DJ PRECIOUS METALS: Currency Concerns Send Gold Past $1,400/Oz

2010/11/09 03:41*DJ OIL FUTURES: Nymex Crude Closes 22c Higher At $87.07/Bbl

2010/11/09 03:39*DJ Greek Fin Min Welcomes US Continuation Of Fiscal Stimulus

2010/11/09 03:20*DJ Comex December Gold Settles At Record $1,403.20, Up $5.50

2010/11/09 03:18DJ PRECIOUS METALS: Currency Concerns Send Gold Past $1,400/Ounce

2010/11/09 03:09=DJ US Conference Bd: Employment Trends Index Rebounds In October
NEW YORK -A measure of labor indicators bounced back a bit in October, according to a report released Monday by the Conference Board.The board said that its October employment trends index increased to 98.1 from a revised figure of 97.3 in September, first reported as 97.0.The October index is up 10.1% from a year ago."The improvement in the ETI in October suggests that negative job growth in the next quarter or two is very unlikely," said Gad Levanon, associate director. "However, we forecast sluggish economic activity until mid 2011, at the earliest. Employment growth will likely remain weak in 2011."Six out of the eight components increased last month. The positive indicators included new jobless claims, temporary workers and involuntary part-time employment.The ETI release follows Friday's jobs report that showed private businesses added a stronger-than-expected 159,000 in October.The Conference Board's index is an aggregate of eight labor-market indicators, including jobless claims, job openings data from the Bureau of Labor Statistics, and industrial production figures from the Federal Reserve. It seeks to facilitate forecasts for employment, unemployment and wages by filtering out the noise and volatility of monthly labor market indicators and showing underlying trends more clearly.The employment trends index is published the first business day following the government's monthly jobs report.
2010/11/09 03:08DJ World Bank's Zoellick: World Should Again Look At Gold -FT
d Bank President Robert Zoellick, in an op-ed article published Sunday in the Financial Times, urged the world's developed economies to consider re-adopting a modified gold standard as a way to avoid currency disputes between nations.Zoellick calls for a system that "is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi that moves towards internationalisation and then an open capital account." He said the system also should "consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values."The article comes as leaders of the G-20 are gathering in Seoul. Full story at: www.ft.com/cms/s/0/eda8f512-eaae-11df-b28d0144feab49a.html#axzz14hfym5VD; Zoellick's op-ed: www.ft.com/cms/s/0/5bb39488-ea99-11df-b28d0144feab49a.html#axzz14hihCrik-; 212-416-2900
2010/11/09 02:58*DJ Fisher: Worried Fed Asset Purchases Could Become 'New Normal'

2010/11/09 02:58*DJ Fisher: Underlying Inflation Trend Steady

2010/11/09 02:57*DJ Fisher: Quantitative Easing-Weakened Dollar Could Undermine Anti-Protectionist Efforts

2010/11/09 02:55*DJ Fed's Fisher: Without Fiscal Tightening, Quantitative Easing Will Result In 'Super-Ordinary Infl

2010/11/09 02:55*DJ Fisher: New Congress Must 'Move Quickly' On Fiscal Tightening

2010/11/09 02:54*DJ Fisher: Risks Of Double-Dip, Deflation Have Lessened

2010/11/09 02:40*DJ Bullard: Consumption, Investment Should Rise From Bond Buying

2010/11/09 02:38*DJ Gold's Rise Comes Amid Currency Uncertainty Ahead Of G-20

2010/11/09 02:23DJ Fed's Bullard: 2nd Quantitative Easing Benefits Outweigh The Risks
NEW YORK -The benefits of the Federal Reserve's second large scale bond buying program will outweigh the risks, Federal Reserve Bank of St. Louis President James Bullard said Monday, noting positive effects of past purchases. Bullard said that typically the maximum effects of monetary policy can be seen with a lag of six to 12 months and that the effects from bond buying should be conventional as well.Less than a week after the Fed launched its second quantitative easing effort, or QE2, Bullard noted that the pace of the recovery has slowed, creating a disinflationary trend that the Fed had to address. Labor markets also continue to be weak, he said, and he believes they will lag the recovery as has been the case in the last two recessions."U.S. policy should strive to avoid the possibility of a Japanese-sytle deflation," said Bullard, a voting member of the rate setting Federal Open Market Committee. The Japanese experience indicates that a near-zero nominal interest rate, mildly deflationary equilibrium exists, and is difficult to escape, he said.Earlier this year, the central banker said in a paper that it may not be prudent to rely on low policy rates alone to keep the U.S. out of a deflationary outcome.Bullard's comments came from a slide show prepared to accompany remarks given at a talk before members of the New York Society of Security Analysts in New York. The topic of the presentation was monetary policy and inflation outcomes in the U.S. Bullard was also expected to take questions from audience members and from reporters following his prepared comments.The speech was his first official public presentation since the Fed last week unveiled a second large scale bond buying program to help stimulate growth and ward off deflation. Known as its second quantitative easing effort, or QE2, the program is designed to kickstart the U.S. recovery by buying U.S. government debt, essentially flooding the financial system with dollars.The Fed said it will buy $600 billion in longer-term Treasurys by the end of June 2011, a pace of about $75 billion a month. It will review the pace of purchases and the program size in light of new information and adjust as needed in order to best foster maximum employment and price stability.In other remarks Monday, Bullard said that monetary policy should be directed at avoiding further disinflation, with the Fed defending its implicit inflation target from the low side as it would the high side. Since U.S. short-term interest rates are already at about zero, further disinflation would mean rising real interest rates in the face of a slowing pace of recovery, said Bullard.On prior asset purchases, he said that effects have been conventional, with real interest rates falling, inflation expectations rising, the dollar depreciating and equity prices rising. The policy "puts downward pressure on real interest rates," he said.He noted that even before QE2, monetary policy was "ultra-easy" and that rates are projected to remain near zero for an "extended period."He said that the Fed is committed to returning the Fed's balance sheet to pre-crisis levels over time.The central banker also said that the U.S. Congress and President must attack the long-run budget problems the nation faces.The real effects of bond buying will be hard to disentangle from other factors though, he said.
2010/11/09 02:20*DJ Treasurys Lower As Market Braces For Additional Debt Supply

2010/11/09 02:18DJ European Stocks End Lower; Worries Over Euro-Zone Debt Return

2010/11/09 02:10*DJ Bullard: US Should Strive To Avoid Japanese-Style Deflation

2010/11/09 02:05*DJ Bullard: Monetary Policy Goal Is To Avoid Further Disinflation

2010/11/09 02:05*DJ Bullard: Fed Committed To Shrinking Balance Sheet Over Time

2010/11/09 02:03*DJ Bullard: Monetary Policy 'Ultra Easy;' Rates Low For Extended Period

2010/11/09 02:01*DJ Bullard: Labor Markets Still Weak, Will Lag Recovery

2010/11/09 01:51=DJ WORLD FOREX: Euro Down On Resumption Of Sovereign Debt Concerns -3-

2010/11/09 01:41*DJ Bullard: Pace Of Economic Recovery Has Slowed

2010/11/09 01:37=DJ WORLD FOREX: Euro Down On Resumption Of Sovereign Debt Concerns

2010/11/09 01:10*DJ Comex Gold Futures Bounce To Record Above $1,400 An Ounce

2010/11/09 01:01*DJ Spot Gold Hits New Record, Breaks Above $1,400/Oz

2010/11/09 00:23*DJ Qatar Oil Minister: Oil Market Not Oversupplied, But Inventories Are High

2010/11/09 00:12*DJ Qatar Oil Minister: Have To Live With Weak Dollar, Fluctuating Oil Price

2010/11/09 00:12*DJ Qatar Oil Minister: Not Worried About Rising Oil Price Derailing Economic Recovery