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Analysis: Pollution the big barrier to freer trade in rare earths
(Reuters) - Tackling pollution, not freeing up trade, is regarded as the solution to a global shortage of rare earths, the metals that are the building blocks of the 21st century.
The United States, Europe and Japan have lodged a formal trade complaint against China, the world's monopoly supplier of rare earths, accusing it of choking exports of the metals, used in advanced technologies from computer screens to hybrid cars.
Industry experts say the West and Japan have a strong case to argue before the World Trade Organization (WTO), but the same experts and environmental groups argue that mere victory on a trade complaint will not be enough to break China's grip.
Instead, they say the key to ending China's monopoly is for other nations to help clean up one of mining's dirtiest ...
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Dukascopy Morning Forex Overview : 19/03/2012
Fundamental Analysis
EUR
"We expect euro-zone gross domestic product to contract further in the first quarter of 2012 and very possibly in the second quarter as well"
- Howard Archer, chief European economist at IHS Global Insight
European exports rose for a third straight month in January, adding to signs the region is recovering after contraction in the fourth quarter. The 17-nation currency bloc posted a trade deficit of 7.6 billion euros in January, said the European Union's statistics agency Eurostat on Friday.
USD
"Consumers are pretty stretched at this point"
- Scott Brown, chief economist at Raymond James & Associates Inc
U.S. industrial production was little changed in February, compared to the previous month, said the Federal Reserve on Wednesday.
GBP
"Both the systemic risk ...
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Fed's Evans sees risks in 'siren calls' to hike rates
(Reuters) - Despite recent "encouraging" economic news, the Federal Reserve should do even more to boost growth, or risk stagnation that could persist for a decade or more, a top Fed official said on Friday.
The Fed earlier this week repeated its pledge to maintain ultra-low interest rates until at least late 2014, but a pronounced drop in unemployment has sparked increasing speculation in financial markets that the U.S. central might begin to raise rates much sooner.
But Chicago Fed President Charles Evans, in remarks prepared for delivery at the International Research Forum on Monetary Policy in Germany, said the Fed needs to keep juicing the economy with low borrowing costs.
With growth too slow to quickly bring down a still-high jobless rate, "monetary policy can and should take ...
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Dukascopy Afternnon Forex Overview : 14/03/2012
Dukascopy Fundamental Analysis
EUR
Italy managed to sell EUR 6 billion of its 3-year notes with borrowing costs declining to the lowest reading since October 2010 as ECB loans supported demand. The yield on Italian 3-year bill slipped two basis points to 2.66%. The borrowing costs on benchmark 10-year notes also gave up two basis points, attaining 4.87% compared to 7.26% in November 25.
USD
Ben Bernanke, Head of Fed, announced on his speech today that policy makers expect a moderate economic growth. Additionally, Bernanke forecasted a decreasing unemployment level and subdued inflation. Economic experts claim that the untraditional fiscal measures implemented by the Fed are finally giving returns.
GBP
The number of UK unemployment claims surged more than expected in February and the ...
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Dukascopy Afternnon Forex Overview : 13/03/2012
Dukascopy Fundamental Analysis
EUR
European governments urged Spain to implement larger budged deficit cuts to prevent debt crisis from returning to the region. 10 days ago Spanish PM Rajoy unilaterally increased Spain's deficit target to 5.8% of GDP for year 2012 and claimed the country will aim to attain region's common target of maximum 3% in 2013. The announcement was not praised by region's officials who recently signed fiscal discipline treaty.
USD
US federal budget deficit widened more than expected in February, reported Department of the Treasury. The US federal budget balance declined to minus 231.7 billion US Dollars on a seasonally adjusted basis in February as compared to minus 27.4 billion US Dollars in January. Experts predicted the deficit to attain 229.3 billion US ...
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FOMC meeting today
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
WORLD
The Bank of Japan kept market participants waiting much longer than usual for their overnight policy decision. The delay prompted speculation that a further round of easing might be in the pipeline, but USDJPY dropped 30 pips when no material shift in stance emerged. Crucially, unlike the previous meeting, there was no change to the BoJ’s JGB-purchase ambitions: rinban operations will continue at the same pace, and purchases of shorter-dated JGBs by the asset purchase facility will also continue as before. There were four very minor tweaks to a second-tier lending facility though. This gave it a new lease of life but the adjustments were otherwise insignificant and well below the threshold needed to influence the yen. Attention now shifts ...
Title:
Dukascopy Morning Forex Overview : 13/03/2012
Fundamental Analysis
EUR
"Now we have a sustainable debt for a sustainable country"
- Evangelos Venizelos, Greek Finance Minister
Greece’s successful bond swap deal should reassure markets about the nation’s future, said Greek Finance Minister Evangelos Venizelos on Monday.
USD
"The market in pause mode, looking for anything out of the FOMC which is going to give the market some sort of direction"
- Peter Kenny, managing director at Knight Capital
The Standard & Poor's 500 gained 0.02%, or 0.22 points, to 1,371.09. The Dow Jones Industrial Average grew 0.29%, or 37.69 points, to 12,959.71. The Nasdaq Composite Index, on the other hand, lost 0.16%, or 4.69 points, to 2,983.66.
GBP
"Sentiment has soured over the weekend"
- Jonathan Sudaria, a trader at Capital Spreads
The benchmark ...
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Japan gives China's yuan $10 billion stamp of approval
(Reuters) - Japan will buy 65 billion yuan ($10.3 billion) of Chinese government debt, the country's finance minister said on Tuesday, giving China a mark of approval in the credibility of the yuan as an international currency.
Other countries are investing in China through state agencies, but Japan's investment is by far the biggest in the yuan. As a currency with limited convertibility, such bets are symbolic of the shift in global power towards China as the world's fastest-growing major economy.
Despite sometimes rancorous political ties between the two neighbors, Japan's economic fortunes are increasingly tied to China's economic growth and consumer demand.
China is already Japan's biggest trade partner and the two countries hold the world's biggest piles of foreign exchange ...
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Import surge sends China trade to decade-deep deficit
(Reuters) - China's trade balance plunged $31.5 billion into the red in February as imports swamped exports to leave the largest deficit in at least a decade and fuel doubts about the extent to which frail foreign demand or seasonal distortion drove the drop.
Import growth of 39.6 percent on the year in February was the strongest in a year, well ahead of the 27 percent expected and more than twice the rate of export growth of 18.4 percent that was barely more than half the pace forecast -- albeit at a six month high.
"It's a very mixed picture," said Zhang Zhiwei, chief China economist at Nomura in Hong Kong, who cautioned against reading too much into the data given the underlying volatility caused by the Chinese Lunar New Year holiday that saw a week-long factory shut down in January ...
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