Mena News

 

  GCC ad spending stands at USD4.8bn in 2012
Jun , 09 , 2013  
  GCC ad spending increased 5% to USD4.8bn in 2012 with 33% of the spending contributed by the UAE. It was followed by a 30% spending from Saudi Arabia.
 

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  US consumer credit rises less than expected
Jun , 09 , 2013  
  US consumer credit rose by USD11.1bn in April following USD8.4bn increase in March. This is against economists estimates of increase by USD14.0bn. While non-revolving credit rose by USD10.3bn, revolving credit edged up by USD0.7bn.
 

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  US unemployment edged up in May
Jun , 09 , 2013  
  US unemployment rate edged up to 7.6% in May from 7.5% in April, reflecting an increase in the size of the labor force. Non-farm payroll employment rose by 175,000 jobs in May against an increase of 149,000 jobs in April.
 

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  Qatar bought USD7.1bn of assets
Jun , 09 , 2013  
  Qatar bought assets worth USD7.1bn to provide financial support to the Barwa Real Estate and help it to reduce its debt.
 

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  Gold ends lower as dollar strengthens
Jun , 05 , 2013  
  Gold futures fell as the dollar strengthened on better-than-expected US trade data. Gold for August delivery closed at USD1,397.20 an ounce.
 

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  UK construction PMI at seven-month high
Jun , 05 , 2013  
  After shrinking for six months in a row, UK’s construction sector unexpectedly grew in May. The Purchasing Managers' Index for the construction sector rose to a seven-month high of 50.8 in May from 49.4 in April. Residential construction drove growth in the sector as house-building hit its fastest pace in 26 months.
 

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  S&P revises outlook on Saudi Electricity Co.
Jun , 05 , 2013  
  S&P has affirmed Saudi Electricity Co’s long-term corporate credit ratings at ‘AA-‘ and has revised its outlook to positive from stable.
 

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  U.S. stocks inch higher, Dow set for another strong Tuesday
Jun , 05 , 2013  
  U.S. stocks inched higher, putting the Dow on track for yet another strong Tuesday, but market participants say the direction could easily turn as the market gets more clues on when the Federal Reserve may reduce its stimulus efforts, Reuters reported. If the Dow ends the session higher, it will be the 21st Tuesday for the Dow to gain, the longest winning streak for any day of the week since 1900. "We are seeing the continuation of yesterday's relief rally after the big selloff last week. We are still in relief buying mode but volatility has ticked up significantly here," said Ryan Detrick, senior analyst at Schaeffer's Investment Research in Cincinnati, Ohio. Detrick noted that the market is starting to see "internals deteriorate when the indexes are moving higher." The number of stocks hitting 52-week highs that quickly turn around to end the week lower has grown sharply in the past week. "Although this doesn't suggest a major correction, it is a near-term warning sign," Detrick said. According to Reuters, Tuesday's session was expected to be volatile as several Federal Reserve speakers were speaking in public, including Fed Governor Sarah Bloom Raskin, Kansas City Federal Reserve Bank President Esther George and Dallas Federal Reserve Bank President Richard Fisher.
 

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  U.S. trade deficit widens from three-year low
Jun , 05 , 2013  
  The trade deficit in the U.S. widened in April from a more than three year low, reflecting a rebound in imports of consumer goods and business equipment that eases concern about the degree of slowing in economic growth, Bloomberg reported. The gap grew by 8.5 % to $40.3 billion from a $37.1 billion in March shortfall that was smaller than previously estimated, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg survey of 68 economists called for the deficit to grow to $41.1 billion. Imports climbed by 2.4 %, twice the gain in exports. American demand for foreign-made mobile phones, automobiles and computers accelerated, pointing to gains in household and business spending that will help the world’s largest economy weather government cutbacks. Record U.S. exports of autos and parts and consumer goods also indicate global growth is stabilizing. “The details of this report offer an encouraging take on both U.S. and global economic activity at the start of the Quarter,” Millan Mulraine, an economist at TD Securities USA LLC in New York, said in a note to clients.
 

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  China manufacturing growth improves
Jun , 03 , 2013  
  China's manufacturing sector growth accelerated unexpectedly in May, signaling that the economy may be stabilizing after a slowdown in 1Q13.
 

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