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China home prices fall for third month, threaten economic growth BEIJING: China's home prices fell in November for a third consecutive month versus year-ago levels, Reuters calculations from official data showed on Thursday, pointing to an intractable property downturn despite government efforts to energise the market. Average home prices in 70 major Chinese cities were down an annual 3.7 percent last month from 2.6 percent down in October, the biggest drop since Reuters started calculating nationwide housing prices. The National Bureau of Statistics data showed new home prices fell year-on-year in 68 of the 70 major cities it monitors, up from 67 in October. Yu Liang, president of leading residential developer China Vanke Co said at the weekend China was facing an inventory overhang that would take 13 months to clear. The price fall came in spite of the government relaxing its lending rules in October and cutting interest rates in late November, intensifying fears that the slack property market, ...

Russian economy faces 5pc contraction: IIF economist WASHINGTON: The sharp fall in oil prices and Western sanctions could combine to drive a five percent contraction of the Russian economy next year, an economist warned Wednesday.Lubomir Mitov, a Russian specialist at the Institute of International Finance, said that if oil prices stick at current levels, domestic investment and consumption will plunge, and companies and banks that do not enjoy government support could default on their loans.If oil prices remain in the range of ...
US mortgage applications fall in latest week: MBA NEW YORK: Applications for US home mortgages fell last week and interest rates declined to their lowest level since May 2013, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 3.3 percent in the week ended Dec. 12.The MBA's seasonally adjusted index of refinancing applications was unchanged, while the gauge of loan requests for home purchases, a ...
US current account deficit widens in third quarter WASHINGTON: The US current account deficit unexpectedly rose in the third quarter as an increase in exports was offset by a rewidening of the secondary income shortfall.The Commerce Department said on Wednesday the current account gap, which measures the flow of goods, services and investments into and out of the country, rose 1.9 percent to $100.3 billion from a revised $98.4 billion deficit in the second quarter.Economists polled by Reuters had forecast the deficit narrowing ...
US consumer prices fall on gasoline, eyes on Fed WASHINGTON: US consumer prices recorded their biggest drop in nearly six years in November as gasoline prices tumbled, but this probably will not change views the Federal Reserve will start raising interest rates in mid-2015.The Labor Department said on Wednesday its Consumer Price Index fell 0.3 percent last month, the largest decline since December 2008, after being flat in October.In the 12 months through November, the CPI increased 1.3 percent, the smallest gain since February, ...
British unemployment rate steady at 6pc LONDON: Britain's unemployment rate has remained at a five-year low of 6.0 percent while wages are rising, official data showed on Wednesday.The rate for the July-September period compares with 6.2 percent for the three months to the end of October, the Office for National Statistics said in a statement.The number of unemployed meanwhile dropped by 455,000 to 1.96 million, the ONS added.Wages excluding bonuses rose 1.4 percent in the reporting period. Britain's economy is outperforming ...
US consumer prices fall unexpected 0.3pc in November WASHINGTON: US consumer prices fell 0.3 percent in November, much more than forecast, even as declining oil prices were expected to cause a contraction, Labor Department figures showed Wednesday.The prices of food and services were higher, but the 3.8 percent fall in energy prices from October more than offset those rises.Economists had expected a fall of just 0.1 percent in the overall consumer price index. Stripping out volatile food and energy prices, the core CPI ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln