One challenge with analyzing China is that it is easy to compile a long list of negatives. Yet, at the same time, it is possible to make an even longer list of positives. The negatives should be taken seriously. Yet, those who look solely at the negatives in China are akin to stopped clocks: They will be right at some stage, but they are of no use in telling the time.
Homebuilders were the big gainers on the day. Pulte shares rose 71 cents, or 5.7 percent, to US$13.19. Lennar jumped 79 cents, or 4 percent, to US$20.53. Five stocks rose for every two that fell on the New York Stock Exchange. Volume came to 1.21 billion shares. In Europe,Cheap Jordans for Sale, stock indexes rose after Greek officials said they would tap a rescue package from the 15 other countries that use the euro and the International Monetary Fund.
CALIFORNIA'S sole auto plant shut down on Thursday as the last car rolled off the assembly line and thousands of now unemployed workers walked out the doors, some crying. A red Toyota Corolla was the last of nearly 8 million vehicles that have moved through production at New United Motor Manufacturing Inc, known as Nummi, and a throng of workers accompanied it on the final leg of the line.
But Wen also struck a stern note with Europe and the US, telling them to tackle their debt problems and make changes to Authentic Jordans for Sale restore global financial stability and steady economic growth. "Countries must first put their own house in order," Wen said. Wen hinted at possible conditions on Chinese help, saying it wants Europe to take "bold steps," including officially declaring China to be a free-market economy.
The US head of Bank of East Asia was not available to comment on the report. A bid by China's largest lender would be scrutinized by US regulators and could trigger political controversy, given the history of unsuccessful attempts by Authentic Jordans Chinese companies to acquire all or part of US companies.
High unemployment has been a drag on the economy and has cut into energy demand. Wholesale gasoline demand in November was at the lowest level in more than seven years. "Everything's on hold right now,Cheap Jordans Retro," PFGBest analyst and oil trader Phil Flynn said. "We're a little worried about what those jobs numbers will be tomorrow." Government data released yesterday suggested that the US jobs market remains weak.
SAUDI Arabia's central bank yesterday cut its reverse repurchase rate by half, as it looks to boost credit growth at a time when domestic banks have tightened lending. The Saudi Arabian Monetary Agency said it cut the reverse repurchase rate by 25 basis points to 0.25 percent, the second such reduction in a year in an effort to "normalize money market conditions against the backdrop of stable macroeconomic activity." SAMA's step, which takes effect immediately, is the latest by the government of the Arab world's largest economy to stimulate bank lending that has so far come slowly despite earlier economic stimulus efforts. The cut is the second this year by SAMA, which usually follows the United States Federal Reserves' lead in reducing interest rates. In April, it cut the rate to 50 basis points from 75 basis points. But the unilateral nature of the move - the Fed has left its rate unchanged since December - highlights that earlier efforts have not yielded the kinds of results expected. "The banks are in a risk averse environment. They continue to lend less to the private sector, and they continue to place more with the central bank," said John Sfakianakis,Authentic Jordans for Sale, chief economist with SABB, the Cheap Air Jordans for Sale HSBC Holdings PLC affiliate formerly known as Saudi British Bank. "At least from a monetary perspective, they're doing what needs to be done to keep the money away from the central bank." Although money supply growth has been at over 3 percent in the past two quarters, total bank credit growth has fallen since the third quarter of 2008 and was negative in the first quarter of this year.
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