Stephane Deo, global head of asset allocation at UBS, tells CNBC that the pick-up of the consumer is a very long-term change and that not the thing that will help the economy on a cyclical basis.
While the global economic crisis that began in 2008 has shown few signs of abating in pockets, particularly in Europe, the luxury sector overall has been in recovery since 2010, when high-end consumers resumed their easy spending habits.
By afternoon in Europe, benchmark oil for November delivery was down 11 cents to $91.75 a barrel in electronic trading on the New York Mercantile Exchange. Benchmark oil fell 21 cents Friday to settle at $91.86 per barrel on the Nymex. Brent crude, which is used to price international varieties of oil, added 57 cents to $115.19 per barrel in London.
WASHINGTON-- Asia's top powers have doubled defense spending in the past decade, spurred by the explosion in military expenditure by China, new research shows. The research covers China, Japan, India, South Korea and Taiwan, which account for some 87 percent of Asia's defense spending.
BANGKOK-- Asian stock markets fell Monday as hopes dimmed for aggressive moves by China to stimulate its slowing economy.
George Boubouras, Head of Investment Strategy & Consulting, UBS Wealth Mgmt discusses recent efforts by global central banks to stimulate the economy.
Shen Minggao, Head of China Research and Greater China Chief Economist at Citi and Jim Walker, Founder and CEO of Asianomics discuss the latest inflation figures out of China.
China’s exports rose almost 10 percent year-on-year in September, according to data released at the weekend. But speak to Chinese exporters and they say the economic doldrums in Europe mean many are facing more daunting challenges than they were during the 2008 heights of the global financial crisis. The FT reports.
Louis Kuijs, Chief China Economist, RBS warns that despite the recent positive data on China's exports, momentum will fall as 2013 comes around.
Benchmark oil prices will likely gain this week as continued turmoil in the Middle East outweighs global growth concerns, CNBC's latest survey of oil market sentiment showed.
Tony Nash, Managing Director, IHS says that China banks are unwilling to give state owned enterprises huge discounts on loans and instead choose not to lend.
Ric Spooner, Chief Market Analyst, CMC Markets says that current iron ore prices reflect China's encouraging export data.
Thomas Murphy, Family Office Research & Management (FORM) says that retail investors are cautious on the markets and are holding on to cash.
LOS ANGELES-- Federal regulators failed to pursue recalls after they found cadmium-tainted jewelry on store shelves, despite their vow to keep the toxic trinkets out of children's hands, an Associated Press investigation shows.
Chairman Ben Bernanke is rejecting arguments that the Federal Reserve's bold moves to bolster U.S. job growth could have unwanted consequences in emerging market countries. Bernanke's speech in Tokyo was at a conference sponsored by the Bank of Japan and the International Monetary Fund.
TOKYO-- China's central bank governor says the Chinese currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention.
PORTSMOUTH, Ohio-- Mitt Romney is attacking the Obama administration for delaying a decision about whether China is manipulating its currency to gain a trading edge. The GOP presidential nominee says that on his first day in office, he'll brand China a "currency manipulator" and work to end what he calls Beijing's cheating practices on trade.
Financial titans are warning that the government’s inaction in the face of the approaching fiscal cliff poses real risks to an economy that's already saddled by halting growth and a burgeoning debt load.
TOKYO-- Global financial ministers called Saturday for quick and effective action to safeguard faltering economic growth and rebuild shaken confidence as they ended an annual meeting of the International Monetary Fund.
A senior Chinese diplomat made a secret visit to Tokyo this week to hold talks aimed at defusing tensions between Japan and China over a group of disputed islands, Japan’s top government spokesman said Friday. The New York Times reports.