DIARY-Top Economic Events to Dec 11 TUESDAY, DECEMBER 1 EAST LANSING, United States- Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the Lansing Regional Chamber of Commerce Economic Club Luncheon- 1745 GMT. LONDON- Bank of England announces the results of this year's bank stress tests and publishes Financial Stability...
FOREX-Dollar rises on ECB, SNB rate-cut expectations NEW YORK, Nov 27- The dollar rose across the board on Friday, hitting an eight-month high against a basket of currencies as speculation the Swiss National Bank would follow the European Central Bank in cutting deposit rates further pushed major competitors lower. The euro rebounded in afternoon U.S. trading to move back above $1.06 after falling near...
| By: Dion Rabouin
UPDATE 8-Oil drops in light volume; cautious week expected before OPEC *Caution trading expected ahead of Dec. 4 OPEC meeting. NEW YORK, Nov 27- Oil traded lower in light post-holiday volume in New York on Friday as the dollar's rally to an eight-month high and a tumble in Chinese equities added pressure to oversupplied crude futures. The dollar hit late-March highs against a basket of currencies on speculation the Swiss National...
| By: Barani Krishnan
UPDATE 3-India's Modi meets Sonia Gandhi to discuss new indirect tax *Modi hosts Congress leaders Friday evening. *Congress demands rate of below 20 percent. NEW DELHI, Nov 27- Indian Prime Minister Narendra Modi hosted opposition Congress party leader Sonia Gandhi for talks on Friday to try and break a deadlock over launching a new indirect tax, in a bid to put his economic recovery agenda back on track.
| By: Rupam Jain Nair
METALS-Nickel slides despite Chinese producer plan to cut output *China stockpiler mulls buying 1 mln T aluminium-sources. Mainly used to make stainless steel, nickel has been weighed down by heavy oversupply and concern about demand in top consumer China that has also pressured other metals. "I think the market is waiting for those production cuts to be realised before pricing anything in," said Eugen Weinberg, head of...
| By: Eric Onstad
China plunges, and it may get worse Wall Street is increasingly concerned a tumble in commodity prices and the latest sales numbers from Caterpillar portend a further slowdown in China.
| By: Tae Kim
Business events scheduled for the coming month WASHINGTON— Institute for Supply Management releases its manufacturing index for November, 10 a.m.; Commerce Department releases construction spending for October, 10 a.m.. WASHINGTON— Labor Department releases weekly jobless claims, 8:30 a.m.; Mortgage company Freddie Mac releases weekly mortgage rates, 10 a.m.; Institute for Supply Management releases...
Source: The Associated Press
| By: By The Associated Press
GLOBAL MARKETS-China stocks hit hard, rest of world shrugs *China shares see biggest weekly drop in more than 3 months. *Wall Street slips in subdued post- Thanksgiving trade. Wall Street was slightly weaker in what will be an abbreviated post- Thanksgiving session, with markets slated to close at 1 p.m. ET.
| By: David Gaffen