The Federal Reserve will make its monetary policy statement and announce the official rate on December 19, at 21:00 MT time.
Shanghai-owned state companies will spur investments in next five years
Shanghai's locally-owned state companies are on the verge of investing an extra 800 billion Yuan every year for the next five years. The funds will be mostly allocated for major strategic industries. That’s what the city government informed on Thursday.
It didn’t provide details of how much regular investment the given state-owned companies were planning. It’s also still unknown what industries the extra funds would be allocated for.
China's ruling Communist Party has stepped up its plans to have the state sector reformed via a mix of market forces as well as targeted support in an attempt to cut inefficiencies and also dominate certain swathes of the national economy.
The fresh thrust suggests shaking up ownership structures as well as injecting private capital into the debt-ridden sector.
In Shanghai, local SOEs managed to earn 3.1 trillion Yuan in 2016, with net revenue hitting 305.8 billion Yuan, as state media informed.
Find out the main market movers for today and the reasons behind the risk-off sentiment!
November’s euro zone consumer price inflation was suddenly updated downwards on Monday, thus contributing to skepticism that the EU’s key financial institution won’t be able to move ahead with an interest rate lift next year…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…