Spreadex Market Update
Asian stocks advance
China maintained its economic-growth target at 7.5 percent for 2013 while setting a lower inflation goal of 3.5 percent. Kikuo Iwata, a nominee for Bank of Japan deputy governor, said in a confirmation hearing today that the central bank should buy longer-term bonds to help achieve a 2 percent inflation target.
The British Retail Consortium said the total value of retail sales grew by its fastest pace in 2 years, (4.4 percent) in February compared with a year earlier, up from 3.0 percent growth in January.
Credited to a rebound in demand for big-ticket items and household goods, the data offers some grounds for optimism about the health of Britain's economy, after recent manufacturing and construction data suggested the economy may be on the verge of its third recession in four years.
Standard Chartered is set to report its 10th successive record annual profit on Tuesday after strong growth in its core Asian markets offset a big fine for breaking sanctions on Iran. A $667 million (441 million pounds) fine from U.S. authorities is likely to have wiped out much of the London-based bank's growth last year.
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