document.writeln("

US consumer confidence falls
New York: US consumer confidence fell in September post Hurricane Katrina, higher gasoline prices and a gloomy job outlook.

A business research group, Conference Board said its gauge of consumer sentiment "plummeted" in September to 86.6 from 105.5 in August while a Reuters poll of economists culled a median forecast for a smaller, but still substantial, drop in the index to 95.0.
Back to News Review index page  

China facing severe glut in steel market
Beijing: China, the world's largest producer and consumer of steel, is facing an oversupply situation in steel due to increased imports and domestic supply according to the former president of the China Iron and Steel Association, Wu Xichun.

The steel price drop in international and domestic markets since April this year was natural, and the competitions and merger among domestic steel firms will decide the country's steel market performance in the latter part of this year, he said.

In July and August this year, China turned from a steel net exporter into a steel net importer.
Back to News Review index page  

Oil dips post Katrina higher supplies
London: Oil prices were lower on Tuesday due to large supplies of crude oil. This is even though US Gulf of Mexico oil output remained shut after Hurricane Rita.

Prices of US crude fell 42 cents to $65.40 a barrel, down from the earlier highs of $66.17. London Brent crude fell 37 cents to $63.57 a barrel. The Organisation of the Petroleum Exporting Countries agreed to offer its spare output capacity, the bulk of it held by Saudi Arabia, at its meeting last week.
Back to News Review index page