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Economic Data (USA)

Monday, December 26, 2005

Markets Closed for Xmas (Observed)

The New York markets are closed today in observance of Xmas. You can refer to last Friday's post for the most recent numbers from New York's markets.

Online retailer Amazon.com has reported record sales this holiday season, with iPods and video games topping their list of hot sellers. Amazon's best sales day for Xmas season 2005: December 12th.

It would seem that American bankers can't get enough of China's banking industry. Citigroup is set to increase its ownership stake in The Pudong Development Bank from 4.6% to just under 20%. Citibank is also bidding against American, European and Chinese rivals to get a piece of The Guangdong Development Bank (Guangdong is a relatively wealthy region of southern China.) All these banks want to profit from the boom in borrowing that is virtually inevitable as the increasingly wealthy Chinese people buy cars, homes, and all the other things that upwardly mobile consumers tend to acquire.

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