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Russian authorities said on Thursday that the country's currency crisis was over, but its economic problems are yet to be resolved.

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The ruble has recovered sharply in response to the steps taken by Russian authorities to prevent further declines in the currency and to slow inflation. The currency slumped to record lows in the backdrop of falling oil prices.

Last week, the Bank of Russia unexpectedly raised its key rates sharply to 17 percent from 10.5 percent. The massive hike was aimed at limiting the slide in the ruble and risks to inflation.

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The state-run news agency TASS on Thursday quoted the country's Finance Minister Anton Siluanov as saying that there were no reason for keeping interest rates high for long.

"As soon as we see that the market situation improves, I believe that the Central Bank will decide on changing the key rate," the finance minister said. "This will provide guidance and influence market rates, which will also fall."

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This week, rating agency Standard & Poor's said it may downgrade the sovereign rating of Russia due to the rapid deterioration in monetary flexibility and the impact of the weakening economy on the financial system.

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Currently, Russia has 'BBB-' rating, which is the lowest investment grade. The S&P plans to review the CreditWatch Negative placement assigned to Russia by mid-January.


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Singapore's producer prices declined for the seventh straight month in November, figures from the Department of Statistics showed Monday.

The manufactured producer price index dropped 6.4 percent year-on-year in November, faster than the 6.0 percent fall in the previous month. Producer prices have been falling since May. The oil and non-oil indices plunged 18.2 percent and 3.2 percent, respectively.

Domestic supply prices also declined at a faster pace, by 9.6 percent annually in November, faster than the 7.3 percent fall in October. It was the fifth consecutive monthly decline.

On a monthly basis, producer prices slid 1.2 percent in November after a 0.9 percent drop in the prior month. The oil index fell 5.2 percent in November, slower than October's 8.5 percent decrease.

At the same time, the non-oil index dropped 0.3 percent in November, in contrast to a 1.2 percent rise in the preceding month. Domestic supply prices also showed its downward trend and fell 2.6 percent, following a 3.6 percent fall in the previous month.


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An Integral Part of the XLT program, Brandon Tristan joins Merlin for a look back at 2014. The dou talk about Oil, the Dollar, Supply $ Demand, Market Timing and the importance of Risk Managment. They also discuss the Aussie Japanese Yen Currency Pair per a listener request. Brandon also offers some insights into what he will be doing different in 2015.



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South Korea had an unadjusted current account surplus of $11.41 billion in November, the Bank of Korea said on Tuesday.

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Russia's service sector contracted further in December, but at a slower pace than in the previous month, the results of a survey by Markit Economics showed Tuesday.

The seasonally adjusted HSBC services business activity index rose to 45.8 in December from a 5-1/2 year low of 44.5 in the previous month. Economists had forecast a score of 44.0 for the month. A reading below 50 suggests contraction in the sector.

The December reading still represented a sharply deteriorating trend in service actor activity.

The HSBC composite output index dropped to a seven-month low of 47.2 in December from 47.6 in November.

Business expectations in the service sector sank to the lowest on record in December. Companies linked pessimism to economic instability, inflation, a difficult investment climate and the impact of sanctions.

On the price front, input price inflation accelerated for the fifth month running to the highest level since May 2008 due to a weakening ruble. Output price inflation marked a record high during the month.

The volume of new contracts received dropped at the strongest rate since May 2009. New business in the service sector fell sharply in December and new orders in the manufacturing sector also declined for the first time in six months, although marginally.

Firms reduced their staffing levels for the eighteenth month running in December and the rate of job shedding accelerated to the fastest Since August 2009.

Commenting on the data, Alexander Morozov, Chief Economist, Russia, CIS & The Baltics at HSBC, suggested that the probability of a deep recession in Russia in 2015 has increased.


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After reporting an unexpected drop in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Wednesday showing that initial jobless claims rebounded by more than expected in the week ended December 27th.

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For the last show of 2014, guest host John O'Donnell visits with special guest Patrick Barron from the Mises Institue. Insightful commentary ensues on a great many subjects.



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Activity in the U.S. service sector grew at a notably slower rate in the month of December, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector falling by more than anticipated.

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The first official trading week of 2015 under way, major moves were going down! Oil down 5%, DOW down over 300… could this just be the beginning?!? Market veteran Bill Henner joins Merlin for a look at these instruments and more to get a clearer understanding of where and when to get into these volatile moves. Bill also offer us insights into where he sees things going in 2015.



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Global emerging markets grew at the fastest pace in three months in December, a survey by Markit Economics and HSBC bank showed Wednesday.

The HSBC Emerging Markets Index, or EMI, increased to 51.7 in December from 51.2 in November, signalling moderate growth. This marked the highest score in three months.

A reading above 50 indicates growth in output.

Manufacturers and service providers in emerging markets registered subdued growth, though the service sector grew at the fastest pace in three months.

Among the largest emerging economies, China reported below-par output growth. India continued its tentative recovery, while Russia logged further decline in activity. Brazil registered a downturn for the eighth time in nine months, though at a slower rate.

New orders and employment in the emerging markets grew in December, though at historically slow rates. Inflationary pressures remained subdued.

The outlook for global emerging markets increased from the record low in November, but remained weak. The Emerging Markets Future Output Index was at the second-lowest level in survey history in December.

"Of the four 'BRIC' economies, India saw the strongest rate of expansion in December (and over the fourth quarter as a whole), despite the rate of expansion slipping from November's five-month peak, " Chris Williamson, chief economist at Markit said.

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