“The flexibility of developing economies, which turned out to relatively mild in the Great Depression of 2008 and 2009, probably will change the balance of global economic power,” says the IEA. Indeed, estimates that if the price of oil remains above the $100 at the oil trading markets this will be a threat to a fragile macroeconomic and financial situation of OECD countries. It believes that global oil consumption will increase by 1.2 million bpd or 1.3% annually over the next five years. This is 700,000 barrels more per day, compared with its previous estimate for the period 2010-2015 in December.

The attack was the biggest in the history of the Internet and forced the company to close the PlayStation Network and other services for more than a month. Since then, networks have accepted other attacks by hackers and the company has admitted at least four attacks. In his message to the Twitter team hackers «Lulz Security» says ypeklepse databases containing unencrypted passwords and names, addresses, birth dates and reviews of Sony. The hackers say that the invasion was in evidence as “kids game” and that it was sufficient to break common security holes. “Why have so much confidence in a company is exposed to such simple attacks? The worst thing is that all bit forming the data was not encrypted removed … it is scandalous and dangerous,” it said in the message. The «Lulz Security» is presented as a small group of hackers having fun fighting boredom in the cyber community.

Net income totaled to 30.8 billion yen (380 million dollars) for the quarter ended March 31, compared with earnings of 11.6 billion yen that was recorded a year earlier. In terms of turnover, the industry rose by 10% to 2.35 trillion Yen.

The Nissan also considers that the production will be fully restored in the world until October. The CEO of the company, Carlos Ghosn, has warned that current quarter will be difficult for Nissan and its competitors in Japan, trying to recover from the disaster of March 11.

Meanwhile, the BOJ announced today that it has decided to maintain unchanged the interest rates which are ranging from zero to 0.1%. According to analysts, the statement indicates that the central bank will continue to pursue its current policy of support towards the economy. “The Japanese economy is still in deflation”, said an analyst at Dai-Ichi Life Research Institute in Tokyo, and he estimated that will pass some time before the BOJ raise the interest rates.

“What the Fed means is that: we support you”, noted by Mr. Mark Dow, manager of Pharo Management. “There is support, there will be no double-dip recession and therefore this offers confidence to the fans of risk to return to the markets. And this is exactly what is happening”.

In China the market moved upward and completed the transactions with profits over 1% despite the 1.2% losses that were recorded earlier, as the rally of raw material producers overshadowed government’s restrictions on real estate market speculators.

On the dashboard, the Asia-wide index MSCI Asia Pacific strengthened by 0.6% to 139.03 points. The Japanese Nikkei increased by 76.76 points or 0.74% and completed the transactions at 10478.66 points. The broader Topix strengthened by 0.76%.

Hong Kong’s Hang Seng index rose by 0.41%. In China the Shanghai Composite enhanced by 1.39% while the broader CSI 300 increased by 1.56%. The index Kospi in South Korea strengthened by 0.22% while the index Taiex in Taiwan closed higher by 0.52%. The NZX50 index in New Zealand fell by 0.11%, while in Australia the market moved marginally lower by 0.04%. In India, the Sensex index declines at a rate of 0.59% while the Strait Times in Singapore increased by 0.39%.

At macro level, rise for the second consecutive month recorded the exports of Japan in December as orders to China rose to a record level, reinforcing the view that the economy will recover soon. Orders for abroad rose by 13% in December compared to last year, while the rise which was recorded in November was 9.1%. The estimations were for an increase of 9.3%.

Fitch Ratings downgraded the rating of the economy of Taiwan to borrow in domestic currency. The rating agency downgraded its assessment of Taiwan by a step to AA- from AA, because of high debt and low financial development. However, the agency maintained its evaluation to the ability of the country to borrow in foreign currency to A- because of the positive outlook of the global economy and the country’s prestige as an international creditor and with reserves of foreign currency equivalent to 91% of GDP in 2010.

In New Zealand, the central bank maintained the interest rates unchanged to 3% and indicated that inflation remains within the target set and any increase in borrowing costs will depend on the strengthening of the economic recovery.

More specifically, greater than expected was the development of Chinese economy in the fourth quarter of 2010. China’s GDP grew by 9.8% over the corresponding period last year while for the full year the increase was 10.3%.

Analysts were expecting an increase of 9.2% for the fourth quarter and 10.1% (Dow Jones) – 10.2% (Reuters) for the whole year. Inflation increased by 4.6% on year to year basis in December, slightly below the forecast of 4.7%

“If the economy maintains this growth rate, inflation will remain at alarming levels”, said an analyst of Australia and New Zealand Banking Group.

“The figures for China’s growth will intensify the pressure to tighten the policy”, said at Bloomberg Mr. Shane Oliver, chief investment strategist at AMP Capital Ltd. “These figures are very worrying, but as growth continues at a significant rate and inflationary pressures are present, there is every reason to tighten the policy”.

The rest macro revealed the biggest rise since 1989 recorded on consumer prices in New Zealand for the fourth quarter, mainly due to the temporary effects of the increase on sales tax which was imposed by the government. Consumer prices rose by 2.3% over the third quarter according to the Statistical Office of New Zealand. Estimations were for an increase of 2.4%. Annual inflation rose to 4%, compared with the estimations for 4.1%.

On the dashboard, the Asia-wide MSCI Asia Pacific index fell by 1.2% to 138.87 points losing its seven months high that was recorded yesterday.

Japan’s Nikkei declined by 1.13% and closed the trading session at 10,437.31 points while the broader Topix declined by 1.03%. The Hang Seng index in Hong Kong recorded losses of 1.59%, while in China the Shanghai Composite index recorded losses of 2.92% and the broader CSI300 declined by 3.29%.

The index Kospi in South Korea fell by 0.43% while the Taiex index in Taiwan closed with losses of 0.70%. Australia’s ASX200 index fell by 1.05%, while the index NZX50 in New Zealand closed marginally lower by 0.20%. In India, the Sensex index moves to -0.71% and in Singapore, the Strait Times index declined by 1.06%.

The euro strengthened amid speculation that investments from China will alleviate the financial crisis in Europe and will enhance the attractiveness of the assets of the region.

The Chinese prime minister Wen Jiabao said in October that China supports a stable forex vaule of the Euro and will not reduce its participation in European bonds. “EU members have taken a series of measures to respond actively to the public debt crisis. We hope that these measures will bring quick results and will lead to a sustained recovery in the economies of the EU, said today Mr. Wang.

Yesterday, the forex trading price of the Euro fell to its lowest level in the last two weeks against the forex rates of the Dollar and the Yen, mainly because of the speculation that some European countries will encounter difficulties in trying to raise capital due to the changes in the prospects of their economies and degradation assessments.

An analyst at Nomura Holdings, Mr. Kurt Magnus, commented that “the statements by Mr. Wang would be a good Christmas gift for the euro if Asian support for the EU continued in the next year.”

Mr. Kurt Magnus said also that there are still many who want to sell the euro in order to enter the New Year with a short position in the European currency. “However, there is no reason to be short in the Euro as long as China continues to support the currency”.

The head of the International Energy Agency (IEA) considers China as the biggest consumer of energy, based on the criteria of the IEA and credits it with half of the responsibility of increase in energy demand, as Chinese consumption is growing rapidly, with no signals of how long it will continue this trend. China which relies on coal to fulfil 70% of its energy needs, is the second largest consumer of oil in the world after the USA.

China has increased its investments in order to ensure stable oil supply from Iraq to Latin America, after Chinese refinery Sinopec acquired a 40% stake in early October in the unit of Spanish energy company Repsol in Brazil. Given the size and the demand, China triggers increases in the prices of basic metals, a trend that according to some analysts, could continue in coming years, as noted in an analysis of the French agency.

Recently, copper prices soared to levels that had to be repeated before the financial crisis of 2008 and found a record high and the prices of tin. Analysts believe that small increases in the supply of metals may be insufficient to meet the increased demand from emerging economies. Canonbury Group analysts note that the strong movement in China in the area of construction of new airports, railways and new towns, requires increased amounts of metals. Already, Deutsche Bank predicted that the Chinese requirements for copper is expected to double in the next decade. However, there are some economists who appear reluctant, citing China’s dependence on Western economies and the intention of the Chinese authorities to prevent the possibility of overheating.

Turmoil in the market was caused by the start of yesterdays meeting, as the surprising move of the Central Bank of China to raise interest rates, was evident throughout the course of the disappointment of the results announced by colossal corporations.

In the technology industry, the enthusiasm of Apple and IBM for financial results for the fourth quarter failed to touch U.S. investors who focused mainly on conservative “outlook” administrations for profits.

Noteworthy was the negative shift of the financial industry which responded to the developments concerning the Bank Of America, as the bank is rumored to face the New York Fed and a group of investors to undertake a repurchase of mortgage loans.

The headlights had also been set on the rising dollar which created intense pressure on metal prices and on shares of raw materials and goods.

The Dow Jones industrial average fell 165.07 points (-1.48%) closing at 10978.62 points. The Nasdaq index recorded a fall of 43.71 points (-1.76%) and closed at 2436.95 points. S&P 500 fell 18.81 points (-1.59%) closing at 1165.90 points.

Of the 30 stocks that make up the Dow Jones only 2 closed in positive mood while 28 closed in negative. Of these, the largest percentage gains were recorded by Coca Cola closing at $ 60.34 with an increase of 0.34 dollars or 0.57% rate and followed by Intel with profits of 0.10%. In contrast, the three stocks with the worst performance were Bank of America (-4,38%), IBM (-3.36%) and Microsoft (-2.79%).

The Chinese central bank surprised markets by announcing an increase in deposit and lending rates by 25 basis points with effect from today. In a statement the central bank said it would raise its lending rate of one year Yuan to 5.56% from 5.31% previously, and the deposit rate of one year Yuan to 2.50% from 2.25%.

In front of the U.S. results, the highest in the history of profit and revenue was announced by Apple for the fourth quarter of the fiscal year ended September 10.

Specifically, profit after tax of the U.S. giant reached 4.31 billion Dollars or 4.64 Dollars per share, an increase of 70%, while revenues jumped to 20.34 billion dollars. Note that in the corresponding period last year Apple had a profit 2.53 billion dollars and 12.21 billion U.S. Dollars revenue. In the first quarter of the fiscal year 2011, the company expects revenue of approximately EUR 23 billion and EPS of $ 4.80.

12% increase in third quarter net profit was recorded by IBM, benefiting from higher revenues and strong demand in growth markets.

Specifically, net income totalled $3.6 billion or $ 2.82 per share, versus profit of 3.2 billion U.S. Dollars, or $ 2.40 per share a year earlier. Upgrading for the third time the forecasts, the company’s management announced that the profits expected to rise to $ 11.40 per share “at least” this year.

A net loss of EUR 7.3 billion, or 77 cents per share, versus $ 1 billion, or 26 cents per share, also presented in the third quarter by the Bank of America compared with the corresponding period of 2009.

However on a functional basis, the bank posted profits of $ 3.1 billion or 27 cents per share, revenue and 26.98 billion dollars against 26.36 billion, while analysts placed them at 16 cents and 27; $ 15 billion respectively.

Staying in the financial sector, falling profits and revenue announced for the third quarter of 2010, Goldman Sachs which nevertheless managed to surpass analysts’ estimates, as broadcast foreign news agencies.

Specifically, the company reported net income of 1.90 billion dollars or 2.98 dollars per share for the quarter ended on September 30 from 3.19 billion dollars or 5.25 dollars per share for the corresponding period 2009.

Revenue fell 28% and amounted to 8.90 billion dollars from 12.37 billion a year earlier. The average estimates of analysts polled by Thomson Reuters placed the company’s earnings to $2.32 per share with $7.9 billion revenue.