China raises '07 economic growth, passing Germany

China raises '07 economic growth, passing Germany
China passes Germany to become world's 3rd-largest economy after 2007 GDP revision

BEIJING (AP) -- China surpassed Germany to become the world's third-largest economy behind the United States and Japan after Beijing on Wednesday raised its estimate of economic growth in 2007.
The status is symbolic -- China's 1.3 billion people are, on average, among the world's poorest -- but reflects the country's explosive growth as it became the world's factory and a trading power over 30 years of economic reform.
The government revised its estimate of 2007 economic growth from an already high 11.9 percent to an eye-popping 13 percent, the fastest rate since 1994.
That raised China's gross domestic product to 25.7 trillion yuan, or $3.5 trillion at 2007 exchange rates, the national statistics agency said. That would be ahead of Germany's 2007 GDP of 2.4 trillion euros, or $3.3 trillion at an exchange rate produced by averaging rates on the 15th of each month during that year. Based on only Dec. 31, 2007, exchange rates, China was slightly behind Germany but would have passed it early last year.

Despite a horrendous year for the World's Stock markets in 2008, most markets close on an up note on the 31st of December

Despite a horryfing year for the World's Stock markets in 2008, most markets close on an up note on the the last trading day of the year.

(Wednesday December 31st)
Asian Market close up modestly with gains around 1% .
The European Markets were higher in very light trading with gains between 1% and 2,2% gains.
The US markets are poised to open higher and expected to close with gains between 1% and 2%.

The Oil prices are steady near $39 in light New Year's Eve trade.
Precious Metals are expected to rise sharply in 2009.
For 2009 Deflation is a bigger risk than Inflation, and the real financial crisis is still further developing.
Governments are in the process of handling the damage done to the economies and thinking in terms of rescueing packages. The issue will be how long it will take to stabilize credit markets and thus economic activity. The 2010 recovery is likely to be moderate, despite unprecedented global policy stimulus.
The Euro is quite strong at the moment, but has a large downward potential for 2009.
Report 2009 Dollar Outlook (Morgan Stanley)

It sounds very negative, but it could be better to prepare yourself for more financial stupidities, scams, frauds and scandals turning up in 2009.

World markets close 2008 bruised and confused
World markets closing out grim 2008, bruised and confused after year of turmoil
LONDON (AP) -- World stock markets were seeing out 2008 in a bruised and confused state after a year of dizzying turmoil, with stocks in Europe and Asia little changed Wednesday in light trading.
In very modest shortened New Year's Eve trade, the FTSE 100 index of leading British shares closed up 41.49 points, or 0.9 percent, at 4,434.17, while France's CAC-40 close up a bare 0.84 point, or 0.03 percent, at 3,217.97. Germany's DAX was closed for New Year's Eve.

Earlier, markets that were open in Asia ended the year mixed. In Hong Kong, the benchmark Hang Seng Index rose 152 points, or 1.1 percent, to end at 14,387.48 -- 48 percent lower than when the year began. Australia's key index added 1.9 percent but stock averages in Mumbai, Shanghai, Malaysia and Singapore fell modestly. Markets in Japan, South Korea, Indonesia, the Philippines and Thailand were closed for the holiday.

This ends the worst year on record for the Stockmarkets.
Keep your nerve in 2009.

Happy New Year!