May 31, 2007

European markets up substantially

Permalink: European markets up substantially by Elaine Frei

European markets were higher on Thursday. The FTSE Eurofirst 300 gained 0.72 percent to 1,610.66, and continental markets made substantial gains. The Paris CAC-40 added 1.02 percent to 6,104, while the IBEX was 1.16 percent higher to 15,313.5 in Madrid and the Xetra Dax in Frankfurt gained 1.52 percent to 7,883.04. ...

Inventories data sends crude oil prices lower

Permalink: Inventories data sends crude oil prices lower by Elaine Frei

Metals prices were higher on Thursday after the US dollar declined in response to lower than expected gross domestic product figures for the first quarter. August gold was up $7.40 by early afternoon trade in New York to trade at $666.70 per troy ounce after having sold as high ...

Australia, New Zealand dollars up on greenback, yen

Permalink: Australia, New Zealand dollars up on greenback, yen by Elaine Frei

The US dollar was higher early in the day on a new report which showed that US Midwest business activity was better than expected in May, even though GDP figures from the first quarter were weaker than had been anticipated. The greenback traded as high as ¥121.98, but ...

May 30, 2007

Chinese equities decline

Permalink: Chinese equities decline by Elaine Frei

The equities markets were mixed Wednesday at midday on Wall Street. The Dow Jones Industrial Average was steady at 13,521.99, while the Nasdaq Composite had dropped 0.1 percent to 2,569.63. The S&P 500 was fractionally higher to 1,518.5. The pharmaceuticals sector and some homebuilders saw declines. Beverage makers were higher, ...

Metals, oil prices mixed on session

Permalink: Metals, oil prices mixed on session by Elaine Frei

Crude oil prices were mixed on Wednesday on news from various parts of the world. Brent crude July contracts were 65 cents lower to $67.48 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for July delivery added 25 cents to $63.40 per barrel on the ...

US Treasury bond prices slightly higher

Permalink: US Treasury bond prices slightly higher by Elaine Frei

Prices for US Treasury bonds were higher on Wednesday after the release of the minutes from this month’s meeting of the Federal Reserve and an auction of $13 billion in five-year paper. The auction drew a bid-to-cover ration of 2.60, higher than at the April auction, but only drew indirect ...

Safe-haven currencies see gains on session

Permalink: Safe-haven currencies see gains on session by Elaine Frei

The US dollar added 0.1 percent to $1.34390 in relation to the euro Wednesday, while it gained 0.2 percent on sterling, to $1.9765. Meanwhile, the greenback traded even at ¥121.60 versus the yen and at SFr1.2250 against the Swiss franc. Despite its inability to make headway against the safe-haven ...

May 29, 2007

London equities higher after holiday

Permalink: London equities higher after holiday by Elaine Frei

European equities markets were mostly higher on Tuesday. The Paris CAC-40 was the exception; it dropped 0.25 percent to 6,056.39. But the FTSE Eurofirst 300 added 0.1 percent to 1,601, while the IBEX gained 0.42 percent to 15,188.6 in Spain and in Frankfurt the Dax was 0.54 percent higher to ...

Crude oil declines; metals prices mixed

Permalink: Crude oil declines; metals prices mixed by Elaine Frei

Metals prices were mixed Tuesday. Among precious metals, gold was 0.2 percent higher to $656.75 per troy ounce in late trade in London. Meanwhile, in New York in midday trade, silver added 22 cents to $13.30 per troy ounce. On the other hand, July platinum in New York ...

Interest rate speculation helps Canadian dollar, euro

Permalink: Interest rate speculation helps Canadian dollar, euro by Elaine Frei

At midday in New York on Tuesday, the Canadian dollar had added 0.8 percent in relation to the US dollar to trade at C$1.0715 to the greenback, its highest level in 29 years. Even though the Bank of Canada held interest rates there at 4.25 percent, analysts expect that ...

Two-year US Treasury auction disappoints, sends prices lower

Permalink: Two-year US Treasury auction disappoints, sends prices lower by Elaine Frei

Prices for US Treasury bonds dropped again and yields rose after a new auction of two-year paper on Tuesday disappointed. The auction drew 2.53 bid-to-cover ratio, below the 2.93 level of the most recent auction and below the average ratio of 2.8 for 2-year auctions in the past ...

May 25, 2007

Wall Street up on deals

Permalink: Wall Street up on deals by Elaine Frei

Trade was light on Wall Street Friday as investors looked forward to the Memorial Day holiday on Monday. At midday, the Dow Jones Industrial Average had added 0.21 percent to 13,469.33, while the Nasdaq Composite was up 0.5 percent to 2,550.51 and the S&P 500 had gained 0.27 percent to 1,511.61. ...

Crude oil prices mixed; most metals see gains

Permalink: Crude oil prices mixed; most metals see gains by Elaine Frei

Crude oil prices were mixed on Friday. While several US refineries announced that they would restart after closures, tensions over the situations in Iran and Nigeria still caused concern. Brent crude was 32 cents lower to $70.40 per barrel by late afternoon in London, while by mid-afternoon in New ...

Emerging market currencies fade at week’s end

Permalink: Emerging market currencies fade at week’s end by Elaine Frei

Sterling strengthened over the week, helped by the release Wednesday of the minutes from this month's Monetary Policy Committee meeting. The minutes revealed that all nine MPC members voted for May's rate hike and that they considered raising the rate by 50 basis points instead of by the 25 ...

Treasuries yields higher on data

Permalink: Treasuries yields higher on data by Elaine Frei

Prices were lower again on Friday on US Treasury bonds, and yields were up slightly as equities markets were stronger and economic news continues to indicate that the Federal Reserve is not likely to cut interest rates anytime soon. Two-year Treasury bonds yielded 4.86 percent late on Friday, while five-year paper was at ...

May 24, 2007

Equities markets see declines worldwide

Permalink: Equities markets see declines worldwide by Elaine Frei

European equities markets were lower on Thursday, with the FTSE Eurofirst 300 down 0.77 percent to 1,597.49. The Dax in Frankfurt was 0.5 percent lower to 7,697.38, while the IBEX-35 in Madrid fell 0.85 percent to 15,094.9 and the Paris CAC-40 dropped 1.17 percent to 6,048.31. Banks were lower, as ...

Metals prices drop while crude oil prices were mixed

Permalink: Metals prices drop while crude oil prices were mixed by Elaine Frei

Metals prices were lower on Thursday after the US dollar strengthened on home sales data. Among precious metals, gold dropped $7 to trade in a range around $653.30/$654.80 per troy ounce by late in the day in London. Gold prices were as low as $651.50 per troy ounce ...

Greenspan remarks help yen, US dollar

Permalink: Greenspan remarks help yen, US dollar by Elaine Frei

After former US Federal Reserve chairman Alan Greenspan voiced concerns that the Chinese stock market could fall suddenly and dramatically, the yen and the US dollar strengthened and emerging market currencies were halted in their gains versus the greenback. The yen was higher as investors backed off from risky carry-trades after Mr. ...

US bond prices lower on home sales data

Permalink: US bond prices lower on home sales data by Elaine Frei

Prices fell and yields rose on US Treasury bonds on Thursday after new data showed that new homes sales in the US were up by 16.2 percent in April as prices fell 11 percent. The decline in home prices was an all-time record, while the gain in sales ...

May 23, 2007

European, US markets see gains

Permalink: European, US markets see gains by Elaine Frei

The New York equities markets were higher at midday on Wednesday. The Dow Jones Industrial Average was 0.28 percent higher to 13,578.15 after having gone as high as 13,609.76, the first time the Dow has ever breached the 13,600 level. The Nasdaq Composite gained 0.27 percent to 2,595.12, while the ...