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May 22, 2007
by Elaine Frei
In China on Tuesday both the Shanghai Composite and the Shenzhen Composite closed at new record highs on the session, with the Shanghai up 0.9 percent to 4,110.38 and the Shenzhen 1.4 percent higher to 1,198.41. The gains were due to advances among real estate developers that came on housing demand and expectations that the Chinese currency will strengthen, and despite last ...
by Elaine Frei
Oil prices fell on Tuesday. Brent crude July contracts dropped back below $70 per barrel as it fell 57 cents in trade on the Intercontinental Exchange in London to $69.92 per barrel. Meanwhile, in early afternoon trade on the New York Mercantile Exchange, June contracts for West Texas Intermediate crude were $1.29 lower to $64.98 per barrel after having ...
by Elaine Frei
Emerging market currencies continued their success in relation to the US dollar on Tuesday as the Philippine peso hit its highest level in almost seven years against the greenback. The gain came after remarks from Philippine president Gloria Arroyo, who said the strength of the currency was keeping inflation low there and that she expected it to continue ...
by Elaine Frei
Yields were up again on US Treasury bonds, following new data from the Eurozone that sent yields on the Bunds there higher and made it more likely that the European Central Bank will raise interest rates again soon. The price drops and gains in yields came on a lack of major economic news in the US. ...
May 21, 2007
by Elaine Frei
Equities markets in the Asia Pacific region were higher on Monday. In Hong Kong, the Hang Seng index added 0.11 percent to 20,927.75, while in Singapore the Straits Times index was 0.2 percent higher to 3,514.49. In India, the Sensex gained 0.81 to 14,418.6. The Sydney Ordinaries added 0.84 percent to 6,372.5 in Australia. Weakness in the yen sent ...
by Elaine Frei
Crude oil prices were higher on Monday. June contracts for West Texas Intermediate crude had added $1.06 to $66 per barrel in early afternoon trade on the New York Mercantile Exchange. The contracts had been trading in a range between $64.50 and $66.20 during the morning session.
June Nymex gasoline was even at $2.41 per gallon, trading in a range ...
by Elaine Frei
The yen weakened in London trade on Monday as the Japanese currency fell back from gains late last week after China raised interest rates and slightly eased controls on its currency. After falling to a new low of ¥163.94 versus the shared currency in the morning session, it recovered slightly to trade at ¥163.75 by around the middle of the ...
May 18, 2007
by Elaine Frei
Takeover news sent Wall Street higher in midday trade on Friday. The Dow Jones Industrial Average was up 0.33 percent to 13,531.02 after going as high as 13,551.82 earlier in the session. The Nasdaq Composite gained 0.21 percent to 2,544.6, while the S&P 500 was approaching record territory as it added 0.34 percent to 1,517.87. General Electric (NYSE: GE) ...
by Elaine Frei
Crude oil prices were mixed on Friday after Brent crude dropped back below the $70 per barrel level, an eight-month high it reached on Thursday. In late afternoon trade on the Intercontinental Exchange in London on Friday, July contracts for Brent was 83 cents lower to $69.45 per barrel. That left it still nearly 4 percent higher on the ...
by Elaine Frei
China’s central bank increased the band in which the renminbi can rise and fall against the US dollar in a session from 0.3 percent to 0.5 percent on Friday. The move was interpreted by most analysts as in line with Beijing’s stated policy of strengthening its currency slowly. It is seen as being a largely positive move for ...
by Elaine Frei
Yields on US Treasury bonds were higher and prices fell on Friday as investors put their money into equities markets instead of bonds. In addition, new economic data released during the week has tended to hurt the chances that US interest rates will fall later in the year. Among bond-negative data was Friday’s report from the Reuters/University of Michigan Surveys ...
May 17, 2007
by Elaine Frei
Equities were higher in Europe on Thursday. The FTSE Eurofirst 300 added 0.2 percent to 1,584.66, while the CAC-40 gained 0.15 percent to 6,027 and the Xetra Dax was 0.24 percent higher to 7,499.5. In London the FTSE 100 added 0.3 percent to 6,579.3, while the FTSE 250 gained 0.34 percent to 12,143.6. Despite the gains, there were a ...
by Elaine Frei
The US Energy Information Administration reported Thursday that US natural gas inventories grew by 35 billion cubic feet in the week ending May 11. The gains brought the amount of natural gas in storage to 1.84 trillion cubic feet in the lower 48 states, almost 21 percent above the five-year average. It remains below last year’s level of 2.07 ...
by Elaine Frei
The yen was weaker on Thursday, as it dropped 0.1 percent against both the US dollar and sterling, to ¥120.93 and ¥239.20 respectively, while it fell 0.3 percent against the euro to ¥163.75. Meanwhile, the yen also dropped 0.3 percent to ¥88.70 versus the New Zealand dollar and was down 0.4 percent to ¥99.81 in relation to the Australian dollar.
Declines in the ...
May 16, 2007
by Elaine Frei
European markets saw losses on the session with few exceptions on Wednesday. The FTSE Eurofirst 300 dropped 0.2 percent to 1,580, while Frankfurt’s Xetra Dax fell 0.32 percent to 7,481.25 and the CAC-40 in Paris was 0.53 percent lower to 6,017.91. In London, the FTSE 100 was down 0.14 percent to 6,559.5. Only the FTSE 250 saw gains, adding ...
by Elaine Frei
Copper prices were at their lowest in six weeks on Wednesday as it began to look as if demand for the metal in China could be slowing as the market has been flooded with copper on strong imports. Three-month copper on the London Metal Exchange dropped $145 on the session to $7,610 per tonne after going ...
by Elaine Frei
Several emerging markets currencies strengthened in relation to the US dollar on Wednesday after new data on Tuesday made it seem more likely that US interest rates could be cut soon. The Brazilian real added 1.1 percent to trade at $$1.9610 versus the greenback at mid-afternoon in New York. The Israeli shekel, meanwhile, traded at Shk3.9265, a 8½ ...
May 15, 2007
by Elaine Frei
Wall Street was higher at midday on Tuesday after new data on consumer inflation showed that prices were up less than had been expected in April, leading many to hope that the Federal Reserve might cut interest rates soon. The Dow Jones Industrial Average was 0.86 percent higher to 13,462.02 at noon after setting another new high, 13,469.82, during ...
by Elaine Frei
Crude oil prices were higher on Tuesday after Nigerians occupied a Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) pipeline hub, cutting 170,000 barrels per day of production. In addition, the Organization of Petroleum Exporting Countries issued a report that contradicted earlier projections from the International Energy Agency on summer supply. OPEC says that crude oil stockpiles ...
by Elaine Frei
Sterling weakened on Tuesday after new consumer price inflation data in the UK showed the CPI was up only 0.3 percent in April, sending the annual rate of inflation down to 2.8 percent, from 3.1 percent in March.
The UK currency dropped 0.2 percent versus the euro and was down to $1.9750 in relation to the greenback. However, later in the session ...
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