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July 31, 2007
by Elaine Frei
European markets were significantly higher on the session Tuesday as they attempted to recover from last week’s declines. The FTSE Eurofirst 300 added 2.01 percent to 1,548.24. The Dax was 1.71 percent higher to 7,584.14 in Frankfurt, while the Paris CAC-40 gained 1.85 percent to 5,751.08 and Madrid’s IBEX jumped 2.03 percent to 14,802.4. Banks were mixed but mostly ...
by Elaine Frei
Crude oil prices rose on Tuesday after speculators bet that demand will be higher than supplies even as refiners ramp up production, with some analysts predicting that demand could to up by as much as 5.6 percent next year.
At the close of the session in New York, West Texas Intermediate crude September contracts were up $1.37 to $78.20 per barrel, while September ...
by Elaine Frei
The Japanese yen gained on some currencies on Tuesday as investors retreated from risky investments as they worried about continuing problems in the subprime mortgage sector, but it retreated in relation to others.
The US dollar dropped 0.5 percent to ¥118.56 against the yen in late afternoon trade in New York, while the euro dropped 0.6 percent to ¥162.22 versus the ...
July 30, 2007
by Elaine Frei
Wall Street was higher in early afternoon trade Monday as it tried to recover from losses late last week. The Dow Jones Industrial Average was up 57.7 points to 13,324.6, while the Nasdaq Composite had added 9.8 points to 2,572 and the S&P 500 was 6.2 points higher to 1,465. Retailers saw gains, as did the aerospace sector and some ...
by Elaine Frei
Crude oil prices declined slightly Monday, with September contracts for West Texas Intermediate crude on the New York Mercantile Exchange down 17 cents to $76.85 per barrel in midafternoon trade, while Brent crude was down 60 cents to $75.66 per gallon on the Intercontinental Exchange in London.
Nymex August gasoline was also lower, falling a cent to $2.09 per gallon, while ...
by Elaine Frei
The US dollar weakened on Monday, with the greenback down 0.4 percent versus the euro by late afternoon trade in New York to $1.3602 to the euro.
Meanwhile, the dollar also fell 0.4 percent to SFr1.204 versus the Swiss franc and was 0.3 percent lower in relation to the Australian dollar to A$1.1701, while it traded at ¥119.08 in relation to the yen ...
by Elaine Frei
Investors were comforted by gains in equities markets on Monday and exited the government bond market, sending prices for US Treasury bonds lower and yields higher.
There was no new economic news to influence investors one way or the other.
Two-year treasury bonds yielded 4.58 percent, up from Friday’s late quote of 4.51 percent, while five-year issues were yielding 4.63 percent.
Ten-year yields were ...
July 27, 2007
by Elaine Frei
European equities markets were lower again on Friday, but there was one exception as the IBEX added 0.23 percent to 14,574 in Madrid. The FTSE Eurofirst 300 dropped 0.54 percent to 1,519.59. In Paris the CAC-40 was 0.55 percent lower to 5,643.96, while the Dax fell 0.76 percent to 7,451.68 in Frankfurt. The semiconductors sector was higher. ...
by Elaine Frei
Crude oil prices were higher on Friday and West Texas Intermediate Crude topped Brent crude for the first time since February.
At just past 3 p.m. local time, WTI September contracts had added $2.07 to $77.02 per barrel on the New York Mercantile Exchange, while September deliveries of Brent crude were up 62 cents to $75.80 per barrel in London.
In late ...
by Elaine Frei
The US dollar saw gains over the week against most major currencies and adding 1.3 percent in relation to both the euro and sterling to $1.3650 and $2.0290 respectively.
The greenback also gained against most Asian currencies, with the exception of the yen, mostly on the fear that troubles in the US housing market might harm the global economy
The rupee dropped 0.44 ...
July 26, 2007
by Elaine Frei
Global equities markets were lower on Thursday as investors worried about the cost of borrowing and became less and less willing to make risky investments. They are concerned that the increasing cost of borrowing will mean more defaults, lower earnings, and less willingness for companies to pursue mergers.
Wall Street suffered big losses in early afternoon trade. At just past ...
by Elaine Frei
September contracts for West Texas Intermediate crude on the New York Mercantile Exchange were 93 cents lower to $74.95 per barrel in mid-afternoon trade on Thursday, while Brent crude was down $1.35 per barrel to $74.97 on the Intercontinental Exchange in London.
Nymex August gasoline was also lower, dropping 1 cent to $2.08 per gallon, while September heating oil fell 2 cents to ...
by Elaine Frei
Yields on US Treasury bonds were lower and prices rose as investors exited risky investments as global equities markets declined sharply.
Besides the drop in equities, investors were also concerned by new data showing new home sales in the US down steeply in June.
Two-year Treasury bond yields dropped from 4.74 percent late Wednesday to 4.55 percent on the day.
Ten-year issues were yielding ...
July 25, 2007
by Elaine Frei
Most European markets saw declines for the second session in a row on Wednesday. The major exception was Madrid’s IBEX, which added 0.16 percent to 14,937.7. In Paris, the CAC-40 dropped 1.19 percent to 5,837.11, while the Dax was 1.46 percent lower to 7,692.55 in Frankfurt. The FTSE Eurofirst 300 fell 0.92 percent to 1,571.04. There were ...
by Elaine Frei
The price of crude oil was higher on Wednesday after new data on US inventories from the Energy Information Administration.
Brent crude for September delivery was up 65 cents to $75.73 per barrel on the Intercontinental Exchange in London, while September contracts for West Texas Intermediate crude were up $2.34 to $75.90 per barrel at close to 2:30 pm local time ...
by Elaine Frei
Signs that problems in the subprime mortgage sector in the United States could be affecting other economies around the world sent the US dollar higher Wednesday.
There were exceptions to the dollar’s climb. The Australian dollar added 0.1 percent to $0.8830 in relation to the US currency, while the Kuwaiti dinar rose to KD0.2820 to reach an 18-year high versus the greenback.
However, ...
July 24, 2007
by Elaine Frei
Equities markets in Europe saw significant declines on Tuesday. The FTSE Eurofirst 300 dropped 1.4 percent to 1,587.23. The least of the losers in terms of percentage was the IBEX, which was down 0.98 percent to 14,909.7 in Madrid. In Paris the CAC-40 was 1.69 percent lower to 5,907.47, while the Dax fell 1.73 percent to 7,806.79 in Frankfurt. ...
by Elaine Frei
Crude oil prices were lower on Tuesday ahead of US inventories reports due tomorrow that are widely expected to show that refinery utilization will have grown to its highest level in ten months.
September contracts for Brent crude on the Intercontinental Exchange fell $1.68 to $75.18 per barrel, while West Texas Intermediate crude for September delivery dropped $1.49 to $73.40 per ...
by Elaine Frei
US Treasury bonds were helped by problems in corporate credit and the subprime mortgage sector.
The immediate corporate difficulties have to do with a postponed debt sale connected to the leveraged buyout of a unit of General Motors, but that is only the latest in a series of problems related to corporate bonds.
New focus was put on the subprime mortgage sector when Countrywide Financial ...
by Elaine Frei
The US dollar was weaker again on Tuesday.
The euro was as high as $1.3852 versus the US currency before it dropped back to $1.3830, still a gain of 0.2 percent on the dollar, while sterling was as high as $2.0665 against the dollar before easing to $2.0620, still 0.2 percent higher.
Sterling also added 0.2 percent to £0.6695 ...
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