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August 24, 2007
by Elaine Frei
December wheat on the Chicago Board of Trade remained near record highs as it added 3 cents to $7.42 per bushel on Friday as demand remained high.
Futures were up 7.8 percent on the week, the biggest weekly gain since the week ending June 15, including Thursday’s record high of $7.54 per bushel.
Kansas City Board of Trade December wheat was also higher, adding ...
by Elaine Frei
The US dollar dropped in relation to both the euro and sterling this week as the US Federal Reserve cut its discount rate and s some believed that the benchmark rate could follow lower soon.
The euro added 1.2 percent this week in relation to the greenback, to $1.3637, while sterling added 1.4 percent to $2.009, while the euro fell 0.2 percent versus ...
by Stewart Douglas
Power companies throughout the European Union are benefiting from billions of euros in windfall revenues each year as a result of a loophole in carbon emission regulations, according to a leading economists report today.
The companies are awarded free so-called 'emissions permits', allowing them to generate millions of tonnes of carbon dioxide without having to foot the bill. ...
by Stewart Douglas
Mortgage lender Northern Rock has announced today that its rates for sub-prime lenders will increase as of next week, by as much as 1.25% in some cases.
In the announcement made today, the lender said it will no longer offer variable rate mortgages in its sub-prime range, and will up the price of fixed rate mortgages considerably within that secotr ...
by Elaine Frei
Base metals prices ended the week higher on reports that US factory orders for durable goods were up 5.9 percent in July and new home sales added 2.8 percent in July after dropping 4 percent in June.
December copper was up 7 cents to $3.35 per pound in afternoon trade in New York, while it added 5.7 percent ...
by Stewart Douglas
Stock markets around the world celebrated a rare day of success in recent weeks, lead by a turnaround in the US market after several positive economic indicators.
Investors stateside were jubilant on the news that the problematic new home market could have turned the corner on the road to recovery. Additionally, figures released by the Commerce Department revealed that factory ...
by Elaine Frei
Equities markets in the Asia-Pacific region were mixed Friday as investors worried again about the state of the global economy. India’s Sensex added 1.84 percent to 14,424.87. The other notable gainer was the Shanghai Composite, which was 1.49 percent higher to 5,107.67. Declining indices included the Straits Times index in Singapore, which was 0.04 percent lower to 3,369.45. ...
by Stewart Douglas
The US housing market may be experiencing something of a turnaround, according to a series of official figures released today.
In figures released today by the US Commerce Department, the number of new properties sold in the US over the course of last month increased by 2.8%, up to 870,000 for the year.
The figures appear to show a turnaround in the fortunes ...
by Stewart Douglas
The price of wheat on commodity markets worldwide has soared, after a number of announcements indicating a shortage of supply from the world's major producers.
The news comes off the back of a series of reports from around the world that poor weather in wheat growing nations is leading to a smaller harvest than in previous years.
Wheat, a vital commodity in ...
by Stewart Douglas
South Korea has announced today it has given US beef the all clear, paving the way for beef imports from the US to resume.
South Korea had until now enforced a ban on beef products from the US after the discovery of BSE at a US plant earlier this month.
However, after assurances from high ranking US officials, South Korea has made the ...
August 23, 2007
by Stewart Douglas
Stock markets around the world started to decline towards the close of play today, after more negative news from the US economy.
The news comes after comments made by mortgage lender Countrywide, predicting a recession as the end outcome of the housing market problems currently plaguing the US economy.
The downfall was further added to by the news of yet another Federal Reserve ...
by Stewart Douglas
Mobile phone giant Nokia has announced today that India is leading the way behind China as its second largest market, according to sales.
Until now, Nokia had enjoyed its second highest market in the US. However, the announcement today reflects how far the Indian economy has come over the last few years, given that it now accounts for a greater proportion ...
by Stewart Douglas
Japanese Prime Minister Shinzo Abe has been meeting delegate in India today on official state business, as Japan looks to further broaden its trade agreements.
Japan have shown interest in forming a strategic partnership with India, largely designed to help promote mutual growth through reciprocal trade links, as well as looking at global warming and nuclear defence issues.
The move comes as ...
by Stewart Douglas
A consortium of mortgage lenders from the US and Europe have received a loan of around $2 billion from the Federal Reserve, it was announced today.
The loan was granted to a number of banks and lending institutions from the US and from within Europe, as a means of reducing liquidity problems in the short term.
Amongst some of the ...
by Stewart Douglas
The Bank of Japan has today announced its decision to maintain interest rates for the sixth consecutive month.
The central bank, responsible for determining interest rate policy on a monthly basis, has chosen to maintain interest rates at 0.5%, after widespread speculation that they would increase by a quarter of a percentage point.
The move has been reportedly backed by 8 out of the ...
by Stewart Douglas
The European Union has today announced it will remove its ban on the export of UK produced beef as of the end of this week, after top regional vets inspected the range of the condition.
The EU had until now banned any form of animal exports from the UK after foot and mouth disease was discovered at several UK farms over the ...
by Elaine Frei
Prices were higher on US Treasury bonds on Thursday on comments made on a cable television network by the CEO of Countrywide Financial (NYSE: CFC).
Despite the fact that Bank of America (NYSE: BAC; TYO: 8648) said it would buy $2 billion worth of Countrywide shares, lessening pressure on the mortgage lender, investors paid more attention when Countrywide’s CEO said that problems in ...
by Elaine Frei
The Japanese yen declined Thursday in the aftermath of the decision by the Bank of Japan to keep interest rates at 0.5 percent for now.
In midday trade in New York, the yen had dropped 0.8 percent to ¥116.30 to the US dollar, was 1 percent lower to ¥157.80 versus the euro, and had fallen 1.4 percent in relation to sterling to ¥233.10.
...
by Elaine Frei
Metals prices were mixed on Thursday, with base metals higher and precious metals mixed.
December copper was 5 cents higher to $3.28 per pound in New York and added 1.4 percent to $7,241 per tonne, or $3.29 per pound, in London as investors became more confident that demand will remain high and a new report showed that supply did not meet consumption ...
by Elaine Frei
After an initial gain on enthusiasm about Bank of America’s (NYSE: BAC; TYO: 8648) purchase of $2 billon in preferred stock in mortgage lender Countrywide Financial (NYSE: CFC), Wall Street was lower in midday trade on Wednesday. The Dow Jones Industrial Average was down 0.28 percent to 13,199.47, while the Nasdaq Composite had dropped 0.71 percent to 2,534.56 and the ...
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