|
|
July 31, 2008
by Elaine Frei
Crude oil prices were down Thursday after new Commerce Department numbers showed that the US economy grew more slowly than expected in the second quarter and after the Labor Department said that new claims for unemployment benefits rose to a 5-year high last week.
Both reports triggered fears that demand for oil and oil products will continue to decline.
West Texas Intermediate ...
by Kay Murchie
Oil giant, Exxon Mobil, has set a US profits record after reporting that its second-quarter earnings were $11.68 billion (£5.90 billion), which represents the highest ever profit by a US company.
The rise was due to increasing oil and natural gas prices, but the results were below analysts’ expectations and shares fell 3% as a result.
The world’s largest publicly-listed company ...
by Peter Charalambous
Standard & Poor (S&P) increased China's debt ratings because the country’s foreign-exchange reserves increased to a record $1.8 trillion, as the world's fastest-growing economy has not succumbed to the downturn in the US demand for exports as China improved both its fiscal and external position.
S&P credit analyst, Kim Eng Tan, said in a statement today that the improvements to the government balance sheet ...
by Peter Charalambous
UK house prices have fallen by 8.1 percent from a year earlier, the biggest decline since 1991 according to the Nationwide Building Society. The average home now costs £169,316, which is nearly £15,000 cheaper than in the same month last year.
In the meantime, consumer confidence fell to a record low as the economy is teetering closer to recession as the index of ...
by Peter Charalambous
European inflation is growing at its fastest pace for over 16 years, which has left the European central bank with an even larger mountain to climb as unemployment is also on the rise, since Eurostat revised its May unemployment number up from 7.2% to 7.3%.
Inflation is now running at 4.0% which is well above the European Central Bank's (ECB) 2% ...
by Elaine Frei
European equities markets were mixed Thursday, with declines coming as a result of US data showing that the economy grew more slowly than expected in the second quarter and the highest number of new unemployment claims were filed last week in over five years.
What gains there were in the region were only modest.
In London, the FTSE 100 dropped 0.16 percent to 5,411.9 while the FTSE 250 ...
by Elaine Frei
The US dollar declined in relation to the euro and the pound Thursday after the Gross Domestic Product there added only 1.9 percent in the second quarter and as first-time jobless claims rose last week to their highest level in over 5 years.
At around 10:30 a.m. in New York the dollar traded at $1.5631 to the euro while it took $1.9852 ...
by Kay Murchie
A survey has revealed that consumer confidence is at its lowest level since 1974 as soaring food and fuel prices sparks concern for the economy and personal finances.
The GfK NOP barometer of UK consumer confidence scored -39 in July, this represents the lowest level recorded since the survey commenced in 1974 and down from -34 in June.
The survey reveals the extent ...
by Kay Murchie
Oil giant Shell has reported an increase in quarterly profits boosted by soaring oil costs.
The company reported profits of $7.9 billion (£4.0 billion) in the April to June period, an increase of 4.6% compared with the same period of 2007.
The figures were boosted by earnings from the company’s oil sands business in North America, which increased their earnings by more ...
July 30, 2008
by Elaine Frei
Crude oil prices rose sharply Wednesday after Israeli Prime Minister Ehud Olmert announced that he will resign effective in September, raising concerns that his successor could be more inclined to attack Iranian nuclear facilities.
September contracts for West Texas Intermediate ended the floor trade session on the New York Mercantile Exchange up $4.55 to $126.73 per barrel while Brent crude added ...
by Elaine Frei
European equities markets saw gains Wednesday.
Gains were led by the steel sector as ArcelorMittal (Euronext: MT; NYSE: MT; BMAD: MTS; LuxSE: MT), the world’s largest steel company, added 8.27 percent on the CAC-40 after it reported that second quarter profits were above estimates and forecast third quarter earnings gains in several regions globally, while at the same time ThyssenKrupp (FWB: TKA; ...
by Elaine Frei
The US dollar was stronger Wednesday as oil prices fell further and on a private report that new jobs were added in the United States after recent losses.
At late morning in New York, the dollar traded at $1.5557 to the euro while it took ¥108.2200 to buy a greenback.
The Australia and New Zealand dollars were also both lower in relation ...
July 29, 2008
by Elaine Frei
Crude oil prices were lower Tuesday on a stronger US dollar more signs of declines in demand that have raised expectations that gasoline inventories will be up when the US Energy Information Administration issues its weekly stockpiles report tomorrow.
September contracts for West Texas Intermediate crude was down $2.57 to $122.16 per barrel on the New York Mercantile Exchange after going ...
by Kay Murchie
Sales on the High Street have slumped to their lowest level for a quarter of a century.
Figures from the CBI show that 61% of businesses said activity was lower in July compared with a year earlier while just 25% said it was higher.
The CBI said the resulting balance of minus 36 points was the weakest since its distributive ...
by Kay Murchie
Oil giant BP has reported a 23% increase in half-yearly profits boosted by soaring oil costs.
Replacement cost profit after tax was £3.4 billion ($6.85 billion) during the second quarter of 2008, compared with $6.5 billion during the same period last year.
Profits would have been even higher without changes imposed by accounting rules which meant that the oil giant had to ...
by Kay Murchie
High Street retailer, Woolworths, issued a profit warning today sending its shares plummeting 15% to a 7-year low.
Woolworths stock has plunged more than 80% in value since the start of 2007, primarily due to increased competition from supermarkets and the internet.
The retailer said revenue in the half year to July 26 fell 3.1%, it blamed a downturn in trading conditions and ...
by Elaine Frei
Most European equities markets saw gains Tuesday after US consumer confidence was reported higher in July and as oil prices resumed their declines.
In London, the FTSE 100 added 0.12 percent to 5,319.2 while the FTSE 250 gained 0.17 percent to 8,731.4 as gains by miners outweighed continuing concerns about the banking sector.
Banks were mixed in London, with some declines coming ...
by Elaine Frei
The pound lost ground to the greenback and the euro Tuesday after the Confederation of British Industry released new survey numbers which showed retail sales were at their lowest point in twenty-five years and on a report from the Bank of England that showed mortgage approvals down to just 36,000 in June.
In late morning trade in New York it took $1.9808 to ...
by Kay Murchie
British Airways (BA) and Spanish airline, Iberia, have confirmed they are in merger talks. Should a deal go ahead, it would create one of Europe's largest airlines.
Following the news, shares in BA rose by 8%
A merger of the two airlines would produce a carrier that is dominant on the North and South Atlantic routes. Traditionally, BA has been strong ...
July 28, 2008
by Elaine Frei
Crude oil prices were higher Monday after reports of an attack on Nigerian oil facilities by militants there, resulting in damage to a pipeline believed to be owned by Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) and on the news over the weekend that Iran now has 6,000 centrifuges working in its uranium enrichment program.
At just before the close ...
|
|
