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September 30, 2008
by Elaine Frei
Crude oil prices were higher Tuesday on promises from both major US political parties that a bailout will be approved for the US financial sector and ahead of the weekly US inventories report, due Wednesday, which is expected to show crude oil stockpiles up but gasoline and distillates in storage down again last week.
West Texas Intermediate crude for November ...
by Elaine Frei
European equities markets ended higher Tuesday after big declines Monday.
The gains came on assurances from both Democrats and Republicans in the United States that Congress would pass a bailout of the US financial sector, with many promising that it would happen before the week is out.
Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) ...
by Peter Charalambous
Asian central banks are promising to take action in order to take preventative action as the financial crisis continues, amid fears that the backlash from the $700 billion financial rescue package rejection would have a huge impact.
So far both the central banks of Japan and Australia have pumped $20.8 billion into the monetary system with Korea, India and Hong ...
by Peter Charalambous
UK consumer confidence has continued to remain close to the record low this month, as the pessimism that surrounds the economy remains in the minds of shoppers.
A recent study by Gfk NOP revealed that consumer confidence is similar to what was experienced during the last recession.
The fall in consumer confidence will mean that consumers in the UK are likely to continue ...
by Peter Charalambous
US consumer confidence has fallen again this September, albeit for the first time in three months, as the credit crisis has further agitated the American purse strings with stocks falling and the housing market falling deeper into recession.
The Conference Board's confidence index fell to 55 from 56.9 in August as the country has been barraged with constant bad news in ...
by Peter Charalambous
The number of unemployed people in Europe’s largest economy has fallen by 29,000 to 3.18 million, as a result of 40,000 vacancies being filled in August.
Although business confidence has dropped amid the suggestion that manufacturing companies may offload machinery staff due to the current financial turmoil, this has simply not been the case as the unemployment rate has beaten off ...
by Elaine Frei
The euro was weaker versus the US dollar and the pound on Tuesday, with declines coming on the $9.2 billion rescue of Belgian-French bank Dexia (Euronext, DEXB, DX; LuxSE: DXB) after its shares fell 28.5 percent Monday.
In late morning trade in New York, the dollar traded at $1.4057 to the euro while the shared currency declined versus the yen to ¥149.0332 but ...
by Kay Murchie
The retail sector has suffered of late as consumers cut back on spending due to the credit crunch. Last week, the CBI’s latest survey of retailers revealed another poor month after retail sales fell for the sixth consecutive month in September.
However, the figures revealed that supermarkets bucked the trend, continuing to experience steady growth.
Supermarket giant Tesco has announced its ...
September 29, 2008
by Elaine Frei
Wall Street was down sharply Monday as the US House of Representatives refused to pass a plan to bail out the US financial sector amid partisan recriminations, with the Dow Jones Industrial average losing the most points in a single session in its history.
The Dow dropped 777.68 points on the session, nearly 100 points more than the previous record of ...
by Elaine Frei
Crude oil prices fell sharply Monday on the failure of the US House of Representatives to pass the proposed bailout plan for the US financial sector and after the dollar strengthened versus the euro and the pound on three bank bailouts in Europe.
West Texas Intermediate crude for November delivery dropped $10.63 to $96.26 per barrel at the close of ...
by Kay Murchie
Stockmarkets around the world today have fallen sharply after it emerged that the UK’s largest buy-to-let lender, Bradford & Bingley (B&B), is to be nationalised.
The FTSE 100 index closed down 269.7 points to 4818.8, a fall of 5.3% and its eighth worst one-day percentage loss ever.
Shares in Barclays, RBS, Lloyds TSB, HBOS fell 8%, 19%, 12% and 15% respectively.
Under the ...
by Elaine Frei
The pound and the euro both saw declines Monday after governments had to bail out banks in the UK, Belgium, and Germany in order to avoid their collapse.
The UK treasury took over mortgage lender Bradford & Bingley (LSE: BB), with its branches and deposits to be bought by Spain’s Banco Santander (IBEX-35: SAN; LSE: BNC; NYSE: STD).
Meanwhile, Belgian bank Fortis (EuronextAMS: FOR ...
by Kay Murchie
It emerged over the weekend that furniture giant, MFI, was on the verge of administration after struggling to find ways of raising funds to pay its quarterly rent for its 190 stores.
However, it is understood this morning that the retailer will continue to operate after a management buy-out is to secure the future of the business.
MFI’s chief, Gary Favell, said the buy-out ...
September 28, 2008
by Kay Murchie
Furniture giant, MFI, is on the verge of administration after it is struggling to find ways of raising funds to pay its quarterly rent for its 190 stores.
The retailer has been in crisis talks over the weekend after being hit by a downturn in sales. It has been hit by the slowdown in consumer spending
Last week, MFI appointed finance house, Argyll ...
September 26, 2008
by Elaine Frei
Crude oil prices were lower Friday on concerns that delays in agreeing to a bailout of the US financial sector could hurt demand for oil and oil products.
November contracts for West Texas Intermediate crude dropped $1.25 to $106.77 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude for November delivery was down $1.27 to $103.33 per barrel on ...
by Kay Murchie
A number of High Street retailers are warning of a gloomy outlook as the economy comes under increased pressure.
JJB Sports, one of the High Street’s well-known retailers, lost almost half of its market value after reporting a deficit before exceptional items of £9.7 million for the six months to the end of July7, compared with profits of £8.3 million the previous year. ...
by Elaine Frei
Equities markets in Europe saw declines Friday on delays in the approval of the US bailout plan and on the failure of US savings and loan Washington Mutual (NYSE: WM).
The delays in approval for the plan to buy up bad loans from banks came as some Republicans refused to support the plan, while the WaMu failure was the ...
by Elaine Frei
The yen gained strength Friday after bailout talks faltered among US lawmakers after some Republican legislators refused to back the plan and after US savings and loan Washington Mutual (NYSE: WM) failed, becoming the biggest US bank to fall in US history.
Regulators took over the bank on Thursday and it was sold to JPMorgan Chase (NYSE: JPM) for $1.9 billion ...
September 25, 2008
by Elaine Frei
Crude oil prices saw gains Thursday on optimism that a bailout of the US financial sector will be agreed soon, helping the economy and possibly also aiding demand for oil and oil products.
Also sending prices higher as the possibility of supply disruptions in several regions as a refinery unit was shut in the Netherlands and Chevron (NYSE: CVX) faced a strike ...
by Elaine Frei
Banks and insurers led European equities markets higher Thursday on the possibility of takeovers in both sectors and on the hope that an agreement on the US bailout plan will come soon.
The FTSE 100 added 1.99 percent to 5,197.02 in London, while the FTSE 250 gained 0.32 percent to 8,434.65.
All five of the biggest gainers on the 100 were in the ...
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