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September 25, 2008
by Elaine Frei
The pound strengthened Thursday on comments by a Bank of England official that highlighted the need to make inflation the Bank’s priority in setting policy after UK inflation grew again in August, rising to 4.7 percent.
The UK currency traded at 79.32p to the euro in morning trade in New York while it took $1.8482 to buy a pound and the yen was ...
September 24, 2008
by Elaine Frei
Crude oil prices ended lower Wednesday after rising to $109.01 per barrel just before the weekly US inventories report was released by the Energy Information Administration, but after the EIA report, demand worries sent prices lower.
November contracts for West Texas Intermediate crude were down 94 cents to $105.67 per barrel at the close of floor trade on the ...
by Elaine Frei
European equities markets were lower Wednesday as rising oil prices hurt carmakers and on remarks from US Federal Reserve Chairman Ben Bernanke that the credit crisis is hurting spending by businesses and individuals.
In London the FTSE 100 was down 0.79 percent to 5,095.57 while the FTSE 250 fell 0.56 percent to 8,407.36.
British Energy Group (LSE: BGY) added 5.66 percent after French utility EDF (Euronext: EEN) said ...
by Elaine Frei
The Japanese yen was weaker Wednesday on more interest in carry trades after Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) said it will buy $5 billion worth of Goldman Sachs (NYSE: GS) shares.
At the same time, the US dollar weakened on the Fed offer of $30 billion to central banks in Norway, Sweden, Denmark and Australia, on the increased chance ...
September 23, 2008
by Elaine Frei
Crude oil prices dropped Tuesday on more demand concerns, a stronger dollar, and uncertainty about what will happen with the $700 billion government plan to buy up bad debt from the financial sector as disagreements and skepticism made early adoption of a specific plan unlikely.
November contracts for West Texas Intermediate crude dropped $2.68 to $106.69 per barrel on the ...
by Elaine Frei
European equities markets declined Tuesday after US Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that if Congress fails to pass the government’s $700 billion plan to buy bad debts from banks, markets and the economy could be harmed.
Mr. Bernanke characterized financial markets as currently under “extraordinary stress”.
Despite Mr. Bernanke’s warnings, however, some lawmakers on both sides ...
by Elaine Frei
The US dollar gained on the euro on Tuesday in late morning trade in New York as investors decided that Monday’s 2.1 percent decline for the greenback against the shared currency on deficit concerns in light of the US government’s bailout plan was too big to hold.
Tuesday’s gains came as Federal Reserve Chairman Ben Bernanke and US Treasury Secretary Henry Paulson went into ...
September 22, 2008
by Elaine Frei
The price of October contracts for West Texas Intermediate crude were up $16.37 at the close of trade on the New York Mercantile Exchange Monday to $120.92 per barrel on Monday and was up by more than $25 at one point during the session on a weaker dollar.
With the expiration of October contracts, November WTI was at just $108.80 ...
by Elaine Frei
European equities markets declined Monday on higher oil prices that hurt the retail and travel and leisure sectors even as Germany, France, the Netherlands and Belgium all banned short-selling of shares in some companies, following the example of the US and the UK as well as some Asia-Pacific nations.
In London, the FTSE 100 was down 1.41 percent ...
by Elaine Frei
The US dollar declined Monday on concerns that the nation’s deficit could rise significantly if the government scheme to buy $700 in bad debt from banks is carried out, while the dollar was also hurt by forecasts that new data will show home sales and orders for durable goods were down again last month.
In late morning trade in New York, ...
by Kay Murchie
Building materials supplier, Wolseley, has experienced a sharp fall in profits of 77% as it continues to suffer due to the housing slowdown in the US and the UK.
The company, which is one of the largest distributors of building equipment in the world, said profits for the year to the end of July fell from £634 million last year ...
September 19, 2008
by Elaine Frei
Crude oil prices were up sharply again Friday after the US government announced that it was in the process of formulating plans to remove bad debt from the books of lenders in an effort to restore confidence in the markets that will perhaps lead to gains in demand for oil and oil products, but there were warnings that prices could ...
by Elaine Frei
The FTSE 100 had its biggest percentage gain in history Friday as European markets soared on plans to rebuild confidence in the markets by the US and UK governments and others.
Among the measures taken or planned, central banks have pumped new money into financial systems, China abandoned a tax on stock trading and said it will buy shares ...
by Elaine Frei
Currency moves Friday were driven by plans and anticipation of more plans by the US to rush legislation through Congress that is designed to shore up confidence in the financial markets and by a pledge from Treasury Secretary Henry Paulson to work through the weekend to firm up plans meant to return confidence in the markets.
Among other plans was one to use ...
September 18, 2008
by Elaine Frei
Crude oil prices were up again Thursday, but gains were much smaller than those Wednesday.
West Texas Intermediate crude for October delivery added 65 cents to $97.81 per barrel on the New York Mercantile Exchange while November contracts for Brent crude gained 37 cents to $95.21 per barrel on the ICE Futures Europe exchange in London.
Nymex October natural gas futures were down 31 ...
by Elaine Frei
European equities markets were mixed Thursday, but most were lower on suspicions that plans by central banks to put more money into the financial system will not be enough to avoid more meltdowns related to the credit mess.
In London the FTSE 100 was down 0.66 percent to 4,880 but the FTSE 250 added 0.32 percent to 8,336.8 on ...
by Elaine Frei
The US dollar declined versus the euro, hurt by a second day of higher oil prices and on more first-time unemployment claims in the US last week, while the yen declined on slightly increased appetite for higher-yielding currencies after the US Federal Reserve authorized other central banks to auction dollar to banks.
The dollar traded at $1.4375 to the euro just before ...
September 17, 2008
by Elaine Frei
Crude oil prices were up sharply Wednesday as it joined other commodities in gains on uncertainty about credit market turmoil and how it will affect the larger economy and after the US Energy Information Administration reported that stockpiles of crude oil, gasoline and distillates all declined last week.
October contracts for West Texas Intermediate crude added $6 to $97.15 per barrel after two ...
by Elaine Frei
European equities markets were lower Wednesday after US housing starts declined in August and on declines among miners as investors worried about demand for metals.
In London the FTSE 100 was 2.25 percent lower to 4,912.4 while the FTSE 250 dropped 1.18 percent to 8,309.8.
The top five decliners on the 100 were all from either the banking or mining sector, with ...
by Elaine Frei
The US dollar declined in relation to the euro and the yen Wednesday on concerns that an announced government bailout of US insurer American International Group (NYSE: AIG) will not do much to help the credit crisis, while the US currency was also hurt by the news that housing starts were down in August and building permits for future starts were ...
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