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May 29, 2009
by Elaine Frei
Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.
Gains came on bets by speculators that demand will rise soon ...
by Elaine Frei
Most equities markets in Europe were higher Friday as banks and miners saw gains.
The FTSE 100 added 0.69 percent to 4,417.94 in London, while the FTSE 250 was up 0.71 percent to 7,572.
The London markets were up as Nationwide Building Society said that UK house prices rose 1.2 percent in May, while another report said that consumer confidence remained even ...
May 28, 2009
by Elaine Frei
Banks were lower in Europe Thursday, helping to send equities markets lower in the region.
In London, the FTSE 100 was down 0.65 percent to 4,387.54 while the FTSE 250 dropped 0.92 percent to 7,518.27.
Royal Bank of Scotland led declines by banks as it dropped 4.59 percent on the 100, while the biggest decliner on that index was investment manager Man ...
by Elaine Frei
The pound declined Thursday after the Confederation of British Industry said that 17 percent of retailers said in a survey that sales were down in May while only 3 percent said that sales advanced, and on comments from a Bank of England official that the UK economy might not expand either this year or next.
At the same time, the euro gained on ...
May 27, 2009
by Elaine Frei
Crude oil prices saw gains Wednesday, a day before the Organization of Petroleum Exporting Countries is scheduled to meet in Vienna to decide on what to do about production quotas.
The cartel is widely expected to hold quotas at current levels, especially after Saudi Arabia’s oil minister said that there is “no need” to cut production, even though there are ...
by Elaine Frei
European equities markets saw gains Wednesday.
In London, the FTSE 100 added 0.1 percent to 4,416.23 while the FTSE 250 was up 0.77 percent to 7,588.05.
Most retailers were higher, with supermarkets among the winners as Wm. Morrison (LSE: MRW) added 1.53 percent, J. Sainsbury (LSE: SBRY) was up 1.65 percent and Tesco (LSE: TSCO) gained 2.84 percent.
Travel related shares did well ...
May 26, 2009
by Elaine Frei
Crude oil prices were higher Tuesday after US consumer confidence was reported higher in May and on comments from Saudi Arabia’s oil minister concerning demand.
At just before the close of floor trade, West Texas Intermediate Crude for July delivery was 77 cents higher to $62.44 per barrel on the New York Mercantile Exchange while Brent crude had added 49 ...
by Elaine Frei
Most European equities markets were higher Tuesday, but London markets were mixed as the FTSE 100 added 1.06 percent to 4,411.72 but the FTSE 250 dropped 0.15 percent to 7,530.02.
Miners led both the 100 and 250, with Eurasian Natural Resources (LSE: ENRC) up 6.79 percent on the 100 while Hochschild Mining (LSE: HOC) led both the 250 and the sector which, nevertheless, ...
by Elaine Frei
The pound strengthened versus the euro but weakened in relation to the greenback Tuesday on reports that industrial orders in the Eurozone were down 26.9 percent in March from the same month last year and fell 0.8 percent from February’s orders.
The euro was also hurt by reports that the president of German bank regulator BaFin said that debt levels for German banks could ...
May 20, 2009
by Elaine Frei
The pound was stronger Wednesday as oil prices reached their highest level of the year, on investor willingness to make risky currency trades, and after a report showing that UK manufacturers are less pessimistic about output in the next few months than they have been recently.
At mid-afternoon in New York, the pound traded at 87.7p to the euro while ...
by Elaine Frei
Crude oil prices were higher Wednesday after the US Energy Information Administration released its latest inventories numbers, which showed that US stockpiles of crude oil and gasoline were lower last week.
In early afternoon trade in New York, July contracts for West Texas Intermediate crude had added $1.28 to $61.38 per barrel, while at last report Brent crude had gained $1.23 ...
by Elaine Frei
Most equities markets in Europe were higher Wednesday after miners gained on higher metals prices, outpacing declines in the banking sector.
In London the FTSE 250 added 0.46 percent to 7,734.01 but the FTSE 100 dropped 0.31 percent to 4,468.41on declines for banks.
Miners claimed the top five spots on the gainers list on the 100, led by Lonmin (LSE: LMI) with a gain of 8.11 percent and ...
May 19, 2009
by Elaine Frei
Crude oil prices for June contracts were higher in afternoon trade in New York Tuesday on predictions that US inventories reports from the Energy Information Administration will show that oil and gasoline stockpiles fell last week.
Analysts expect that tomorrow’s weekly US inventory report from the Energy Information Administration will show that crude oil stockpiles fell by 1.5 million barrels ...
by Elaine Frei
The US dollar retreated Tuesday on reports that three major banks - Goldman Sachs (NYSE: GS), JPMorgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) - have all applied to pay back the money they received through the Troubled Asset Relief Program.
The reports reduced demand for the safe-haven dollar on the assumption that the banks now have enough capital to ...
May 18, 2009
by Elaine Frei
Crude oil prices were higher Monday on hopes that Americans will ignore the bad economy and take driving holidays over the long Memorial Day weekend.
West Texas Intermediate crude for June added $2.69 to $59.03 per barrel on the New York Mercantile exchange, and with June contracts expiring at the close of trade tomorrow, crude oil for July delivery added $2.59 to ...
by Elaine Frei
On a day when Asia-Pacific region markets were mixed, India’s Sensex added 17.34 percent to 14,284.21 on election results promised more political stability in the world’s second largest nation by population, biggest democracy and twelfth-largest economy.
The outcome of elections there gave the ruling Congress party a near-majority in parliament that will allow a new government to be formed without ...
by Elaine Frei
The pound strengthened versus the greenback and the euro Monday on higher demand after recent declines for the currency.
Gains for the pound also came after UK house prices were reported to have added 2.4 percent in May from April’s levels at a time when mortgages are becoming more accessible to prospective buyers and on a separate report that retail sales were up ...
May 15, 2009
by Elaine Frei
Crude oil prices were lower Friday, at the end of a week that saw the US Energy Information Administration, the International Energy Agency and the Organization of Petroleum Exporting Countries all cut their forecasts for oil demand for the year.
West Texas Intermediate crude for June delivery was $1.94 to $56.68 per barrel about half an hour before the close of ...
by Elaine Frei
The euro was hurt Friday by new data from the European Union’s office of statistics which showed that the Eurozone’s gross domestic product was down 2.5 percent in the first quarter of the year and that it contracted by an even larger 4.6 percent while compared to last year’s first quarter.
It was the fourth consecutive quarterly contraction for the region, coming on ...
May 14, 2009
by Elaine Frei
Crude oil prices were lower again in afternoon trade in New York after the International Energy Agency joined OPEC and the EIA in predicting that oil consumption will decline this year, and after the US Labor Department issued new numbers showing that new jobless claims in the US were up again last week.
At just before 1:30 p.m. in New York, ...
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