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June 30, 2005
by Brian Turner
Sterling fell in relation to the US dollar, the euro, the yen, and the Swiss franc again on Thursday on several pieces of negative economic news.
First quarter economic growth was revised downward to 0.4 percent on a quarter-to-quarter basis. The annual growth of the gross domestic product also was revised downward, to 2.1 percent from 2.7 percent.
Analysts ...
by Brian Turner
India’s economy grew by 7 percent in the fourth quarter of fiscal year 2004/05, putting the Asian nation’s economic growth for the year to 6.9 percent, the figure forecast by the Indian government.
Manufacturing output grew 8.6 percent in the quarter from January to March and growth for the year was 9.2 percent in the sector.
Output growth for ...
by Brian Turner
In Europe on Thursday, the FTSE Eurofirst 300 fell 0.2 percent to 1,141.39. This close, however, put the index up 9.6 percent for the first half of the year.
The telecommunications sector ended mostly in positive territory. France Telecom gained 1.5 percent to €24.16 after a gain of 5.3 percent on Wednesday. Deutsche Telecom was up 1.4 ...
by Brian Turner
The price of crude oil futures was up Thursday on the news that OPEC will only consider upping crude oil production quotas by 500,000 barrels per day if prices reach $60 per barrel.
OPEC also upped what it called the “ideal” price for West Texas Intermediate crude to $53 per barrel.
Last month, most OPEC ministers had named ...
by Brian Turner
As investors have grown accustomed to trading Brent crude oil futures electronically since the International Petroleum Exchange closed its trading floor in London in April, the New York Mercantile Exchange is finding it difficult to make its presence felt in the trade of Brent futures as it waits for approval to open a planned open-outcry exchange in London.
The ...
by Brian Turner
Prices were higher and yields lower on UK gilts in early afternoon trading in London on Thursday on slower than expected first-quarter economic growth.
Household spending grew by only 0.1 percent while house prices were down by 0.2 percent.
The 2-year gilt lost 5.4 basis points to yield 4.056 percent and the 10-year gilt dropped 4.3 basis ...
June 29, 2005
by Brian Turner
Some insurers have joined the chorus of voices telling the G8 industrialized nations that they must act to reduce greenhouse gas emissions.
The Association of British Insurers are expected to say in a report to be published on Wednesday that the cost of storm damage would side will likely grow due to climate change by two thirds to £15 billion ...
by Brian Turner
There are potential conflict-of-interest issues arising over the vocal opposition among US politicians to China National Offshore Oil Corporation’s bid to purchase Unocal for $18.5 billion.
There are reports that over half of the members of Congress who have signed a letter of opposition to the sale have received campaign contributions in the past from Chevron, which is also ...
by Brian Turner
Less than a year after starting operations, Singapore-based no-frills air carrier Tiger Airways has announced that it would purchase eight Airbus A320 aircraft by, 2007, tripling its fleet to twelve planes.
It also said that it will add staff and routes and open joint-venture franchises away from its base of operations at Changi Airport.
The airline declared that ...
by Brian Turner
The new weekly data on US crude oil inventories released Wednesday showed oil stockpiles up by 1.1 million barrels, gasoline inventories 300,000 barrels higher, and distillate inventories 1.7 million barrels greater in the week ending June 24.
The advances in inventories were unexpected and sent prices tumbling to around six percent below record high prices reached on Monday.
The ...
by Brian Turner
Data released by the Confederation of British Industry showed the biggest drop in retail sales in the UK in 22 years, sending sterling down in relation to the US dollar, the euro, the Swiss franc, and the yen on Wednesday.
42 percent of retailers reported a drop in sales against only 23 percent that reported a rise in sales. ...
by Brian Turner
The Tokyo equities markets were up on Wednesday as investors took note of much lower crude oil prices and the yen’s weakness in relation to the US dollar.
The Nikkei 225 rose 0.6 percent to 11,577.44, its highest level in 11 weeks, while the Topic index was up 0.5 percent to 1,176.48.
Export-dependent stocks were up, as were shares in ...
June 28, 2005
by Brian Turner
Legislation introduced last week in the United States would open up the credit rating industry to more competition.
It would end the current system in which the Securities and Exchange Commission designates only select ratings agencies as “nationally recognized statistical rating organizations.”
Only credit ratings issued by those designated agencies are considered legally valid in the US.
The new ...
by Brian Turner
The technology sector got more than its share of attention on the New York equities markets on Tuesday as Advanced Micro Devices announced that it has filed a lawsuit against Intel.
The suit charges that Intel forced clients to buy their chips rather than AMD’s product.
The suit comes after AMD’s complaint of anti-competitive practices by Intel to ...
by Brian Turner
Crude oil prices fell on Tuesday after three straight days of gains on profit-taking ahead of Wednesday’s inventory data which is expected to show declines in inventories of both crude oil and gasoline.
Volume was light, however, in comparison with last week, when prices were rising to record highs.
West Texas Intermediate on the New York Mercantile Exchange was down $2.34 ...
by Brian Turner
In Brasilia on Tuesday over 10,000 farmers marched past the palace of President Luiz Inacio Lula da Silva in an attempt to draw government attention to the worst farm crisis in Brazil in at least 10 years.
Prices for several crops have fallen sharply in the past year while Brazil’s currency has gained over 25 percent since last year’s crops were ...
by Brian Turner
By late morning in New York on Tuesday, prices on US Treasury bonds had fallen and yields had risen.
There were several factors involved in the falling prices, including retreating oil prices, a consumer confidence index that was up more than had been expected, and anticipation of Wednesday’s sale of $20 billion in new 2-year bonds.
Traditionally, dealers ...
by Brian Turner
The South Korean won and the Japanese yen both lost value in relation to the US dollar on Tuesday as rising oil prices led to concerns that the nations’ balances of payments could be threatened since neither one has significant oil reserves.
Japan’s trade surplus has fallen to a 4-year low mostly due to oil imports, while the ...
June 27, 2005
by Brian Turner
European equities markets were lower on Monday on another hike in crude oil prices.
Even the first jump in four months in German business confidence could not raise the Xetra Dax into positive territory as it fell 0.9 percent to 4,523.82. The FTSE Eurofirst 300 lost 1 percent to 1,130.
The technology sector was hard hit, as were ...
by Brian Turner
Trade in US Treasury bonds was hesitant on Monday ahead of a 2-day meeting of the US Federal Reserve scheduled to begin on Tuesday.
Interest rates are expected to be raised a quarter of a point to 3.25 percent during the meeting. Yields on 2-year Treasuries rose 0.9 basis points to yield 3.588 percent while yields dropped and prices ...
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Sterling fell in relation to the US dollar, the euro, the yen, and the Swiss franc again on Thursday on several pieces of negative economic news.
First quarter economic growth was revised downward to 0.4 percent on a quarter-to-quarter basis. The annual growth of the gross domestic product also was revised downward, to 2.1 percent from 2.7 percent.
Analysts ...
Some insurers have joined the chorus of voices telling the G8 industrialized nations that they must act to reduce greenhouse gas emissions.
The Association of British Insurers are expected to say in a report to be published on Wednesday that the cost of storm damage would side will likely grow due to climate change by two thirds to £15 billion ...
Legislation introduced last week in the United States would open up the credit rating industry to more competition.
It would end the current system in which the Securities and Exchange Commission designates only select ratings agencies as “nationally recognized statistical rating organizations.”
Only credit ratings issued by those designated agencies are considered legally valid in the US.
The new ...
