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July 20, 2005
by Brian Turner
After a more vigorous rise early in the day, the FTSE 100 closed 0.2 percent higher at 5,215.2, while the FTSE 250 also rose 0.2 percent to 7,434.6 on a trading volume of 3.2 billion shares on Wednesday.
The rise was partly attributed to higher hopes for an interest rate cut next month when the minutes from this ...
by Brian Turner
August contracts for West Texas Intermediate crude oil on the New York Mercantile Exchange closed down 74 cents to $56.72 per barrel on Wednesday after it had fallen by $1.11 to $56.35 per barrel at one point in the day after early gains ahead of the release of weekly US inventory date.
With the August contract expiring at ...
by Brian Turner
The World Trade organization returned to look into the complaints brought by the EU and the US that subsidies paid by the other to the private companies are not allowable under WTO rules.
The EU says that US government subsidies gives Boeing an advantage, while the US claims that subsidies from European governments unfairly aids Airbus.
The WTO ...
by Brian Turner
Speaking before a Congressional hearing today, Federal Reserve chairman Alan Greenspan painted a generally healthy picture of the US economy on Wednesday.
He issued warnings, however, about housing prices and oil prices that he said could slow economic growth. He especially expressed concern that oil prices could keep going up for the next few years and cut into private ...
by Brian Turner
US oil company Unocal has endorsed Chevron’s bid to buy the California-based company over a higher bid from Chinese company CNOOC.
Conventional wisdom is that Unocal is sticking with the Chevron deal at least partly because of concerns that the US government would not approve a deal with CNOOC.
The move by the Unocal board came after Chevron raised its bid ...
July 19, 2005
by Brian Turner
In London on Tuesday, the FTSE 100 was down 0.2 percent to 5,201.5 and the FTSE 250 lost 0.3 percent to 7,4151 on a volume of 4 billion shares traded.
Volume was enhanced by the unification of Royal Dutch and Shell shares, with over 243 million Shell shares traded in the action, the most Shell shares traded ...
by Brian Turner
The market in US Treasury bonds was quiet on Tuesday in anticipation of Wednesday’s scheduled testimony from Federal Reserve chairman Alan Greenspan.
Data showing strong housing starts in June and strong US chain store retail sales last week had little effect on investors.
The two-year Treasury lost 1.6 basis points to yield 3.877 percent, while the 10-year bond was down ...
by Brian Turner
The US dollar was stronger on Tuesday due in large part to the prospect of further rises in US interest rates.
The greenback initially gained 0.8 percent to $1.1954 in relation to the euro, but later slipped back slightly to $1.2015.
It hit a 14-month high against the yen when it gained 0.9 percent to ¥112.92, gained 0.7 percent to SFr1.3024 in relation to ...
by Brian Turner
The US dollar was stronger on Tuesday due in large part to the prospect of further rises in US interest rates.
The greenback initially gained 0.8 percent to $1.1954 in relation to the euro, but later slipped back slightly to $1.2015.
It hit a 14-month high against the yen when it gained 0.9 percent to ¥112.92, gained 0.7 percent ...
by Brian Turner
In the UK on Tuesday, UK chancellor Gordon Brown told the Treasury select committee that the current economic cycle began in 1997, not in 1999 as the Treasury had previously assumed.
By changing the length of the cycle, Mr. Brown makes it more likely that his goal on balancing the budget will be met.
Mr. Brown’s so-called “golden ...
July 18, 2005
by Brian Turner
Prices on government bonds were down in the United States on Monday but were up in the eurozone and the UK, while the markets in Japan were closed for a national holiday.
In the eurozone, news of controlled inflation sent bond prices up and added to the likelihood that the European Central Bank will ...
by Brian Turner
IPE Brent crude oil September contracts on the International Petroleum Exchange lost $1.06 on Monday to trade at $56.55 per barrel during the day.
West Texas Intermediate crude on the New York Mercantile Exchange was down in late morning trade by $1.09 to $57 per barrel.
The falling prices were due to the fact that a weakening Hurricane ...
by Brian Turner
Shares in Infineon Technologies AG, Europe’s largest chipmaker, fell 1.2 percent to €8.31 on Monday on the news that Andreas von Zitzewitz, the head of the company’s core memory-chip unit had resigned over the weekend after news broke that he is under investigation for taking kickbacks in return for arranging sports sponsorship deals with a public relations agency.
Another ...
by Brian Turner
According to a report by accountants Ernst & Young, the number of profits warnings issued by companies publicly listed in the UK have risen to their highest number since November of 2001, in the wake of the September 11 terrorist attacks in the US.
There were 42 such warnings issued in April and 97 in the full second quarter ...
July 15, 2005
by Brian Turner
US industrial production rose in June at its fastest rate in 16 months, according to the Federal Reserve.
Production by factories, mines, and utilities was up 0.9 percent on the month, doubling expectations and tripling the May increase.
It was the best performance since February of 2004, when industrial production rose 1.1 percent.
Over half of the gain ...
by Brian Turner
Crude oil prices were up on Friday as worries heightened that Hurricane Emily might venture into areas of the Gulf of Mexico where oil production facilities are located and interrupt supplies.
West Texas Intermediate for August delivery gained 55 cents to $58.35 per barrel on the New York Mercantile Exchange, while Brent crude September contracts on the International Petroleum Exchange ...
by Brian Turner
Prices on government bonds were up in the eurozone but mostly down in the UK on Friday.
In the eurozone trading was sluggish as investors waited for US economic data scheduled to be released later in the day, including industrial production data, producer price figures, and measures of consumer sentiment.
However, yields remained near several-week highs as hopes ...
by Brian Turner
The co-sponsors of a bill that would impose a tariff of 27.5 percent on Chinese imports if that nation’s currency is not revalued have agreed to postpone a vote on the measure after they received assurances from the Bush administration that the renminbi will be revalued in August before the Chinese president visits Washington, DC, in September.
Senators ...
July 14, 2005
by Brian Turner
In London on Thursday, the FTSE 100 gained 13.8 points to 5,259.7, but the FTSE 250 lost 33.0 points to 7,508.7 on a volume of 3.5 billion shares traded.
UBS upgraded the price targets of oil companies BP, Shell, and BG Group.
BP’s target was raised to 700p, up 13 percent, while Shell and BG Group were each upgraded by 14 ...
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After a more vigorous rise early in the day, the FTSE 100 closed 0.2 percent higher at 5,215.2, while the FTSE 250 also rose 0.2 percent to 7,434.6 on a trading volume of 3.2 billion shares on Wednesday.
The rise was partly attributed to higher hopes for an interest rate cut next month when the minutes from this ...
In London on Tuesday, the FTSE 100 was down 0.2 percent to 5,201.5 and the FTSE 250 lost 0.3 percent to 7,4151 on a volume of 4 billion shares traded.
Volume was enhanced by the unification of Royal Dutch and Shell shares, with over 243 million Shell shares traded in the action, the most Shell shares traded ...
Prices on government bonds were down in the United States on Monday but were up in the eurozone and the UK, while the markets in Japan were closed for a national holiday.
In the eurozone, news of controlled inflation sent bond prices up and added to the likelihood that the European Central Bank will ...
US industrial production rose in June at its fastest rate in 16 months, according to the Federal Reserve.
Production by factories, mines, and utilities was up 0.9 percent on the month, doubling expectations and tripling the May increase.
It was the best performance since February of 2004, when industrial production rose 1.1 percent.
Over half of the gain ...
