Thursday, January 17, 2008

Financials Daily - 17th Jan 2008

US: Technology and energy shares sent the Standard & Poor's 500 Index to its lowest level in 14 months on Intel Corp.'s worse-than-estimated sales forecast and a drop in oil prices.


Europe: European stocks slumped, led by commodity producers and chipmakers, for the biggest two-day decline since August after oil and metals prices fell and Intel Corp. forecast sales that missed analysts' estimates.


Asia: Asian stocks fell, extending a global rout, after an unexpected drop in U.S. retail sales added to concern the world's largest economy will enter a recession.


Commodities: Crude oil fell to a four-week low after a U.S. Energy Department report showed that supplies rose more than expected. Gold futures tumbled the most in almost nine weeks after prospects for an emergency interest-rate cut by the Federal Reserve faded, reducing the appeal of the precious metal as hedge against inflation. Silver also declined.

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