Thursday, February 14, 2008

Financials Daily - 14th Feb 2008

US: U.S. stocks rose for a third day, the longest stretch of gains in 2008, after increased demand at Applied Materials Inc. spurred a technology rally and energy shares advanced on higher gas-station sales.

Europe: European stocks erased their earlier gains. ABB Ltd., the world's largest maker of power networks, and software maker Dassault Systemes SA dropped.

Asia: Asian stocks rose for a second day, led by commodity producers and shipping lines, on speculation demand for fuel and metals will outstrip supply after recent storms in China toppled power lines and cut output.

Commodities: Crude oil rose after government reports showed that U.S. retail sales unexpectedly climbed and gasoline demand increased. Gold, little changed in New York, may decline on speculation a rally in equities will reduce the appeal of the precious metal as alternative investment. Silver gained.

Currencies: The pound climbed to a two-week high against the euro after the Bank of England raised its inflation forecast, prompting traders to pare bets on interest-rate cuts.
Source: Bloomberg

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