Wednesday, February 20, 2008

Financials Daily - 20th Feb 2008

US: U.S. stocks fell after oil's surge above $100 a barrel dragged down consumer and technology shares, erasing a 157-point rally in the Dow Jones Industrial Average led by energy producers.

Europe: European stocks rose for the fifth time in six days, led by insurers on takeover speculation and mining companies as copper reached a four-month high.

Asia: Asian stocks rose, sending the region's benchmark to a two-week high, as concern eased that banks will report more subprime-related losses and after higher metals prices boosted natural-resources companies.

Commodities: Crude oil fell in New York after reaching a record $100.10 a barrel yesterday on speculation OPEC will decide to cut production next month. Gold futures rose the most in almost seven weeks on speculation a weaker dollar and higher commodity costs will boost the appeal of the precious metal as an inflation hedge. Silver reached its highest close since 1980.

Currencies: The dollar traded near a two-week low against the euro before minutes from Federal Reserve meetings last month that may show the central bank is willing to lower interest rates further to support the economy.
Source: Bloomberg

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