Thursday, February 21, 2008

Financials Daily - 21st Feb 2008

US: U.S. stocks rose the most in a week, led by technology and energy shares, after Hewlett-Packard Co.'s profit topped analysts' estimates and oil climbed to a record for a second day.

Europe: European stocks fell for the first time in three days on concern expanding losses in credit markets will curb earnings and inflation in the U.S. may prevent central banks from cutting borrowing costs to boost growth.

Asia: Asian stocks fell, sending the region's benchmark to its biggest drop in two weeks, after oil's surge above $100 a barrel dragged down automakers and power generators.

Commodities: Crude oil was little changed near $100 a barrel after rising to a record yesterday on speculation U.S. interest rate cuts will bolster fuel consumption. Gold futures rose to a record $949.20 an ounce after energy costs jumped to the highest ever, boosting the appeal of the precious metal as a hedge against inflation.

Currencies: The yen traded near a three-week low against the euro after a rally in U.S. stocks restored confidence in buying higher-yielding assets funded in Japan.
Source: Bloomberg

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