Thursday, February 28, 2008

Financials Daily - 28th Feb 2008

US: Most U.S. stocks fell for the first time in four days as a slump in utility and drugmaker shares overshadowed speculation Federal Reserve Chairman Ben S. Bernanke will cut interest rates to stave off a recession.

Europe: European stocks fell for the first time this week after record oil prices and earnings reports from HBOS Plc and Bouygues SA reignited concern that profits will decline as inflation accelerates.

Asia: Asian stocks rose, sending the region's benchmark to a six-week high, as a rally in commodity prices and profit reports at Standard Chartered Plc and Marui Group Co. stoked optimism earnings will endure a global slowdown.

Commodities: Crude oil was little changed below $100 after a government report showed that U.S. inventories increased for a seventh week as the economy of the world's biggest energy-consuming country slows. Gold futures rose to a record $967.70 an ounce as the dollar fell to the lowest ever against the euro, boosting the appeal of the metal as an alternative investment. Silver extended a rally to the highest since 1980.

Currencies: The dollar traded at a record low below $1.51 per euro after Federal Reserve Chairman Ben S. Bernanke signaled he's ready to lower interest rates again to support the weakening U.S. economy.
Source: Bloomberg

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