Thursday, January 31, 2008

Financials Daily - 31st Jan 2008

US: U.S. stocks fell for the first time this week on concern that bond insurers guaranteeing $2.4 trillion in securities will lose AAA credit ratings, erasing a rally spurred by the Federal Reserve's interest-rate cut.

Europe: European stocks fell after BNP Paribas SA's earnings missed analyst estimates and Goldman Sachs Group Inc. slashed profit forecasts for the region's carmakers.

Asia: Asian stocks fell, led by South Korean shipbuilders on concern slowing global growth and rising fuel costs will erode earnings.
Commodities: Crude oil fell for the first time in six days as U.S. stocks declined after the Federal Reserve cut its benchmark interest rate to bolster the economy of the world's biggest energy-consuming country. Gold rose to a record after the Federal Reserve lowered interest rates for the second time in nine days, weakening the dollar and boosting the appeal of the precious metal as an alternative investment.

Currencies: The yen gained against 15 of the 16 most-active currencies as credit-market losses prompted investors to sell higher-yielding assets funded in Japan.
Source: Bloomberg

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