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News : International Last Updated: Apr 24, 2009 - 5:31:05 PM


Markets News Thursday: Stocks rally across Europe despite news of massive banking fraud
By Finfacts Team
Jan 24, 2008 - 10:05:14 AM

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BP drilling rig in Gulf of Mexico
In New York Wednesday, a late rally rally in financial stocks gave life to negative markets as did new of a possible bailout of bond insurers by New York regulators.

The Dow Jones Industrial Average, which had fallen 326 finished up 298.98 points, or 2.5%, at 12270.17. The Standard & Poor's 500 closed up 2.1%, or 28.10 points, at 1338.60. The S&P's financial sector rose more than 7% following reports that New York state regulators were meeting with Wall Street firms to discuss a rescue of the embattled bond-insurance industry.

Shares in leading bond insurers rocketed. Ambac surged 72%, and MBIA jumped 33%.

The tech-dominant Nasdaq Composite Index closed up 1.1% at 2316.41, down 19% from its peak in October.

Asia-Pacific stocks rose for a second day Thursday as China reported that 2007 economic growth was more than 11%.

The MSCI Asia-Pacific Index rose 1.7% adding to Wednesday's 4% advance.

The Nikkei 225 rose 2% but in Hong Kong, the Hang Seng fell 2.29%. China's CSI 300 benchmark rose 1.05% and Australia's S&P/ASX Index added 3.11%.

Asia-Pacific - Key Benchmarks

In Europe Thursday, the Dow Jones 600 has surged 3.40% and 17 of Western Europe's 18 markets are sharply up. Germany's DAX has risen over 4% as has France's CAC 40 despite news of a €5 billion trading fraud at its second biggest bank. 

In Dublin, the ISEQ Index has surged almost 5%.

National benchmarks -  Europe

Irish Share Prices

Euribor Rates

AIB Daily Report

Bank of Ireland Daily Report

Currencies

The euro is trading at $1.4620 and at £0.7466.

For live currency updates, check the right-hand column of the Finfacts home page

Commodities

Crude oil for March delivery is trading on the New York Mercantile Exchange (Nymex) at $87.78 per barrel, up 79 cents overnight. In London, Brent is trading on the International Commodities Exchange at $87.42 down 80 cents.

The oil price has been under pressure because of recession fears.

Gold spot price

The spot price of gold is at $892.50 per ounce, up $7.70s overnight in New York.

Mark O'Byrne, Director of Gold Investments Ireland, commented on Wednesday:

Gold surged on the news of the emergency Federal Reserve 0.75% interest rate cut to 3.5% prior to the opening of markets in New York. Gold had briefly fallen to just below $850 per ounce in trading late in Asia before surging to over $890 (or some 4.7% from the low of the day to the close in New York). Similarly silver fell as low as $15.40 prior to surging to $16.15. Then gold was up $7.90, or nearly 1 percent, to $889.80 an ounce in trading in New York and silver was down 7 cents to $16.02 per ounce. Both subsequently traded sideways in Asia overnight and have fallen marginally in early European trading.

The London AM Fix at 1030 GMT this morning was at $887.80 (up from $862 on yesterday). Gold surged in all major currencies and to near record highs in GBP and EUR and fixed at £453.50 (up from £442.59 yesterday) and €609 (up from €595.22 yesterday).

As we anticipated the Federal Reserve cut interest rates sharply despite significant inflationary pressures and this led to another sharp decline in the dollar and this combined with safe haven demand led to gold’s strong performance again yesterday. This morning the dollar has weakened marginally against the pound and the euro (1.955 and 1.4586) and oil has again weakened (down 1.7% to $87.70 <NYMEX February>) which is likely the reason for gold’s slight sell off in early European trading. Profit taking in the short term may be expected after yesterday’s surge in price.

But the recent rally in stock markets and indeed in the dollar will unfortunately likely be another dead cat bounce and both the dollar and major industrial equity markets appear to be in secular bear markets. U.S. stock markets did recover from their sharp lows but still fell for the day. Asian stock markets were mixed but generally up and European stock markets have again sold off this morning.

Gold Investments has just launched our UK website to cater for our UK clientele and in order to continue our expansion into the UK marketplace and internationally. It has localised country specific information designed to inform and empower investors in the UK. It has news and commentary, important information on gold bullion in UK pensions and Sipps, gold prices, data and charts in British pounds and a wealth of other information.

www.goldassets.co.uk


© Copyright 2009 by Finfacts.com

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