Asian stocks rose the most in almost a month as metals and the South Korean won rose after China’s slowest economic growth in over two years reinforces the expectations of easier monetary policy and the French finance costs decreased. The MSCI Asia Pacific Index advanced 1.7 percent as of 3:12 p.m. in Tokyo, erasing a 1.1 percent decline yesterday. The Shanghai Composite Index rose 4 percent and the Standard & Poor’s 500 Index futures added 0.8 percent. The won strengthened against 15 of the 16 major counterparts and the euro rose 0.5 percent. Copper was 1.9 percent for the highest price since October. Soybeans and corn advanced for the first time in one week as a drought in South America threatened to make counter. Read more
Oil advanced in New York, bouncing the biggest drop this month, after European leaders agreed on measures to a sovereign debt crisis that threatens to slow economic growth and curb demand for raw materials to tame. Futures climbed as much as two percent after sliding 3.2 percent yesterday. Officials in Europe persuaded bondholders to 50 percent losses on Greek debt to be strengthened and a bailout fund to 1 billion euros ($ 1.4 trillion). A report today may show the U.S. economy grew at the fastest pace this year in the third quarter. U.S. gasoline inventories fell last week, even as crude stocks rose, Energy data show. Read more
Angelos Damaskos, manager of the £ 40m fund Junior Gold and CEO of the Sector Investment Managers, up five gold miners best placed to benefit from the upturn in commodity prices. Damaskos said the upward trend in gold price is set to continue as the crisis developed economies remains complex. Read more
Gold prices catapulted to a new record Friday as fears of a global double-dip recession sent investors piling into the safe haven metal. Despite the flight to safety, experts warn that the time may be for the current rally. Gold for December delivery jumped $ 30.20 to close at $ 1,852.20 an ounce on the Comex division of the New York Mercantile Exchange, although the fixed off session highs. The gold price has traded as high as $ 1,881.40 and as low as $ 1,824.50, while the spot price of gold was to add $ 25, depending on Kitco’s gold index. Read more
Gold crept up, as a rally in the dollar, safe haven asset and a competitive counterweight investor flight to safety on a selloff in equities and commodities. The dollar rose to a three-week high against the euro as European officials remain deadlocked on another to save Greece, forging new concerns of a default. Investors shed the European single currency and riskier assets such as equities and commodities, looking for safer bets like gold.
“It’s a tossup between people on the flight from equities and putting their money into gold and the people on the flight of gold from the dollar rally,” said Jimmy Tintle, market analyst at Transworld Futures. Read more
The Gold Price dropped again in London on Thursday, taking this week’s loss to almost $30 an ounce and slipping to 3-week lows at $1102.50.
Emerging-world stock markets shed another 0.8%, while commodities steadied but the US Dollar extended its 5-month highs vs. the Euro.
“With gold breaking out of the lower end of its recent trading range, we now find it difficult to see major upside for the metal in coming weeks,” says Standard Bank’s Walter de Wet. (more…)
General Electric Co. ‘s agreement today to buy Wellstream Holdings Plc markets its acquisitions of natural gas and oil exploration equipment manufacturers to $ 4.3 billion over the past two months as Chief Executive Officer Jeffrey Immelt taps emerging market growth and energy demand.
GE’s purchase, valued at 800 million pounds ($ 1.3 billion) and offering a variety of sales and profits in line with industry averages, following the company agreed to buy Dresser Inc. for $ 3 billion in October. (more…)
BP executives faced angry protesters as shareholders are willing to vote at its annual meeting in London, which takes place a few days before the first anniversary of the Deepwater Horizon explosion.
Fishermen and women from the Gulf Coast affected by the spill, some of whom had bought BP shares to enable them to attend the annual meeting, joined by climate change activists and artists protesting against the oil company. Institutional investors, angry at what they claim are excessive executive pay deals, urged shareholders to vote against the remuneration package. (more…)
Next Page »
