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Oil holds onto gains amid lingering worries over ExxonMobil-Venezuela spat
2008-02-18 19:09:00
LONDON (Thomson Financial ) - Oil held onto earlier gains as fears over the US economic slowdown were overshadowed by lingering worries the standoff between ExxonMobil and Venezuela could worsen, further disrupting US supply. "At the moment, various short term supply fears are still overwhelming economic worries," said Sucden analyst Andrey Kryuchenkov. He added, however, that economic worries could yet take centre stage again. "Any more negative economic news or disappointing data could quickly turn market participants' attention back to economic fears, while future gains in crude prices would be capped in this case," he said. Oil prices were on a downtrend for much of January amid fears a US economic slowdown will crimp demand for crude, especially if it spills over into the broader economy. They have recovered sharply over the past week, however, partly because markets have taken the view that the view the ExxonMobil-Venenzuela spat still poses a serious risk to US supplies. ...
More About: Holds

Pound recovers some lost ground following Northern Rock inspired falls
2008-02-18 19:08:00
LONDON (Thomson Financial ) - The pound recovered some ground but remained sharply lower on the day after the UK government's plans to nationalise Northern Rock . With other major currencies range-bound in quiet trade due to the US public holiday, the pound has been in focus following yesterday's surprise decision by Chancellor of the Exchequer Alistair Darling to take the troubled mortgage lender into public ownership. Earlier the pound fell to a two-week low against the euro of 0.7521 stg and a one-week low against the dollar as news the stricken bank will be taken into public ownership heightened investors' concerns about the prospects for the UK economy. "The pound was sold from today's European open, on the back of the continent's absorption of yesterday's Northern Rock nationalisation announcement," said Robert Howard, analyst at Thomson IFR Markets. Meanwhile, relatively downbeat comments from Bank of England rate setter Tim Besley also weighed on the UK currency. The...
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European government bonds slide further on strong equity gains
2008-02-18 19:06:00
LONDON (Thomson Financial) - European government bonds continued to slide as stock markets rose strongly in the absence of any US trading, closed for President's Day. The rise in prices is partly magnified by a lack of trading volume as US markets remain closed, but the improved sentiment has caused some profit-taking on the gains made last week. Analysts say this may continue into tomorrow, when economic data will once again be scarce, leaving the stock market to drive bond prices. "Whether the good mood will prevail of course remains to be seen; but a lack of A-list US economic data releases this week could mean that fears of a US recession -- whose odds have undoubtedly shortened following Friday's poor batch of US economic figures -- may linger on in investors' minds," said Neil Mellor at Bank of New York Mellon. The markets are pricing in about 100 basis points-worth of cuts by the Federal Reserve by year-end, a view that has been cemented by the weak US economic data la...
More About: Government , Bonds , Slide , Strong

Copper hits 4-month high on stocks falls, strong Chinese demand
2008-02-18 19:04:00
LONDON (Thomson Financial ) - Copper surged to a 4-month high amid ongoing worries over sharp declines in LME inventories and as a rebound in demand from China, the world's largest user of the metal, boosted sentiment. MF Global analyst Ed Meir said gains in copper could be sustained through the week as it is very light on the US macro economic calendar, meaning concerns over the economic decline there will remain sidelined. US markets are closed today for the President's Day holiday, while the remainer of the week sees the release of January inflation data, as well as housing and building starts. In any case, traders have pushed aside worries over US growth and falling copper demand there, to focus on fundamental factors like the ongoing decline in LME inventories. The LME said in a daily report today that copper stocks held in its warehouses fell by 6,275 tonnes to total 144,375 tonnes. Stocks are now at their lowest since mid-October. At 3.18 pm, LME copper for 3 month deli...
More About: Chinese , High

UK money market rates
2008-02-18 19:03:00
LONDON (Thomson Financial ) - INTERBANK OFFERED RATES OVERNIGHT 5.33 1 WEEK 5.35 1 MONTH 5.55 2 MONTHS 5.60 3 MONTHS 5.65 4 MONTHS 5.63 5 MONTHS 5.61 6 MONTHS 5.60 9 MONTHS 5.53 12 MONTHS 5.46 DEPO CDs 1 MONTH 5.55 - 5.47 2 MONTHS 5.60 - 5.52 3 MONTHS 5.65 - 5.57 4 MONTHS 5.63 - 5.55 5 MONTHS 5.61 - 5.53 6 MONTHS 5.60 - 5.52 9 MONTHS 5.53 - 5.43 12 MONTHS 5.46 - 5.36 CLEARER CDs 1 MONTH 5.55 - 5.47 2 MONTHS 5.60 - 5.52 3 MONTHS 5.65 - 5.57 4 MONTHS 5.63 - 5.55 5 MONTHS 5.61 - 5.53 6 MONTHS 5.60 - 5.52 9 MONTHS 5.53 - 5.43 12 MONTHS 5.46 - 5.36 LOCAL AUTHORITY DEPOSITS 2 DAYS 5.25 7 DAYS 5.28 1 MONTH 5.53 3 MONTHS 5.65 6 MONTHS 5.60 12 MONTHS 5.50 EURODOLLAR DEPOSIT OVERNIGHT 3.13 - 3.06 7 DAYS 3.15 - 3.10 1 MONTH 3.15 - 3.10 3 MONTHS 3.08 - 3.03 6 MONTHS 3.00 - 2.92 12 MONTHS 2.87 - 2.77 EURODOLLAR CDs 1 MONTH 3.06 3 MONTHS 3.00 6 MONTHS 2.91 12 MONTHS 2.73 Local authority rates provided by Tradition
More About: Money , Market , Money Market , Rates

Platinum holds near record peak, gold capped by steady dollar
2008-02-18 19:02:00
LONDON (Thomson Financial ) - Platinum held near a new record peak above 2,100 usd an ounce touched earlier this morning amid ongoing worries over a widening market deficit this year as power outages in South Africa continue to crimp output. Gold meanwhile remained capped by a steadier tone in the dollar, which reduced the appeal of the precious metal as an alternative asset to the US currency. Analysts said with the metal having failed Friday to benefit from renewed dollar weakness and strength in oil, it may well have to spend time consolidating before heading higher. At 2.14 pm, spot gold was quoted at 903.45 usd an ounce against 903.00 usd in late New York trade Friday. The metal has gained some 250 usd an ounce since last summer on dollar weakness and safe haven flows sparked by a worsening economic outlook in the US. However, gains have stalled recently. Analysts note buying from physical players dried up as gold hit record peaks last month, adding there is little hope ...
More About: Dollar , Record

Market Still Facing Headwinds From Credit, Economy
2008-02-17 08:20:00
MARKET SNAPSHOT: Market Still Facing Headwinds From Credit , Economy By Carla MozeeInvestors will look for U.S. stock gains to continue for a second consecutive week, but the market faces high hurdles from the ongoing credit crisis and recession fears that continue to hang over the market.Market players will turn their attention to results from retailing giant Wal-Mart Stores Inc. (WMT) and a consumer-price inflation report that will shed more light on consumer activity in a sluggish economy.A close eye will also be paid to action in the bond-insurance market, after New York Governor Eliot Spitzer warned Thursday that bond insurers have to move quickly to recapitalize themselves to keep their AAA ratings.Fresh off the central bank's downgrade of the U.S. economy, investors will return from Monday's holiday to reports from the beleaguered housing sector and results from J.C. Penney Co. (JCP) and tech heavyweight Hewlett-Packard Co. (HPQ)A three-day snapback rally, interrupted by a...

Metals at a glance
2008-02-17 08:20:00
NEW YORK (AP) - The following are key metals settlement prices Friday, compared with late Thursday, on the New York Mercantile Exchange: April gold $906.10, down $4.70 an ounce March silver $17.118, down 13.7 cents an ounce March copper $3.5230, up 3.5 cents a pound
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Treasurys higher on weak manufacturing
2008-02-17 08:18:00
NEW YORK (AP) - Long-term Treasury prices rose Friday after the New York Federal Reserve reported that manufacturing in its region contracted this month. Another gauge showed that nationwide consumer confidence skidded to a 16-year low. The news sent the yield on the rate-sensitive two year note briefly down to its weakest level in four years. Prices and yields move in opposite directions. The New York Fed's Empire State index of factory activity plunged almost 21 points to a negative 11.7 reading, the weakest level in almost three years. Readings below zero show shrinkage. February also marked the fourth straight decline for the index. Economists had expected a much healthier reading of 5.75, according to Thomson/IFR. The report helps build a case that the economy is on the brink of recession, although a recession requires two consecutive quarters of contraction and can only be declared in hindsight. Separately, the Reuters/University of Michigan's consumer sentiment index dr...
More About: Higher , Manufacturing

Dollar down after weak manufacturing
2008-02-17 08:18:00
NEW YORK (AP) - The dollar extended its slide Friday against most major currencies after weak manufacturing data and consumer sentiment drove home Federal Reserve Chairman Ben Bernanke's comments about a gloomy economy and the possibility of further interest rate cuts. Lower interest rates can jump-start a country's economy, but may weigh on its currency as traders transfer funds to countries where they can earn higher returns. The 15-nation euro rose to $1.4678 Friday from $1.4633, but the dollar jumped higher against the pound. The British currency fell to $1.9603 from $1.9691. The dollar also slipped to 107.69 Japanese yen from 107.93 yen and dropped to 1.0925 Swiss francs from 1.0973 francs. A New York Federal Reserve survey showed that manufacturing conditions in the region had deteriorated, while the central bank said that the country's industrial output rose by only 0.1 percent in January. The increase in industrial production was due mostly to higher output at util...
More About: Dollar , Manufacturing

New York Money Market Rate Indications
2008-02-17 08:17:00
New York Money Market Rate Indications Bankers acceptances at 3:46 p.m. New York time.1M 3.122M 3.103M 3.706M 2.959M 2.881Y 2.83 Federal funds: days high 3.15; low 2.93: latest bid 3.00; offered 3.06; prime lending rate at major banks 6.00; broker call loan rate 4.75 Dealer-placed commercial paper30 days 3.0760 days 3.0590 days 3.03 Treasury bills30 days 2.33-32 dn .12090 days 2.15-14 dn .080180 days 2.02-01 dn .020 Moody's yield figuresAAA corps 5.67
More About: New York , Money Market

C$ Ends Sharply Lower In Thin Trading
2008-02-17 08:06:00
Canada Afternoon: C$ Ends Sharply Lower In Thin Trading TORONTO (Dow Jones)--The Canadian dollar ended sharply lower Friday after earlier selling of the U.S. dollar prompted a short squeeze that sent the greenback scurrying higher against its Canadian counterpart in thin trading conditions. Weak domestic manufacturing data for December were also a negative for the Canadian unit Friday.The U.S. dollar was trading at C$1.0086 at 3:39 p.m. EST (2039 GMT), from C$0.9989 at 8:00 a.m. EST (1300 GMT) and C$0.9994 late Thursday.It slipped to a low of C$0.9924 in overnight trading but had rebounded to the C$0.9970 area when Statistics Canada reported that manufacturing shipments were down 3.4% to C$48.63 billion (US$48.62 billion) after rising 1% the previous month, revised down from the preliminary 1.1% gain. The market had expected a 0.1% loss.Sales in constant dollars fell 5.8% to C$46.7 billion, the lowest level since August 2003. Overall 16 of the 21 manufacturing industries posted lo...
More About: Financial

Oil rallies to 1-month high on Venezuela supply row
2008-02-11 20:29:00
LONDON (Thomson Financial ) - Oil rallied to a one-month high late afternoon as the ongoing supply spat between the US and Venezuela and expectations for a cold snap sent jitters through the market. News of an equipment failure at a Delaware refinery operated by Valero added upward momentum to a market already buoyed by supply fears, analysts said. Prices climbed more than 4 usd a barrel on Friday and were driven still higher overnight after Venezuelan president Hugo Chavez threatened to cut oil supplies to the US yesterday, before slipping into consolidation mode in morning trade. However, the news is still fuelling buying this afternoon, analysts said. "The market is very volatile right now," said Alaron trader Phil Flynn. "The weather forecasts continue to be cold, and heating oil is leading us up on this rally. That is adding to uncertainty (over Venezuela) to keep the market pretty well supported." At 5.10 pm, New York's WTI crude for March delivery was up 2.02 usd at ...
More About: Rallies , High , Month

Dutch Fin Min: French Must Stick To Budget
2008-02-11 20:28:00
ECOFIN: Dutch Fin Min: French Must Stick To Budget Deadline BRUSSELS -(Dow Jones)- The French government must stick to an agreement reached by euro-zone members in Berlin last year to balance their budgets by 2010, Dutch Finance Minister Wouter Bos said Monday.The deal was struck in April, but following its election in May, the French government of President Nicholas Sarkozy said it may only be able to balance its budget in 2010 as it focuses on tax cuts designed to boost economic growth over the long-term.Speaking to reporters ahead of a meeting of finance ministers from the euro zone, Bos said all governments should honor the agreement. "We should stick to the rules we agreed on," he said. Bos said the euro-zone economy is likely to slow this year, but less severely than the U.S. economy. "I guess there will be a slowdown in growth, less so than in the U.S.," he said. "I don't think we should panic now."Bos also said he was happy with the statement on foreign exchange rates is...

Euro fails to sustain earlier gains as risk aversion sets in
2008-02-11 20:27:00
LONDON (Thomson Financial) - The euro fell in afternoon trade with rising risk aversion and a lack of data wiping out earlier gains. The currency had risen earlier in the day following comments from Euro pean Central Bank president Jean-Claude Trichet that there had been no discussion of interest rate cuts at the governing council's meeting last week when rates were left on hold at 4.00 pct. However analysts said that other recent comments from ECB officials coupled with evidence that euro zone economic activity is starting to wane mean the comments did little to later expectations that rates are set to fall in the coming months. "While Trichet might have been trying to temper rate cut expectations, the less hawkish hue of the ECB last week suggests that the ground work is being prepared for a rate cut," said analysts at BNP Paribas. Several major European banks, including UBS and Commerzbank are due to publish results this week which will be closely eyed to see to what extent t...
More About: Sets , Risk

Long-term Treasurys rise on CDO worries
2008-02-11 20:26:00
NEW YORK (AP) - Long -term Treasury prices rose Monday after news of problems at American International Group Inc. again raised concerns about risky low-quality debt. The insurer said it will make more information public about the methods it used to value the complicated debt pools known as collateralized debt obligations, or CDOs. These assets are a major concern to investors because CDOs contain some subprime debt instruments that are likely to default and it is widely suspected their current prices do not reflect that liability. AIG also said it had been told there was some weakness in its internal controls at the end of 2007. Worries about subprime mortgages and other poor-quality debt have fueled a string of vigorous rallys for Treasurys since last August, as risk-averse investors have opted for the safety of government-backed bonds. "The AIG news that is coming out is impacting the market," said Tom di Galoma, head of Treasurys trading at Jefferies & Co. "There is fe...
More About: Financial , Rise , Term

EU's Barroso says he assured Trichet of support for ECB independence
2008-02-11 20:25:00
BRUSSELS (Thomson Financial) - European Commission president Jose Manuel Barroso said he assured European Central Bank president Jean-Claude Trichet "of the commission's unwavering support for the independence" of the ECB during bilateral talks here today. "The governance of the euro area has served us well," Barroso said in a statement before taking the unusual step of attending this evening's meeting of euro zone finance ministers. He said his message at the meeting will be that while the euro's foundations and the Lisbon strategy of economic reforms are sound, much work remains to be done. "We must strive to deliver growth, jobs, low inflation and low interest rates consistently over time," he said. "We must not endanger the stability of those foundations by yielding to the temptations for protectionism, or futile attempts to stem financial globalisation, or an artificial stimulus of the economy," he said. Barroso said Europe "has no rational reason to fear recessio...
More About: Support , Independence

European government bonds higher as equities fall into the red
2008-02-11 20:24:00
LONDON (Thomson Financial ) - European government bonds were higher, tracking falls on equity markets on fresh write-off fears and as concerns about the global economic outlook intensified following the G7 meeting over the weekend. The tumble on share markets has been driven by more bad news from financial companies, with American International Group revealing that its auditors have questioned the company's internal controls over the valuation of credit default swap portfolio obligations. "AIG, 'accounting' and 'credit default swap' all in the same headline have investors scurrying for cover and bidding bonds back up again," said Michael Cartine at Thomson IFR Markets. Further bad news came from Standard Chartered PLC, which announced it is withdrawing plans to provide liquidity to its Whistlejacket Capital structured investment vehicle. Meanwhile, this weekend's communique from the G7 meeting in Tokyo only served to give further justification for financial markets to step ...
More About: Government , Bonds , Equities

Copper off day highs as demand worries return
2008-02-11 20:23:00
LONDON (Thomson Financial ) - Copper came off day highs as worries that global economic weakness could crimp demand returned amid sustained falls in global equities. The metal remained up on the day overall, however, still underpinned by LME stock falls. At 3.12 pm, LME copper for 3 month delivery was up at 7,785 usd a tonne against 7,700 usd at the close Friday. Earlier the metal touched 7,860 usd, its highest since late October, amid news LME stocks have fallen by another 2,625 tonnes to total 126,300 tonnes. Overall, stocks remain at their lowest since early November, prompting strength in copper. Offsetting this, however, are worries over the demand outlook. Finance ministers from major world economies said at this weekend's G7 meeting the impact of the US sub-prime housing crisis may be broader than previously expected. They estimated write-downs linked to the crisis could reach up to 400 bln usd globally, compared with 120 bln usd reported so far. Global equities ...
More About: Return , Demand

US Business Group Cites Ways To Reduce US
2008-02-11 20:21:00
US Business Group Cites Ways To Reduce US,EU Regulatory Hurdles WASHINGTON -(Dow Jones)- Increasing transparency and improving data quality are just two actions the U.S. and European Union should take to reduce regulatory obstacles and improve transatlantic trade, the Chamber of Commerce said Monday.Responding to a joint report by the European Union and U.S. Office of Management and Budget, the business federation said improvements in areas of data quality, transparency, stakeholder input, cost-benefit analysis and the application of sound science would help make business regulations in the two countries more seamless."When it comes to protecting consumers and the environment, there is a strong need to reduce the differences between U.S. and EU regulations," said Stan Anderson, chair of the Chamber's Global Regulatory Cooperation Project. "We need to improve the methods of regulating business if we are to mitigate obstacles to trade, investment and economic growth on both sides of ...

Financial Market Products Need To Be More Transparent
2008-02-06 19:39:00
Merkel: Financial Market Products Need To Be More Transparent FRANKFURT -(Dow Jones)- Financial market products need to be more transparent, German Chancellor Angela Merkel said Wednesday in a speech at a regional party convention.Pointing to highly integrated financial markets, Merkel said it was inappropriate that the side effects of the financial turmoil had to be shouldered by "everyone", while nobody had a full grasp of what the risks are when financial market products are traded.

US Employment Cost Index-STATS
2008-02-06 19:36:00
US Employment Cost Index -STATS-Historical Employment cost index for total compensation, wages and salaries,and benefit costs, by industry and occupational group. Percent changesfor 3-months ended are seasonally adjusted. Percent changes for 12-months ended are not seasonally adjusted. R denotes revised. ---CIVILIAN WORKERS--- Compensation Wages/Salaries BenefitsPeriod 3-Mo 12-Mo 3-Mo 12-Mo 3-Mo 12-MoDec 07 0.8 3.3 0.8 3.4 0.9 3.1Sep 07 0.8 3.3 0.8 3.3 0.8 3.2Jun 07 0.9 3.3 0.8 3.4 1.3 3.4Mar 07 0.8 3.5 1.1 3.6 0.1 3.1Dec 06 0.9 3.3 0.7 3.2 1.1 3.6Sep 06 0.9 3.3 0.9 3.2 1.0 3.3Jun 06 0.9 3.0 0.9 2.8 ...
More About: Stats

U.K Government Repays GBP1.7 Billion To Metronet
2008-02-06 19:34:00
U.K Government Repays GBP1.7 Billion To Metronet Senior Lenders In Restructure LONDON -(Dow Jones)- The U.K government has provided a GBP1.7 billion grant to the U.K.'s Transport for London, or TfL, to pay lenders to the bankrupt Metronet business, which TFL is acquiring out of administration.In a statement Wednesday, TfL said that as a result of Metronet Rail BCV Ltd. and Metronet Rail SSL Ltd. being placed in administration in July, lenders were able to exercise a put option.This requires London Underground Ltd. to pay GBP1.74 billion within seven days. However the Secretary of State for Transport Wednesday said a grant of GBP1.7 billion will be paid to TfL from the Department for Transport, to be used toward payment to senior lenders. The lenders' debt claims were guaranteed by the government to be repaid to 95%. The settlement is a step forward in the transfer of the Metronet businesses to TfL."Our priority remains the removal of Metronet from PPP Administration as quickly a...

Treasury's Paulson adds to call for lenders to speed up
2008-02-06 19:32:00
WASHINGTON (Thomson Financial ) - Treasury Secretary Henry Paulson became the third senior official in as many days to call on mortgage lenders and servicers to speed up their efforts to find workouts for homeowners in danger of foreclosure. In response to questioning in a Senate Budget Committee hearing, Paulson emphatically said, "I'm gonna be all over them," if companies in the mortgage industry are not making maximum efforts to find and help borrowers who face losing their homes when their mortgages reset to higher rates. Federal Reserve Governor Randall Kroszner and Treasury Under-Secretary Robert Steel both warned mortgage industry executive groups earlier this week that they needed to speed up their efforts for finding and helping endangered borrowers. He was optimistic that the fast-track programs the administration has worked out with the mortgage industry could be successful. "I will be unpleasantly surprised if we don't find that people who can afford the initial rate...
More About: Speed , Call , Speed up , Lenders

Oil dives as stocks rise more than expected
2008-02-06 19:25:00
LONDON (Thomson Financial ) - Oil fell sharply as worries that a looming US recession will crimp demand combined with improved supply side news in the form of better than forecast increases in US energy inventories. The US Energy Information Administration said earlier US crude stocks rose by 7 mln barrels last week to total 300 mln barrels. Analysts were expecting stocks to rise by only 2.07 mln barrels Meanwhile gasoline stocks rose by 3.6 mln barrels last week against forecasts for a 1.7 mln barrel rise, while distillate inventory grew by 0.1 mln barrels against calls for a 1.9 mln barrel decline. "The major figures were all bearish relative to expectations... About the only supportive element is the drop in refining rates, but no one will care when product stocks are rising," said Citigroup analyst Tim Evans. At 4.06 pm, New York's WTI crude for March delivery was down 1.03 usd at 87.38 usd per barrel, having dropped 1.61 usd to close at 88.41 usd yesterday. In London, B...
More About: Stocks , Rise

Bernanke, Senator Dodd to meet on economy on Wednesday
2008-02-05 18:35:00
WASHINGTON (Thomson Financial ) - Federal Reserve Board Chairman Ben Bernanke will meet with Senate Banking Committee Chairman Christopher Dodd of Connecticut on Wednesday morning to discuss "solutions to the downturn in the US economy." According to a statement released by Dodd, the two will also discuss the ongoing housing crisis and "recent volatility in US financial markets."
More About: Economy , Meet

Treasury's Steel says mortgage securitizers too slow
2008-02-05 18:35:00
WASHINGTON (Thomson Financial ) - The companies involved in repackaging and selling mortgages into securities or investing in them are lagging in their response to the coming wave of potential foreclosures, a senior Treasury official warned a group of their executives today. "Progress is being made, but your industry must move even faster," Under Secretary Robert Steel told the American Securitization Forum (ASF) today. "Each additional day it takes to fully implement (these workouts) we are missing homeowners who could have been helped." Treasury and the ASF developed a set of fast-track tools for finding homeowners in danger of foreclosure when their mortgages reset to higher rates and helping them in to more affordable mortgages or other financing options. Steel implied that not enough companies are using the plan, and "we expect your industry to hold to its commitment to help more homeowners, faster, by using the ASF framework, and we look forward to seeing the measurements o...
More About: Mortgage , Slow

Oil plummets on dollar strength
2008-02-05 18:33:00
LONDON (Thomson Financial ) - Oil prices tumbled by over 2 usd on stock market and dollar weakness and ahead of a weekly report due tomorrow expected to show US crude stocks are growing. More disappointing data from the US, the world's largest economy, exacerbated price-drops already seen in the earlier part of the session. Futures accelerated to the downside as data showed a surprise contraction in non-manufacturing activity which raised concerns over a slowdown in demand. The strength prices had garnered yesterday, from Middle East and Nigerian geopolitical tensions and from a statement from the White House announcing it will buy more barrels for the US Strategic Petroleum Reserve, faded. Meanwhile thick fog which slowed crude-carrying ships into the Houston Channel cleared -- helping the supply picture today. "The petroleum markets are coming under renewed selling ... as a rebound in the US dollar and weakness in the stock market present a consistent bearish picture, and trade...
More About: Dollar

Dollar rebounds after brief falls on woeful ISM data
2008-02-05 18:32:00
LONDON (Thomson Financial) - The dollar rebounded against the euro and the pound, with the falls in the wake of a woeful survey on US services sector activity proving short-lived on the widely accepted view that the slowdown is not confined to the US. The US ISM non-manufacturing business activity index tumbled to 41.9 in January from 54.4, confounding forecasts for a much smaller fall to 53.0 and the worst reading since the aftermath of the Sept 11, 2001, terrorist attacks. The new composite index -- derived from detailed questions on new orders, employment and so on -- was only a little better, falling to 44.6. The fall also takes the index way below the 50 level that marks contraction in the sector. "While today's report is the second major confirmation that the US economy is in recession, the US dollar remains little fazed on the premise that the US slowdown is less likely to be isolated," said Ashraf Laidi at CMC Markets. Earlier today, the PMI index on euro zone servic...
More About: Dollar , Data , Falls

US Construction Spending
2008-02-05 18:31:00
US Construction Spending -STATS-Historical Seasonally adjusted annual rate in billions of current dollars. M/Mdenotes percent change from previous month. Y/Y denotes percent changefrom previous year. Source: U.S. Commerce Department. TOTAL PRIVATE STATE/LOCAL PUBLIC CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION M/M Y/Y M/M Y/Y M/M Y/Y M/M Y/YMonth Level% chg% chg: Level% chg% chg: Level% chg% chg: Level% chg% chgDec 07 1,140.2 -1.1 -2.3: 842.4 -1.0 -6.1: 277.4 -1.5 10.6: 297.8 -1.5 10.1Nov 07 1,153.0 -0.4 -1.1: 850.8 -1.0 -5.9: 281.6 1.4 16.4: 302.3 1.3 15.4Oct 07 1,157.5 -0.9 -2.0: 859.1 -1.7 -5.4: 277.7 0.9 9.6: 298.5 1.4 9.3Sep 07 1,168.3 0.3 -0.3: 874.1 -0.2 -4.9: 275.3 2.3 16.3: 294.2 1.7 16.3Aug 07 1,165.3 0.4 -1.8: 875.9 0.2 -6.1: 269.2 0.7 13.6: 289.4 1.0 14.0Jul 07 1,161.1 -0.8 -3.3: 874.4 -1.2 -6.0: 267.4 0.5 6.0: 286.7 0.4...