Friday, October 1, 2010

20101001 1051 Global Market News.

OIL: Crude little changed near 7-week high of $80
TOKYO, Oct 1 (Reuters) - U.S. crude futures stood little changed near a seven-month high on Friday, after posting a rise of almost 3 percent a day earlier as lower U.S. jobless claims stoked optimism for economic recovery in the world's top oil consumer.
In Ecuador, an OPEC member country which typically exports around 300,000 barrels per day of crude, police and military personnel went on strike to protest cuts in public sector benefits and pay, thrusting the country into political chaos.

GLOBAL MARKETS: Euro at 5-month high, stocks slip at quarter end
NEW YORK, Sept 30 (Reuters) - Global stocks slipped and the euro hit another five-month high on Thursday as improving data curbed expectations the Federal Reserve would increase money supply to spur economic growth and lift asset prices.
"If (future) data and earnings confirm that we are finally out of fears of a double-dip (recession), October may be the month for the S&P to break above trading range and reach the highs that we saw in April," said John Canally, an economist and investment strategist at LPL Financial in Boston.

Bank of America cuts proprietary trading desk jobs
NEW YORK, Sept 29 (Reuters) - Bank of America Corp  is cutting about 20 to 30 employees who traded for the bank's account as a result of U.S. rule changes that require banks to trim their risk-taking businesses, a person familiar with the move said.
The largest U.S. bank by assets is making the cuts, which amount to about a third of its proprietary trading staff, as a direct consequence of the "Volcker Rule," the person said.

PRECIOUS-Gold hits record high as investors eye U.S. policy
LONDON, Sept 30 (Reuters) - Gold rose to a record high in Europe on Thursday and was on track for an eighth consecutive quarterly gain as the dollar fell amid concerns over the prospect of further U.S. quantitative easing.
Strength in gold prices also helped lift silver to its highest level since 1980, palladium to a 2-1/2 year high and platinum to its strongest since May.

FOREX-Euro hits 5-mth high vs dollar after ECB tender
LONDON, Sept 30 (Reuters) - The euro hit a five-month high  against the dollar on Thursday after banks borrowed less than expected at a European Central Bank tender, reversing earlier losses on concerns about Irish fiscal and banking problems.
Euro gains helped push the dollar index to an eight-month low against a basket of currencies, while the yen rose broadly on reported exporter demand for yen on the last day of Japan's fiscal half-year. This sparked concerns Japan may step in again to curb gains in its currency.

Euro hits 5-month high; world stocks flat
LONDON, Sept 30 (Reuters) - The euro rose to a five-month high against the dollar, helped by signs that banks are becoming less dependent on official support and a slight easing in concerns over Ireland and Spain.
"The meltdown of Anglo Irish (Bank) has been a considerable shock for Ireland, but with a credible rescue plan, it limits the risk of negative surprises going forward, and that in a sense is bringing relief to the market," said Philippe Waechter, head of economic research at Natixis Asset Management.

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