No image available
/ 10 April 2008

Oil prices close to matching record

Oil prices were steady on Thursday after retreating from levels just cents below the record trading high established in the previous session on an unexpected drop in United States crude inventories. By afternoon in Europe, the contract was up 25 cents, fetching ,12 a barrel in electronic trading on the New York Mercantile Exchange.

No image available
/ 7 April 2008

Oil rises on poor US jobs data

Oil prices rose on Monday in Asia as prospects for further cuts in United States interest rates seemed more likely after poor US jobs data at the end of last week. The US Labour Department said on Friday that employers cut payrolls by 80 000 jobs last month, many more than analysts had expected.

No image available
/ 24 March 2008

Oil prices drop amid US economic concerns

Oil prices slipped more than a barrel on Monday as traders worried that the flagging United States economy would cause oil demand to soften. Oil’s sharp decline started last week. Crude futures started plunging after the US Federal Reserve-backed sale of Bear Stearns to JPMorgan Chase created fears of deeper economic problems.

No image available
/ 13 March 2008

Global markets slump on US credit woes

Asian and European stock markets plunged on Thursday as investor sentiment was hammered by resurgent credit concerns, the plunging dollar and record high oil prices, dealers said. Global financial markets were also roiled after a troubled fund backed by United States private equity giant Carlyle said it expected its creditors to seize its remaining assets.

No image available
/ 12 March 2008

Global markets rally on huge cash injection

Asian and European equities surged higher on Wednesday, mirroring an overnight rebound on Wall Street after major central banks announced a massive cash injection for stressed financial markets. However, dealers voiced scepticism over whether the concerted central bank action would head off the global credit crunch and bring stability to choppy world stock markets.

No image available
/ 28 January 2008

Global equities deep in gloom

Asian and European stock markets fell sharply again on Monday as investors worried about possible recession and a forthcoming interest-rate call in the United States, analysts said. The Paris market fell amid anxiety and tension after an alleged -billion fraud was unearthed last week at French bank Société Générale.

No image available
/ 24 January 2008

World stocks surge

Global share prices rocketed on Thursday, though fears of an economic slowdown lingered as Société Générale revealed a massive €4,9-billion fraud-related loss it attributed to one of its traders. Europe’s leading share indices surged in morning deals, with gains of between 4% and more than 5% after a recovery on the Japanese market.

No image available
/ 22 January 2008

Wall Street expected to plunge

Wall Street was expected to plunge at the opening of trading on Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. Indicators showed the Dow Jones industrial average was set to fall by about 500 points when trading begins.

No image available
/ 22 January 2008

Fed slashes US interest rates

The United States Federal Reserve on Tuesday slashed benchmark US interest rates by three-quarters of a percentage point in an emergency bid to lend support to a US economy some fear is on the verge of recession. The Fed’s action took the key federal funds rate, which governs overnight lending between banks, down to 3,5%.

No image available
/ 7 January 2008

Oil prices ease further from $100 level

World oil prices eased further from the historic $100-a-barrel level on Monday after weak US employment data fanned worries about recession and demand in the world’s biggest energy consumer, dealers said. In afternoon trade, New York’s main contract, light sweet crude for delivery in February, was 71 cents lower at $97,20 a barrel.

No image available
/ 26 November 2007

Colder US weather pushes up oil prices

Oil prices rose to near a barrel on Monday on signs of colder weather in the United States and Europe and the continued weakness of the dollar. The Thanksgiving holiday on Thursday marked the unofficial start of winter in the US. Among other areas, south-eastern New Mexico got up to 23cm of snow.