Thomson Financial Europe AM at a glance share guide: Shares lower, oil soars

Thomson Financial Europe AM at a glance share guide: Shares lower, oil soars

	Published : Tue, 16 Oct 2007 05:29 By : Agencies Print this Story

LONDON (Thomson Financial) - US SUMMARY: Stocks fall on bad debt, inflation worries; oil hits new record

Index Change Pct change

*DJIA 13984.80 -108.28 -0.77

*Nasdaq 2780.05 -25.63 -0.91

*S&P 500 1548.71 -13.09 -0.84

eur-usd 1.4200 +0.0024

Nymex crude

for Nov 86.13 usd +2.44 usd

10 yr US

treasury 4.68 pct -0.02

* yesterday's close

STOCKS: Stocks fell sharply Monday as news that major US banks will set up a fund to help bail out the credit markets stirred concerns about bad debt and as oil prices surged to a new record high.

FOREX: The dollar fell against most major currencies Monday, as Wall Street retreated. The Japanese yen gained across the board, pushing down the dollar.

The US dollar hit a fresh 31-year low against the Canadian dollar, falling to 97.03 Canadian cents earlier Monday before gaining back to 97.73 in late New York trading. On Friday, the dollar bought 97.36 Canadian cents. The British pound

advanced to 2.0424 usd from 2.0343.

In other late New York trading, the dollar fell to 1.1803 sfr from 1.1848 Friday.

BONDS: Bond prices fell following a better-than-expected regional economic reading in New York, but the losses were erased later.

The New York Empire State Index -- a regional economic indicator published by the Federal Reserve Bank of New York -- came in better than expected for October. The index rose to 28.75 from September's 14.70.

OIL: Oil prices surged as high as 86 usd a barrel Monday for the first time, after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising. Prices were also supported by concerns that

Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.

Despite the Organization of Petroleum Exporting Countries' (OPEC) decision last month to boost its production by 500,000 barrels per day beginning next month, the rest of the world will likely produce 110,000 fewer barrels of oil per day

than expected in the fourth quarter, OPEC said in a report. At the same time, fourth quarter demand for crude oil will grow by 100,000 barrels a day over last year, OPEC said.

GOLD: Gold prices surged Monday as sharply rising oil prices and a falling dollar sparked concerns about inflation, prompting investors to seek the relative safety of precious metals. December gold gained 8.40 usd to settle at 762.20

usd an ounce on the New York Mercantile Exchange.

EVENTS:

Sept industrial production and capacity utilization (1315 GMT)

Oct NAHB-Wells Fargo housing index (1800 GMT)

Yahoo Inc Q3 results. EPS forecast 0.08 usd vs 0.11 (1600 GMT)

Intel Corp Q3 results. EPS forecast 0.30 usd vs 0.22 (after market closes)

Johnson & Johnson Q3 results. EPS forecast 1.00 vs 0.98 (1230 GMT)

ASIA SUMMARY: Asian markets lower on Wall Street decline, oil hits record high

Index Change Pct change

Nikkei 225 17207.35 -150.80 -0.87 (0355 GMT)

S&P/ASX 200 6693.0 -46.00 -0.68 (0355 GMT)

Straits Times 3841.930 -20.090 -0.52 (0355 GMT)

Hang Seng 29371.46 -169.32 -0.57 (0355 GMT)

Seoul Composite 2032.93 -2.46 -0.12 (0358 GMT)

BSE Sensex 19172.15 +113.48 +0.60 (0430 GMT)

usd-yen 117.35 -0.07 (0030 GMT)

10-year JGBs 1.725 pct -0.005 (Intra-day trade)

Brent North Sea

crude (Nov) 82.75 usd +2.20 usd (Intra-day trade)

STOCKS: Stock markets across Asia were mostly lower Tuesday, tracking Wall Street's decline on renewed concerns about the crisis in credit markets and worry that record oil prices will hurt consumer spending in an already slowing economy.

BONDS: Japanese government bond prices ended Tuesday morning higher, reflecting the rally in the US Treasury bond market overnight and weaker equities.

FOREX: The US dollar was mixed against major currencies in midmorning Sydney trade Tuesday as Federal Reserve chairman Ben Bernanke's pledge to 'act as needed' to help financial markets amid slowing economic growth failed to stir investors.

OIL: Crude oil hit a new record high of 86.29 dollars a barrel in Asian trade on Tuesday amid mounting tension between Turkey and Kurdish rebels in Iraq.

The New York's main futures contract, light sweet crude for delivery in November, was 16 cents higher than the 86.13 usd per bbl reached in late New York trades on Monday.

METALS: Gold surged to 760 usd an ounce as the dollar languished near record lows against the euro and as mounting tensions between Turkey and Kurdish rebels in northern Iraq sparked safe haven buying and took oil into record territory.

Platinum held near a new all time record peak set in the session amid ongoing supply worries in South Africa. However, spot platinum was quoted up at 1,428 usd per ounce against 1,417 usd in late New York trades on Friday, having earlier set a new all-time record high of 1,428.50 usd per ounce.

Copper consolidated following earlier strong gains as traders took in better-than-expected US manufacturing data and continued to bet supply-demand balances will tighten going into next year.

EVENTS:

Hong Kong July-Sept unemployment rate

EUROPE SUMMARY: Stocks dip, oil rises

Index Change Pct change

*FTSE 6644.50 -86.20 -1.28

*DAX 7969.47 -71.79 -0.89

*CAC 5807.44 -36.51 -0.62

UK10-year

Bond 92.32

UK 30-year

Bond 93.95

stg-usd 2.0415 +0.0057 (Intra-day)

eur-usd 1.42 +0.0022 (Intra-day)

ICE (Nov) 82.75 usd +2.20 usd (1625 GMT)

* yesterday's close

STOCKS: Shares closed sharply lower yesterday as jitters surrounding US corporate earnings hit sentiment, with weakness among UK financials offsetting bid talk at Johnson Matthey. Europe's leading exchanges ended lower on concern over the outlook for economic growth as crude oil prices spiked to record highs, while shares in Philips tumbled amid disappointment over the third-quarter performance of its medical equipment business.

BONDS: European government bonds remained lower as investors wait for a speech by Federal Reserve chairman Ben Bernanke for more direction in interest rate expectations. In the UK, gilts were also lower, tracking global flows. Inflation data today will be the next key driver for gilts.

FOREX: The dollar is off earlier session lows against the euro after some further US data reinforced expectations that the US Federal Reserve will not be cutting borrowing costs again this month.

OIL: Oil rose after an OPEC report said non-member countries are likely to produce less oil though global demand will rise.

METALS: Gold surged to 760 usd an ounce as the dollar languished near record lows against the euro, and as mounting tensions between Turkey and Kurdish rebels in northern Iraq sparked safe haven buying and took oil into record territory. Copper consolidated following earlier strong gains, as traders took in better-than-expected US manufacturing data and continued to bet supply-demand balances will tighten going into next year.

EVENTS:

UNITED KINGDOM

Treasury Select Committee publishes report on globalisation (2301 GMT Monday)

Sept CPI inflation (0830 GMT)

Treasury Select Committee questions Northern Rock chairman, CEO (0845 GMT)

DMO announces size of Oct 24 auction of 1.125 pct, 2037 index-linked gilts (1000 GMT)

BoE announces size of 3-mth interbank funds auction for Oct 17 (1000 GMT)

Mouchel Parkman FY results. Pretax profit forecast 31.7-32.5 mln stg vs 26.4 mln

Whitbread H1 results. Pretax profit on continuing ops forecast 93 mln stg

Bellway FY results. Pretax profit forecast 233 mln stg vs 220.6 mln

Diageo AGM

Burberry trading statement