European Markets Open in Positive Territory
Europe’s stock markets opened up slightly Monday as investors hold steady in the run-up to tomorrow’s U.S. Presidential election.
Demand for Carry Trades Forces Down the Yen
The yen lost ground early Monday as investors turned to carry trades financed by selling the low-yielding yen in favor of higher-yielding currencies, particularly the Australian and New Zealand dollars.
Reduced Demand for Oil in Asian Markets Reduced Crude Price
The price of crude fell again on Monday as refineries in Asia cut back on production in response to lower domestic demand for oil and oil-based products. The lower demand is being blamed on the global financial crisis and the effect it is having on everything from major construction and development projects to the consumer reaction to gasoline prices.
South Korean Announces $11 B Recovery Plan
After struggling to the worst quarter in three years, South Korea’s Minister of Strategy and Finance announced a $11 billion plan to boost the economy and encourage spending.
1 in 5 UK Homeowners Dealing with Negative Equity
The Bank of England estimates that due to the dramatic pullback in property values, more than one in five homeowners now carry mortgages for amounts exceeding the value of their homes.
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