Markets in Europe and Asia Gain in Morning Trading
Stock markets in Europe and Asia are all in positive territory this morning on news that US President-elect Barack Obama will dramatically increase infrastructure spending which could possibly create 2.5 million new jobs. Hong Kong’s Hang Seng index was up almost 9 percent while Korea’s Kospi index rose 7.5% – in Europe, London’s FTSE 100 had gained 5 percent, while the German DAX and France’s Cac 40 were both up nearly 7 percent by mid-day. More
Yen Falls on Stock Market Gains
With big gains in the stock markets in Europe and Asia this morning, investors are selling-off Yen which had been seen as a “safe haven” during recent turmoil.
“Anything that brings down risk aversion and causes stock markets to rally is bad for the yen,” noted Ulrich Leuchtmann of Commerzbank AG, GermanyÃ¢â‚¬â„¢s second-biggest bank. More
Deal for Detroit’s Automakers Close
It appears that a bail-out plan to provide US auto makers with at least $15 billion in emergency funding is close-at-hand. The deal could see the establishment of an “auto czar” to oversee the payment of the funds and to review the efforts the companies are making to ensure their long-term viability. More
Oil Prices Back Above $40
After testing lows under $40 a barrel, oil is poised to climb today. Markets are up on news of President-elect Barack Obama’s economic stimulus plans, and this combined with expected production cuts by OPEC could see oil prices reversing. More
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