Archive for July, 2007

European and Asian stocks rise

Tuesday, July 31st, 2007

After heavy losses due to concerns about U.S. subprime mortgages and the effect it may have on economic growth, European and Asian shares rebounded today. Financial stocks like HSBC Holdings Plc led gains, as well as drugmaker GlaxoSmithKline Plc. GlaxoSmithKline received good news as a U.S. panel of medical specialists agreed their Avandia drug could remain on the market. Analysts are warning that the impact of the U.S. housing crisis should not be overestimated.

European stocks rebounded from a five-day plunge and shares in Asia advanced for a second day on waning concern losses from U.S. subprime mortgages will damp global economic growth.

Aviva Plc, HSBC Holdings Plc and UBS AG led gains by financial stocks in Europe. GlaxoSmithKline Plc, the region’s second-largest drugmaker, jumped the most in two years after a panel of medical specialists said its Avandia drug should remain on the U.S. market. Olympus Corp. and Hang Seng Bank Ltd. paced an advance in Asia after the companies reported higher earnings.

The Morgan Stanley Capital International World Index climbed 0.6 percent to 1574.13 as of 11:17 a.m. in London, gaining for a second day. The measure tumbled 5.3 percent last week on concern that rising corporate bond risk will limit takeovers and defaults among U.S. subprime borrowers will spill over into the economy.

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Oil Price Rises

Wednesday, July 18th, 2007

Oil prices increased today after news of a steep drop in US gasoline stocks, increasing concerns that the biggest consumer of oil in the world will have a shortage during summer time. Calls have been made for Opec to increase it’s output to ease oil prices.

Oil jumped a dollar on Wednesday after a steep drop in U.S. gasoline stocks fanned concerns the world’s top consumer could face a shortfall during peak summer driving season.

Plagued by a string of unplanned outages, U.S. refiners have drawn down inventories to keep up with growing gasoline demand, helping push oil prices up near record peaks.

Global benchmark London Brent crude rose $1.00 to $76.53 a barrel by 1:28 p.m. EDT (1728 GMT), after falling 76 cents the previous day. It hit a $78.40 peak on Monday, near a record high. U.S. light crude rose 86 cents to $74.88 a barrel.

The U.S. Energy Information Administration surprised the market on Wednesday morning with data showing gasoline stocks dropped 2.3 million barrels last week. Analysts had forecast a 900,000 barrel rise.

Read more at Reuters Canada

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