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Overnight Briefing

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U.S. Stocks gained

Thu, Aug 21 2008, 06:06 GMT
by Jyske Bank Team

Jyske Bank

• Oil fell after inventory figures

• Asia edges up on dollar weakness

• Japan exports up

Today’s main events:

• NO GDP

• GB Retail sales

• US Jobless claims

American Time Zone:

U.S. Stocks Gained

U.S. stocks climbed, led by energy and metals shares, after Goldman Sachs Group Inc. predicted oil will climb to a record this year and Morgan Stanley advised clients to buy Freeport-McMoRan Copper & Gold Inc.Devon Energy Co., the biggest independent U.S. oil producer, and National Oilwell Varco Inc., the largest maker of drilling equipment, added more than 7 percent.

Freeport rose the most in two weeks on speculation it will benefit from dwindling copper supplies.

Hewlett-Packard Co., the largest personal computer maker, gained 5.4 percent for the biggest increase in the Dow Jones Industrial Average after profit topped forecasts.

EUR fell and USD gained

The euro fell to near the lowest level against the dollar in six months as Germany's economic outlook deteriorated and crude oil prices declined.

The pound approached a two-year low versus the dollar as minutes of the Bank of England's August meeting indicated British inflation risks may have eased a little while the outlook for the economy worsened.

Oil fell after inventory figures but recovered

Crude oil fell more than USD1 a barrel after a government report showed the biggest U.S. inventory gain in more than seven years.
However, the oil price recovered and closed the session unchanged at USD116.50.

Far East Time Zone:

Asia edges up on dollar weakness

Most Asian currencies edged up on Thursday as the dollar eased gave up some of recent gains, with suspected official intervention lending additional support to the Thai baht.

The Japanese Yen rose 0.46% against the dollar to 109.64.

Japan exports up

Japan’s exports in July rose 8.1 percent from a year earlier, above a median forecast for a 5.6 percent increase. The increase is unlikely to disperse fears that global slowdown would put a brake on the world’s second largest economy.

Exports to the United States fell 11.5 percent in July and exports to China excluding Hong Kong and Macao was for the first time since World War Two bigger than exports to the United States.

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Published on  Thu, Aug 21 2008, 06:11 GMT