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Overnight Briefing

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U.S. equities

Thu, Sep 4 2008, 06:04 GMT
by Jyske Bank Team

Jyske Bank

• EUR/USD hit 7-month low

• Oil declined

• Both ECB & Bank of England expected to keep rates on hold

Today’s main events:

• SEK Rate announcement from Riksbanken

• GBP Rate announcement from Bank of England

• EUR Rate announcement from ECB

• USD Initial Jobless Claims

American Time Zone:

U.S. equities

U.S. stocks dropped for a third day, led by technology and raw-materials companies, after Corning Inc. cut its earnings estimates and commodity prices fell. Corning, the biggest maker of glass for flat-panel screens, fell the most in two years. Newmont Mining Co. and Freeport-McMoRan Copper & Gold Inc. lost more than 3 % as gold slid to a two-week low and Citigroup Inc. said a slump in commodity producers may worsen. The Dow Jones Industrial Average advanced, led by a 5.8 % jump in General Motors Corp. on sales that decreased less than forecast.

EUR/USD at 7 month low

The euro fell to the lowest level against the dollar in more than seven months after European reports showed retail sales and business investment dropped and crude oil extended its decline.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown led investors to sell higher-yielding assets and pay back loans in Japan.

Oil declined

Crude oil fell as Royal Dutch Shell Plc and ConocoPhillips said that Hurricane Gustav caused no damage to platforms in the Gulf of Mexico.

Far East Time Zone:

Both ECB & Bank of England expected to keep rates on hold

The dollar dipped against the euro on Thursday, inching away from an eight-month high hit the previous day as investors trimmed positions ahead of an interest rate decision by the European Central Bank.

Both the ECB and the Bank of England are expected to leave interest rates unchanged when they meet later on Thursday and cut them later this year or next year. The euro and sterling have fallen sharply over the past month on such expectations of monetary easing in the longer term.

On Wednesday, the dollar climbed to a 2- year high of USD 1.7667 against the sterling and an eight-month peak of USD 1.4385 versus the euro due to signs that economic weakness is spreading beyond the United States.

EUR/USD traded between 1.4470 and 1.4529

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Published on  Thu, Sep 4 2008, 06:09 GMT