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Overnight Briefing

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U.S. stocks rose

Wed, Nov 19 2008, 07:01 GMT
by Jyske Bank Team

Jyske Bank

• Oil fell

• Nikkei fell on economy worries

• Yen rose
  

• GBP: BoE Minutes

• USD: Consumer Price Index

• USD: MBA Mortgage Applications

• USD: FOMC minutes

American Time Zone:

U.S. stocks rose

U.S. stocks gained in the last hour of trading as a rally in energy and technology shares overpowered a drop in homebuilder confidence to the lowest level on record.

Hewlett-Packard Co. jumped 14 % as earnings topped analysts' estimates, while Exxon Mobil Corp. climbed more than 4 %. The advance in equities accelerated in the final 15 minutes of trading as investors tracking the Standard & Poor's 500 Index bought shares to replace Anheuser-Busch Cos., which was removed from the gauge after its takeover by InBev NV.

The Standard & Poor's 500 Index added 1 % to 859.11. The Dow Jones Industrial Average increased 151.17 points, or 1.8 %, to 8,424.75.
The Nasdaq Composite Index rose less than 0.1 % to 1,483.27. About six stocks retreated for every five that rose on the New York Stock Exchange.

JPY declined as stocks rose

The yen dropped against the euro and the dollar for the first time in three days as stock gains fueled speculation investors will be slower in selling higher- yielding assets funded by low-cost loans in Japan.

Oil fell

Crude oil fell to the lowest in almost 22 months on forecasts that a report will show U.S. oil supplies increased for an eighth week as a recession erodes global demand.

Far East Time Zone:

Nikkei fell 1.8 % on economy worries, stronger yen

Japan's Nikkei share average fell 1.8 % on Wednesday, hurt by fears of a global recession, while a stronger yen sparked selling in exporters such as Tokyo Electron Ltd.
The benchmark Nikkei slid 148.28 points to 8,180.13 by midday, while the broader Topix was down 1.6 % at 822.15.

Oil steady above USD 54, eyes on U.S. stocks data

Oil prices were little changed above USD 54 a barrel on Wednesday ahead of data expected to show U.S. crude stocks rose last week, another sign that the global economic slump is clipping fuel demand.
American banking and car maker woes reverberated around the globe and the International Monetary Fund said it would need extra funding to help countries through the downturn.

U.S. light crude for December delivery rose 11 cents to USD 54.50 a barrel by 0104 GMT after settling at the lowest level since January 29, 2007 in the previous session.

Sumitomo Mitsui FG to raise around USD 4 bln - report

Sumitomo Mitsui Financial Group Inc aims to raise about 400 billion yen (USD 4.12 billion) by issuing preferred securities, to finance the redemption of outstanding preferred securities and protect its capital adequacy from bad-loan costs, the Yomiuri newspaper reported on Wednesday.
Japan's third-largest banking group is set to announce the plan as early as on Wednesday, the report said.
The bank said in a statement it has not made such a decision to raise capital.
Sumitomo Mitsui said on Friday its July- September profit halved on ballooning bad-loan costs and losses on its stock portfolio, and stuck to its full-year forecast for a 61 % drop in profit.

Yen rose as global recession worries remain

The yen rose against the dollar and the euro on Wednesday, rebounding further from losses due to a late rally in Wall Street shares, as investors remained worried about a deepening global recession and returned to the safety of the Japanese currency.
Fears about the future of U.S. automakers also darkened investors' sentiment as top executives of General Motors, Ford and Chrysler warned Congress that their industry was teetering on the brink of disaster.
Robert Nardelli, head of Chrysler, saw potential systemic risk if his company went into bankruptcy or failed, he said in testimony at a U.S. Senate Banking Committee hearing.
The hearing came as Treasury Secretary Henry Paulson reiterated his opposition to diverting USD 25 billion from a USD 700 billion financial bailout programme to rescue Detroit.

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Published on  Wed, Nov 19 2008, 07:33 GMT