Overnight Briefing: American Timezone

U.S stocks fell

Thu, Mar 27 2008, 06:58 GMT
by Jyske Bank Team

Jyske Bank


  • Oil rose

  • USD steadied after big drop

  • Nikkei lower on U.S. worries

 Today’s main events:

  • NOK: Unemployment

  • USD: GDP

  • USD: Fed’s Pianalto and Lockhart talks


American Time Zone:

U.S stocks fell

U.S. stocks fell for the first time in four days on a worsening outlook for bank profits, an unexpected drop in durable goods orders and concern that financing for buyouts will collapse.

Citigroup Inc. tumbled the most in the Dow Jones Industrial Average and led financials to their biggest retreat in almost two weeks after Oppenheimer & Co.'s Meredith Whitney said the largest U.S. bank's quarterly loss will be four times bigger than previously forecast. General Electric Co. and United Technologies Corp. declined on the government's report showing worst-ever slump in machinery demand. Clear Channel Communications Inc. posted its steepest drop since July 1989 on concern banks will pull loans for the broadcaster's USD 19.5 billion takeo


USD fell

The dollar posted its biggest two day decline against the euro since January 2006 as traders increased bets the Federal Reserve will cut borrowing costs further while the European Central Bank holds rates steady. The currency tumbled after reports unexpectedly showed U.S. durable-goods orders fell in February and German business confidence increased in March.


Oil rose

Crude oil rose and gasoline surged to a record after a government report showed that supplies of the motor fuel dropped more than expected as refiners shut units.

Published on  Thu, Mar 27 2008, 07:07 GMT

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