Overnight Briefing: American Timezone

U.S. Stocks decline

Thu, May 8 2008, 05:40 GMT
by Jyske Bank Team

Jyske Bank


  • Oil price continued higher

  • Australian employment jumps in April

  • New Zealand 1st quarter employment down sharply

  • Europe and U.S. unite on stronger dollar

  • The euro hits 2-month low

Today’s main events:

  • EUR Rate decision from ECB

  • GBP Rate decision from Bank of England

  • USD Initial Jobless Claims

  • USD Greenspan speaks


American Time Zone:

U.S. Stocks decline

U.S. stocks declined the most in a month, led by financial shares, after new securities rules spurred speculation investment banks will be forced to reveal additional losses.

Merrill Lynch & Co. and Lehman Brothers Holdings Inc. sent banks and brokerages to their biggest tumble since March after the Securities and Exchange Commission said it will require Wall Street firms to disclose capital and liquidity levels.

Fourteen of 15 homebuilders in Standard & Poor's indexes retreated after the National Association of Realtors said fewer Americans bought previously owned homes in March. United Parcel Service Inc. led a drop in all 10 transportation companies in the S&P 500 as oil climbed to a record above USD 123 a barrel.


USD rose

The dollar rose against the euro and the yen as U.S. productivity unexpectedly accelerated in March while Europe showed signs of an economic slowdown.

The currency appreciated the most in almost two weeks against the euro as the yield advantage of German bunds over Treasuries decreased to the narrowest in more than two months.

The pound fell to a 2 1/2-month low against the dollar after an industry report said U.K. consumer confidence declined last month to the weakest in at least four years.


Oil continued higher

Crude oil rose to a record above USD 123 a barrel in New York after a government report showed that U.S. worker productivity accelerated in the first quarter, signalling stronger economic growth and increased energy demand.

Published on  Thu, May 8 2008, 05:44 GMT

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