Glad you asked. Here’s what’s shaking:
Stocks:
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Global stocks were steady on Monday as major Asian markets were closed for the Lunar New Year and other national holidays.
In Europe, investors were relieved that European Union leaders on Friday approved a new 7-year budget. Negotiations on the €1 trillion ($1.3 trillion) spending plan were tough and threatened to be delayed by a year, renewing uncertainty over the group’s ability to come together to solve its financial problems. But a compromise was eventually found on the second day of their second summit on the matter.
By midday in Europe, Germany’s DAX was up 0.1 percent to 7,660.77 while France’s CAC-40 added 0.5 percent to 3,665.23.
Britain’s FTSE 100 rose 0.3 percent to 6,281.99 despite a survey showing business confidence hit a 21-year low. The BDO Optimism Index fell in January to the lowest level since it began and suggested the economy is contracting. Despite the pessimism, however, the survey suggested things would get better – hiring intentions for the next half-year rose.
Wall Street was expected to rise at the opening bell. Dow Jones industrial futures were up nearly 0.3 percent to 13,963 while the broader S&P 500 futures were 0.2 percent higher at 1,515.30. Markets there were supported by better U.S. trade figures, which led to an upward revision to the fourth quarter economic growth figures.
In Asia, markets were closed in Hong Kong, mainland China, Seoul, Singapore, Taiwan and Vietnam for the Lunar New Year holiday, while Japanese markets were shut for a national holiday.
Oil:
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The price of oil dipped slightly toward $95 a barrel on Monday as investors cut back on speculative positions and most Asian markets were closed for a holiday.
By early afternoon in Europe, the benchmark oil contract for March delivery was down 30 cents to $95.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents on Friday.
Trading was expected to be light for much of the week with several Asian markets shut for the Lunar New Year.
Prices were kept from falling further by comments Sunday from Iranian President Mahmoud Ahmadinejad, who said the Islamic Republic would not yield to pressure from Western powers, including sanctions blocking much of the country’s oil exports, to halt its nuclear activities, including uranium enrichment.
Markets:
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The Associated Press contributed to this report.
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woodyee
Feb. 11, 2013 at 12:51pm‘Lest we forget – it was a DemonicRat that ended production of “real” money in the US – Lyndon Baynes Johnson, renowned racist and signer of the bill that created welfare, also signed the Coinage Act of 1965, barring production of US silver coins as legal tender.
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woodyee
Feb. 11, 2013 at 11:27amI hope this isn’t me being a ‘day late and a dollar short, but I hope this helps someone – http://www.amazon.com/Theocratic-Democratic-Money-Bruce-McCarthy/dp/B0069SWLIQ
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RaydocX
Feb. 11, 2013 at 10:44amoil prices dipped, but refinery issues here have gas prices up .25.
now, the Left will insist that’s profiteering/ gouging/ unfair trade, while the companies are citing a need for repairs before the heavy demand of the summer.
i suspect the truth is somewhere in the middle… the gas ads claiming they get less than 3 cents profit on every dollar that comes in are ridiculous, as are the arguments that the evil capitalist corporations are the cause of all evil.
but the government would truly screw it up if they were in charge (witness USPS), and their regulations hinder new competition providing a true capitalist market control to cost.
frankly i am glad we are not being allowed to use our own resources now… burn the rest of the supply up first, and then the natural resources of this country will help us to survive the coming global economic meltdown that EVERYONE sees coming if they don’t have their heads buried in the sand as they pursue their private utopia agenda irregardless of pesky things like facts.
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woodyee
Feb. 11, 2013 at 11:00amArggghhh! There’s no such word as “irregardless”, RaydocX!!! Flog him!!
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RaydocX
Feb. 11, 2013 at 11:08amHahaha….
consider me flogged.
Except…
http://www.merriam-webster.com/dictionary/irregardless
agreed, merely regardless would have sufficed.
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JRook
Feb. 11, 2013 at 11:18am“government would truly screw it up if they were in charge (witness USPS)” actually in the case of USPS it is congress backed by Fed Ex and UPS that are screwing up the USPS. By requiring them to fund their pension for 75 years in 10 years. A requirement that neither Fed Ex or UPS has or could meet. Without this requirement the USPS would have made $1 billion last year. NEXT. … And frankly the best thing Obama could do for the economy would be to put big oil in the room and threaten them with opening up the domestic drilling to different companies until the price of gas comes down to $2. The Keystone pipeline is a good example of the big oil BS campaign. Particularly given that the majority of the oil in the pipeline will be exported. Oil will at some point will diminish to the point it is too expensive. Better to glut the market now, drive the price down as low as possible, put on a 25 to 50 cent tax to fund research into clean, cheap electrical generation. Maximizing US oil company profits is not s winning domestic strategy, but alas it is the domestic policy.
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RaydocX
Feb. 11, 2013 at 12:00pm@JROOK
i agree entirely… it’s NOT the people working at USPS, but their administration and the whims of the politicians in what they mandate and the funding they provide. GM had a similar pension issue, resolved by the government by raiding stockholders.
UPS and FedEx couldn’t do what USPS is mandated to, and they haven’t gotten themselves into the bind because their money is their money, not tax dollars.
plain and simple its a failed business model that USPS is forced to operate on… that’s making my point. And there are union blogs claiming the USPS is not in the red at all, a ridiculous argument at the outset.
i also agree competition might rein in the oil companies, who can sit fat and happy because the Dems WON’T open the way for new drilling and refineries. And if they or the GOP do, it should not be just more of the same companies, and a valid argument can be made to address anti-trust issues when the existing companies are moving in lock stop.
Neither side is helping the American consumer where oil is concerned.
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woodyee
Feb. 11, 2013 at 9:27amI’ve been waiting all weekend to see what effect Venezuela’s devaluation of the Bolivar would have on the markets…
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