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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: GLOBAL MARKETS-World equities rise, oil wobbles ahead of OPEC Reuters - Tuesday, December 16 By Jeremy Gaunt, European Investment Correspondent LONDON, Dec 15 - World stocks climbed strongly on Monday as investors prepared for another cut in U.S. interest rates, sought to pick up year-end bargains and reassessed the possibility of help for the ailing U.S. auto industry. The dollar fell against major currencies and the price of oil see-sawed ahead of this week's meeting of petroleum exporting countries. MSCI's main world stock index <.MIWD00000PUS> was up 1.3 percent, on track for its first positive month since May. Its emerging market counterpart <.MSCIEF> gained more than 2 percent. The U.S. Federal Reserve is widely expected to slash interest rates by as much as 75 basis points to just 0.25 percent later this week in an attempt to pump money into the deteriorating U.S. economy <FEDWATCH>. Investors were also lifted by a late rally on Wall Street on Friday that followed a White House statement that it would consider using some of the Treasury's $700 billion bailout package for financial institutions to keep the U.S. "Big 3" automakers afloat. Specific bailout legislation had earlier failed to get through Congress. The FTSEurofirst 300 index <.FTEU3> rose 1.2 percent in early trading on Monday. Earlier, Japan's Nikkei average <.N225> gained 5.2 percent. "Whilst this will give us an immediate boost, there are still major concerns with financials, retailers and property stocks," said Chris Hossain, senior sales manager at ODL Securities. Investors were also concerned about fraud allegations surrounding Madoff hedge funds. [nLF622535] Three European banks announced a total of about $3.8 billion in exposure to an investment fund run by Bernard Madoff, the U.S. investor accused of running a $50 billion "Ponzi" scheme. RISING OIL, FALLING DOLLAR Oil prices were fluctuating with OPEC members set to make a deep supply cut when the oil cartel meets later this week, in an effort to prop up prices. U.S. light crude for January delivery <CLc1> was steady at $46.31 after rising above $47 a barrel at one point and below $46 later. "OPEC's bullish comments on supply cuts, such as 2 million barrels per day, is supporting the price," said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo. Oil was also getting support from a weaker dollar. The dollar was down around three quarters of a percent against a basket of major currencies <.DXY>, hurt by the prospects of lower interest rates among other factors. The euro gained 0.7 percent to $1.3459 <EUR=> while the dollar lost 0.5 percent to 90.60 Japanese yen <JPY=>. Euro zone government bond yields dipped. The interest rate-sensitive two-year Schatz yield <EU2YT=RR> was down 5 basis points at 2.166 percent. The 10-year Bund yield <EU10YT=RR> was down 3 basis points at 3.259 percent. Bond yields move inversely with prices. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC set to cut oil output as demand dropsAFP - 34 minutes ago Oil up sharply near $49 as OPEC readies output cutAP - 1 hour 11 minutes ago Russia LUKOIL says no Repsol talks, keen on OPEC cutsReuters - 1 hour 19 minutes ago GLOBAL MARKETS-World equities rise, oil wobbles ahead of OPECReuters - Tuesday, December 16 Related Articles: Business Indian bond yields ease again on rate cut hopesReuters - 25 minutes ago Dutch DSM issues profit warning, cuts staffAP - 28 minutes ago Russia c.bank cuts credit limits for 34 banksReuters - 33 minutes ago FTSE 100 up 34.23 at 4,314.58AP - 34 minutes ago India's SBI to sell 15-yr bonds at 8.9 pct-sourcesReuters - 36 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips White House: no action on auto bailout while Bush in Iraq Russia crowned Miss World 2008 in African event Fortis bank, saved from collapse, again on shaky ground View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Monday, 15 December 2008
Defence Minister Teo outlines strategies for dealing with security challenges
Bulgaria to host its first comprehensive Picasso exhibition
Parliamentary vote starts in gas-rich Turkmenistan
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Sri Lankan air force bombs rebels in north
Madonna to get Brazil 'Sticky and Sweet' as tour wraps up
Protester killed during voting in Indian Kashmir
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Winslet, Law and Owen to lead line-up at Berlin film fest
Web site: Tamil rebels kill 89 Sri Lankan soldiers
Former Thai PM supporters gather for rally
Finance Minister says many jobs still available despite weak economic outlook
Boys’ Brigade Sharity Gift Box project falls short of target by about 60%
Committee on workplace health formed to bring down sickness
China, Japan, SKorea seek resumption of NKorea talks
Businessman gets six months jail for tax evasion
Smoking ban to be extended to all indoor public places by Jan 2009
Businesses receiving fire hazard warnings more than double last year’s
Djembe African drums catch on in Singapore
Subsidised training for S’porean professionals switching to healthcare jobs
Back briefly, Amy Poehler bids 'SNL' viewers adios
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Bangladesh court orders parents to free UK doctor
Charlie Sheen's daughters unhurt in LA car crash
AP IMPACT: Pakistan offensive shows slow success
NZ regulator to prosecute airlines for price fixing
Australia fast-tracks renewable energy funding
Keanu Reeves sci-fi movie sweeps North America box office
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Pakistan share price floor set to go on Monday
Analysis: Bush's Iraq trip highlights war unwon
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Snow, rain storms trigger blackouts, travel chaos in France
Huge crowds gather in Gaza for Hamas anniversary
Russian police arrest 150 at opposition protests
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Nations launch offensive against Uganda LRA rebels | International |
European banks suffer new hit from Madoff scandal
US military deaths in Iraq war at 4,209
Pakistan steps up its offensive against militants
Shoe attack on Bush mars farewell Iraq visit
Australia fast-tracks renewable energy funding
Britain promises more anti-terror aid to Pakistan
Japanese business confidence falls fastest in three decades
Obama left with little time to curb global warming
Telstra says dumped from A$10 bln broadband plan
Bush says Iraq task 'difficult but necessary'
S.Korea c.bank to supply 6.5 trln won this week
Malaysia's I-Bhd to ink Capitaland deal-paper
Bush meets Iraqi president in Baghdad
S.Korean won rises nearly 3 pct early, KOSPI jumps
Number of NKoreans increased at Seoul-funded estate
Seoul shares gain helped by US auto bailout hopes
Swissport says may shut ops at Singapore's Changi
First model of Japan's bullet train runs for final time
Singapore's Parkway says to cut staff, salaries
New Zealand services sector dips in November-survey
Oil-rich Angola launches direct flight to China
OPEC divisions again on display heading to Algeria
A mean green ogre named Shrek moves to Broadway
Zimbabwe publishes law for unity government | International |
American Idol changes its tune a little | Entertainment |
Earth spins Keanu Reeves to No. 1 at box office | Entertainment |
Stone Temple Pilots and Offspring highlight KROQ show | Entertainment |
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Torino and Che solid in limited release | Entertainment |
Taiwan, China launch direct shipping links
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Direct daily flights start between China-Taiwan: state media
Australia calls for 5-to-15 pct pollution cut
Thai Parliament to choose on new prime minister
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50 dead or missing as ferry capsizes in Philippines
Ferry capsizes in Philippines, drowning 22
Japan destroyer collides with small boat: coast guard
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SKorea's Lee says still planning to give away wealth
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Bush makes stop in Afghanistan to rally troops
Crews struggle to restore power in ice-covered US northeast
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European banks suffer new hit from Madoff scandal
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Iraqi justice system falls short: report | International |
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Tokyo police bust child porn ring: official
Thai opposition leader becomes prime minister
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China's industrial output continues to slow in November: govt
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Australia to cut greenhouse gas emissions by five percent by 2020
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Seoul shares end up 5 pct; autos, builders rally
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GLOBAL MARKETS-World equities rise, oil wobbles ahead of OPEC
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