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| Shanghai World Financial Center |
In New York Tuesday, investors were reported to be torn between hope that the Federal Reserve has got to grips with the credit crisis and dismal economic data which showed that the short-term outlook at least remains poor.
The Dow Jones Industrial Average ended a three-day winning streak, and closed down 16.04 points, or 0.1%, to close at 12532.60, down 6.1% on the year. However, the tech-dominant Nasdaq Composite Index rose 0.6%, or 14.30 points, to end at 2341.05, down 12% on the year. The S&P 500 rose 0.2%, or 3.09 points, to 1352.97 and is off 7.9% in 2008.
House prices were reported to have fallen in January to a record low according to the S&P/Case-Shiller House Index and consumer expectations fell in March to the lowest level since 1973 when Richard Nixon was in the White House.
The broad-based Dow Jones-AIG Commodity Index rose 1.9%.
SEE Finfacts Report:Credit crisis returns to peaks in Europe and US; Iceland raises benchmark interest rate to 15%; US broad-based S&P 500 index closes at nine-year low
In Asia-Pacific, the MSCI Asia Pacific Index, which tracks more than 1,050 regional companies, was little changed at 140 today and the Nikkei 225 fell 0.3%. Australia's S&P/ASX 200 rose 1.18% and Hong Kong and Shanghai made small gains.
Asia-Pacific Benchmarks
Following sharp rises on Tuesday, European markets are trading down Wednesday.
In Dublin, the ISEQ Index is just slightly down in early tarding.
National benchmarks- Europe
Irish Share Prices
Euribor Rates
AIB Daily Report
Bank of Ireland Daily Report
Currencies
The euro is trading at $1.5601 and at £0.7787.
For live currency updates, check the right-hand column of the Finfacts home page.
Commodities
Crude oil for April delivery is trading on the New York Mercantile Exchange (Nymex) at $101.63 up 41 cents from Tuesday's close. In London, Brent is trading on the International Commodities Exchange at $100.94 up 34 cents.
The Financial Times reports that as speculators and investors attract blame for driving up commodity costs, new research shows demand from industrial users has spurred a price boom in a range of metals.
Prices of metals such as iron ore and cobalt that are bought and sold privately between producers and customers have risen faster than others such as copper that are traded on exchanges, says Lehman Brothers.
The investment bank says this lends weight to the argument that supply and demand factors rather than just financial flows are behind the boom in prices.
The FT says Lehman's new index of non-exchange traded metals rose by 598 per cent from January 2002 to early this year. During the same time, an index of exchange traded metals rose 246 per cent.
The diverging trend has gained pace in the past year with non-exchange traded metals rising 94 per cent and exchange traded metals gaining 26 per cent.
Michael Widmer of Lehman Brothers said speculators had difficulty gaining access to non-exchanged metals, meaning their price surge should reflect fundamentals more closely.
Gold spot price
