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| SAP headquarters, Walldorf, Germany
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In the US Tuesday, major stock indexes closed mixed as investors awaited a US Commerce Department report on first-quarter gross domestic product and a Fed rate setting committee decision, which is due at 2:15 p.m. Eastern.
The Dow Jones Industrial Average closed down 39.81 points, or 0.3%, at 12831.94. Component Merck lost 10.4% after the Food and Drug Administration (FDA) rejected cholesterol remedy Cordaptive, a key drug in the firm's pipeline.
The tech-dominant Nasdaq Composite Index gained 0.1%, or 1.70 points, at 2426.10 and the Standard & Poor's 500 fell 0.4%, or 5.43 points, at 1390.94.
Fed policymakers began a two-day meeting and are expected to cut the federal-funds rate by a quarter-percentage point. Market analysts expect a pause at the 2% level of the Federal funds rate..
Dr. Peter Morici: Will the Fed broaden its focus?
The Wall Street Journal reports today that a new U.S. government report projects Iraq's oil revenue will top a record $70 billion this year, adding fuel to a congressional push to force the Iraqi government to assume more responsibility for rebuilding the country.
The report from Special Inspector General for Iraq Reconstruction Stuart Bowen, which will be released Wednesday, highlights the windfall Iraq stands to reap this year because of soaring oil prices. The cost of a barrel of Iraqi oil has increased by 250% since 2003, and Iraq earned more than $18 billion from oil sales in the first quarter of 2008, the report found.
In Asia-Pacific, most markets fell Wednesday and the MSCI Asia Pacific Index dropped 0.5%.
The Nikkei 225 fell 0.3% but China's CSI 300 rose 4.8%.
Bank of Japan cuts economic growth forecast and leaves benchmark interest rate on hold at 0.5%
Asia-Pacific Benchmarks
German software company SAP AG, today reported its biggest quarterly profit fall in almost six years on acquisition-related costs and a weaker US dollar.
Net income in the first quarter fell 22% to €242 million and software license sales rose 11% to €622 million.
The dollar's slide against the euro had a ``relatively big impact'' on earnings, and clients are more wary with investments, Chief Executive Officer Henning Kagermann said today. SAP took €130 million in charges on the €4.8 billion takeover of French rival Business Objects SA in February.
Full Results
SAP shares fell 4.39% in Frankfurt.
Europe's biggest engineering group Siemens AG today reported a fall in second-quarter profit because of charges at the power and transport units and said orders increased 12%.
Net income in the three months through March fell to €384 million from €1.2 billion euros a year earlier, Siemens said in a statement today.
Full Results
Siemens' shares are up 1.78% in Frankfurt.
UK consumer confidence fell in April to the lowest since November 1992
Flor O'Donoghue of Davy stockbrokers commented today: The FTSE 100 closed virtually unchanged yesterday (April 29th) as investors appeared to shrug off further bad news from the housing sector. But the severity of the UK housing market downturn should not be underestimated. Data released showed that mortgage approvals in March fell to their lowest level in 15 years. Highlighting the extent to which the restriction of credit supply is undermining the housing market, mortgage approvals were 44% lower than a year earlier. The UK housing market is now clearly caught in a vicious cycle of declining confidence, lower activity levels and falling house prices.
The impact of this on the ISEQ should not be underestimated either. Close to 30% of Irish market profits will be earned in the UK this year. A decent chunk of this will be from the housing sector. The weakness in sterling already presents a translational headache, but the UK housing market downturn offers its own transactional challenges.
In Europe Wednesday, 6 of the 18 Western European markets are down including France and the UK.
In Dublin, the ISEQ Index is down 0.49%.
Greencore is down 1.58% following an announcement of a US acquisition:
Greencore acquires Home Made Brand Foods - a US manufacturer in the chilled food market - for $54 million
National benchmarks- Europe
Irish Share Prices
Euribor Rates
AIB Daily Report
Bank of Ireland Daily Report
Currencies
The euro is trading at $1.5571 and at £0.7923.
For live currency updates, check the right-hand column of the Finfacts home page.
The US dollar has retained its gains against the euro, following its best one-day rally against the European currency since mid-2004 on Thursday.
Commodities
| Stocks (Million Barrels) |
 |
| Stocks |
Change From Last |
| 04/18/08 |
Week |
Year |
| Crude Oil |
316.1 |
 2.4 |
 -18.4 |
| Gasoline |
212.6 |
-3.2 |
18.4 |
| Distillate |
104.7 |
-1.4 |
-12.6 |
| Propane |
27.562 |
2.146 |
1.685 |
Crude oil is currently trading on the New York Mercantile Exchange (Nymex) at $115.41 per barrel - down 22 cents from Tuesday's close. In London, Brent for June delivery is trading on the International Commodities Exchange at $113.14 down 29 cents.
Oil prices had briefly exceeded the $120 level on Monday following violence in Nigeria and a strike at a key UK refinery.
Gold spot price
The spot price of gold is at $867.40 per ounce down $4.30 from Tuesday's close in New York.
