Oil prices fell almost 6% in London and New York today following a rise in US jobless numbers and a gain in the dollar after the European Central Bank kept rates on hold.
US New Weekly Jobless Claims:
In the week ending April 30, the figure for seasonally adjusted initial claims
was 474,000, an increase of 43,000 from the previous week's revised figure of
431,000. The 4-week moving average was 431,250, an increase of 22,250 from the
previous week's revised average of 409,000.
A spring break holiday in New York, a new emergency benefits program in Oregon and car plant shutdowns caused by the earthquake in Japan were the main reasons for the rise, a Labor Department spokesman said.
Motors Co., the largest US carmaker, today reported first-quarter profit that
beat analysts’ estimates as US sales jumped.
In New York Thursday, the Dow fell 48 points or 0.38% to 12,676.
The S&P 500 slid 0.16% and the Nasdaq rose 0.35%.
The pan-European Dow Jones Stoxx 600 dipped 0.28% Thursday.
In Dublin the ISEQ has dipped 0.59%.
CRH has slid 1.20%; BoI is off 5.38%.
Jobless Claims Soar:
Crude oil for June delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $102.95 per barrel down $6.29 from Wednesday's close. In London, Brent for June delivery is trading on the International Commodities Exchange at $114.24.
The euro is trading at $1.4599 and at £0.8885.
Gold is trading at $1,491.10 per oz in New York.
Peripheral Debt Unlikely to Harm German Exports - Economist; "Spain is a different issue, but the other three countries are relatively small and they won't hurt German exports much. I don't expect them to to have a huge impact on the German economy anyway. In the Spanish case, that's a little different, Spain is a much stronger importer of German goods," Lars Feld, member of the German Council of Economic Experts told CNBC in a discussion on the impact of peripheral Europe's debt crises. However, he added that in the case of Spain, the German economy would not be too harmed, due to much larger markets in northern Europe and Asia:
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