In New York Wednesday, stocks rose for a second day led by financials and energy companies that were boosted by a rise in the price of crude.

The Dow Jones Industrial Average rose 186.13 points, or 1.6%, helped by a 5.3% rise jump in the shares of oil company Chevron. Another Dow component Exxon Mobil rose 4.3%.

The price of crude rose after the US Energy Information Administration reported a fall in U.S. gasoline stockpiles last week despite expectations of a rise because drivers were reported to have cut back on driving.

September futures closed $4.58 higher, up 3.8%, at $126.77 a barrel on the New York Mercantile Exchange. The price has fallen 13% from its record close earlier this month but is up 32% in 2008.

The tech-dominant Nasdaq Composite Index rose 0.4% and the S&P 500 closed up 1.7%.

Starbucks reported its first quarterly loss, amid a worsening sales picture and a charge for store closings.

Starbucks said it will add 825 new coffee outlets abroad in fiscal 2008, which ends Sept. 28, and 900 in the following year - 150 fewer per year than it planned as recently as April. It plans to shut 600 US stores.

In the third quarter ended June 29, the company lost $6.7 million, or one cent a share, compared with net profit of $158.3 million, or 21 cents a share, in the year-earlier period. Revenue rose 9% to $2.57 billion. The loss includes a $167.7 million charge for the costs of closing the US outlets.

In Asia-Pacific, the MSCI Asia-Pacific Index rose 0.4% Thursday.

The Nikkei 225 gained 0.07% ; China's CSI 300 Index fell 2.74% and India's Sensex 30 lost 0.48%.

Asia-Pacific - benchmarks.

European stocks are down Thursday with the UK, German and French markets off.

In Dublin, following the 32% plunge by Elan on Wednesday, the share is down almost 9% today.

AIB is off 2% and Anglo Irish Bank 5%.

Davy economist Rossa White says Euro area heading for sharp H2 slowdown based on surveys: "The euro area is slowing, based on the latest EC surveys. Most notable was the drop in consumer confidence to its lowest point since early 2003. But equally important are the signs that industry is now under pressure, especially in Germany. Exports and investment have been the engines of growth. Taking this survey, the PMIs and the IFO together, it seems that euro area activity has really deteriorated since the spring. As a result, ECB rate expectations are being pared, which is welcome news for Ireland.

The confidence survey for industry jumps out at us. German industrial confidence slipped to -5, down 13 points in 11 months. As recently as May, the survey showed a balance of +2. The pattern is repeated elsewhere in the euro area. Meanwhile, construction confidence has dived, most notably in France (housing issue), Spain (big housing issue) and Italy (general macro issues). Consumers are suffering, mainly due to higher inflation and, more recently, tighter credit.

Yet there are a couple of roadblocks before the ECB cuts interest rates. It will like the fall in market inflation expectations in the last month, but more is required: the EC consumer survey shows inflation expectations not far above average but sticky. The recent drop in commodity prices helps, although it needs to be sustained. In that context, the ECB will not sound the all-clear on second-round effects for a number of months. But we are much more confident now that a rate cut will come early in 2009."

Europe

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Currencies

The euro is trading at $1.5618 and at £0.7885.  

For live currency updates, check the right-hand column of the Finfacts home page.

The US dollar fell to $1.6038 per euro on Tuesday, July 15, 2008 - an-all time record.

Commodities

Stocks (Million Barrels)
Stocks		Change From Last
07/25/08		Week	Year
Crude Oil	295.2	-0.1	-49.3
Gasoline	213.6	-3.5	8.9
Distillate	130.5	2.4	4.0
Propane	45.769	0.458	-4.179

Crude oil for September delivery is currently trading on the New York Mercantile Exchange (Nymex) at $126.57 per barrel down 20 cents from Wednesday's close.  In London, Brent for September delivery is trading on the International Commodities Exchange at $126.83 down 27 cents.

Paul J. Harris, Head of Natural Resources Risk Management, Bank of Ireland Global Markets, commented today: "Yesterday's EIA (US Energy Information Administration) data delivered a mixed bag with crude stocks falling less than expected and a larger build in distillates. The focus however was on a large drop in gasoline stocks - some 3.5mio bbls rather than the small rise expected. This was significant given the bearish motoring data issued earlier in the week suggesting that US drivers had responded to the higher price of gasoline by reducing their mileage. This had given impetus to the bearish move towards $120 in previous sessions. The market focussed on the gasoline number and rose by around $4. Brent crude begins today around the $126.80 region.

Geopolitical and supply issues are beginning to return to the forefront of traders minds with the increased tension in Nigeria and the looming deadline for Iran regarding cessation of uranium enrichment in the spotlight. The Iranian leader Ayatollah Ali Khameni renewed the country's commitment to its development of a nuclear programme raising concerns that the prospect of further UN sanctions - or worse - would materialise quickly after the August 2nd deadline passed. Further supply strains came with the announcement that the large BP refining plant in Texas was to shutdown in the face of technical issues.

The absence of selling into strength, characteristic of the last number of sessions, sends an ominous signal to would-be bears that maybe the projections of $80-100/bbl are not quite ready to be met just yet.

Brent looks to trade within a $124.40-$128.30 band - a wide call, but reflecting the volatility in the market at present."

Gold spot price

Gold is trading at $910.90 in New York, up $5.50 from Wednesday's close.