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News : International Last Updated: Mar 10, 2011 - 5:50 AM


Markets News Afternoon: Kenny to meet Barroso in Brussels Thursday; Portugal sells €1bn worth of bonds at steep yield
By Finfacts Team
Mar 9, 2011 - 5:10 PM

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President Mary McAleese presents Taoiseach Enda Kenny with his seal of office, at Áras an Uachtaráin, March 09, 2011.

Taoiseach: The new Taoiseach Enda Kenny is reported to be planning a meeting with the European Commission president, José Manuel Barroso, in Brussels Thursday, on the eve of summit of EU leaders who plan to discuss the permanent rescue system for the Eurozone.

It will be the first international engagement for Mr Kenny.

Both men are expected to discuss the issue of the interest rate on the EU-IMF bailout loans and the funding woes of the Irish banking system.

Friday's summit of Eurozone leaders will discuss the Franco-German so-called competitiveness pact, which sets new governance and fiscal rules for Eurozone members.

Portugal: Portugal’s Treasury and Government Debt Agency today sold the maximum planned €1bn worth of  2-year sovereign bonds . However, it was at a steep yield.

The €750m to €1bn auction of the 5.45% September 2013 bond was closely watched as Portugal struggles to avoid a bailout.

The average yield of 5.993% was down from recent levels on the secondary market but compared with the 4.086% level set at the previous auction.

Irish 2-year sovereign debt is selling at 7.95% yields and the 10-year debt is at 9.4%.

Portugal’s 2-year debt yields are at 6.1% and its 10-year debt is at a yield of 7.5%.

Oil: Bank of America Merrill Lynch said today that global oil demand has been expanding at a breakneck pace in recent quarters, and now the political situation in Libya has reduced oil production by 1m b/d.

To reflect a tighter market, it upgraded the average 2Q11 Brent crude oil forecast to $122/bbl from $86/bbl, and believe prices could briefly break through $140/bbl in the next three months.

On average for 2011, it now projects Brent crude oil prices at $108/bbl, up from $88/bbl prior. For the US benchmark, WTI, they see a yearly average of $101/bbl in 2011, up from $87/bbl, and still expect bottlenecks around Cushing, Oklahoma, where US crude is piped from. As higher prices start to slow down demand and the lost supplies from Libya come back on line, prices will head back down towards $94/bbl by 4Q11.

The German public doesn’t understand the situation with Europe's banks, John Bruton, President of IFSC Ireland, told CNBC, adding that the Irish deserve more support:

Jobs: Up to 200 jobs are in peril in Cork and Kerry.

US health insurance provider Aetna has announced it is reviewing its operation at Castleisland in Co Kerry.

Meanwhile, the Cork Medical Centre, a private hospital which only opened five months ago at Mahon in the city, is to suspend operations immediately for at least a month and 75 staff there are being laid off.

US Markets

In New York Wednesday, the Dow fell 18 points or 0.14% to 12,197.

The S&P 500 dropped 0.37% and the Nasdaq dipped 0.36%.

Live US Indices

European Markets

The pan-European Dow Jones Stoxx 600 fell 0.30% Wednesday.

In Dublin the ISEQ has dipped 1.05%.

CRH which accounts for about 27% of the Dublin market's capitalisation, is down 3.26%; Elan has risen 1.32%; Aer Lingus has climbed 5.36%.

European benchmarks

Irish share prices

Euribor Interest Rates

Commodities

Crude oil for April delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $105.06 per barrel up 4 cents from Tuesday's close. In London, Brent for April is trading on the International Commodities Exchange at $115.54.

Currencies

The euro is trading at $1.3908 and at £0.8582.

Gold

Gold is trading at $1426.40 per oz in New York.

The Finfacts Gold Page

“I looked very closely at unemployment figures and those are for the first time starting to turn from the dreadful figures," Roman Scott, managing director of Calamander Capital, told CNBC when discussing the US economy. ” Housing is the last shoe to drop and that hasn’t recovered yet, bit I'm vastly more relaxed on the US and therefore the dollar,” Scott said.


© Copyright 2011 by Finfacts.com

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