The MSCI Asia Pacific Index slid 0.6% Wednesday.
Japan's Nikkei 225 closed down 1.22%; China's Shanghai Composite
Index fell 0.89%; South Korea's Kospi dipped 0.65%; Australia's S&P/ASX 200
dropped 0.21% and in Mumbai, the Bombay Stock Exchange's Sensex 30 climbed
In Europe, the Dow Jones Stoxx Europe 600 is down 0.37% in
morning trading Wednesday.
The ISEQ has fallen 0.27%.
CRH is down 0.58%.
Key Index Performance
Bank of Ireland Daily Report
The euro is trading at $1.2921 and at £0.8071.
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.
The Baltic Dry
a measure of shipping costs for dry commodities,
hit an all-time High of 11,771 on the 21st of May, 2008.
From that time it reversed and on the 5th of December, 2008 it hit a low of 663
- - close to a 1986 low.
On Thursday, July 15, 2010, the index fell for
the 35th straight session, by 9 points, or 0.537%, to 1,700 points,
On Tuesday this week the BDI closed up 3 points or 0.27% at
1,097 - -
the BDI is down 36.88% in 2012.
Freighter Oversupply Weighs on Shipowners and
Banks - -
Jan 26, 2012: The New York Times says vessels bought during the global commodity
boom are only now being delivered, putting pressure on the European banks that
financed the purchases.
The skyscrapers and immaculate beaches of Singapore's seaport
look out on one of the world’s largest parking lots: mile after mile of empty
cargo ships, as far as the eye can see.
Similar fleets bob at anchor, with empty cargo holds, off the
coasts of southeast Malaysia and Hong Kong. And dozens of newly built ships
float empty near the giant shipyards of South Korea and China, their owners from
all over the world reluctant to accept delivery during one of the worst markets
ever for the global shipping industry.
As recently as six weeks ago large freighters that can carry
bulk commodities like iron ore or grain were fetching charter rates of $15,000 a
day. Now, brokers and owners say, the going rate is $6,000 a day. If any
customers can even be found.
Crude oil for January 2013 delivery is
currently trading on the
Chicago York Mercantile Exchange (CME/Nymex)
at $86.92 down 26 cents from Tuesday's close. In London, Brent for January
delivery is trading on the
International Commodities Exchange at
$109.50. The North
Sea benchmark accounts for two-thirds of the global market.
The margin between the US benchmark WTI (West Texas
Intermediate) used on the New York Mercantile Exchange and Brent is at $23 - -
The Globe and Mail says that for the past 10 months, Canadian producers - -
whose prices are tied to WTI - - have been taking steep discounts for their oil
compared with international crude prices that are benchmarked against North Sea
Brent, which can be shipped more readily. In the past, WTI tended to trade at a
small premium to Brent, because it is easier to refine.
That spread hit a peak of $28.08 (US) on Oct. 14, but has fallen
dramatically since then. After plans for more pipeline capacity at Cushing,
Oklahoma, the differential narrowed.
Gold spot price
The spot price of an oz of gold is trading in New York at
$1,739.20, down $2.60 from Tuesday's close in New York.
Gold had hit a record high of $1,921.05 a troy ounce on Sept 06,
out our subscription service, Finfacts Premium
, at a low annual charge of €25 - - if you are a regular user of Finfacts, 50
euro cent a week is hardly a huge ask to support the service.