The International Energy Agency (IEA) will stop selling oil from its emergency reserves, following its historic release of stocks in the past month. The global energy watchdog put 60m barrels on the market in an attempt to dampen prices, which had soared above $120 per barrel in the wake of lost supply from war-torn Libya.
THE UK arm of Willis, the number three global insurance broker, has been fined a record £6.9m by the FSA for anti-bribery and corruption failings related to commissions paid overseas. This fine is the largest meted out by the FSA for failings in systems and controls aimed at preventing and detecting financial crimes.
ASIAN shares rose sharply today on the back of the news that European leaders had settled on a bailout package for Greece. The MSCI Asia Pacific index gained 0.5%, led by financial shares and technology plays. Japans Nikkei 225 Stock Average was up 0.9% and South Korea’s Kospi Composite index gained 0.7%.
FINANCIAL bookmakers expect to see the leading European benchmark indices rally on Friday, extending a week’s strong rebound, as investors welcome the new rescue package for Greece.
THE YEN fell against all of its 16 major counterparts as stocks rallied worldwide on optimism European officials will contain the region’s debt crisis, damping demand for Japan’s currency as refuge. The euro headed for a weekly gain versus the dollar after European officials eased the terms of loans for cash strapped nations and expanded aid for Greece.
CRUDE oil advanced, heading for a fourth week of gains, as investors bet fuel demand will increase. Crude for September delivery advanced as much as 48 cents to $99.61 a barrel in electronic trading on the New York Mercantile Exchange.
SILVER may more than double to $100 an ounce if the current bull market follows similar patterns seen between 1971 and 1980, according to technical analysis by Citigroup Global Markets Inc. Silver for immediate delivery has dropped 21% from an all time high of $49.29 an ounce on April 25th. Still, the precious metal has more than doubled in the past year and is the best performer on the UBS Bloomberg CMCI Index.