Oil rebounded on Thursday in choppy trade, as a stronger dollar pulled crude up off losses struck after the International Energy Agency cut its global demand forecast and China further tightened its bank reserve requirements.read more...
States that the rescheduling of Ireland IMF/EU debt desirable and will be dealt with. He adds that it is unreasonable if interest rate reductions are available to others and not Ireland.read more...
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Bank Indonesia maintained its benchmark interest rate unchanged at 6.75% but noted inflation risks. Indonesia reported headline consumer price inflation of 6.16% in April, down slightly from 6.65% in March, and just outside the inflation target of 5% +/-1% in 2011 (which changes to 4.5% +/-1% in 2012). The Indonesian economy expanded 6.5% on an annual basis in Q1 this year, slightly slower than 6.9% in Q4 2010.
The Banco Central del Uruguay raised reserve requirements for banks on peso deposits by 300 basis points to 15% from 12% and 300 basis points on foreign currency deposits to 18% from 15%. The Bank said "In light of internal price increases and the international context, we understand that we must take additional measures beyond the benchmark rate,". Uruguay reported inflation of 8.34% in April, above the government's 3%-7% inflation target range.
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The decline in gold from near 1525 was contained in a rising channel. In the 4H chart, we also see the 200SMA supporting price action. This supports a more "flat" correction in gold with support at 1465 and resistance at 1575.read more...
The major market indexes are mixed at midday, as traders digest another bleak earnings report from Cisco Systems (CSCO) and a fresh round of economic reports…(Read More)
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A dozen years ago, Silicon Valley was responsible for one of the most prolific initial public offering (IPO) markets ever seen. Many fortunes were made, as a record 486 companies went public in 1999. The next year was the second-best ever, with 406 additional new issues coming to the market. Of course, many dollars were subsequently lost in that mania and no one wants a return of such frothy days.read more...
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SAN FRANCISCO (MarketWatch) — U.S. shares of Phoenix New Media Ltd. jumped on their first day of trade on the New York Stock Exchange Thursday. The American depositary shares of the Chinese media company rose 21% to .30 in recent activity after the 12.8 million-share initial public offering was priced at an ADS. The shares had been expected to price in the to range.read more...
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