13 Jan 2011: Mood upbeat in European Markets

FTSE 100 5673 Up 13bp
S&P 500 1296 Up 23bp
NIFTY 50 India 4866 Up 72bp

Major Stories

  • US sanctions Chinese oil trader
    • US has sanctioned three companies for selling refined oil products to Iran
    • These include Chinese Zhenrong, Singapore’s Kuo, and UAE’s FAL
    • US has labelled this an ‘important’ step to force changes in Iran
    • Zhenrong’s spoke person says that the company has not exported any products to Iran, and the company will continue to buy crude oil from Iran under long term contracts
  • Mood upbeat in European markets
    • After successful bond auctions in Italy, Germany and Spain, the mood seems more relaxed
    • FTSE All World, Asia, and FTSE Eurofirst are all up; Europe’s banking indices are up 2%
    • Dollar index is up 0.1% and some commodities are struggling after their recent strong runs, particularly, Copper
    • Crude Oil climbs up to $114/barrel, as disruptions from Iran will continue; Nigeria looks to avert strikes in its oil fields to continue regular supply of crude oil; Gold is at $1641/ounce, down slightly

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