27 Feb 2012: Stocks struggle, Dollar dips against Euro

  • Stocks struggling today; Oil still at dizzying heights
    • Stocks: Global Equities dip 0.3% this morning mainly from talk building up that Oil prices will be a drag on Global growth ; FTSE Eurofirst is down 0.7%; S&P 500 expected to open 0.4% lower; FTSE 100 goes under the 5900 mark
    • Currencies: Euro rises against the Dollar. Euro consolidated its 10-week high against Dollar at $1.34, and is currently at $1.3396
    • Commodities: Rising oil prices will greatly affect the struggling energy dependent European countries, also, all developing energy reliant nations will suffer in their growth. Brent Crude stays at about $124/barrel; Copper is at $3.86/pound; Gold  has eased to $1768/ounce
  • Other news, briefly
  • Pressure on Germany builds up from G20 countries, to increase the size of the Eurozone Rescue Fund. Germany oppose this by saying, that an increase in the size, will cause other nations such as Italy and Spain to slack off from implementing their austerity measures to reduce debt
  • HSBC awards its Chief, Gulliver, £5.9mn in bonuses. The pre-tax profit for HSBC has reduced to $17.7bn a decrease of over $1bn, owing to rising costs in developing nations
  • Olympus has unveiled its new management, following an accounting scandal, in connection to which 7 people were arrested
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