Global stocks surged and oil prices rallied to over $73 a barrel on
Thursday after upbeat news from the around the world pointed to an economic
recovery.
Copper, zinc, lead, tin and nickel all jumped to their highest levels since last October on growing optimism about demand. A recent spate of improving economic data has helped lift copper prices by more than 10 percent so far in June; copper is widely used in construction and automobile manufacturing.
The euro broke above $1.41 as demand waned for the U.S. dollar as a safe-haven. And U.S. Treasury prices rose sharply in a rally fueled by a solid auction of 30-year debt, which calmed worries over financing the rising U.S. budget deficit.
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MARKET REPORTS: > GLOBAL MARKETS-Recovery hopes drive oil above $73, stocks up > MONEY MARKETS-Libor at record low, US CP market shrinks > EMERGING MARKETS-US data provides support > COMMODITIES-Weak US dollar takes rally into third day
MAIN ECONOMIC AND FINANCIAL NEWS MOVING GLOBAL MARKETS > US retail sales up in May, jobless claims fell in week > US mortgage rates erase Fed's handiwork > Auto woes cut Canada's industrial capacity use in Q1 > Geithner to meet with Russia, Japan ministers at G8 > World Bank sees bigger global economic contraction in 2009 > ECB's Noyer sees global economy upturn in early 2010 > Russia GDP shrinks 9.8 pct in first quarter > Chinese investment surges in May, offsetting export fall > China commodities imports at record in May > Japan's economy shrank 3.8 pct in Q1, seen slow
ANALYSIS RELATED TO THE GLOBAL ECONOMIC CRISIS > Junk bonds defy rising interest rates to extend rally > Commodity markets rally may not augur economic recovery > Art of the possible tempers Obama financial reforms > Risk assets hitting speed bumps after rally > Commodity price rises create bubble concerns > FED FOCUS-Federal Reserve to bond market: 'We get it' > US Treasury bloodbath soaks top fund managers > What if US banks repay government aid money too fast - > Paybacks, smaller asset plan to aid US bailout cash > Big US banks may not be free after TARP repayment
FACTBOXES > Draft agenda for G8 finance ministers meeting June 12-13 > US, European bank writedowns and credit losses > US banks that are repaying TARP bailout money > US banks raise $65 bln after stress tests > Where has all the US bailout money gone - > The Federal Reserve's evolving liquidity toolkit > Major US financial regulation reform initiatives > US regulators propose regulating OTC derivatives > Facts and figures from Obama's budget > US Treasury details toxic asset plan > Full text ECB statement on rates, asset buying > World government actions to limit bank bad loan damage
Keywords: CREDITCRISIS TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Copper, zinc, lead, tin and nickel all jumped to their highest levels since last October on growing optimism about demand. A recent spate of improving economic data has helped lift copper prices by more than 10 percent so far in June; copper is widely used in construction and automobile manufacturing.
The euro broke above $1.41 as demand waned for the U.S. dollar as a safe-haven. And U.S. Treasury prices rose sharply in a rally fueled by a solid auction of 30-year debt, which calmed worries over financing the rising U.S. budget deficit.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-Recovery hopes drive oil above $73, stocks up > MONEY MARKETS-Libor at record low, US CP market shrinks > EMERGING MARKETS-US data provides support > COMMODITIES-Weak US dollar takes rally into third day
MAIN ECONOMIC AND FINANCIAL NEWS MOVING GLOBAL MARKETS > US retail sales up in May, jobless claims fell in week > US mortgage rates erase Fed's handiwork > Auto woes cut Canada's industrial capacity use in Q1 > Geithner to meet with Russia, Japan ministers at G8 > World Bank sees bigger global economic contraction in 2009 > ECB's Noyer sees global economy upturn in early 2010 > Russia GDP shrinks 9.8 pct in first quarter > Chinese investment surges in May, offsetting export fall > China commodities imports at record in May > Japan's economy shrank 3.8 pct in Q1, seen slow
ANALYSIS RELATED TO THE GLOBAL ECONOMIC CRISIS > Junk bonds defy rising interest rates to extend rally > Commodity markets rally may not augur economic recovery > Art of the possible tempers Obama financial reforms > Risk assets hitting speed bumps after rally > Commodity price rises create bubble concerns > FED FOCUS-Federal Reserve to bond market: 'We get it' > US Treasury bloodbath soaks top fund managers > What if US banks repay government aid money too fast - > Paybacks, smaller asset plan to aid US bailout cash > Big US banks may not be free after TARP repayment
FACTBOXES > Draft agenda for G8 finance ministers meeting June 12-13 > US, European bank writedowns and credit losses > US banks that are repaying TARP bailout money > US banks raise $65 bln after stress tests > Where has all the US bailout money gone - > The Federal Reserve's evolving liquidity toolkit > Major US financial regulation reform initiatives > US regulators propose regulating OTC derivatives > Facts and figures from Obama's budget > US Treasury details toxic asset plan > Full text ECB statement on rates, asset buying > World government actions to limit bank bad loan damage
Keywords: CREDITCRISIS TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.