Wednesday, September 24, 2008

Quick Overview

  • U.S. existing home sales fell 2.2% on the month -- weaker than expected.

  • Business confidence in Germany dropped from 94.8 to 92.9 in September, the lowest in three years.

  • Pressure to regulate the $62,000bn credit derivatives market mounted as the main US market regulator called on Congress to pass laws to supervise the industry

  • The U.S. Department of Energy said:
    Supplies of crude oil fell 1.5 million barrels
    Supplies of gasoline fell 5.9 million barrels
    Supplies of heating oil rose 300,000 barrels.
    Refinery use fell from 77.4% to 66.7% of capacity
    Gasoline demand fell 3.5% YoY
    Distillate demand fell 5.5% YoY

  • (Bloomberg) -- CME Group Inc., the world's largest futures exchange, will offer a steel contract beginning Oct. 19 after the rival London Metal Exchange introduced a similar product earlier this year.

  • (Bloomberg) -- Barrick Gold Corp. Chairman Peter Munk said bullion prices will go higher, driven by large-scale buying by ``major, major'' holders of dollars who fear the effects of the U.S. government's bailout plan on the currency.

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