International Report

The FTSEurofirst 300 dropped 0.1% to close at 1,052.55 points. The Dow Jones industrial average gained 0.11%, to close at 10,564.38. The Standard & Poor’s 500 Index climbed up 0.17%, to close at 1,140.45. The Nasdaq Composite Index added 0.36%, to close at 2,340.68. The Nikkei ended almost flat, dropping 3.73 points to close at 10,563.92. The Topix fell 0.2% to 922.44.

Yesterday, the US didn’t support the Greek proposals to impose strict curbs on credit default swaps. Prime Minister George Papandreou had discussions with President Obama in the hope of convincing him to back these plans. Greece insists speculators betting against Greece by trading credit default swaps (CDS) assisted it fall in to economic decline. The Obama administration stated that the President others ideas to make the system fairer. Yesterday, a leading firm that tracks pay data said that in 2009 US consumer, financial and technology companies slashed bonuses for their chief executives by more than half. Today the China Securities Journal reports, that in February Chinese banks extended about 700bn yuan (£68.2bn) in new loans, down from 1.39 trillion yuan in January.

Due for release today is the GBP Manufacturing Production m/m, NZD Official Cash Rate, RBNZ Press Conference, RBNZ Rate Statement, AUD Employment Unemployment Change, CNY Industrial Production.

 by Greg Secker

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