International Report

The FTSEurofirst 300 index closed up 0.6% to close at 1,058.81 points. The index is up 1.2 percent so far this year. The Dow Jones industrial average climbed up 0.03%, to close at 10,567.33. The Standard & Poor’s 500 Index climbed at 0.4%, to close at 1,145.61. The Nasdaq Composite Index rose or 0.78%, to close at 2,358.95. The benchmark Nikkei gained 64.07 points to close at 10,627.99. The Topix gained 0.6% to close at 928.00.

A group of Europe’s leading economies has asked the European Union to look into banning speculative trading in credit default swaps (CDS).  France and Germany in particular want more control in tackling extreme speculation and to police the deficit spending of other member states. This move has been fueled by Greece’s outburst opposing CDS contracts and blaming these products for amplifying its bond market woes. Members of the European Parliament have voted in favour of a Tobin tax on financial transactions. This was passed yesterday, by 536 votes to 80 and the European Commission will now investigate a levy. Yesterday, it was stated that lenders to Dubai World will get a range of options including full repayment once Abu Dhabi decides on the support it will provide to Dubai. Yesterday, Treasury Department data revealed that in February the US posted a record $220.91bn (£147bn) budget deficit.

Due for release is the CHF Libor Rate, CHF SNB Monetary Policy Assessment, CAD Trade Balance, USD Trade Balance, USD Unemployment Claims and NZD Retail Sales m/m.

by Greg Secker

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