Mar 10
15
Morning Call by Greg Secker
International Report
The FTSEurofirst ended up 0.3% to close at 1,058.97 points. This week, the index rose 0.8% and is now up 64% since its low in March last year. The Dow Jones industrial average gained 0.12%, to close at 10,624.69. The Standard & Poor’s 500 Index dropped 0.02%, to close at 1,149.99. The Nasdaq Composite Index fell 0.03%, to close at 2,367.66.
Today, the Eurozone finance ministers are discussing plans to support the Greek government through a programme of loan guarantees or bilateral loans. The 16 single currency members are preparing a rescue package worth up to €25bn (£16.4bn). This aid package will only kick in if Athens struggles to refinance itself. Since November, Greece has been in crisis after it revealed its budget deficit was running at 12.7% of its GDP. Opec fears that its control on the global supply of oil is under threat from Iraq, due to a rising output of from Iraq’s oilfields. In February, Iraqi oil exports were at their highest for two decades, at an average of 2.08m barrels per day.
Due for release today is the USD TIC Long-Term Purchases and the AUD Monetary Policy Meeting Minutes.
by Greg Secker
