International Report

The FTSEurofirst 300 index rose 0.9% to close at 1,070.90 points. The Dow Jones industrial average gained 0.45%, to close at 10,733.67. The Standard & Poor’s 500 Index climbed 0.58% to close at 1,166.21. The Nasdaq Composite Index jumped 0.47% to close at 2,389.09. The Nikkei dropped 102.95 points to close at 10,744.03. The Topix index fell 0.7% to close at 940.79.

In February, gasoline prices fell sharply attributing to the largest drop in US wholesale prices in seven months. This left scope for the Federal Reserve to keep short-term interest rates at a record low. The Labor Department stated that in the month of February, the producer price index for finished goods dropped by a seasonally adjusted 0.6%. Yesterday, the Greek Prime Minister warned that he could turn to the International Monetary Fund for support if EU leaders failed to provide them with an adequate rescue package. Finland, the Netherlands and Italy are all in favour of this.

Due for release today is the GBP Public Sector Net Borrowing, USD Core CPI m/m, USD Unemployment claims and USD Philly Fed Manufacturing Index.

 by Greg Secker

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