Fwd: [Peakoil] News items from Canberra Times Thu, 13 Jul 2006

[Antony Barry]

Begin forwarded message:

> From: "Jgoldie" <jgoldie at snowy.net.au>
> Date: 13 July 2006 11:25:53 AM
> To: "Antony Barry" <tony at tony-barry.emu.id.au>
> Subject: Re: [Peakoil] News items from Canberra Times Thu, 13 Jul 2006
> Reply-To: "Jgoldie" <jgoldie at snowy.net.au>
>
> Tony
>
> Can you send to ACT Peak Oil - I can't from this computer. Thanks,  
> Jenny
> Wall St takes a big tumble
> From: Agence France-Presse
> From correspondents in New York
>
> July 13, 2006
>
> WALL Street went into a tailspin overnight as fresh geopolitical  
> jitters and high oil prices added to worries about upcoming  
> corporate earnings reports.
>
> The Dow Jones Industrial Average slumped 121.59 points (1.09 per  
> cent) to 11,013.18, and the technology-heavy Nasdaq dropped 38.62  
> points (1.81 per cent) to 2090.24 at the closing bell.
> The broad-market Standard and Poor's 500 index retreated 13.86  
> points (1.09 per cent) to a preliminary close of 1258.66.
>
> Oil prices were a factor as world powers meeting in Paris decided  
> to refer the crisis on Iran back to the UN Security Council,  
> raising the threat of sanctions over Tehran's nuclear program.
>
> New York's main contract, light sweet crude for delivery in August,  
> closed up 79 cents at $US74.95 per barrel.
>
> The market, trying to gauge the strength of upcoming earnings  
> reports, was also distracted by global security issues, including  
> in the Middle East and India, hit by a deadly train bombing yesterday.
>
> "The geopolitical situation in the Middle East is back in the  
> headlines and appears to be raising global anxiety levels,  
> particularly in the financial markets," said Fred Dickson, chief  
> market strategist at DA Davidson.
>
> Dendra Lambert at Hilliard Lyons agreed: "Tension in the Middle  
> East weighed heavily on investors in the trading session.
> "Stocks took a dive after news that the US blamed Iran and Syria  
> for the kidnapping of two Israeli soldiers."
>
> On the economic front, there was a mixed response to news that the  
> US trade deficit increased slightly to $US63.8 billion ($84.8  
> billion) in May as record oil imports offset growth in exports.
>
> The gap was not as wide as feared and eased pressure on the US  
> dollar, but some said the deficit remained far too high.
>
> "We keep shipping more and more of our income overseas and while we  
> are also selling more, the outflow is simply way too high," said  
> Joel Naroff, of Naroff Economic Advisors.
>
> Among stocks in focus, Microsoft fell 46 US cents to $US22.64 after  
> the European Commission fined the US software giant 280.5 million  
> euros ( $474 million) for failing to fully respect a 2004 antitrust  
> ruling.
>
> General Motors rose 12 US cents to $US29.62 after the auto giant's  
> chairman and chief executive Rick Wagoner said he looked forward to  
> talks with Renault-Nissan CEO Carlos Ghosn on a possible global  
> alliance.
>
> Genentech, the US biotech unit of Switzerland's Roche, slumped  
> $US3.08 to $US80.98 after it announced a 79 per cent jump in  
> quarterly profits, but disclosed disappointing sales of its Avastin  
> cancer treatment.
>
> Bonds were mixed. The yield on the 10-year US Treasury bond held  
> steady from Tuesday at 5.100 per cent and that on the 30-year bond  
> dipped to 5.135 per cent against 5.141 per cent. Bond yields and  
> prices move in opposite directions.
>
>
>
> ________________________________________________
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