World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


While You Were Sleeping: BusinessWire Overnight

While You Were Sleeping: BusinessWire Overnight Wrap

Nov. 28 – ArcelorMittal, the world’s largest steelmaker, plans to eliminate as many as 9,000 jobs, or 3% of its global workforce, reflecting a drop in demand as the global economy slows.

The Luxembourg-based company said it aims to slash US$1 billion of costs.

Stocks in Europe extended their advance and the Dow Jones Stoxx 600 Index rose for a fourth day on optimism government efforts to underpin the region’s economies and support its banks are start to gain traction. The Stoxx 600 rose 2.4% to 203.62.

In Germany, the DAX 30 rose 2.3% to 4665.27, led by a 12% increase for Deutsche Bank. Engineering firm MAN AG gained 11% and Allianz SE advanced 10%. France’s CAC 40 rose 2.5% to 3250.39 and in London, the FTSE 100 Index advanced 1.8% to 4226.1. Xstrata led gainers, rising 12% while Standard Chartered rose 11.6%. U.S. markets were closed for the Thanksgiving holiday.

Stocks rose even as a measure of European executive and consumer confidence fell to a 15-month low in November.

The sentiment index fell to 74.9, more than expected, from 80 in October, the European Commission said. Other figures showed retail sales in Europe fell to the lowest in at least five years.

The rally in stocks helped drive bonds lower. The yield on the bund rose 1 basis point to 3.3%.

Joaquin Almunia, the EU Monetary Affairs Commissioner, said the EU will cut its economic forecasts and predict the region’s economy extended its recession in 2009, reflecting the worldwide slump.

“The crisis may not end next year,” Almunia said in Brussels. “We need to revise our previous estimates to negative growth.” The region’s economy is in its first recessionAlmunia said in Brussels today. The financial turmoil has pushed the euro-area economy into its first recession in almost a decade.

U.K. house prices dropped for the 13th straight month in November as home loans became harder to secure and the financial crisis scared off buyers, according to Nationwide Building Society. The average cost of a home fell 0.4%. Prices declined 14% in the year to an average 158,442 pounds.

Crude oil fell as some traders speculated demand will abate as the U.S. economy falls into recession. Crude oil for January delivery slid 3.3% to US$52.62 a barrel on the New York Mercantile Exchange.

Gold reached the highest in almost five weeks in London as the U.S. dollar fell, boosting demand for the precious metal as an alternative investment. Gold for immediate delivery rose 0.3% to US$813.33 an ounce in London.

The euro rose to the highest level in almost three weeks against the U.S. dollar after a report showed German unemployment declined and as the region’s stocks rose for a fourth day.

The euro traded was at $1.2899 from $1.288 and earlier reached as high as $1.2968. The dollar fell to 95.41 yen from 95.67.



© Scoop Media

World Headlines


Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>


Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>


Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>


  • Pacific.Scoop
  • Cafe Pacific
  • PMC