Global Markets Overview - 29 December 2011
Bonds
Investors were pulling back from risk ahead of an Italian auction of longer-term government debt on Thursday. Before the opening bell Wednesday, U.S. stock futures pointed higher, boosted by a successful auction of short-term Treasury bills in Italy.
Demand for Italian six-month bills increased from the previous auction, and the average yield of 3.251% was half of the 6.504% average, a euro-era high, paid a month earlier for the same maturity. But that optimism faded as investors looked ahead to Thursday's auction, sending the euro lower and pushing yields for longer-term Italian debt higher throughout the U.S. morning. Adding to the concern, the European Central Bank's overnight deposit facility reached a second-straight record, suggesting that banks would rather park cash there rather than lend it to other banks.
European Stock Markets
European stock markets ended a choppy session in negative territory Wednesday, with German and French shares seeing added pressure after the European Central Bank showed it had significantly boosted lending to banks.
Companies also said that the Budget must clarify the road map for the introduction of Goods and Services Tax (GST). Benefits to exporters must continue as the global economy is still under pressure. Additional relief should be provided to individuals
During World War II, the US moved decisively to secure the oil fields of Saudi Arabia and transfer the desert kingdom from the British sphere of influence to one of hegemony by the US and American oil corporations. President Franklin D. Roosevelt