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Dow, Sterling and Shire get hit, crude takes a breather after recent downward trend
October 15, 2014 6:19 amVideo
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The Dow finished lower for a fourth session closing at 16315 on lingering global growth demand whereas surprisingly SP500 and Nasdaq finished the session slightly higher, 1877 and 4227 respectively.
The Dollar pulled back from a month low hit yesterday, edging up to 107.26 yen whereas the Euro was little changed around the $1.264 mark. Sterling however fell as far as $1.5878 reaching lows not seen since November 2013 and bringing in focus the November trough of $1.5852.
US Crude was up slightly, reversing the downward trend we have seen recently however the slackening demand and US shale output should continue to put pressure on the commodity for the long term.
In equities shire pharmaceuticals is down 27% on the mornings trade after US drugmaker AbbVie on Tuesday night said it was reconsidering its takeover. The UK company has pointed out it would be due a break fee of roughly $1.64bn if the deal falls through. AbbVie said in a statement that its board would meet next week to discuss whether to shelve its July recommendation that shareholders vote in favour of a takeover of Shire. In other equity news mining group Rio Tinto said it achieved “another strong quarter” with iron ore shipments, production and rail volumes reaching record highs, while it lifted its full-year guidance for copper output. The company expects to produce 615,000 tonnes of copper this year, up from its previous guidance of 585,000
Today we see the release of UK Jobless Claims at 9.30, US PPI ad Retail sales at 1.30pm and ECB President Mario Draghi speaking at 7.00pm.
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