Early Rally Fizzles Out
Early strength in the markets was partly due to easing concerns
about the recent problems in the credit market, with news that
Banc of America
(
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PowerRating) has invested $2 billion in
Countrywide Financial
(
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PowerRating) generating some positive
sentiment.
Buying interest waned not long after the open, however, as traders
began to question recent optimism about the likelihood of an
interest rate cut by the Federal Reserve in the near future. At
the same time, selling pressure has remained relatively subdued.
Crude oil future prices for September rose by
0.6% to $69.70 a barrel, after hitting an 8-week low yesterday. Gold
futures for December delivery rose 0.6% to $672.50 an ounce.
Around Asia, Shanghai’s Composite added another 1% to finally
crack the 5,000 mark to 5,032.49. Hong Kong’s Hang Seng rose 2.8%
to 22,966.97, and Tokyo’s Nikkei gained 2.6% to 16,316.32.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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