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Iceland is now open for business once more

Posted Nov 1st 2009 12:00PM by Tom Johansmeyer (RSS feed)
Filed under: Economic data, Recession, Financial Crisis

You're now free to invest in Iceland ... should you be so inclined. On Sunday, the country will begin lifting its post-financial disaster capital controls, giving investors a bit more elbow room. Foreign currency investments coming in won't be subject to the existing controls.

According to a statement released by Iceland's central bank, "Investors are authorized, without restrictions, to convert into foreign currency the sales proceeds from assets in which they invest after Nov.1." The statement also said, "Previously, non-residents were fully authorized to transfer foreign currency deriving from interest and dividends on investments in Iceland."

Continue reading Iceland is now open for business once more

Consumer confidence up around the world, a first since 2007

Posted Oct 28th 2009 10:50AM by Tom Johansmeyer (RSS feed)
Filed under: International markets, India, Japan, Economic data, Eastern Europe

Consumer confidence ticked upward for the first time since 2007. Around the world, consumers are becoming more comfortable with the prospect of shelling out some cash, even if they're still approaching the notion with caution.

According to a survey conducted by The Nielsen Company between September 28 and October 16, 2009, consumer confidence was highest in India, with Indonesia and Norway following. Japan, Latvia, Portugal, and South Korea were at the other end of the spectrum, though South Korea did show a significant quarterly improvement.

Continue reading Consumer confidence up around the world, a first since 2007

Oil briefly nears $140 as market awaits word on Saudi production hike

Posted Jun 16th 2008 1:56PM by Joseph Lazzaro (RSS feed)
Filed under: Middle East, Abercrombie and Fitch (ANF), Commodities, Oil

Oil briefly rose to a record $139.89 per barrel Monday before pulling back after a fire cut North Sea output, Bloomberg News reported Monday.

Oil traded briefly at $139.89 -- an all-time high -- before pulling back to trade up $1.73 to $136.60 per barrel in Monday afternoon trading.

An field off Norway's coast was shut down after a fire broke out Sunday. StatoilHydro ASA's 150,000 barrel-per-day Oseberg oil and gas field off Norway's coast accounts for about 5% of Norway's output.

The other major energy commodities also rallied Monday at midday on the news. Heating oil jumped about 7 cents to $3.90 per gallon, unleaded gasoline added about 3 cents to $3.49 per gallon, and natural gas climbed 29 cents to $12.91 per million BTUs.

Oil market: Dueling arguments

Energy trader Jim Dietz told BloggingStocks Monday the oil market is "in a battle to define reality" between the oil bulls and bears.

Continue reading Oil briefly nears $140 as market awaits word on Saudi production hike

OPEC's dilemma may be resolved by taking a half-step

Posted Dec 3rd 2007 11:44AM by Joseph Lazzaro (RSS feed)
Filed under: International markets, Exxon Mobil (XOM), Middle East, Venezuela, Chevron Corp (CVX), ConocoPhillips (COP), Mexico, Canada, Commodities, Oil

While analysts debate the dilemma OPEC faces at its meeting this week in Abu Dhabi -- whether to increase product to address high prices, or to hold the line due to oil's recent dip -- traders have their own take on what the cartel could do.

"If they're uncomfortable with a 500,000 barrel cut all at once, they could do it in stages: 250K and 250K," Jim Dietz, independent oil trader, told BloggingStocks Monday.

Complicated task

Nearly everyone in the market understands that OPEC's task is complex and made more-arduous by uncertainties facing the oil production environment. Oil prices danced with $100 per barrel about two weeks ago, but fears of slowing economic growth have since pushed them down by more than 10%. Oil futures continued their downward move Monday, falling 77 cents to $87.94 per barrel, continuing their biggest weekly decline in two years. Heating oil dropped about 2 cents to $2.49. Unleaded gasoline declined about 1 cent to $2.22.

Continue reading OPEC's dilemma may be resolved by taking a half-step

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DJIA+32.2710,279.24
NASDAQ+12.462,163.54
S&P 500+4.481,097.49

Last updated: November 11, 2009: 02:39 PM

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