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Strategies & Market Trends : Natural Resource Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (3559)	11/19/2003 1:27:42 AM
From: surfbaron	Read Replies (3) \| Respond to of 108612

Jackass: lighten up Francis. <the greatest powerpack behind commodities is the falling USDollar> speculatively speaking yes. all that extra buying power from the furners bidding up commodities. these foreign currencies that are growing, where's their manufacturing growth, nada. our manufacturers are'nt building anything here anymore. so it's all financial bullfece.

To: Jim Willie CB who wrote (3559)	11/19/2003 1:32:05 AM
From: Ruffian	Read Replies (1) \| Respond to of 108612

Trade Row Fires Up Euro, Gold Soars Tuesday November 18, 10:21 pm ET By Richard Baum SINGAPORE (Reuters) - U.S. action against Chinese textile imports roiled financial markets on Wednesday as a slumping dollar wiped two percent off Japanese stocks and sent gold to $400 an ounce for the first time since 1996. The dollar struggled at record lows against the euro and near three-year troughs versus the yen after Washington said it would limit imports of the textiles, raising fears protectionism could undermine the U.S. economic recovery. U.S. Treasury bond yields edged to six week lows, while oil held near its highest levels since the Iraq war following a five percent jump in New York trade. "Not long ago, the United States was struggling over whether to lift controversial tariffs on imported steel. But it has suddenly moved against clothing, and it was a surprise to the market," said Mitsuru Sahara, vice president of UFJ Bank's forex dealing group. "Pressure from U.S. congressmen seems to be very strong, and this sparked speculation that protectionism could sooner or later move Washington to weaken the dollar." The stronger yen and a fourth day of falls in U.S. stocks hit Japanese shares, sending the Nikkei average down 2.2 percent to a three-month low of 9,677.88 in morning trade. Exporters hit by the weaker dollar led the fall, with Advantest Corp dropping 6.0 percent and Toshiba Corp falling 5.2 percent. GOLD BRIEFLY BREAKS $400 The weakening dollar also fired up gold, briefly sending it through $400 an ounce for the first time since March 1996. Increasing attacks on the U.S.-led forces in Iraq and fears of al Qaeda strikes worldwide continued to boost the safe haven metal's appeal, although it retreated to $398.75 by 9:50 p.m. EST. The euro rose as high as $1.1977 before easing a tad to $1.1955. Against the Japanese currency, the dollar fell as far as 107.94 yen, just above three-year lows of 107.86 hit last week. But it recovered to 108.15 on expectations Japanese authorities would intervene. Stocks were weak across Asia, with an MSCI index of Asia Pacific shares outside Japan falling 0.9 percent to a three-week low. The drop followed a fourth day of losses on Wall Street, where the Dow Jones Industrial Average lost 0.9 percent and the Nasdaq Composite Index shed 1.5 percent. South Korea's benchmark index slid more than three percent on a widening investigation into a political funding scandal and fears over the health of credit card companies. Shares in LG Group companies slid after prosecutors raided an office of LG Home Shopping Co in a probe into political funding. LG Electronics fell 5.0 percent, LG Corp slid 9.1 percent and LG Home Shopping was down 7.9 percent. "The unexpected raid on LG Home Shopping's main offices raised concerns over the credibility and transparency of the LG Group, and, furthermore, of other major Korean chaebol," said Shin Dong-sung, an analyst at Korea Investment Trust Management & Securities Co. Stock benchmarks fell 1.4 percent in Hong Kong and Singapore and 1.1 percent in Taiwan. Australia was flat. U.S. crude oil futures backed off after jumping nearly five percent in New York to hit their highest level since before the Iraq war in March. The gains had come on expectations auto fuel demand may rise for the U.S. Thanksgiving Day holiday next week, and on concern over a possible decline in American oil inventories. Crude fell 0.3 percent to $33.18 a barrel after rising as high as $33.35 in New York. Benchmark 10-year U.S. Treasuries were yielding 4.137 percent, near six week lows and slightly below late U.S. trade. Japanese government bonds rose on the fall in Tokyo stocks.