Light, sweet crude for December delivery rose by almost six dollars to US$69.88 on the New York Mercantile Exchange after rising as high as US$71.77.
As the US Presidential Campaign and elections draw to a close, oil prices have risen to US$70 a barrel. This price surge reflects strengthening of stock markets globally and a weakening dollar. Commodities such as oil are used as a hedge against inflation and a weak dollar. Investors flood the crude futures market when the dollar weakens. A weak dollar also makes oil less expensive to buyers dealing in other currencies.
Outlook seems to be brighter in USA as the Dow Jones industrial average jumped 200 points despite a new Commerce Department report that factory orders fell more than estimated in one month - by 2.5% in September.
An extraordinary change in the way Americans use fuel has been witnessed over the past few months amid collapsing home prices, a shaky job market and gasoline priced about US$4/gallon. Recent dips in fuel prices have not managed to considerably lift buying as market enthusiasm has been lost amid macro economic fears. Analysts had believed that booming economies of India and China would pick up any slackening of demand if Western nations went into recession. That view has weakened in recent months, as the economic crisis in the United States spread across the globe.
source: http://www.plastemart.com/plasticnews_desc.asp?news_id=13488&P=P
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Wednesday, November 5, 2008
warsaw stock market
The Warsaw Stock Exchange welcomed with satisfaction the October statistics published by the Federation of European Stock Exchanges (FESE) which indicate that the WSE steadily improves its position in Central and Eastern Europe. The WSE is ahead of all other exchanges in CEE and SEE (Central and Eastern Europe and Southern and Eastern Europe) by capitalisation (value of listed companies).
source: http://www.mondovisione.com/index.cfm?section=news&action=detail&id=78626
source: http://www.mondovisione.com/index.cfm?section=news&action=detail&id=78626
Obama rides wind of change to historic US victory
WASHINGTON, Nov 5 (Reuters) - Barack Obama rode a wave of voter discontent to an historic White House victory, promising change as the first black U.S. president but facing enormous challenges from a deep economic crisis and two lingering wars.
Obama led Democrats to a sweeping victory that expanded their majorities in both houses of Congress as Americans emphatically rejected Republican President George W. Bush's eight years of leadership.
Raucous street celebrations erupted across the country, but Obama will have little time to enjoy the victory. He was expected to start work on Wednesday, planning his formal takeover on Jan. 20 and assembling a team to tackle the financial crisis and other challenges.
Democrats gained at least five Senate seats and about 25 seats in the House of Representatives, giving them a commanding majority in Congress and strengthening Obama's hand. Four Senate seats remained undecided.
The son of a black father from Kenya and white mother from Kansas, Obama was born when black Americans were still battling segregationist policies in the South. His triumph over Republican rival John McCain on Tuesday is a milestone that could help the United States get beyond its long, brutal history of racism.
"It's been a long time coming, but tonight, because of what we did on this day, at this defining moment, change has come to America," Obama, 47, told some 240,000 ecstatic supporters gathered in Chicago's Grant Park.
Many world leaders welcomed Obama's victory and some hailed it as an opportunity to restore a tarnished U.S. image.
"Your election has raised enormous hope in France, in Europe and beyond," French President Nicolas Sarkozy said.
Newspaper headlines captured the momentous nature of the result. A New York Times banner headline said simply "OBAMA", while the Washington Post declared "Obama Makes History" and USA Today: "America makes history; Obama wins".
Initial market reaction was muted. Analysts said Obama's victory had been largely priced in and concerns about the global economy were paramount, leading major U.S. stock index futures lower. The dollar moved higher, recovering some of the previous session's heavy losses.
OBAMA FACES BIG PRESSURES
Obama won at least 349 Electoral College votes, based on state voting, far more than the 270 he needed. With 96 percent of the popular vote counted, he led McCain by 52 percent to 46 percent.
He will face intense pressure to deliver on his campaign promises. He has vowed to restore U.S. leadership in the world by working closely with foreign allies, to withdraw U.S. troops from Iraq in the first 16 months of his term and to bolster U.S. troop levels in Afghanistan.
But his immediate task will be tackling the U.S. financial crisis, the worst since the Great Depression. Obama has proposed another stimulus package that could cost about $175 billion and include funding for infrastructure and another round of rebate checks.
World leaders will gather in Washington on Nov. 15 for a summit on the global financial meltdown. The White House has said it did not expect the president-elect to attend, but Obama has not yet stated his plans.
A first-term Illinois senator who will now be the 44th U.S. president, Obama said he would work to ease the country's sharp political divisions and listen to those who voted against him.
"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America, I have never been more hopeful than I am tonight that we will get there," he said in Chicago.
McCain, a 72-year-old Arizona senator and former Vietnam War prisoner, called Obama to congratulate him and praised his inspirational and precedent-shattering campaign.
"I urge all Americans who supported me to join me in not just congratulating him but offering our next president our goodwill," McCain said.
ELATION IN THE STREETS
Blacks and whites celebrated together in front of the White House to mark Obama's win and Bush's imminent departure. Cars jammed downtown Washington streets, with drivers honking their horns and leaning out their windows to cheer.
Thousands more joined street celebrations in New York's Times Square and in cities and towns across the country.
"This is the most significant political event of my generation," said Brett Schneider, 23, who was in the crowd for Obama's victory speech in Chicago.
"This is a great night. This is an unbelievable night," said U.S. Rep. John Lewis of Georgia, who was brutally beaten by police in Selma, Alabama, during a civil rights march in the 1960s.
Lewis was at a celebration in Ebenezer Baptist Church in Atlanta, the home church of Martin Luther King, who led the civil rights movement and was murdered in 1968.
Allied governments said they hoped for closer cooperation with Washington, while critics of the United States, ranging from officials in Russia and Iran to Islamist groups in the Middle East, called for changes.
"We hope that ... he adopts a just policy that restores to America its natural position of respect for humankind and democracy," said Mohamed Mahdi Akef, leader of the Egyptian Muslim Brotherhood, one of the Middle East's largest Islamist groups.
Russian Prime Minister Dmitry Medvedev spoke of hopes for stronger U.S.-Russian relations, but at the same time vowed retaliation for a U.S missile-defense plan. (Additional reporting by Randall Mikkelsen and Ross Colvin) (Editing by Kristin Roberts and David Storey)
Source: http://www.reuters.com/article/vcCandidateFeed7/idUSN05502158
Obama led Democrats to a sweeping victory that expanded their majorities in both houses of Congress as Americans emphatically rejected Republican President George W. Bush's eight years of leadership.
Raucous street celebrations erupted across the country, but Obama will have little time to enjoy the victory. He was expected to start work on Wednesday, planning his formal takeover on Jan. 20 and assembling a team to tackle the financial crisis and other challenges.
Democrats gained at least five Senate seats and about 25 seats in the House of Representatives, giving them a commanding majority in Congress and strengthening Obama's hand. Four Senate seats remained undecided.
The son of a black father from Kenya and white mother from Kansas, Obama was born when black Americans were still battling segregationist policies in the South. His triumph over Republican rival John McCain on Tuesday is a milestone that could help the United States get beyond its long, brutal history of racism.
"It's been a long time coming, but tonight, because of what we did on this day, at this defining moment, change has come to America," Obama, 47, told some 240,000 ecstatic supporters gathered in Chicago's Grant Park.
Many world leaders welcomed Obama's victory and some hailed it as an opportunity to restore a tarnished U.S. image.
"Your election has raised enormous hope in France, in Europe and beyond," French President Nicolas Sarkozy said.
Newspaper headlines captured the momentous nature of the result. A New York Times banner headline said simply "OBAMA", while the Washington Post declared "Obama Makes History" and USA Today: "America makes history; Obama wins".
Initial market reaction was muted. Analysts said Obama's victory had been largely priced in and concerns about the global economy were paramount, leading major U.S. stock index futures lower. The dollar moved higher, recovering some of the previous session's heavy losses.
OBAMA FACES BIG PRESSURES
Obama won at least 349 Electoral College votes, based on state voting, far more than the 270 he needed. With 96 percent of the popular vote counted, he led McCain by 52 percent to 46 percent.
He will face intense pressure to deliver on his campaign promises. He has vowed to restore U.S. leadership in the world by working closely with foreign allies, to withdraw U.S. troops from Iraq in the first 16 months of his term and to bolster U.S. troop levels in Afghanistan.
But his immediate task will be tackling the U.S. financial crisis, the worst since the Great Depression. Obama has proposed another stimulus package that could cost about $175 billion and include funding for infrastructure and another round of rebate checks.
World leaders will gather in Washington on Nov. 15 for a summit on the global financial meltdown. The White House has said it did not expect the president-elect to attend, but Obama has not yet stated his plans.
A first-term Illinois senator who will now be the 44th U.S. president, Obama said he would work to ease the country's sharp political divisions and listen to those who voted against him.
"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America, I have never been more hopeful than I am tonight that we will get there," he said in Chicago.
McCain, a 72-year-old Arizona senator and former Vietnam War prisoner, called Obama to congratulate him and praised his inspirational and precedent-shattering campaign.
"I urge all Americans who supported me to join me in not just congratulating him but offering our next president our goodwill," McCain said.
ELATION IN THE STREETS
Blacks and whites celebrated together in front of the White House to mark Obama's win and Bush's imminent departure. Cars jammed downtown Washington streets, with drivers honking their horns and leaning out their windows to cheer.
Thousands more joined street celebrations in New York's Times Square and in cities and towns across the country.
"This is the most significant political event of my generation," said Brett Schneider, 23, who was in the crowd for Obama's victory speech in Chicago.
"This is a great night. This is an unbelievable night," said U.S. Rep. John Lewis of Georgia, who was brutally beaten by police in Selma, Alabama, during a civil rights march in the 1960s.
Lewis was at a celebration in Ebenezer Baptist Church in Atlanta, the home church of Martin Luther King, who led the civil rights movement and was murdered in 1968.
Allied governments said they hoped for closer cooperation with Washington, while critics of the United States, ranging from officials in Russia and Iran to Islamist groups in the Middle East, called for changes.
"We hope that ... he adopts a just policy that restores to America its natural position of respect for humankind and democracy," said Mohamed Mahdi Akef, leader of the Egyptian Muslim Brotherhood, one of the Middle East's largest Islamist groups.
Russian Prime Minister Dmitry Medvedev spoke of hopes for stronger U.S.-Russian relations, but at the same time vowed retaliation for a U.S missile-defense plan. (Additional reporting by Randall Mikkelsen and Ross Colvin) (Editing by Kristin Roberts and David Storey)
Source: http://www.reuters.com/article/vcCandidateFeed7/idUSN05502158
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