But while analysts described the move as just what the doctor prescribed to repair investor sentiment, some said worries about the ability of member European countries to slash their yawning fiscal deficits still remain.The relief rally in Asia came after European finance ministers and central bankers agreed on a new loan program, which could top 750 billion euros ($971 billion), to keep the Greek debt crisis from spreading to other European nations. While European nations will chip in about 500 billion euros, the International Monetary Fund could contribute an additional 250 billion euros. Read full story on the proposed Europe-IMF package.
"[The news] does remove a great curtain of uncertainty that has been hanging over and engulfing the markets in the last couple of months," said Michael Heffernan, senior client adviser at Austock Stockbroking in Melbourne. "If they had done this back in January, it probably wouldn't have cost half as much. But at least they've done it and it's going down particularly well with the markets."
Heffernan said the size of the package agreed by European finance ministers and the IMF underlined their commitment to stem the sovereign debt crisis in the region.
"It certainly looks like it's the real thing, given the fact that we've had various parliaments passing legislation," said Heffernan. "From the 'whites of the eye' and 'the color of their money,' certainly they give every indication that it's for real, this one."
While the European Central Bank said it would intervene in the euro zone's debt markets to ensure they have liquidity, other central banks around the world also joined hands with the ECB.
The ECB said late Sunday that the U.S. Federal Reserve is going to make sure that foreign banks have the dollars they need, and that the Fed will ship dollars overseas through the Bank of Canada, the Bank of England, and the Swiss National Bank, in addition to the ECB. The Bank of Japan said later that it too will join the swaps agreement.
Japan's Nikkei 225 ended 1.6% higher, Australia's S&P/ASX 200 climbed 2.3%, South Korea's Kospi advanced 1.9%, China's Shanghai Composite rose 0.5%, India's Sensex gained 1.8% and Taiwan's Taiex rose 1.3%.
Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 10,380, -139.89, -1.33%) futures jumped 243 points to 10,578 in screen trading, pointing toward a strong rebound on Wall Street after straight four days of declines.In currency trading, most Asian currencies outside the Japanese yen advanced on improved risk appetite. The Australian dollar soared to $0.9051 from $0.8881 late in New York on Friday, with the greenback falling to 1,130.68 Korean won from 1,142 won, and to 44.96 Indian rupees from 45.56 rupees.
The Japanese yen weakened however, as investors likely sold the low-yielding currency to fund the purchase of riskier assets, with the U.S. dollar buying 92.81 yen from 91.58 yen.
The euro, meanwhile, spiked more than 3% to 120.42 yen from 116.78 yen. you are the only one who feels betrayed
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Monday, May 10, 2010
No end in sight as huge U.S. oil spill veers west
The failed containment efforts and an unfavorable turn in the weather suggest the three-week-old crisis could be dialed up a few notches.
The uncontrolled spill, which could become the worst in U.S. history, is expected to drift farther west, away from Florida's popular beaches but into the important shipping channels and rich seafood areas off the central Louisiana coast, west of the Mississippi Delta.
The environmental group Greenpeace issued an unconfirmed report late on Sunday that traces of oil had been found onshore at Port Eads, the southernmost point of Louisiana, which is accessible only by boat or helicopter.
At least 5,000 barrels (210,000 gallons/795,000 liters) of oil a day have been gushing unchecked into the Gulf since the Deepwater Horizon rig exploded on April 20, rupturing the well and killing 11 crew members.
The spill threatens economic and ecological disaster on Gulf Coast tourist beaches, wildlife refuges and fishing grounds across four states. It has forced President Barack Obama to rethink plans to open more waters to drilling.
The National Oceanic and Atmospheric Administration projects that, with brisk onshore winds expected from the southeast, the points of potential contact of the spill with the mainland will multiply between now and Wednesday.
The two Louisiana parishes directly west of the delta declared states of emergency on Sunday in anticipation of a battle to keep oil from coming ashore. Additional staging areas for the spill response have been set up in that area.
Tourism and fishing have become the first victims of the oil spill crisis.
Fishing is suspended in parts of the Gulf waters and much of the Louisiana coast. Many tourists have been scared away by reports of reddish, putrid water offshore, even though the coast is currently unaffected.
"You wait all year for your vacation -- you don't want to spend it in what you perceive is going to be a cesspool," said Gary Bratt, owner of a company that rents beach equipment on Alabama's Dauphin Island.
BP is exploring several new options to control the spill after its 98-ton containment chamber, which took about two weeks to build, encountered problems on Saturday.
A buildup of crystallized gas in the dome forced engineers to delay efforts to place the huge containment device over the rupture and funnel leaking oil to a waiting drillship.
"We're gathering some data to help us with two things. One is another way to do containment, the second is other ways to actually stop the flow," BP Chief Operating Officer Doug Suttles told Reuters in Venice, Louisiana.CONGRESSIONAL HEARINGSTop officials from BP and some of the other companies associated with the ruined Deepwater Horizon drilling platform are expected to get a grilling at congressional hearings on Tuesday and Wednesday.The U.S. Coast Guard and the U.S. Minerals Management Service also plan an investigation into the drilling rig's sinking, starting in Kenner, Louisiana, on Tuesday.
P Chief Executive Tony Hayward told London's Sunday Telegraph it could be weeks or even months before the spill is brought under control. He said the company could spend $10 million a day on cleanup efforts.
Efforts to close valves on a failed blowout protector have also been scrapped. Conducting operations a mile below the ocean's surface are complicating relief efforts as engineers work with remote-controlled vehicles in the inky blackness of "inner space.
BP's value has been savaged by investors since the crisis erupted. BP shares in London closed on Friday about 15 percent below their April 20 close.
Delays in getting the containment dome up and running increase the chances the leak could become the worst U.S. oil spill, surpassing the 1989 Exxon Valdez disaster in Prince William Sound, Alaska.Take my hand
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The uncontrolled spill, which could become the worst in U.S. history, is expected to drift farther west, away from Florida's popular beaches but into the important shipping channels and rich seafood areas off the central Louisiana coast, west of the Mississippi Delta.
The environmental group Greenpeace issued an unconfirmed report late on Sunday that traces of oil had been found onshore at Port Eads, the southernmost point of Louisiana, which is accessible only by boat or helicopter.
At least 5,000 barrels (210,000 gallons/795,000 liters) of oil a day have been gushing unchecked into the Gulf since the Deepwater Horizon rig exploded on April 20, rupturing the well and killing 11 crew members.
The spill threatens economic and ecological disaster on Gulf Coast tourist beaches, wildlife refuges and fishing grounds across four states. It has forced President Barack Obama to rethink plans to open more waters to drilling.
The National Oceanic and Atmospheric Administration projects that, with brisk onshore winds expected from the southeast, the points of potential contact of the spill with the mainland will multiply between now and Wednesday.
The two Louisiana parishes directly west of the delta declared states of emergency on Sunday in anticipation of a battle to keep oil from coming ashore. Additional staging areas for the spill response have been set up in that area.
Tourism and fishing have become the first victims of the oil spill crisis.
Fishing is suspended in parts of the Gulf waters and much of the Louisiana coast. Many tourists have been scared away by reports of reddish, putrid water offshore, even though the coast is currently unaffected.
"You wait all year for your vacation -- you don't want to spend it in what you perceive is going to be a cesspool," said Gary Bratt, owner of a company that rents beach equipment on Alabama's Dauphin Island.
BP is exploring several new options to control the spill after its 98-ton containment chamber, which took about two weeks to build, encountered problems on Saturday.
A buildup of crystallized gas in the dome forced engineers to delay efforts to place the huge containment device over the rupture and funnel leaking oil to a waiting drillship.
"We're gathering some data to help us with two things. One is another way to do containment, the second is other ways to actually stop the flow," BP Chief Operating Officer Doug Suttles told Reuters in Venice, Louisiana.CONGRESSIONAL HEARINGSTop officials from BP and some of the other companies associated with the ruined Deepwater Horizon drilling platform are expected to get a grilling at congressional hearings on Tuesday and Wednesday.The U.S. Coast Guard and the U.S. Minerals Management Service also plan an investigation into the drilling rig's sinking, starting in Kenner, Louisiana, on Tuesday.
P Chief Executive Tony Hayward told London's Sunday Telegraph it could be weeks or even months before the spill is brought under control. He said the company could spend $10 million a day on cleanup efforts.
Efforts to close valves on a failed blowout protector have also been scrapped. Conducting operations a mile below the ocean's surface are complicating relief efforts as engineers work with remote-controlled vehicles in the inky blackness of "inner space.
BP's value has been savaged by investors since the crisis erupted. BP shares in London closed on Friday about 15 percent below their April 20 close.
Delays in getting the containment dome up and running increase the chances the leak could become the worst U.S. oil spill, surpassing the 1989 Exxon Valdez disaster in Prince William Sound, Alaska.Take my hand
put all this behind us
warm hand
She is the love of my life
What do you want from the future? http://www.vxzone.com/forum
http://www.mybruteforum.info
http://www.drums.com/forums
http://www.bollywoodheaven.com/forums
http://www.fccc.org.tw/phpbb
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