{"id":415639,"date":"2011-05-02T18:28:19","date_gmt":"2011-05-02T18:28:19","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/02\/markets-reverse-their-early-gains\/"},"modified":"2011-05-02T18:28:19","modified_gmt":"2011-05-02T18:28:19","slug":"markets-reverse-their-early-gains","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/02\/markets-reverse-their-early-gains\/","title":{"rendered":"Markets reverse their early gains"},"content":{"rendered":"

2 May 2011<\/span> Last updated at<\/span> 14:28 ET<\/span><\/span><\/p>\n
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\"Wall<\/p>\n

Please turn on JavaScript.<\/strong> Media requires JavaScript to play.<\/p>\n<\/div><\/div>\n

Stock markets have been volatile in past weeks<\/p>\n<\/div>\n

Shares in New York have reversed their early gains, which followed US President Barack Obama’s announcement that Osama Bin Laden had been killed.<\/p>\n

Half way through the trading day, the the Dow Jones was barely changed.<\/p>\n

The benchmark US oil contract earlier fell by more than 2.5% before recovering as investors questioned whether Bin Laden’s death would ease political tensions.<\/p>\n

Gold prices also initially fell, before rebounding towards another record high.<\/p>\n

Silver prices bucked the trend, falling by as much as 11%.<\/p>\n

Analysts said that Bin Laden’s death could reduce security risks and would help lift consumer sentiment in the US.<\/p>\n

But they warned that it would do little to ease the longer-term risks hanging over the US and global economies.<\/p>\n

“There is some feel-good value and the market will like that,” said Chip Hanlon of Delta Global Advisors.<\/p>\n

But he added: “It doesn’t change much about the energy situation and doesn’t change much about the ongoing battle with radical Islamists.”<\/p>\n

In Asia, Japan’s Nikkei 225 index gained 1.6%, closing above the 10,000 level for the first time since mid-March, when the country was struck by a deadly earthquake and tsunami.<\/p>\n

In Europe, London’s FTSE 100 was closed for a public holiday, but in Paris the Cac40 closed up 1.9 points at 4,108.8 which in Frankfurt the Dax closed up 13.2 points at 7,527.6.<\/p>\n

Several stock markets in Asia, including in China, Hong Kong, Singapore, Malaysia and Thailand, were also closed for a public holiday on Monday.<\/p>\n

Cheaper crude<\/strong><\/p>\n

Oil prices fell in early trading in Europe, but rallied after they opened in New York.<\/p>\n

They have been pushed to near record levels in recent weeks by the fighting in Libya, and political instability in the Middle East.<\/p>\n

Continue reading the main story<\/a><\/p>\n
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Any easing we might see in oil or gold markets, in my view, will be short-lived\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span> David Lennox<\/span> Fat Prophets<\/span><\/div>\n

At the same time, producer countries such as Saudi Arabia have increased their output in an effort to ease fears of a supply squeeze.<\/p>\n

Analysts said the earlier rise in markets reflected a willingness by investors to put money into riskier assets, in the belief that Bin Laden’s death had removed some of the uncertainties hanging over world events.<\/p>\n

“There is always a reaction in commodities to news of this nature,” said David Lennox of Fat Prophets.<\/p>\n

“The markets will always react quickly, and in this case it is someone who has been held out as the father of all terrorism.<\/p>\n

But any easing we might see in oil or gold markets, in my view, will be short-lived. The longer-term impact will not be substantial.”<\/p>\n

Greater threat?<\/span><\/p>\n

But some analysts said Bin Laden’s death might actually incite more violence around the world.<\/p>\n

“The immediate thing is how it will affect US assets: its embassies, personnel and physical installations,” said Arjuna Mahendran, chief strategist at HSBC Private Bank.<\/p>\n

“Does it raise the threat level? That’s the key thing. I think it does.”<\/p>\n

The US state department has cautioned its embassies and citizens against the possibility of reprisals from al-Qaeda, the organisation that Bin Laden started and led.<\/p>\n

The department has also issued a worldwide travel alert warning of greater potential for anti-American violence.<\/p>\n<\/div>\n

Read more from the original source:
\nMarkets reverse their early gains<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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