Overnight Developments - US Auto Bailout Fails
The US auto industry bailout has failed to get past the Senate. The failure came after bipartisan talks on the rescue plan collapsed over Republican demands that the United Auto Workers union agree to swift wage cuts.
"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," said Senate majority leader, Harry Reid.
The news brought a sharp fall in share prices in Japan, Taiwan, South Korea and Australia. London is expected to follow suit when it opens later this morning.
Crude oil is down a couple of dollars at $45.95, having risen 10% yesterday. The bailout failure raising concern that a prolonged recession will reduce fuel demand.
eCBOT grains are weaker with soybeans 12-15c down, wheat 12 lower and corn off around 8-9c.
In overnight trade the pound stands at $1.4930 against the dollar and 1.1256 against the euro, close to yesterday's all-time low.
Nogger is off to Liverpool today for the LCFTA Christmas Draw, so I may see a few of you there. Normal updating of the blog will resume Monday.
Meanwhile forex and futures prices will update automatically on www.noggersworld.co.uk and/or www.noggermobile.co.uk from your mobile phone.
"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," said Senate majority leader, Harry Reid.
The news brought a sharp fall in share prices in Japan, Taiwan, South Korea and Australia. London is expected to follow suit when it opens later this morning.
Crude oil is down a couple of dollars at $45.95, having risen 10% yesterday. The bailout failure raising concern that a prolonged recession will reduce fuel demand.
eCBOT grains are weaker with soybeans 12-15c down, wheat 12 lower and corn off around 8-9c.
In overnight trade the pound stands at $1.4930 against the dollar and 1.1256 against the euro, close to yesterday's all-time low.
Nogger is off to Liverpool today for the LCFTA Christmas Draw, so I may see a few of you there. Normal updating of the blog will resume Monday.
Meanwhile forex and futures prices will update automatically on www.noggersworld.co.uk and/or www.noggermobile.co.uk from your mobile phone.
