Daily Market Reports | May 27 2008
By Greg Peel
It was on a day when the US was taking a public holiday in January when SocGen decided to sell out of the massive positions it didn’t realise it had – courtesy of its rogue. Fortunately nothing like that happened last night, and stock markets in Europe drifted slightly higher.
However, shares of Swiss investment bank UBS fell 6% as the market noted the bank’s expectations of further losses due to exposures to non-US real estate. These were revealed in the prospectus for a US$7.8bn issue of new capital, released on Friday.
With holidays in both the US and UK there was no trading session in stocks, metals or oil.
Currencies continued to trade however, although the Aussie was little changed at US$0.9609. Gold rose US$3.90 to US$928.10/oz.
The SPI Overnight was up 4 points.
