London blasts shake markets
Financial futures, as well as oil prices, fell amid market uncertainty caused by explosions during London's morning rush hour.
Stock futures and oil prices fell after reports of several subway and bus explosions in London.
The FTSE 100 initially fell over 200 points, the Dow Jones futures plummeted 181 points, Nasdaq futures dropped 34 points, and S&P futures fell 7 points. Meanwhile, crude oil prices which, for the first time, peaked just above $62 a barrel earlier today, dropped sharply amid market uncertainties spawned by the explosions in the capital city.
Indeed, on the New York Mercantile Exchange, light sweet crude for August delivery tumbled $1.88 to $59.40 a barrel in electronic trading by midday in Europe. Heating oil prices fell to $1.7467 a gallon, about a 5 cent drop, and unleaded gasoline sunk by more than 4 cents to $1.7455.
News reports indicate that the blasts, which ripped through sections of the London subway system and a double-decker bus, were nearly simultaneous and occurred during the morning rush hour.
Injuries and fatalities were reported by police and several news organizations, however the extent of those casualties are still unknown. London city officials shut down the entire Underground train system.
The explosions came a day after the International Olympic Committee announced that London would be the host city of the 2012 games, and as the G-8 summit in Scotland was commencing.
In the corporate sector, insurance and travel stocks fell precipitously, and the British pound sank. In London, the hotel group Hilton sunk 7 percent, to $4.87; British Airways dropped 6 percent, to $4.49; and in Germany, Lufthansa's stock dropped 3.4 percent, to $11.73. Also in Germany, Munich Re, the world's largest reinsurer, tumbled 4.2 percent, to $101.83; and insurance company Allianz dropped 3.7, to $112.39.
Wise Money wishes all of the best of luck and hopes for a speedy and full recovery to the families and friends of all of those effected by the London bomb blasts.
Stock futures and oil prices fell after reports of several subway and bus explosions in London.
The FTSE 100 initially fell over 200 points, the Dow Jones futures plummeted 181 points, Nasdaq futures dropped 34 points, and S&P futures fell 7 points. Meanwhile, crude oil prices which, for the first time, peaked just above $62 a barrel earlier today, dropped sharply amid market uncertainties spawned by the explosions in the capital city.
Indeed, on the New York Mercantile Exchange, light sweet crude for August delivery tumbled $1.88 to $59.40 a barrel in electronic trading by midday in Europe. Heating oil prices fell to $1.7467 a gallon, about a 5 cent drop, and unleaded gasoline sunk by more than 4 cents to $1.7455.
News reports indicate that the blasts, which ripped through sections of the London subway system and a double-decker bus, were nearly simultaneous and occurred during the morning rush hour.
Injuries and fatalities were reported by police and several news organizations, however the extent of those casualties are still unknown. London city officials shut down the entire Underground train system.
The explosions came a day after the International Olympic Committee announced that London would be the host city of the 2012 games, and as the G-8 summit in Scotland was commencing.
In the corporate sector, insurance and travel stocks fell precipitously, and the British pound sank. In London, the hotel group Hilton sunk 7 percent, to $4.87; British Airways dropped 6 percent, to $4.49; and in Germany, Lufthansa's stock dropped 3.4 percent, to $11.73. Also in Germany, Munich Re, the world's largest reinsurer, tumbled 4.2 percent, to $101.83; and insurance company Allianz dropped 3.7, to $112.39.
Wise Money wishes all of the best of luck and hopes for a speedy and full recovery to the families and friends of all of those effected by the London bomb blasts.
posted by Drs Search @ 8:28 AM
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