Euro Declines to Two-Year Low on French Riots, Rate Outlook
Nov. 8 (Bloomberg) -- The euro dropped to a two-year low against the dollar as riots in France sparked violence elsewhere in Europe and finance ministers urged the European Central Bank to refrain from raising interest rates.
Crude at three-month low after stockpiles data
Oil prices touched their lowest levels for three months amid volatile trading on Wednesday after stocks of US crude oil rose more than expected last week. Inventory growth was supported by increased imports and lower demand.
Brent crude for December delivery fell more than $1 to $56.54
more from Bloomberg on the euro
The European currency fell versus 13 of its major counterparts on concern social disorder may damp growth and deter investment in euro-denominated assets. The euro extended losses after sliding past last year's low against the dollar, a level where traders had pre-set orders to sell the currency.
more from the FT on oil
The latest weekly data from the US government showed that crude inventories rose by 4.5m barrels to 323.6m. That is 2.9m more than analysts expected and almost 13 per cent above the year-ago level.
According to the US Department of Energy, gasoline stockpiles were up 4.2m barrels at 201.1m barrels, compared with analyst forecasts of an increase of 1.3m. Distillate supplies, including diesel fuel and heating, fell 100,000 barrels to 120.8m, compared with analyst expectations of a 600,000 barrel increase. Gasoline stocks rose for the fourth straight week and distillate stocks fell for the seventh straight week.
and of course, the riots blast France's pretensions to be a critic of the USA or the free markets:
Far-Right Leader: Riots Only the Start
PARIS (AP) - French far-right leader Jean-Marie Le Pen claimed Wednesday his National Front party has been ``submerged'' with prospective members and supportive e-mail since rioting erupted in heavily immigrant communities near Paris.
In an interview with The Associated Press, Le Pen described the recent violence as ``just the start'' of conflicts caused by ``massive immigration from countries of the Third World that is threatening not just France but the whole continent.''
Le Pen said people with immigrant backgrounds who commit crimes should be stripped of their French nationality and sent ``back to their country of origin.''
I am sorry. I've been wrong all along, bringing to your credulous eyes the "wisdom" from "sophisticated" Paris, and announcing the gloomy news that you have all been hoping for to topple George Bush and destroy his tanding with your fellow Americans. Alas, it is not to be. Everything that I have written about in the past year is turning out to be about as accurate as my prognosis that Kerry would win in a landslide a year ago. Oil is down, the dollar is up, and Paris, my Paris, is drowning its credibility in its suburban nightmare.
Enough wishful thinking. Enough hoping for misery to spite thr White House. Enough lording it from across the ocean. Enough "the sky is falling" junk. This community does not need its prejudices and uglier hopes to be confirmed. It needs reality, it needs the truth, and it's not coming from delusional, out of touch (and about to go fascist) Paris.
Oh. And windfarms kill birds in Wales.
I'm stopping now.