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Monday, November 08, 2021 12:44 PM

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NEW YORK, N.Y., Nov. 8 (UPI) -- The Dow Jones industrial average shifted lower Monday morning with investors focused on tensions over currency rate exchanges and trade.

In India, President Barack Obama said a discussion over trade imbalances remained a critical issue for the global economy.

Germany on Monday said its trade surplus jumped to $23.3 billion in September from $12.6 billion in August. During the weekend, German Finance Minister Wolfgang Schauble said it was hypocritical of the United States to accuse China of currency manipulation after the Federal Reserve announced it would purchase $600 billion in long-term Treasury bonds, which will undermine the U.S. dollar.

On Wall Street in late-morning trading, the Dow Jones industrial average lost 41.78.or 0.37 percent to 11,402.30. The Standard & Poor's 500 index lost 3.55 or 0.29 percent to 1,222.30. The Nasdaq composite index was up a little, rising 0.53 or 0.02 percent to 2,579.51.

The benchmark 10-year Treasury note rose 6/32 to yield 2.52 percent.

The euro fell to $1.3906 from Friday's $1.4034. Against the yen, the dollar fell to 81.175 yen from Friday's 81.34 yen.

In Japan, the Nikkei 225 index added 1.11 percent, 106.93, to 9,732.92.

Chrysler shows gains in quarterly report

AUBURN HILLS, Mich., Nov. 8 (UPI) -- Overshadowed U.S. automaker Chrysler said it lost $84 million in the third quarter with sales up and bailout paybacks running high.

The third largest U.S. carmaker said its operating profits were $239 million, but it posted losses due to $308 million in interest payments during the quarter on 14 percent U.S. and Canadian loans, which were granted in 2009, when the company filed for bankruptcy, the Detroit Free Press reported Monday.

Sales rose 5.2 percent above the second quarter to $11 billion and its market share increased slightly, up from 9.4 percent to 9.6 percent.

General Motors Co. has issued preliminary third-quarter figures announcing an expected earned income of about $2 billion. Ford Motor Co. (NYSE:F) has announced third quarter profits of $1.69 billion.

But Chief Executive Officer Sergio Marchionne said Chrysler's operating profits should reach $700 million for 2010, the newspaper reported.

"We are not only living up to our commitments, but we are also exceeding our 2010 financial objectives," Marchionne said in a statement.

Lily to buy Philadelphia biotech Avid

INDIANAPOLIS, Nov. 8 (UPI) -- U.S. drugmaker Eli Lilly (NYSE:LLY) said it would buy Avid Radiopharmaceuticals Inc., a Pennsylvania firm that is developing a diagnostic tool for Alzheimer's disease.

Lily said it would buy all of Avid's outstanding shares for $300 million.

"We look forward to partnering with Avid's experts during the regulatory process for florbetapir, and are intent on gaining FDA approval for this promising diagnostic intended to help clinicians and researchers identify the presence of beta-amyloid plaque in the brain," said Lilly Chairman and Chief Executive Officer John Lechleiter.

"The acquisition of Avid Radiopharmaceuticals aligns well with Lilly's innovation-based strategy, offers a potential near-term revenue opportunity, leverages our neuroscience expertise and will immediately bolster our diagnostics capabilities," he said.

Crude oil prices hold above $86

NEW YORK, Nov. 8 (UPI) -- Crude oil prices slid Monday morning, but held above $86 per barrel in New York with the dollar index heading higher.

Renewed concerns over government debt in Europe helped weaken the euro, giving the dollar a boost.

The dollar index rose 0.69 percent to 77.08. December delivery crude oil prices, near a two-year high, lost 47 cents in early trading to $86.38 per barrel on the New York Mercantile Exchange.

Heating oil prices on the exchange shed 0.48 cents from a prior settlement to $2.38 per gallon. Reformulated gasoline blendstock prices shed 1.97 cents to $2.1603 per gallon. Natural gas prices added 11.3 cents to $4.05 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $2.854 per gallon from Sunday's $2.848, AAA said.

(Source: UPI )
(Source: Quotemedia)


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