- Elena
- 12 Jul, 2007
- New York City
European stock markets posted solid gains to close at a month-high Thursday. Mining companies were leading gainers, benefiting from Rio Tinto''s $38.1 billion offer to buy Canadian miner Alcan. BHP Billiton rose 4%, while copper producer Xstrata climbed 4.7%. Germany climbed 2%, followed by France with an increase of 1.7% and the U.K. 1.3%.
- Elena
- 12 Jul, 2007
- New York City
U.S. market averages extended rally in late morning trade, with the Dow rising 1% to a record intraday high after retailers posted upbeat June sales figures and outlooks. American Eagle Outfitters rose 6% after the youth clothing retailer said its same-store sales jumped 8%. J.C. Penney added 3% after it posted a narrower-than-expected drop in its June same-store sales and affirmed its Q2 profit forecast. Rio Tinto''s $38.1 billion bid for Alcan also provided support.
- Elena
- 12 Jul, 2007
- New York City
Wall Street rallied at opening Thursday, boosted by optimism about consumer spending after retailers released June sales reports. Wal-Mart rose 2.5% on higher-than-expected same-store sales. Nordstrom rose 3%, Limited Brands added 2%. A higher bid for aluminum maker Alcan also generated positive mood. Rio Tinto offered to buy Canadian aluminum company Alcan for $38.1 billion, topping a bid from Alcoa that was rejected in May. Alcan shares surged 9%, while Dow member Alcoa rose 6%.
- Ivaylo
- 12 Jul, 2007
- New York City
The strong performance of miners buoyed London by mid-day Thursday with Vedanta Resources and Antofagasta are all posting big gains. Another advancer, hedge fund manager Man Group is also up on reassuring comments that demand for its fund products has remained strong. Leisure company Whitbread and Royal Dutch Shell are lower as the former suffered from profit taking, while the latter was downgraded by UBS. The benchmark index FTSE 100 is 0.45% higher by mid-day, at 6,645.
- Ivaylo
- 12 Jul, 2007
- New York City
Asian markets finished higher Thursday with bid activity in the metal sector boosting stocks in South Korea and HK to records highs. Worries over U.S. subprime interest rates held Japan, which bucked the overall upward trend. In China, B shares of foreign-currency stocks pushed the market higher, while Sydney ended up on strong performance from miners.
- Elena
- 12 Jul, 2007
- New York City
U.S. stock futures pointed higher on Thursday, driven by gains in the metals sector, as well as some better-than-expected sales among retail stocks. Rio Tinto''s $38.1 billion offer for Alcan and Wal-Mart''s robust June sales managed to offset negative sentiment generated by profit warning from Motorola and other unimpressive retail results. Wal-Mart rose 2.3% in pre-open trade, as the retailer said June same-store sales rose 2.4% and confirmed quarterly profit outlook.
- Elena
- 12 Jul, 2007
- New York City
The offer exceeds a hostile bid from U.S. aluminum giant Alcoa by roughly a third. The transaction represents a 65.5% premium to Alcan''s all-time high prior to the Alcoa offer. It s a premium of 32.8% to Alcoa''s current cash-and-shares offer valued at $76.03 per Alcan share. Alcan shares surged 12% in pre-market trading, while Alcoa shares gained 5.7%.
- Ivaylo
- 12 Jul, 2007
- New York City
The market witnessed a very strong session buoyed by speculation that strong earnings will boost buying in equities. Shares of auto, banking, metals, capital goods sectors all rallied, except for IT stocks which plunged. The market-breadth was very strong and the turnover jumped. Hindalco and Reliance Energy surged, while ONGC and the IT large-caps dipped. Industrial production slowed for a second month in May.
- Ivaylo
- 12 Jul, 2007
- New York City
Tracking the rally on U.S. markets, European stocks bounced back Thursday with Alstom and Rio Tinto leading the gainers. Alstom announced better-than-expected first-quarter figures, while Rio Tinto boosted miners as it successfully completed the $30 billion purchase of Alcan of the U.S. Nokia also gave the market a boost as Motorola lost market share. National benchmarks advanced in 13 of 17 western European markets that were open.
- Ivaylo
- 12 Jul, 2007
- New York City
Gold retreated from gains made in the two previous session and declined Wednesday, while wheat rallied on the Chicago Board of Trade on a report that will show tightening stocks in the U.S. and growing demand. Industrial metals recovered some of the losses of previous days with copper prices firming up, while energy futures gave up some of its earlier gains.
- 123jump.com Staff
- 11 Jul, 2007
- New York City
Late afternoon rally in New York trading lifted averages on the optimism on earnings. YUM! Brands surged 5% ahead of earnings. Chicago Merc, Intercontinental Exchange, NYSE Euronext, and Nymex gained between 3% and 7%. Dollar traded at a record low against euro and 26-year low against pound, dragging all European markets lower. American unit of Brazil based Gerdau bought Chaparral Steel for $4.2 billion. Infosys declined after earnings.
- Elena
- 11 Jul, 2007
- New York City
European stock markets finished in the negative for a second day in a row. Banks and exporter-related stocks were leading decliners amid concern that U.S. mortgage losses will hurt economic growth and slow global expansion. Barclays was a notable decliner, falling 1.1%. Insurance company Allianz dropped 1.4%. Germany led losers with a drop of 0.8%, followed by France, down 0.3% and the U.K., down 0.2%.
- Elena
- 11 Jul, 2007
- New York City
U.S. stock markets recovered from steep declines on the back of some takeover deals and speculation. The steel sector posted strength, as Chaparral Steel climbed 10.3% after it agreed to be acquired by Gerdau Ameristeel for $4.22 billion. Unilever rose 4% on speculations that Colgate-Palmolive was interested in buying the company. Alcan added 2% on news it started merger talks with Rio Tinto to fend off a hostile bid from Alcoa. Yum Brands rose 4% on upgrade from UBS ahead of earnings report.
- Elena
- 11 Jul, 2007
- New York City
Wall Street posted modest gains at opening Wednesday, recovering from heavy losses the previous session. However, investors remained concerned about subprime lending, due to a number of new downgrades and downgrade threats in the securities sector. Second-quarter earnings reports were also eagerly awaited, with biotechnology company Genentech and fast-food chain operator Yum Brands due to release results after market close.
- Ivaylo
- 11 Jul, 2007
- New York City
London fell sharply Wednesday, tracking heavy losses on Wall Street overnight as concern over U.S. mortgage market weighs heavily. Higher oil prices further eroded sentiment in oil companies. HSBC and HBOS led the decliners, while BskyB brought in some respite surging on strong customer growth. The benchmark index FSTE 100 lost 25 points or 0.4% to 6,603.2 by mid-day.