- Ivaylo
- 13 Dec, 2006
- New York City
Asian stocks finished mixed Wednesday, with Japanese Nikkei benchmark index gaining for a third consecutive session on the slipping yen and weaker oil prices that benefitted exporters, while Hong Kong market plunged due to Chinese telecommunications companies. South Korea ended higher supported by gains in Shinhan Financial Group. Taiwan dipped on late-session bargain-hunting from fund managers while Australia finished higher on CSL and Toll Brothers.
- Ivaylo
- 13 Dec, 2006
- New York City
European stocks advanced slightly on Wednesday owing to strong results from the banking sector, while retail stocks did not fail to outperform in the run up to Christmas. Investors eyed news from companies such as Spanish retailer Inditex. The company announced that its net income for the first nine months of 2006 rose 22%. By mid morning, FTSE 100 in London was up 0.1%, Frankfurt Xetra Dax was flat, and the CAC 40 in Paris was 0.1% higher.
- Ivaylo
- 13 Dec, 2006
- New York City
The precious metals trading finished before the decision on interest rates so traders refrained from giving direction to the markets in either direction in front of the Fed meeting on Tuesday afternoon. Some weakness in gold was witnessed when the dollar started to edge up after a surprise reduction of the U.S. trade deficit. The gap stood at $58.87 billion in October, compared with $64.26 billion in September.
- 123jump.com Staff
- 12 Dec, 2006
- New York City
Treasuries rallied after the Fed left Fed Fund rates unchanged at 5.25%. Widely expected move lifted the averages briefly but failed to keep markets close in the positive. Goldman Sachs reports 93% jump in earnigs to $6.59 per share or $3.15 billion, best quarterly earnings ever. The stock fell $2.50 on the news but still up 57% for the year. Fannie Mae sues former auditor KPMG over $6.3 billion in accounting errors. GE predicts earnings growth of 13% in the year 2007.
- 123jump.com Staff
- 12 Dec, 2006
- New York City
Major averages failed to bounce back after the Fed left its short term rates unchanged. Fed left Fed Fund rates at 5.25%, widely expected move failed to excite the market. Bond marke rallied and debate over the Fed statement raged. The tone in the statement appears to be dovish than the in the previous release. Goldman reported best quarter ever and Best Buy reported strong sales but weaker margins.
- Elena
- 12 Dec, 2006
- New York City
European stocks finished lower on Tuesday amid cautious trading before a Federal Reserve decision on interest rates. The German DAX 30 closed down 0.1%, dragged by semiconductors STMicroelectronics and Infineon Technologies. The French CAC 40 slipped 0.2%, with holiday group Club Mediterranee contributing to the losses. London FTSE 100 fell 0.2%.
- Elena
- 12 Dec, 2006
- New York City
U.S. market averages posted modest weakness in a light trading session Tuesday, with investors cautious ahead of the Fed Reserve''s decision on interest rates. Weak sales at Best Buy raised concerns of decreasing demand for electronics, sending the stock down 6%. Shares of Dow component Citigroup fell 1.6% after the investment bank named a new COO but indicated that there would not be any additional executive changes.
- Elena
- 12 Dec, 2006
- New York City
Reserve Bank of India tightening of leding rules, three days ago, has kept investors worried about inflation and slowing economic growth. The bennchmark index lost almost 1,000 points in just three days, aided today by the unexpectedlly slow industrial production growth in October. Intense selling in banks and almost all Sensex stocks hit the market. Highly volatile market had weak breadth. The only advancers among large-caps was HDFC Bank, while the Bharti Airtel and Grasim led the decliners.
- Elena
- 12 Dec, 2006
- New York City
U.S. stocks opened lower on weak profit outlooks. Best Buy fell 4.1% as it reported 31 cents per share income rise, compared with net income of 28 cents a year ago, but missing expectations of 35 cents a share. TI cut Q4 earnings and revenue outlook, but JP Morgan analysts predicted that the worst will be over soon for the chipmaker. The stock moved slightly higher. At the same time, Goldman Sachs lost 1% after reporting its Q4 earnings doubled to $6.59 per share, up from $3.35 last year.
- Ivaylo
- 12 Dec, 2006
- New York City
Expectations of a pause in interest rate hikes were broken today as inflation speeeded up to a ten-year high, having a profoundly negative effect even on the strongest stocks. Inflation jumped 0.3% last month, taking the annual rate to 2.7%, its highest since comparable records began a decade ago and missing estimates of 2.6%. The FTSE 100 index declined 16.5 points, or 0.3%, to 6,143.3.
- Elena
- 12 Dec, 2006
- New York City
Goldman Sachs Group said Q4 profit doubled on record merger activity and robust stock market trading. The company reported a profit of $6.59 per share, compared with $3.35 per share a year ago, easily beating estimates of $6.04. Revenue soared to $9.41 billion. Best Buy Co. said Q3 profit rose 9% to 31 cents a share, up from 28 cents a year ago, but results missed expectations as the consumer electronics retailer made greater use of promotions to move merchandise. Its shares fell 5%.
- Elena
- 12 Dec, 2006
- New York City
Nasdaq Stock Market made a 2.7 billion-pound ($5.3 billion) hostile bid for the London Stock Exchange after failed attempts to persuade the LSE
- Ivaylo
- 12 Dec, 2006
- New York City
Large-caps such as Sony, Toyota and Canon led the rally as Japanese shares gained Tuesday, on the recent bouncing back of the dollar versus the yen which helped exporters, though regional markets were mixed after a competition probe into the LCD television making industry. Hang Seng in Hong Kong and Kospi of Seoul slipped both. The Fed meeting impacted Hong Kong investors negatively, causing stocks to fall slightly.
- Ivaylo
- 12 Dec, 2006
- New York City
Retailers hogged the limelight as hopes of strong Christmas sales powered the sector. Investors are cautious, though, ahead of a Federal Reserve decision on interest rates later in the day, with French drinks group Remy Cointreau and Belgian miner Umicore also among the gainers. By mid morning, the FTSE 100 in London was down 0.2%, while Frankfurt Xetra Dax gained 0.1%, and the CAC 40 in Paris was flat.
- Ivaylo
- 12 Dec, 2006
- New York City
During the session the gold contract slipped to a three-week low, then rebounded as the dollar declined against the euro in the wake of reported comments from former Ex-Federal Reserve chief Alan Greenspan, quoted as stating that there were a few years of dollar weakness. Investors are anticipating the Federal Reserve not to hike the benchmark interest rate which now stands at 5.25 %.