- Ivaylo
- 30 Aug, 2006
- New York City
Asian markets closed mixed Wednesday as Japanese stocks saw declines accelerate across the board, while Hong Kong and Taiwan got a boost from indications the Federal Reserve Board may stop from more rate hikes in the near term. South Korean stocks closed lower as foreigners sold large capitalized stocks in favor of smaller issues. Shares in China closed marginally higher as property companies advanced after the yuan posted another post-revaluation high.
- Ivaylo
- 30 Aug, 2006
- Frankfurt
Although minutes from the US Fed last interest rate setting meeting did not give the markets great direction, U.S. stocks turned round early losses to end in positive territory. In early european trading, transport stocks were higher helped by the retreat of oil prices. By mid morning, London FTSE 100 rose 0.4%, while Frankfurt
- Ivaylo
- 30 Aug, 2006
- Metals
As the energy market is retreating, there is less fear that there is going to be inflationary pressures. This, in turn, reduces the likelihood of any future Federal Reserve rate hikes. When inflationary fears subside, this also means an increased likelihood of an economic slowdown, thus reducing the need to resort to safe havens such as gold.
- 123jump.com Staff
- 29 Aug, 2006
- New York City
Market averages traded on light volume and responded positively to the release of Fed minutes of meetings. Nine of the ten voting members felt that raising rate was not necessary during the Aug 8th meeting. Only one voting member felt otherwise. However, future rate hikes are not discounted. Brokerage sector stocks fell. European and Latin American stocks closed up a fraction. Oil fell below $70.
- Elena
- 29 Aug, 2006
- Frankfurt
European markets closed in the positive, supported by gains for mining and technology stocks. The tech sector advanced, with STMicroelectronics and Infineon Technologies each rising 1.7% after Merrill Lynch reiterated its buy rating on STMicroelectronics. The German DAX 30 edged up 0.1%, while the French CAC 40 and London FTSE 100 both rose 0.5%.
- Elena
- 29 Aug, 2006
- New York City
Stocks came under pressure after data showed consumer confidence in August sharply dropped, adding to recent concerns about the strength of economy. Life insurance company Prudential Financial agreed to pay $600 million to settle charges with federal and state regulators that one of its units engaged in inappropriate mutual fund trading.
- Elena
- 29 Aug, 2006
- Mumbai
Sensex reached a new three-month high, supported by lower crude oil prices and positive global sentiment. In a late session, trading was subdued and stocks lost or gained little ground but closed well into the positive. Banking, energy, engineering, software and telecom stocks led the advancers today, while cement, petrochemical, power and steel stocks declined. Oil exploration large-cap ONGC gained 2.3%, while Reliance Industries slipped 0.5%.
- Elena
- 29 Aug, 2006
- New York City
The Conference Board said that consumer confidence in August dropped to its lowest level since last November. The consumer confidence index fell to 99.6 from a revised 107.0 in July. The fall was sharper than expected. Economists expected the index to drop to 102.7 from the initial estimate of 106.5 in July.
- Elena
- 29 Aug, 2006
- New York City
Stock markets lacked direction at opening with investors cautious ahead of FOMC meeting minutes and consumer confidence report. Oil prices continued to retreat, falling below $70 per barrel. In earnings news, Sanderson Farms posted Q3 earnings drop of 16 cents a share from a profit of $1.19 a share a year ago, including an income tax benefit. Restoration Hardware surged 15% after the company said it swung to a quarterly profit and expects margin improvements.
- Elena
- 29 Aug, 2006
- New York City
Stock market futures indicated a flat start Tuesday ahead of FOMC meeting minutes release and consumer confidence data. Bayer reported Q2 earnings climbed 11% from the prior year, driven by an upside in sales from continuing operations. In addition, Bayer said it launched restructuring program that includes the closing of certain cites and elimination of 1,500 jobs, especially in North America.
- Ivaylo
- 29 Aug, 2006
- New York City
Japanese shares rebounded on Tuesday, buoyed by a weaker currency. The yen fell to 149.97 against the euro in overnight markets, a new low. That sparked buying among exporters like carmakers. Hong Kong gained as property companies led advancers, while South Korea rose on exporters. Australia and China also gained.
- Ivaylo
- 29 Aug, 2006
- Frankfurt
European markets traded in the positive territory on Tuesday, with U.K. stocks riding higher after a three-day weekend and Bayer stronger after announcing job cuts and an 11% profit rise. U.S. markets closed higher on Monday in a broad-based rally, buoyed by a fallback in the price of oil. In Europe, the FTSE 100 in London rose 0.5%, the Frankfurt Xetra Dax advanced 0.2% and the CAC-40 in Paris added 0.1%.
- Ivaylo
- 29 Aug, 2006
- Metals
There was some corroborative selling in gold as oil came down. Oil prices dropped nearly $2 a barrel Monday as Ernesto was downgraded to a tropical storm and forecast to miss the energy production areas of the Gulf of Mexico. Silver, platinum and palladium also declined. Only copper rose.
- 123jump.com Staff
- 28 Aug, 2006
- New York City
Market averages gained as much as 1% in the late afternoon trading as oil closed nearly 3% lower. Oil declined on the news that the Tropical Storm Ernesto is likely to miss key oil and gas location in the Gulf of Mexico. Two deals on Monday also kept bankers and traders busy. Kinder Morgan agreed to be bought out for $15 billion by a management led buyout. Giant Refineries agreed to be acquired by Western Refining for $1.23 billion. European stocks gained and Brazil and Mexico rose 1%.
- Elena
- 28 Aug, 2006
- Frankfurt
European markets finished higher with light trading volume. Among the few stocks showing strong trading volumes were Banca Intesa and Sanpaolo IMI after the two agreed over the weekend to a merger. Banca Intesa''s shares closed down 1.6% and Sanpaolo IMI declined 1.7%. The German DAX 30 finished higher by 0.8%, while the French CAC 40 ended up 0.7%. The U.K. market was closed for a holiday.