- Ivaylo
- 25 Aug, 2006
- Frankfurt
As U.S. markets provided little momentum on Thursday, it was the banking sector that enlivened markets in Europe on Friday as a deal between telecommunications companies Vodafone Group and Belgacom offered some direction and after further gains in the Italian banking sector. The FTSE 100 index in U.K. climbed 0.3% the French CAC 40 index added 0.3% and the German DAX 30 index rose 0.2%.
- Ivaylo
- 25 Aug, 2006
- Metals
The conditions for gold seem to project sloppy to sideways and perhaps even lower pricing ahead. However, the December gold contract appears to have pretty solid support above the $625 level. Soft U.S. housing and durable-goods data sent high-grade copper futures lower as well. Silver also declined.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Rite Aid confirmed the purchase of Eckerd and Brooks drug store chains from Jean Coutu Group for $2.55 billion and assume debt of $850 million. the combned company will be the third largest drug store chain only to trail CVS and walgreen. The fast consolidating drug store industry has come to be dominated by two battling leaders CVS and Walgreen and discount stores such as Wal-Mart and Costco.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Three economic reports, earnings disappointment in retail stocks and light trading on both exchanges did not help market averages. Jobless claims fell by 1,000 at the end of the last week, July durable goods orders fell 2.4% and new home sales declined. It was the new home sales report that hurt the market sentiment the most. Home sales declined 4.3% from June and 21.6% from a year ago. Chicos reported 10% higher earnings but same-store sales at core group of stores fell. Stock fell 25%.
- 123jump.com Staff
- 24 Aug, 2006
- Frankfurt
European markets closed higher led by a rise in Germany, France, Spain and Switzerland. Banking merger talks between two large banks in Italy, Banca Intensa and Saopaolo IMI, led banking stocks in Milan higher. German GDP report showed healthly gain on domestic investment. Cement maker Holcim reported 38% jump in sales and 30% rise in earnings on acquisition and price hike. swiss watch maker Swatch reported better earnings.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Retail stocks traded lower after three hours of trading. Chicos suffered 25% decline on the earnings news. The company reported 30 cents vs 27 cents a year ago on revenue rise of 18%. The same-store sales at Chicos flagship store rose only 3%, lower than the double-digit growth that the chain is used to generate for the last nine years in a row. Chicos is down 25% today and down 60% from its peak of $49 in February.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Market averages remained subdued after the release of three economic reports. Durable orders declined 2.4%, new home sales declined 21.6% from a year ago and jobless claims fell by 1,000 in the last week to 313,000. Averages tried several comeback but failed to make a mark. Retail stocks are on the decline afte the earnings revision from Toro and Chicos.
- 123jump.com Staff
- 24 Aug, 2006
- Mumbai
The Sensex on BSE staged a solid intra-day rebound after spending most of the day in negative territory on weak Asian markets. Supported by a rise in the bond prices to a two-month high, as well as buoyed by hopes that domestic fuel prices may not increase in the near term. Reliance Industries led the advancers in afternoon trading. Metal, cement, auto, banking, IT and construction shares advanced.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Market averages gained on the report of durable goods orders and jobless claims. Three popular averages rose on the hope that the Fed may not raise interest rates at the next meeting. Rite Aid is in a deal to buy Eckerd drug store chain for $2.55 billion. Chicos dropped 21% on earnings. Toro dropped 4% on earnings. Benihana traded up 5%. European exchanges are up between 0.6% and 1.2% up.
- 123jump.com Staff
- 24 Aug, 2006
- New York City
Futures market indicate higher opening on the back of durable goods order and jobless claims report. July durable goods orders fell 2.4% but the orders excluding transportation gaied 0.5%. Jobless claims for the last week fell 1,000 to 313,000. Rite Aid is in a deal to acquire Eckerd drug store chain for for $1.45 billion in cash and 250 million shares totaling $2.55 billion purchase price.
- Ivaylo
- 24 Aug, 2006
- New York City
Japanese shares fell for a second straight session as unimpressive U.S. housing sales and inventories data made investors sell Japanese equities. Large-cap exporters in the auto and tech sectors led the decliners on revived fears of a slowdown in U.S. consumer demand. In Hong Kong, shares dropped on concerns about slowing global growth and disappointing results from some large-cap companies. All other markets fell, with only China bucking the trend.
- Ivaylo
- 24 Aug, 2006
- Frankfurt
German Ifo business sentiment declined for a second month in August, but the data were not as bad as expected. Meanwhile, second-quarter GDP growth was confirmed at 0.9%, up from 0.7% in the first quarter. These figures reverberated across European markets and sent Frankfurt Xetra Dax up 0.5%. In Paris, the CAC 40 added 0.3% and only in London the FTSE 100 was flat.
- Ivaylo
- 24 Aug, 2006
- Metals
Despite the fact that traders have gotten their new home sales data, showing marked levels of weakness, they are focusing on the U.S. dollar next possible move and thus the gold market seems to be extremely cautious in taking on fresh long positions at this juncture. For the the time being, the confirmation of a cooling economy has not proven to be the catalyst for a gold rally.
- 123jump.com Staff
- 23 Aug, 2006
- New York City
Market managed to trade higher in the early trading but quickly lost its drive after the release of existing home sales report. Home sales in July dropped 11% from a year ago and 4.1% from June. Weekly petroleum inventory report reported a fall in crude oil by 0.6 million and a rise of 0.4 million in gasoline inventory. IBM agreed to buy Internet Security company for $1.3 billion.
- 123jump.com Staff
- 23 Aug, 2006
- Frankfurt
markets across the region fell in the last hour of trading after the release of July existing home sales report. The report indicated that sales have declied 11% from a year ago and are 4.1% lower than in June. Oil rose on the unexpected rise in gasoline inventory in the U.S. Tech stocks fell the most on the earings warnings from Natioal Semiconductor. TNT group sold it US logistics business for 1.5 bilion euros. Nestle reported 11% rise in sales and earnings. Telecom stocks closed lower.