- Ivaylo
- 04 Aug, 2006
- Metals
The metals faced a very nervous market as some small buying was seen early as the euro rallied versus the dollar, but once that dried up, the metals drifted lower. Gold, silver, platinum, palladium all fell, together with crude oil and gasoline. Only Arabica coffee futures gained, hitting a three a three-month high.
- 123jump.com Staff
- 03 Aug, 2006
- New York City
Weak earnings from Prudential, Sprint Nextel, Transocean, Starbucks and Medtronics pressured averages in the opening hours of trading. Trading community has ignored for the most part weaker than durable goods orders report for the month of June and kept its focus on the job report due tomorrow. Crude oil price fell below $75 in sympathy with the weather reports and weekly natural gas report. Bank of England and Central Bank in Europe raised rates by 25 basis points.
- Elena
- 03 Aug, 2006
- Frankfurt
European markets closed deeply in the red, reflecting an unexpected interest-rate hike by the Bank of England, weakness among food and oil stocks, as well as negative sentiment on Wall Street. The leading decliner across the region was London FTSE 100, falling 1.6%, followed by the French CAC 40, down 0.9%, and the German DAX 300, down 0.7%.
- Elena
- 03 Aug, 2006
- New York City
A report released by the Commerce Department showed that new orders for manufactured goods rose 1.2% in June following an upwardly revised 1.0% increase in May, missing expectations of an increase by 1.8%. In another report, the Institute for Supply Management said that the pace of growth in the service sector slowed more than economists had expected, with the index falling to 54.8 in July from 57.0 in June.
- Elena
- 03 Aug, 2006
- Mumbai
The Indian Sensex today crossed 11,000 for the first time in over 2-months. The market bounced back 1,000 points from lower levels in the past eleven days due to strong quarterly results and good rains in the crucial sowing month of July. Foreign funds buying also helped the rally, as well as the calm Asian markets today. Banks and auto stocks climbed, while metal and oil shares lost. Sugar stocks rallied.
- Elena
- 03 Aug, 2006
- New York City
U.S. stock markets opened in the negative, reflecting growing concerns about further interest rate increases after a pair of European central banks raised interest rates. Mixed monthly retail sales also contributed to the negative mood. Target Corp. posted a lower-than-expected 3.1% increase in same-store sales, sending its shares down by 1%. Gap Inc. fell3% after the clothing retailer said its sales dropped 4% for July.
- Elena
- 03 Aug, 2006
- New York City
U.S. stock futures declined, following a surprising interest-rate increase by the Bank of England which raised concern about more global rate increases. Disappointing sales report from Starbucks weighed on consumer spending outlook. Gap Inc. forecast Q2 profit below estimates as it posted a 4% drop in July same-store sales.
- Elena
- 03 Aug, 2006
- New York City
Same-store sales at the Seattle-based coffee chain Starbucks rose 6%. Nordstrom said same-store sales climbed 5.3%, ahead of analyst forecast of a 4.6% gain. Limited Brands also reported July same-store sales rise of 7%, beating estimates of 4.5%. Chico-s FAS said same-store sales rose 4.9% in July, but came in below the estimated figure of 5.6%.
- Ivaylo
- 03 Aug, 2006
- New York City
Asian markets closed mixed Thursday, as investors were cautious before a key U.S. data report on Friday. Investors are awaiting the nonfarm payrolls for July which should provide clues to next discussion of U.S. monetary policy on Tuesday at the Federal Open Market Committee meeting.
- Ivaylo
- 03 Aug, 2006
- Frankfurt
The prospects of such a move by the ECB are already estimated by the market, but investors were also saying that Jean-Claude Trichet, the central bank president, will supplement the decision with appeasing comments about the inflation outlook in the eurozone. By mid morning, London
- Ivaylo
- 03 Aug, 2006
- Metals
Middle East tensions are playing a factor, along with relative weakness in the dollar. Tuesday''s breakdown in the U.S. dollar index played a key role in watching the near term for the precious metals markets. The dollar-denominated gold trades both as a commodity and a currency. It is a reserve currency and when the dollar is going down, central banks are prone to buying.
- 123jump.com Staff
- 02 Aug, 2006
- New York City
As market reached close Dow gained 74 points , Nasdaq was up 17, and S&P rose 8. Positive earnings from P&G, Time Warner, MasterCard, Blue Nile, and Cognizant supported market advance. P&G, aided by price increases, reported positive earnings of more than 4%. Time Warner posted positive earnings of 24 cents versus a loss of 9 cents a year ago. AOL lost close to a 1 million subscribers in the quarter. Oil gained 90 cents to close at $75.81.
- Elena
- 02 Aug, 2006
- Frankfurt
European markets finished Wednesday session sharply higher, boosted by positive profit outlook from Danone and Cadbury Schweppes, as well as strong gains on Wall Street. British confectionery maker Cadbury Schweppes jumped 3.2%, while Food group Danone rose 4.4%. The German DAX 30 surged 1.5%, the French CAC 40 soared 1.6%, and London FTSE 100 climbed 0.9%.
- Elena
- 02 Aug, 2006
- New York City
Cigna, insurance provider, rose 11% after the company reported Q2 earnings of $2.31 per share, exceeding analyst estimates of $1.94 per share. MasterCard, global payment solutions company, reported it lost $2.30 a share, compared to net income of 89 cents a share in the year-ago period. Excluding items, the company earned 74 cents a share, beating estimates of 62 cents a share. Company''s shares climbed 10%.
- Elena
- 02 Aug, 2006
- Mumbai
The Indian benchmark index notched a third consecutive day of gains thanks to strong buying in blue-chip stocks in the closing hour of trade. Small-cap and mid-cap stocks helped the market-breadth to consolidate in the last hour of trading. Tata Motors and Tat Steel led the gainers, together with BHEL and NTPC. Cement stocks also performed well. Maruti Udyog and ICICI Bank led the decliners. A planned merger between Essar and local mobile telephone unit Hutchinson in Mumbai has been called.