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Market Update

Australian Index Drops 1.2%, Unemployment Steady at 5.4%

Marcus Jacob
14 Mar, 2013
New York City

Australian stocks fell sharply on the rising worries that iron prices may dip to new lows and banks are trading ahead of fundamentals. Iron ore prices declined to $139 a ton. Aurizon, freight railroad operator secured a coal transportation contract with Xstrata.

European Factory Output Falls 0.4%, Italian Debt Auction Yields Rise

Barry Randall
13 Mar, 2013
New York City

European markets traded lower after factory output in the currency union fell more than expected 0.4% in January. Italy fell short of its estimated maximum target of bond sale today as yield rose the most since December.

Retail Sales, Inventories Data Lead to Higher U.S. Growth Estimates

Nichole Harper
13 Mar, 2013
New York City

Economists lifted economic growth projections after retail sales increased at the fastest pace in five months in February and business inventories rose the most in a year and a half in January. Energy stocks were in focus in New York trading.

U.S. Movers: Dole Food, Elbit Systems, Express, Spectrum Pharmaceuticals

Mukesh Buch
13 Mar, 2013
New York City

Dole Food fourth quarter net swung to $210 million loss and Elbit Systems net swung to $57.2 million profit. Express fourth quarter net jumped 6% and Kronos Worldwide net swung to loss. Spectrum Pharmaceuticals tumbled on weak outlook for 2013.

Stocks in Tokyo Consolidate, Toyota Offers Record Bonuses Since 2008

Hiruki Nakamura
13 Mar, 2013
New York City

Japanese stock markets traded sideways as indexes consolidate after a rally of 43% in the last six months. Toyota and several Japanese companies announced higher bonuses as the financial year nears end. International investors are still adding net new equity positions in Japan.

Europe Movers: HSBC Profit Drops 15%, Prudential Net Jumps 55%

Nigel Thomas
13 Mar, 2013
New York City

HSBC said 2012 net profit dropped 15% to $15.33 billion. Prudential net jumped 55% to

Australian Indexes Cautious on Big Banks Valuations Worries

Marcus Jacob
13 Mar, 2013
New York City

Australian stocks rested after investors sold mining stocks and worried about the valuation of four largest banks. The dollar was firm against the U.S. dollar and Japanese yen. BHP is facing a U.S. anti-corruption inquiry for its practices at the time of Beijing Olympics.

India Movers: Bank of Baroda, L&T, ONGC and Tata Steel

Mukesh Buch
13 Mar, 2013
New York City

Bank of Baroda raised $170 million from the Government of India. Jet Airways sold parking slots in Brussels. L&T agreed to sell its stake in a joint venture to Komatsu. Tata Steel agreed to take 51% for $300 million in Canada based Labrador Iron Mines.

France to Miss Deficit Target, Spain Announces Unscheduled Debt Auction

Barry Randall
12 Mar, 2013
New York City

Market indexes across the currency zone closed mixed with a negative bias after France said it is likely to miss its deficit and growth targets. Spain said it plans to sell bonds in unscheduled auctions this week. Italy placed 7.75 billion euros of one-year debt at yield of 1.28%.

Stocks on Wall Street Search Direction, Small Business Confidence Rises

Nichole Harper
12 Mar, 2013
New York City

Market indexes in New York traded slightly higher as the S&P 500 index inched closer to its all-time high. U.S. Treasury is scheduled to sell $32 billion of debt today and Italy attracted more than expected demand for its bond auction but at a higher yield.

U.S. Movers: Amedisys, Costco, Stage Stores, Bon-Ton, Urban Outfitters

Mukesh Buch
12 Mar, 2013
New York City

Amedisys fourth quarter net swung to $106.8 million loss and Casey

Tokyo Indexes Rest After 8-Day Rally, Japan Sells Stake in Tobacco Company

Hiruki Nakamura
12 Mar, 2013
New York City

Stocks in Tokyo halted 8-day rally after investors worried of stretched valuations. Japanese government priced its stake sale in Japan Tobacco at 2% discount to the closing price on Monday. Nippon Steel said it will trim production capacity by 7%.

Europe Movers: Antofagasta, Inchcape, Pirelli, SDL, St. James

Nigel Thomas
12 Mar, 2013
New York City

Antofagasta said profit for the year declined 19%. Inchcape profit plunged 29% to

Weak Iron Ore Prices Dampen Australian Stocks, Rio Cuts Guinea Investment

Marcus Jacob
12 Mar, 2013
New York City

Australian stocks declined and closed at the low of the day after resource sector stocks fell for the second day in a row. Spot price of iron ore eased to $144 a ton. Rio Tinto said it will cut its investment in Guinea iron ore project.

India Movers: Berger Paints, Eros, GVK Power, Titagarh Wagons

Mukesh Buch
12 Mar, 2013
New York City

Eros climbed after the U.S. based retirement fund acquired a minority stake. Australia based Aurizon agreed to buy 51% in GVK Hancock''s projects. French subsidiary of Titagarh Wagons secured order worth