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Market Update

German Manufacturing Declines, UK Ratings Downgraded

Arthi Gupta
14 Dec, 2012
New York City

The euro zone private sector contraction eased in December. French ratings were affirmed but the UK ratings downgraded to negative. New car registration in the EU slumped in November.

Europe Movers: ABB, AkzoNobel, ArcelorMittal, G4S, UBS, CVS

Arthi Gupta
14 Dec, 2012
New York City

UBS faces a fine of $1 billion in the Libor probe. ABB plans to restructure its power systems division to seek higher returns. G4S agreed to buy South Africa-based Deposita for

UBS in $1 Billion Libor Probe Settlement, World Markets Cautious

Bikram Pandey
13 Dec, 2012
New York City

Stocks on Wall Street turned lower after budget negotiations took a divisive turn and lawmakers struggled to find a compromise. UBS AG is said to face a fine of $1 billion in the Libor probe, the largest so far, as sixteen banks face investigations.

Japanese Bond Yields Slide, Nikkei Surges 1.7% Ahead of Elections

Nigel Thomas
13 Dec, 2012
New York City

Stocks in Tokyo surged and the benchmark Nikkei soared 1.7% to a new 8-month high ahead of general election on Sunday. Defense stocks gained for the second day in row as tensions escalated in disputed territories with China.

U.S. Jobless Claims Drop, Retail Sales Rise

Arthi Gupta
13 Dec, 2012
New York City

The U.S. indexes traded sideways after jobless claims declined 29,000 to 343,000, retail sales rose, and producer prices fell in November. Sprint Nextel bids for Clearwire shares that it does not own for $2.1 billion.

GrainCorp Rejects ADM Offer; Virgin, Tourism Australia in Partnership

Marcus Jacob
13 Dec, 2012
New York City

Australian markets halted a four-day rally and resource stocks advanced. GrainCorp rejected sweetened takeover offer of $2.8 billion from Archer Daniels Midland. Tourism Australia and Virgin Australia extended their partnership to $12 million over three years.

U.S. Movers: Argan, CVS Caremark, Ciena, Pier 1 Imports

Mukesh Buch
13 Dec, 2012
New York City

Argan second quarter net soared nearly three-fold and CVS Caremark reaffirmed fiscal 2013 outlook. Ciena fourth quarter net loss widened to $39 million. Pier 1 Imports third quarter net advanced 4%.

European Leaders Approve Landmark Banking Union

Arthi Gupta
13 Dec, 2012
New York City

Euro zone ministers approved long sought banking union in the region. The Eurogroup formally approved the second disbursement of

Europe Movers: Aurubis, Renault, BHP, Dexia, Sports Direct, Societe Generale

Arthi Gupta
13 Dec, 2012
New York City

Renault sells remaining 6.5% stake in Volvo for SEK 12.78 billion. Aurubis quarterly net slumped 35%. Dexia agreed to sell its asset management business to GCS Capital for

Fed Links Rate Target to Unemployment Rate of 6.5%

Bikram Pandey
12 Dec, 2012
New York City

Fed in its latest action to buy more Treasury bonds next year followed up on its earlier promise to support the economy and shift attention to lowering unemployment. However, Fed also said it cannot counter entirely the effects of fiscal cliff if lawmakers fail to negotiate a budget agreement.

U.S. Movers: Costco, Dolby, Greif, Joy Global, TNS

Mukesh Buch
12 Dec, 2012
New York City

Costco first quarter net surged 30% to $416 million and Central Garden & pet net loss widened. Dolby declared one-time special dividend of $4 a share. Joy Global fourth quarter net climbed 23% to $212.6 million. TNS agreed to a leveraged buyout offer from Siris Capital Group for $862 million.

U.S. Import Prices Fall, Markets Higher on Fed Expectations

Arthi Gupta
12 Dec, 2012
New York City

The U.S. indexes climbed ahead of Fed announcement and import prices fell in November. Chesapeake agreed to sell remaining midstream assets to Access Midstream for $2.16 billion. Costco quarterly net surged 30%.

Ministers to Discuss European Banking Union, Rosneft to Buy TNK-BP Stake

Arthi Gupta
12 Dec, 2012
New York City

European ministers are expected advance banking union negotiations today. Greece plans to buyback

Europe Movers: BHP Billiton, Fraport, Carillion, Peugeot, Inditex, Rosneft

Arthi Gupta
12 Dec, 2012
New York City

Fraport said passenger traffic fell 2.7% in November. BHP agreed to sell its stake in the Browse gas project to PetroChina for $1.63 billion. Peugeot planned to slash 1,500 jobs by 2014. Inditex nine months net sales rose 17% to

Nikkei in Tokyo Trades at 8-Month High

Nigel Thomas
12 Dec, 2012
New York City

Stocks in Tokyo held gains after North Korea successfully launched long-range rocket in defiance of international sanction. Defense contractors gained. The yen edged lower and resource sector stocks advanced after iron ore price rose.