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Market Update

Australian Index Drops 1.6%; Core inflation Lowered

Marcus Jacob
14 Sep, 2011
New York City

The benchmark index in Australia declined 1.6% following the indexes in Asia lower. Australian banks declined as French banks faced trimmed access to short term funding in the U.S. money markets. Cochlear dropped 14% as the competitor won the U.S. regulatory approval.

U.S. Indexes Higher; French Banks Confirm Capital Access

Bikram Pandey
13 Sep, 2011
New York City

U.S. stocks struggled to inch higher and banks and financial services faced the brunt of selling. European markets rebounded but Italian bond auction drew tepid demand. UK inflation stayed above the target of central bank for the third month in a row.

U.S. Movers: Best Buy, Cracker Barrel, Intersil, IHS, Steel Dynamics

Mukesh Buch
13 Sep, 2011
New York City

Best Buy second quarter net income declined 30% to $177 million. Intersil revised lower guidance for revenues in third quarter. IHS reiterated 2011 revenue in the range of $1.31 billion to $1.34 billion. Spansion updated its business outlook for the third quarter.

UK Inflation Accelerates to 4.5%, Home Prices Ease; Cairn Slumps 10%

Arthi Gupta
13 Sep, 2011
New York City

The UK indexes closed higher but inflation accelerated in August and exports and imports rose to a record high in July. Mitchells & Butlers rebuffed takeover bid by Piedmont citing that it significantly undervalues the company.

U.S. Import Prices Drop; Best Buy Net Falls 30%

Arthi Gupta
13 Sep, 2011
New York City

U.S. import prices fell but export prices rose in August. The Bank of America planned to cut 30,000 jobs and $5 billion in costs annually till 2014. The IEA lowered 2011 and 2012 oil demand growth outlook. Best Buy said quarterly net dropped 30%.

Stocks in Japan Rebound; Suzuki, Volkswagen Alliance Unravels

Nigel Thomas
13 Sep, 2011
New York City

Stocks in Japan rebounded after a steep selloff in the last five days. The benchmark index is still down 16% for the year and hovered above the low last seen in March. The euro dropped to a 10-year low against the yen. Suzuki Motor and Volkswagen alliance unravels.

OECD Unemployment at 8.2%; Inflation Rises in France, Sweden, Hungary

Arthi Gupta
13 Sep, 2011
New York City

The jobless rate in the OECD area remained steady in July. Swedish unemployment rate dropped in August. Inflation in France, Hungary, and Sweden rose but Spanish inflation slowed in August.

Australian Manufacturing in Recession Conditions; Stocks Rebound

Marcus Jacob
13 Sep, 2011
New York City

The benchmark index in Australia rebounded nearly 0.9% a day after it plunged more than 3.5%. The latest survey from a private bank showed manufacturing is conditions that are similar to a recession.

French Banks Default Swaps Soar; Italy Sells

Arthi Gupta
13 Sep, 2011
New York City

The European indexes extended losses as French banks base difficulty in rolling over loans in the U.S. Italy held talks with Chinese officials for possible bank stake sale. The Italian Treasury sold

U.S. Sentiment Focused on Bank Linkages to Europe; Gold Down 2%

Bikram Pandey
12 Sep, 2011
New York City

The U.S. indexes opened lower on the new worries of the euro zone debt and tight linkages between banks across the Atlantic. French banks plunged on the Greek default worries and European markets extended losses of more than 2% for the second day. Oil rebounded 1% and gold dropped 2%.

U.S. Movers: Brady, Broadcom, Colfax, McGraw-Hill, W.W. Grainger

Mukesh Buch
12 Sep, 2011
New York City

Brady fourth quarter net income soared 37% to $29.6 million. Broadcom agreed to acquire NetLogic for $3.7 billion in cash and Colfax agreed to buy Charter International Plc. for $2.4 billion. McGraw-Hill split up into two public companies. W.W. Grainger August sales grew 10%.

UK Indexes Drop 1.6%; Colfax Bids for Charter International

Arthi Gupta
12 Sep, 2011
New York City

The UK indexes declined on global economic woes. The Independent Commission on Banking proposed reforms to create a more stable and competitive UK banking system. Colfax offered to acquire Ireland-based Charter International for

European Worries Drag Global Indexes; Broadcom Acquires NetLogic

Arthi Gupta
12 Sep, 2011
New York City

U.S. indexes traded lower on euro area debt concerns. Broadcom agreed to acquire NetLogic for $3.7 billion. Colfax offered $2.4 billion for Charter International. OPEC lowered oil demand growth for 2011 on weak global economic outlook.

Australian Index Dives 3.7% on Global Worries; Cochlear Plunges 20%

Marcus Jacob
12 Sep, 2011
New York City

The Australian benchmark index declined 3.7% on the global worries. The market overlooked sharp increase in China

OECD Leading Indicator Falls; Italian Production Index Falls

Arthi Gupta
12 Sep, 2011
New York City

The OECD Index of leading indicators fell, Greek import price index rose and Italy