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Market Update

Australian Rate Cut Hopes Dashed, Rio Production Up 4%

Marcus Jacob
17 Jul, 2012
New York City

Australian indexes closed higher for the third day after the RBA highlighted the economic strength in its latest assessment. The dollar closed higher and investors shifted attention to the next meeting of the central bank on August 7. Rio Tinto said first half iron production increased 4%.

U.S., World Markets Cautious After IMF Trims Outlook

Bikram Pandey
16 Jul, 2012
New York City

U.S. indexes traded sideways as trading volume inched lower and the IMF lowered its global growth outlook. The global lender warned the U.S. to lift its debt limit sooner than later and urged European leaders to accelerate fiscal and banking integration.

U.S. Movers: Citigroup, Gannett, Glaxo, Thermo Fisher, Visa, MasterCard

Mukesh Buch
16 Jul, 2012
New York City

Citigroup second quarter net declined 12% to $2.9 billion and Gannett net plunged 21%. Glaxo offered $3.6 billion for Human Genome. Thermo Fisher agreed to buy One Lambda for $925 million in cash. Visa and MasterCard settle class action lawsuits.

IMF Lowered UK Outlook, GSK in Hostile Offer for Human Genome

Arthi Gupta
16 Jul, 2012
New York City

The UK indexes dipped after home prices fell in July. The International Monetary Fund cut UK growth outlook. GlaxoSmithKline agreed to acquire Human Genome for $14.25 per share. G4S failed to fulfil Olympic contract.

U.S. Retail Sales Fall, Par Pharmaceutical in $1.9 Billion Buyout

Arthi Gupta
16 Jul, 2012
New York City

U.S. indexes edged lower after retail sales fell unexpectedly in June. Par Pharmaceutical inked a merger agreement to be acquired by TPG for $1.9 billion. Thermo Fisher agreed to acquire One Lambda for $925 million in cash.

Australia's Whitehaven Coal Gets Takeover Proposal

Marcus Jacob
16 Jul, 2012
New York City

Australian indexes closed higher for the second day in a row as investors bid up resources stocks. Whitehaven Coal surged 17% after it received a takeover bid. Seven West Media was halted after it planned to finish its $440 million offering at 20% discount.

German Ruling Awaited, Accor Acquires Latin American Hotels

Arthi Gupta
16 Jul, 2012
New York City

The European indexes traded lower ahead of the German court ruling on Spanish bank bailout plan. Italy planned to cut public debt by 20% in five years. Accor agreed to acquire hotel portfolio of Mexico-based Grupo Posadas.

Euro Area Inflation at 2.4%, Trade Surplus Rises

Arthi Gupta
16 Jul, 2012
New York City

German factory employment rose and Italian exports improved in May. Annual inflation in the euro area was stable but Norwegian trade surplus and Austrian inflation rose in June. Swiss industrial production eased in the first quarter.

S&P 500 Rally of 1.6% Cuts Weekly Losses, World Markets Rebound

Bikram Pandey
13 Jul, 2012
New York City

U.S. indexes surged more than 1% and banks were in focus after JPMorgan said that the bank is still poised to have record annual earnings despite a trading loss of $4.4 billion. China reported economic growth slowed for the sixth quarter in a row but met the lowered expectations.

U.S. Movers: iGATE, JPMorgan, Lexmark Intl., Wells Fargo

Mukesh Buch
13 Jul, 2012
New York City

JPMorgan second quarter net declined 9% to $5 billion and restated first quarter net income. Lexmark cuts second quarter outlook. Wells Fargo second quarter net soared 17% to $4.6 billion and agreed to pay $175 million to settle racial biases in mortgage approval.

UK Indexes Extend World Gains

Arthi Gupta
13 Jul, 2012
New York City

The UK indexes gained after the Bank of England launched a scheme to boost lending to the economy. The UK leading index dropped 0.8% and Irish surplus rose slightly in May. Global indexes rose after China reported growth.

Nikkei Closes Higher in Volatile Trading, Dentsu Down 7%

Nigel Thomas
13 Jul, 2012
New York City

Stocks in Tokyo edged higher after China reported a raft of economic data that at least for now push aside the prospect of a global economic slowdown. Japan revised its industrial output rate to 3.4% in May. Dentsu 7% dropped on the worries that it may have overpaid for the Aegis purchase.

Wall Street Opens Higher; JPMorgan Lifts Trading Loss to $5.8 Billion

Arthi Gupta
13 Jul, 2012
New York City

U.S. indexes advanced after China reported slowing but strong GDP, industrial production and retail sales data. U.S. producer prices unexpectedly rose. JPMorgan quarterly net fell and withdrew its first quarter earnings. Wells Fargo earnings rose.

Australian Markets React Positively to 7.6% Growth in China

Marcus Jacob
13 Jul, 2012
New York City

Australian stocks rebounded after China reported strong but the slowest economic growth in the three years. Industrial production and retail sales matched the previous quarter data but construction declined. Resources linked stocks gained after commodities and the dollar edged up.

French Retail Sales Rebound, Spanish Inflation Flat

Arthi Gupta
13 Jul, 2012
New York City

French retail sales rebounded, Spanish consumer price inflation remained unchanged but Swiss producer and import price index fell in June. Hungarian output declined and Czech current account slipped to deficit in May.