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Market Update

Greece Approves Austerity Plan; European Markets Down

Arthi Gupta
23 Jun, 2011
New York City

The European indexes slumped after the Federal Reserve lowered its growth forecast for the U.S. economy. European leaders meet in Brussels today to discuss the bailout plan for Greece. Euro-zone private sector expanded at the slowest pace since October 2009.

$11 Billion Payment to Telstra Removes Hurdle for NBN's Fiber Network

Arjun Dave
23 Jun, 2011
New York City

National Broadband Network agreed with Telstra to transfer its fixed-line business for $11 billion. The wholesale network operator also agreed with Optus to transfer its cable business for $800 million. The historic agreements paved the way for the rollout of fiber optic network across Australia.

Australian Stocks Turn Lower; Murchison, Gindalbie Drop

Marcus Jacob
23 Jun, 2011
New York City

Australian stocks closed lower after rallying for five days in a row. Telstra and National Broadband Network agreed to a historic agreement that will see the roll out of fiber optic network. NBN will pay $11 billion for the transfer of fixed line business.

Fed Lowers Economic Views; U.S. Indexes Sell-off

Bikram Pandey
22 Jun, 2011
New York City

U.S. Federal Reserve maintained its record stimulus program and left its rate target near zero. Fed also lowered its current year growth outlook to as low as 2.7%, lifted core inflation views to 1.5% and unemployment to fall no lower than 8.6%.

U.S. Movers: AstraZeneca, Adobe, CarMax, FedEx, Jabil Circuit

Mukesh Buch
22 Jun, 2011
New York City

AstraZeneca agreed to sell its Astra Tech business to Dentsply for $1.8 billion in cash. Adobe second quarter net income surged 54% but issued cautious outlook. FedEx fourth quarter net income soared 33% to $558 million. Jabil Circuit third quarter net income surged doubled.

UK Indexes Fall; Astra Zeneca in $1.8 Billion Deal

Arthi Gupta
22 Jun, 2011
New York City

The UK indexes slid after Greek government survived a confidence vote. The minutes showed that the Bank of England policy makers retained the interest rate and asset purchase program by a split vote. Employment intentions in the UK indicated increase in job creation in the six months.

U.S. Mortgage, Refinancing Activity Drop; Adobe, FedEx Net Soar

Arthi Gupta
22 Jun, 2011
New York City

U.S. indexes slid ahead of the FOMC decision on the stimulus program. U.S. mortgage and refinancing activity fell. Dentsply agreed to acquire Astra Tech from AstraZeneca for about $1.8 billion. Adobe net surged 54% on strong sales but guidance disappointed.

Euro Area Orders Rise; Spain Mortgages Drop 12.1%

Arthi Gupta
22 Jun, 2011
New York City

Euro-zone industrial orders rose in April. French business sentiment strengthened and Danish consumer sentiment improved in June. Swedish jobless rate fell in May to 7.9%. Spanish mortgage lending dropped in April by 12.1%. Swiss investor confidence weakened.

Greek PM Survives Confidence Vote; Philips Plunges 13%

Arthi Gupta
22 Jun, 2011
New York City

The European indexes traded sideways after Greek Prime Minister Papandreou won a vote of confidence yesterday. Markets in Europe rebounded and shifted focus to the passage of austerity measures next week. Philips plunged on weak comparable sales outlook for the second quarter of 2011.

Nikkei in Tokyo at June high; Softbank, Sony, Elpida Up

Nigel Thomas
22 Jun, 2011
New York City

Stocks in Japan rebounded after concerns over Greece eased for now. The Nikkei index inched above 9,600 and closed at the high for the month. Chain store retail sales declined 1.4% in May. Softbank is likely to reach an agreement with Alibaba Group over its payment gateway technology.

Australian Index at 5-day High; Qantas Estimates $550 Million Net

Marcus Jacob
22 Jun, 2011
New York City

Stocks in Australia rebounded after a weak trading in the last five days. Resources linked stocks gained after Greek government won a parliament vote of confidence. Qantas Airways estimated full year profit of as much as $550 million but international operations continue to make losses.

U.S., European Markets Rally; Euro Firm, Oil Up

Bikram Pandey
21 Jun, 2011
New York City

U.S. and European markets rebound with resources linked stocks leading the advance. Oil, copper and gold turn positive. The S&P 500 index gained nearly 3% in the last four days and the Nasdaq added 1.8%. The euro held firm as Greek lawmakers debate austerity plan.

U.S. Movers: Barnes & Noble, Carnival, Gerber, Jefferies, Walgreen

Mukesh Buch
21 Jun, 2011
New York City

Barnes & Noble reported fourth quarter net loss widened to $59.4 million. Carnival second quarter net income fell to $206 million. Susquehanna will acquire Tower Bancorp for $343 million. Walgreen third quarter net earnings grew to $603 million.

UK Public Sector Borrowing Drops; Whitbread, Misys Surge

Arthi Gupta
21 Jun, 2011
New York City

The UK indexes climbed as concerns eased about a Greek debt default. The UK public sector borrowing declined in May and manufacturing demand remained strong in June. Irish trade surplus narrowed in April.

Greek Hopes Lifts Global, U.S. Indexes

Arthi Gupta
21 Jun, 2011
New York City

U.S. indexes gained on optimism of a resolution to the Greek debt crisis. eBay completed acquisition of GSI Commerce for $2.4 billion. Raytheon secured $1.7 billion contract to upgrade Patriot for Saudi Arabia.