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Portugal Crisis Deepens; EU Discusses Bailout Mechanism

Arthi Gupta
24 Mar, 2011
New York City

The European indexes soared as investors focused on economic recovery and European leaders meet for a two-day summit. Portuguese prime minister resigned and the prospect for international bailout increased. Spanish banks struggle to recapitalize. Swiss Re increased annual dividend.

Narrow Trading in Tokyo; Auto Parts Makers Drop, Tepco Plunges 16%

Nigel Thomas
24 Mar, 2011
New York City

Tokyo stocks traded in a narrow range and investors focused on the efforts at restoring power at the troubled nuclear power plant. Tokyo Electric plunged 16% after it halted its second half dividend. Automaker declined on the worries that parts shortage may persist more than a month.

German Construction Orders Rise 8.6%; Dutch GDP Expands 2.5%

Arthi Gupta
24 Mar, 2011
New York City

Euro area consumer confidence dipped in March. French manufacturers'' confidence improved in March and German construction orders increased in January. Dutch GDP growth in the fourth quarter was revised higher to 2.5% from the previous estimate of 2.4% and 1.8% increase in the third quarter.

Resource Rally Lifts Australian Stocks; Caltex Drops 5%

Marcus Jacob
24 Mar, 2011
New York City

Australian stocks rebounded 1% after investors focused on the metal demand as Japan looks reconstruct. Caltex dropped 5% after it reported sharply lower refining margins from a year ago. Australian government agreed with most of the recommendations of an independent group on new mining tax.

World Markets Retain Positive Bias; Portugal Rejects Deficit Plan

Bikram Pandey
23 Mar, 2011
New York City

U.S. stocks closed higher as new home sales rate dropped to record low in February. The euro was in focus after Portugal rejected the austerity measure and increased the chances of EU bailout. Japan assured that radiation leak does not pose health threat and Tokyo warned infants to avoid tap water.

Osborne Forecasts Rise in Inflation, GDP; Ferrexpo Net Soars 99%

Arthi Gupta
23 Mar, 2011
New York City

The UK indexes edged higher as Portugal debated the austerity measures. UK forecasted inflation to reach as high as 5% and GDP to expand 1.7% in the current year. The UK mortgage approvals climbed in February. Ferrexpo 2010 net surged 99%.

U.S. Movers: Adobe Systems, Discover Financial, General Mills, Jabil Circuit

Mukesh Buch
23 Mar, 2011
New York City

Anadarko agreed to purchase BP America for $575.5 million. Adobe first quarter net surged 84% to $234.6 million. Discover Financial first quarter net income rose to $459 million. General Mills third quarter net earnings rose 18% to $392.1 million. Jabil Circuit second quarter net income soared 86%.

U.S. New Home Sales Plunge to Record Low

Arjun Dave
23 Mar, 2011
New York City

New home sales in February dropped to the lowest level in February and median price dropped to $202,100, the lowest since December 2003. New home sales rate decreased 16.9% to 250,000 and sales plunged 57% in the Northeast region.

Geopolitical Worries Overwhelm Investors; GM Sells Ally Stake

Arthi Gupta
23 Mar, 2011
New York City

U.S. indexes fell on concerns in Libya, Europe and Japan. U.S. mortgage and refinancing activity increased. GM sold Ally preferred shares for $1 billion. Louis Dreyfus sold its midstream assets business for $1.93 billion. Colgate-Palmolive agreed to acquire Unilever''s Sanex brand for $940 million.

European Indexes Higher Ahead of Portugal Vote; Inditex Surges

Arthi Gupta
23 Mar, 2011
New York City

The European indexes traded higher on optimism of global economic recovery. Portugal''''s Parliament holds a crucial vote today to cut its budget deficit. Technip won engineering contract from Chevron Indonesia. Commerzbank planned to integrate Deutsche Schiffsbank.

Euro Area Industrial Orders Rise 0.1%; Norway

Arthi Gupta
23 Mar, 2011
New York City

Euro-zone industrial new orders rose more than estimated in January. German leading indicator rose in January. Hungarian retail sales increased in January. Danish consumer confidence deteriorated in March. Swedish economic sentiment indicator dropped in March.

Sensex Surges 1.2%; Finance Bill Passed

Devan Biswas
23 Mar, 2011
New York City

Stocks in Mumbai traded higher on the confidence that rising crude oil prices will not derail economic growth and corporate earnings. The Sensex index gained 1.2%. The Lok Sabha, the lower house of the Parliament approved the Finance Bill 2011.

Nikkei Drops 1.7%, Auto Parts Makers Fall; Japan Halts Food Shipment

Nigel Thomas
23 Mar, 2011
New York City

Nervous investors in Japan sold stocks after Tokyo Electric Power struggled to restore power at the disaster stricken power plant and Japan halted consumption of food from northern region. The Bank of Japan stopped adding liquidity. Automakers decline. Izumiya soars on higher earnings.

Virgin Blue Estimates Annual Loss; David Jones Net Up 5%

Marcus Jacob
23 Mar, 2011
New York City

Australian stocks traded in the positive zone but failed to make a significant advance. Virgin Blue issued its fourth earnings warning in a year and estimated full year loss of as much as $80 million. David Jones said first half net increased 5.2% on flat sales but left the outlook unchanged.

Global Investors Shift Focus to Commodities and Japan Rebuilding

Bikram Pandey
22 Mar, 2011
New York City

U.S. indexes rested after a 3-day rally and ignored the rising tensions in the Middle East and the spread of violence to Bahrain, Yemen and Oman. Uranium miners rebound and natural gas explorers rest in trading. Euro-zone nations increase bailout fund size and UK inflation picks up.

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