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Market Update

German Business Confidence Slumps, Swiss Growth Estimate Cut

Arthi Gupta
22 Jun, 2012
New York City

German business confidence fell more than estimated and the euro area consumer confidence declined in June. Retail sales in Denmark improved in May. Consumer spending in the Netherlands declined in April.

Greece Wins Bailout Release, Bank Worries Resurface

Arthi Gupta
22 Jun, 2012
New York City

The European indexes slumped after German business confidence fell to a two-year low in June. Fifteen large U.S. banks were downgraded by a rating agency that many analysts viewed an action four years too late.

Wall Street Extends World Markets Decline, Oil and Gold Fall 3%

Bikram Pandey
21 Jun, 2012
New York City

U.S. indexes extended worldwide sell off after a string of weak economic data from the U.S., euro zone and China. Crude oil, copper and gold dropped more than 3%. Stress test in Spain showed banks may need as much as $78 billion.

U.S. Movers: Bed Bath, ConAgra, Red Hat, Rite Aid, Steelcase

Mukesh Buch
21 Jun, 2012
New York City

Bed Bath first quarter net soared 24% and ConAgra fourth quarter net swung to $86.2 million loss. CarMax first quarter net falls 4.4% as wholesale unit sales fell. Red Hat first quarter net surged on subscription revenue growth.

UK Retail Sales Improve, Mortgage Lending Up

Arthi Gupta
21 Jun, 2012
New York City

The UK indexes edged lower as world economic growth outlook dims. The UK retail sales improved and gross mortgage lending increased 24% in May. Invensys plunged 16% after takeover talks with Emerson Electric failed.

Yen Weakness Lifts Nikkei in Tokyo Above 8,800

Nigel Thomas
21 Jun, 2012
New York City

Trading sentiment in Tokyo recovered after the yen eased against the dollar. However, the latest manufacturing decline in China dampened the machinery stocks. Softbank gained on the hopes of more Apple products sales. Foreign investors stepped up buying of Japanese stocks last week.

U.S. Weekly Jobless Claims Fall, Cabot Acquires Norit for $1.1 B

Arthi Gupta
21 Jun, 2012
New York City

U.S. indexes traded sideways after weekly jobless claims fell and weak manufacturing data from China. Cabot agreed to acquire the Netherlands-based Norit for $1.1 billion. Agilent completed its acquisition of Denmark-based Dako.

Australian Stocks Slump 1%, Billabong Offering at 44% Discount

Marcus Jacob
21 Jun, 2012
New York City

Australian stocks declined after a private manufacturing survey in China indicated contraction for the eighth month to June. Retailer Billabong launched $225 million offering at 44% discount. Myer reiterated 15% decline in annual earnings.

Samaras New Greek Premier, Spanish Nears Bailout Conditions

Arthi Gupta
21 Jun, 2012
New York City

European markets sharpened focus on Spain as the country battles worsening fiscal conditions. Spain raised

German Manufacturing at 3-Year Low, Swiss Money Supply Growth Eases

Arthi Gupta
21 Jun, 2012
New York City

The euro area current account surplus fell in April. German and euro area manufacturing activity contracted but French manufacturing sector rose in June. Swiss watch exports rose but money supply growth eased in May.

Fed Action Lifts Indexes Briefly, Bernanke Defends Policy

Bikram Pandey
20 Jun, 2012
New York City

U.S. markets reversed the course after Fed extended its program to switch to long term bonds till the end of the year. The U.S. Treasury yields declined and indexes briefly traded in the positive before settling back to flat line. Gold and copper fell more than 1% and oil declined 2.6%.

Fed Extends Operation Twist, Rates Fall

Arjun Dave
20 Jun, 2012
New York City

U.S. Treasury yields fell after the Fed extended and expanded its Operation Twist program to the end of the year and held target interest rate near zero. The move knocked off rates on 10-year bond to 1.61% and 30-year bond to 2.75%.

U.S. Movers: Actuant, Adobe, Jabil Circuit, Procter & Gamble

Mukesh Buch
20 Jun, 2012
New York City

Actuant 2013 guidance 2013 falls below estimates and Adobe Systems second quarter net declined 2% and lowered fiscal outlook. Jabil Circuit third quarter net slipped 3.2%. Procter & Gamble falls on weak fourth quarter forecasts.

U.S. Stocks Struggle Ahead of Fed Statement, P&G Lowers Outlook

Arthi Gupta
20 Jun, 2012
New York City

U.S. stocks struggle ahead of Fed statement later today and G20 leaders focused on Europe and pledged to support and work together to arrest widening debt contagion. Procter & Gamble lowered fourth quarter guidance.

UK Jobless Claims Rise, Ryanair Renews Offer for Aer Lingus

Arthi Gupta
20 Jun, 2012
New York City

The UK indexes traded higher as investors shifted focus to the Fed announcement later today after G20 leaders focused on the euro zone. UK jobless claims rose unexpectedly in May. AstraZeneca completed acquisition of Ardea Biosciences.