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Market Update

UK Stocks Decline; Resolution, AXA UK Merge

Arthi Gupta, Mayank Mehta and Sanjay Barot
24 Jun, 2010
New York City

The UK indexes remain sluggish after renewed skepticism on global economic recovery. Ireland trade surplus remains flat in April. Resolution agrees to buy AXA UK Life Business for

EU Plans Stimulus Exit; Stocks Down

Arthi Gupta, Mayank Mehta and Sanjay Barot
24 Jun, 2010
New York City

European markets fluctuate after moderate U.S. economic data and on worries concerning the euro area sovereign debt crisis. Euro-zone industrial new orders rise 0.9% in April. French consumer spending grows 0.7% in May.

Stocks Lower in Shanghai, HK

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
24 Jun, 2010
New York City

Stocks in China and Hong Kong China closed lower in a volatile trading. Wuhan Iron signs a deal with Riversdale of Australia to develop a coking coal mine in Mozambique. China Merchants Bank prepared for 30% drop in home prices. Total SA and PetroChina may jointly develop Sulige Gasfield.

Prime Minister Julia Gillard May Disappoint

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
24 Jun, 2010
New York City

Julia Gillard takes oath as the first woman Prime Minister of Australia after Kevin Rudd lost his party

Japan Export Slows in May; Nikkei Gains

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
24 Jun, 2010
New York City

Stock indexes in Japan were nearly flat in a choppy trading. Export growth slows for the third month in May to 32%. Nissan Motor has faces another strike at its China parts unit.

CarMax, Shanda Rise; ConAgra, Darden Fall

Mayank Mehta
24 Jun, 2010
New York City

Sotheby

Reliance to Invest $1.15 B in Pioneer Natural

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
24 Jun, 2010
New York City

Stocks in Mumbai traded lower. Wholesale price index rises by 0.6% for the week. Vishal Retail rose after entering into a deal with TPG. NTPC disqualifies L&T tender bid. National Stock Exchange begins futures trading for copper and zinc.

U.S. Jobless Claims and Durable Orders Fall

Arthi Gupta, Mayank Mehta and Sanjay Barot
24 Jun, 2010
New York City

U.S. stocks oscillate after weekly jobless claims fall by 19,000 and durable goods orders decline 1.1% in May. Total SA and Amyris partner to develop biomass-based fuels and chemicals. Pioneer signs $1.15 billion joint venture deal with India based Reliance Industries.

Fed Left Rates On Hold; Bonds Rise

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
23 Jun, 2010
New York City

U.S. stocks traded sideways after existing home sales indicated a fragile state of housing market and the Fed left its key lending rate unchanged. GM is preparing for a public offering that may lower U.S. stake by 20%. Australian Prime Minister Kevin Rudd

Nikkei Index in Tokyo Drops 1.9%

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
23 Jun, 2010
New York City

Stocks declined in Japan after a report showed sale of existing homes dropped in May. Toyota and Honda halt production after strike extends to other parts facilities in China. Google takes over as favorite job destination for Japanese job seekers. Toyota stays put on price cut.

Australia

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
23 Jun, 2010
New York City

Prime Minister Kevin Rudd defended his super profit tax plan. Citadel plans to increase its stake in Saudi copper project to 70% from the current 50%. Woodside plans to approach Fair Work for withdrawal of strike by crane and forklift operators at its Pluto project.

UK Mortgage Lending Rises; Stocks Weak

Arthi Gupta, Mayank Mehta and Sanjay Barot
23 Jun, 2010
New York City

The UK indexes fall for the second consecutive day after weaker-than-expected U.S. new home sales data. Pound trades higher after the release of Bank of England minutes but the BoE policy makers differ over interest rate. UK banks approve more mortgages for home purchase in May.

BASF Acquires Cognis in $3.8 Billion Deal

Arthi Gupta
23 Jun, 2010
New York City

BASF announces an agreement with Cognis Holding Luxembourg S.

China Agriculture IPO; More Strikes in China

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
23 Jun, 2010
New York City

China stocks declined led by energy and material stocks while stocks in Hong Kong gained marginally. China will cancel export tax rebates in more than 400 items from July 15. Bank of Communications stocks rise after 17 billion yuan rights issue.

India Prepares Stake Sales of $10 Billion

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
23 Jun, 2010
New York City

Stocks in Mumbai traded marginally higher. India starts a legal process for advice on stake sale totaling $10 billion. Airlines rise on the speculation that foreign airlines maybe permitted to acquire stakes.