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Market Update

U.S. Economy Worries, Greece Strife Drive Dow Down 200 Points

Bikram Pandey
15 Jun, 2011
New York City

World markets traded lower as Greece gained centre stage and U.S. economic worries grew. The rising tensions in peripherals nations and growing evidence of weak economic data knocked the U.S. indexes as low as much as 1.8%. Crude oil falls 4.5% and metals weaken as stocks dive.

UK Jobless Claims Increase; Consumer Sentiment Surges

Arthi Gupta
15 Jun, 2011
New York City

The UK indexes slid after weak economic data from the U.S. and European leaders struggle to chalk out second bailout for Greece. The UK jobless claims increased more than estimated and consumer confidence surged to its highest level in May.

U.S. Movers: Aveo, Clarcor, Ecology, Korn/Ferry, Owens-Illinois

Mukesh Buch
15 Jun, 2011
New York City

Aveo announced pricing of underwritten public offering of 57.5 million shares at $17.50 per share. Clarcor second quarter net earnings improved 37%. Korn/Ferry fourth quarter net income surged 128%. Scotts Miracle-Gro anticipates adjusted earnings $3.10 to $3.20 per share for fiscal year 2011.

World Indexes Down; U.S. Consumer Prices Rise 0.2%

Arthi Gupta
15 Jun, 2011
New York City

U.S. and global indexes declined after European finance ministers failed to reach a consensus on resolving the bailout plan for Greece. U.S. consumer prices increased 0.2% in May and mortgage applications surged last week. Manufacturing declined in New York region.

Greece Woes Drag European Indexes; Aegon Repays Dutch Government

Arthi Gupta
15 Jun, 2011
New York City

The European indexes slumped after euro area finance ministers failed to reach a consensus on a second bailout package for Greece. Nyrstar agreed to acquire Canada-based Breakwater for C$663 million. Sensata Technologies agreed to buy Sensor-NITE for

Stocks in Japan Extend Gains; Honda Estimates Net to Drops 64%

Nigel Thomas
15 Jun, 2011
New York City

Stocks in Japan extended gains for the second day in a row after the government passed the bill to provide compensation to nuclear power plant disaster. China linked stocks also gained for the second day on strong economic data. Honda advanced on higher than expected profit estimate.

Australian Stocks Fall After Hawkish Comments from RBA Governor

Marcus Jacob
15 Jun, 2011
New York City

Australian stocks sold off after hawkish comments from the RBA governor Glenn Stevens. Two-speed economic developments in Australia are expected to widen more as mining investment increase and inflation accelerates in the future. Qantas plans to cut $700 million of spending.

Euro Area Industrial Production Grows; Iceland Holds Key Rate

Arthi Gupta
15 Jun, 2011
New York City

Euro-zone industrial production rose unexpectedly in April. OECD unemployment rate declined in April. The factory employment in Germany increased 2.7% annually. French consumer price annual inflation eased to 2% in May.

U.S. Indexes Up 1.3%; Global Markets Advance on China Data

Bikram Pandey
14 Jun, 2011
New York City

World markets gain after China reported strong industrial production and retail sales. U.S. retail sales declined for the first time in ten months on weak auto sales. Merger news dominated for the second day this week. ECB and Germany negotiate Greek bailout terms.

U.S. Movers: Agilysys, Best Buy, Casey's General, Honda

Mukesh Buch
14 Jun, 2011
New York City

Agilysys fourth quarter net loss widened. Best Buy first quarter net earnings fell to $136 million. Casey''s General fourth quarter net profit increased 4.1%. Honda Motor expects fiscal year 2012 net income of 195 billion yen.

UK Inflation Flat at 4.5%; Home Prices Decline 0.3%

Arthi Gupta
14 Jun, 2011
New York City

The UK indexes rose after annual inflation remained unchanged at 4.5% in May. The UK home prices declined in April and leading index improved in April. Avis Budget Group agreed to acquire Avis Europe for

U.S. Stocks Rise on Retail Sales Data

Arthi Gupta
14 Jun, 2011
New York City

U.S. indexes gained after producer prices rose 0.2% and retail sales dropped 0.2% in May. Graham Packaging confirmed unsolicited acquisition proposal. Avis Budget Group agreed to acquire Avis Europe for $1.0 billion. Ericsson agreed to buy Telcordia for $1.15 billion.

Sensex in India Rebounds After 4-day Losses; Idea Cellular Net Up 13%

Devan Biswas
14 Jun, 2011
New York City

Stocks in Mumbai traded after four days of losses. The latest wholesale inflation data showed elevated inflation prompting worries of another rate hike. Ideal Cellular increased after fourth quarter net increased 13% and added net 10 million new subscribers.

European Indexes Rise; ECB, Germany Negotiate on Greece

Arthi Gupta
14 Jun, 2011
New York City

The European indexes advanced tracking gains in Asia and better-than-estimated industrial output from China. European finance ministers are set to meet today to discuss the next bailout package for Greece. Spain successfully auctioned

Nikkei in Tokyo Gains 1.1%; Interest Rates on Hold

Nigel Thomas
14 Jun, 2011
New York City

The benchmark index in Tokyo increased 1.1% after Japanese government approved the scheme to compensate nuclear disaster victims and Bank of Japan unveiled a $6 billion loan program for the earthquake affected region. Separately the central bank also left the rates and asset buying program on hold.