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Market Update

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.

UK Inflation at 4.4%; Cairn, Carnival Net Rise, Punch Taverns in Focus

Arthi Gupta
22 Mar, 2011
New York City

The UK indexes declined after annual inflation accelerated more-than-estimated in February. UK public borrowing rose and manufacturers forecasted robust growth. Cairn Energy fiscal year 2010 net and revenue surged. Punch Taverns plans to cut its pubs portfolio in half.

U.S. Movers: Carnival, Dollar General, Jefferies, Walgreen

Mukesh Buch
22 Mar, 2011
New York City

Carnival first quarter net income fell to $152 million. Dollar General fourth quarter net income soared 6.4% to $222.5 million. Jefferies Group first quarter net earnings increased 21% to $87.3 million. Walgreen second quarter net earnings increased to $739 million.

U.S. Indexes Hold After 3-day Rally; Walgreen Net Gains 10%

Arthi Gupta
22 Mar, 2011
New York City

U.S. indexes traded mixed after a 3-day rally lifted the Dow 3.5%. Research in Motion scheduled its launch of tablet on April 19. Japan struggles with the radioactive leak and allied attacks fail to dislodge Gaddafi stronghold in Benghazi.

Euro Area Expands Bailout Fund to

Arthi Gupta
22 Mar, 2011
New York City

European indexes traded sideways after German exports rose in the fourth quarter. Euro area finance ministers decided to increase capital base of permanent bailout fund to

Sensex Adds 0.8%; Banks in Focus on Finance Bill Introduction

Devan Biswas
22 Mar, 2011
New York City

Stocks in Mumbai opened higher and added as much as 1% but settled lower. The ruling coalition introduced two bills in the Parliament to reform banking sector and to transition to the value-added-tax regime.