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Market Update

UK Mortgage Approvals Fall; Innovation Group Acquires Wintec

Arthi Gupta
23 Dec, 2010
New York City

The UK indexes traded sideways after mortgage approvals fell but services sector index rose. Irish retail sales edged higher in November. Innovation Group agreed to acquire Germany-based Wintec.

U.S. Movers: Bed Bath & Beyond, Christopher & Banks, Jo-Ann Stores

Mukesh Buch
23 Dec, 2010
New York City

Bed Bath third quarter sales increased 11.1% and comparable sales rose 7%. Christopher & Banks third quarter net sales edged lower 8.4% to $120.9 million. Jo-Ann Stores agreed to be acquired by Leonard Green for $1.6 billion. Micron Technology first quarter net sales rose 29% to $2.25 billion.

Hungary

Arthi Gupta
23 Dec, 2010
New York City

The European indexes declined after Fitch lowered Hungary''s credit rating. French industrial producer price index rose in November. Hungary''s trade surplus fell in October. Spanish PPI climbed in November. Maersk Oil agreed to buy Brazilian assets for $2.4 billion.

U.S. Personal Income, Durable Orders Rise; Jo-Ann Stores in $1.6 Billion Deal

Arthi Gupta
23 Dec, 2010
New York City

U.S. indexes fell after jobless claims edged lower and durable goods declined more than expected and personal income rose. Jo-Ann Stores agreed to be acquired by Leonard Green for $1.6 billion. Zimmer agreed to acquire Geneva-based Sodem Diffusion.

India Struggles to Contain Resurgent Food Price Inflation

Chandrasekhar Atreya
23 Dec, 2010
New York City

Mumbai stocks dropped in choppy trade after persistent high food price inflation. Handicrafts exports surge 19% in the first eight months to$1.2 billion. India lifted its infrastructure investment target to $1 trillion and private sector participation to 50%.

India Movers: A2Z, Pipavav, Sun Pharma, Steel Authority

Mukesh Buch
23 Dec, 2010
New York City

A2Z Maintenance dropped 16% from its IPO price on the first day of trading. Pipavav Shipyard signed an agreement with Sweden-based SAAB Dynamics AB. Suven Life Sciences secured four patents. SAIL upcoming secondary offering may be priced as 12% discount.

China Estimates FDI to Increase 11% to $100 Billion

Chandrasekhar Atreya
23 Dec, 2010
New York City

Shanghai stocks dropped for a second day on year end liquidity worries. China agrees to buy Portuguese bonds in 2011. CNPC confirms the second phase of Kazakh-China gas pipeline construction. Foreign direct investment in China is expected to reach $100 billion this year.

Australian Dollar Above Parity; Riversdale Approve Merger

Chandrasekhar Atreya
23 Dec, 2010
New York City

Stocks in Australia closed higher as resource stocks led the gainers. Copper closed at a record high and crude oil reached a two-year peak. Australian dollar closed traded above parity reflecting a growing sentiment for high commodities prices in 2011.

Rise and Rise of U.S. Stocks; Record in Copper, Oil at 2-year High

Bikram Pandey
22 Dec, 2010
New York City

U.S. indexes closed at a 2-year high as regional banks and resource stocks led the gainers. Crude oil topped $90 a barrel and copper closed to a record high and soared 28% in the year as a single trader holds 90% of stockpile. Walgreen rises and Nike falls.

UK GDP Growth Lowered; Current Account Deficit Widens

Arthi Gupta
22 Dec, 2010
New York City

The UK indexes gained and third quarter GDP growth was lowered and current account deficit widened. The Bank of England policy makers were split at the last meeting. Irish trade surplus widened in October.

U.S. Movers: Carnival, Red Hat, Walgreen, Nike

Mukesh Buch
22 Dec, 2010
New York City

Carnival fourth quarter revenues rose 7% to $3.50 billion. Humana completed acquisition of Concentra Inc. in $790 million. Nike, second quarter revenue increased 10% to $4.84 billion. Red Hat, third quarter total revenue increased 21%. Walgreen first quarter net sales increased 6% to $17.34 billion.

Greek Parliament to Approve Austerity Measures; German Import Prices Rise

Arthi Gupta
22 Dec, 2010
New York City

The European indexes traded mixed after Greece received downgrade warning as lawmakers haggle to approve austerity measures. German import prices climbed in November and Italian retail sales rose in October. Denmark economy expanded in the third quarter. The Czech central bank held interest rates.

Fitch Lifts India Growth Estimate to 8.7%; Coal Mines Stakes in Africa

Chandrasekhar Atreya
22 Dec, 2010
New York City

Mumbai stocks dropped in choppy trade. Gartner latest report noted that India continues to be the favorite destination for outsourcing. World Bank awards India a loan of $1.5 billion for development of rural roads and infrastructure.

India Movers: Abbott India, Amar Remedies and Patel Engineering

Mukesh Buch
22 Dec, 2010
New York City

Abbott India fourth quarter net profit rose 7.9%. Mafatlal Industries reported a net loss in second quarter. NHPC agreed to set up 2,100 megawatt of hydro-electricity. State Bank of India plans to acquire second bank in Indonesia.

Japan Exports Rise 9.1%; Bank of Japan Purchases 250 Trillion Yen Bonds

Chandrasekhar Atreya
22 Dec, 2010
New York City

Tokyo stocks edged lower after hitting a fresh 7-month high intra day as investors booked profits for the weekend. Bank of Japan confirmed 25 trillion yen bonds and assets purchase. Exports surge 9% in November.