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Market Update

Wall Street Rallies on Yen Intervention, Libya Action

Marcus Jacob
18 Mar, 2011
New York City

U.S. stocks traded higher after G-7 central bankers conducted a coordinated currency market intervention. The joint action, first in a decade also highlighted fragile global recovery and need to dampen speculative volatility. U.N. passed a no-fly zone over Libya. Cisco declared a quarterly dividend.

European Markets Jump 1.3%; Spain's Bad Debt at 16-year High

Nigel Thomas
18 Mar, 2011
New York City

Stocks in Europe opened higher after G-7 nations conducted a coordinated action to tame the yen, Libya announced a cease fire and U.N. passed a no-fly zone resolution over Libya. Spain

Sensex Drops 1.5% on Inflation Worries; Reliance Drops 3.7%

Devan Biswas
18 Mar, 2011
New York City

Stocks in Mumbai declined on the worries that another hike in retail petrol prices will stoke a new round of inflation. Political noise also notched up after a leaked U.S. diplomatic cable hinted that Congress Party offered bribes to win the nuclear treaty vote in Parliament.

G7 Action Drives Yen Lower for Now; Nikkei Rebounds 2.7%

Nigel Thomas
18 Mar, 2011
New York City

Stocks in Japan rebounded after G7 nations initiated round-the-clock intervention in currency market. The yen declined 3.6% by the end of trading and more selling is expected in Europe and in New York later in the day. G7 agreed for a coordinated move, the first such action since 2000.

Australian Stocks Rebound; Talbot Sells 16% Stake in Sundance Resources

Marcus Jacob
18 Mar, 2011
New York City

Australian stocks rebounded after markets in Asia turned positive on the G7 pledge to support the weak yen. The Bank of Japan in a coordinated move sold more than one trillion yen and expected more selling by the European and the U.S. central banks.

Global, U.S. Stocks Brave Higher; Japan Advances in Reactor Containment

Bikram Pandey
17 Mar, 2011
New York City

U.S. indexes closed higher on a positive sentiment after the latest inflation data and a decline in weekly jobless claims. Mixed economic news in Europe and an improvement in German construction industry data lifted indexes in Europe. Commodities edged higher.

U.S. Movers: Actuant, Clarcor, FedEx, Guess, Lululemon, Ross Stores

Mukesh Buch
17 Mar, 2011
New York City

Clarcor first quarter net earnings rose 47% to $21.88 million. FedEx third quarter net income fell 3% to $231 million. Guess fourth quarter net income rose 19% to $103.3 million. Lululemon quarterly net income soared to $54.8 million. Ross Stores net earnings in the quarter soared 13% to $161.8 mn.

FTSE Soars 1.7%, Legal & General Net Down, Premier Farnell Net Up

Arthi Gupta
17 Mar, 2011
New York City

The UK indexes rebounded ahead of the Group of Seven finance ministers meeting. UK inflation estimated to rise to the highest level since August 2008. The OECD forecasted subdued economic growth for UK in 2011. Legal & General fiscal year 2010 revenue and net declined.

VimpelCom Wins Shareholder Approval for $6 Billion Wind Deal

Arthi Gupta
17 Mar, 2011
New York City

Russia based VimpelCom Ltd. said its shareholders approved the combination of the company with Wind Telecom S.p.A. The total deal is valued at $6 billion.

U.S. Jobless Claims Fall, CPI Up 0.5%; FedEx Net Drops

Arthi Gupta
17 Mar, 2011
New York City

U.S. indexes climbed after consumer prices index rose 0.5% in February and weekly jobless claims declined 16,000 to 385,000. Russia based VimpelCom shareholders approved merger with Wind Telecom. FedEx quarterly net declined but beat forecast.

European Stock Up After 6-day Slide; Allianz, Scor, Munich Re Fall

Arthi Gupta
17 Mar, 2011
New York City

European indexes gained after six straight days of declines as U.S. and European scientists help Japan contain radiation leak. A meeting of G7 finance ministers will discuss the impact of the Japanese earthquake on global economy. HeidelbergCement returned to profit.

Euro Area Construction Gains; Switzerland Holds Rate at 0.25%

Arthi Gupta
17 Mar, 2011
New York City

Euro area construction output rebounded in January and German building permits rose in 2010. Swiss economic growth outlook revised up for the current year. Unemployment rate in Greece soared to 14.2% at the end of last quarter and the rate jumped to 18% among women.

Sensex Drops 1%, RBI Lifts Rates and Views on Inflation

Devan Biswas
17 Mar, 2011
New York City

Stocks in Mumbai edged lower after the Reserve Bank of India hiked rates by 0.25% as expected but lifted the current fiscal year inflation estimate to 8% from 7%. Rate sensitive automakers, banks and real estate developers led the decliners.

Nikkei Recovers to 1.4% Fall; Record Yen

Nigel Thomas
17 Mar, 2011
New York City

Stocks in Tokyo in a roller coaster ride dropped as low as 5% after a cautious statement from an American official prompted a sell off in the yen. The yen surged to a post World War II record. Insurance carriers fell and Japanese exporters brace for one month of production loss.

Wesfarmers in Australia Places Premier Coal for Sale; Myer Lowers Outlook

Marcus Jacob
17 Mar, 2011
New York City

Stocks in Sydney in a choppy trading declined to six-month low as international worries overshadowed the trading sentiment. Wesfarmers placed its coal mining division for sales and the retailer Myer lowered its full year outlook for the second time.