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Market Update

Nikkei Drops 0.9%; Steel Production Estimated Flat

Chandrasekhar Atreya
20 Dec, 2010
New York City

Tokyo stocks dropped the most in a month on a stronger yen against the euro damping outlook for exporters. Rising tensions in the Korean peninsula contributed to the market jitters. Crude steel production is expected to stay flat in 2011.

Australian Retailers Face Worst Holiday Season in Two Decades

Chandrasekhar Atreya
20 Dec, 2010
New York City

Stocks in Australia fell as the markets in the region declined after South Korea conducted live military exercises. Australian retailers face the bleakest holiday season as consumers seek deals overseas online. Australia released the much awaited broadband report. Crane Group, the building products company, rejects the hostile offer of Fletcher Building.

S&P 500, Dow Indexes at 2-Year Highs; AT&T Lifts Dividend

Bikram Pandey
17 Dec, 2010
New York City

U.S. retailers were in focus as investors revise higher holiday sales expectations. The index of leading indicators increased in November as economic momentum builds. AT&T lifted dividend 2.4% and planned to buyback 300 million shares. For the week, the Dow up 0.8% and the S&P 500 added 0.4%.

UK Confidence at 20-Month Low; Ireland Rating Cut

Arthi Gupta
17 Dec, 2010
New York City

The UK indexes declined after Moody

U.S. Movers: Oracle, Research in Motion, Take-Two Interactive

Mukesh Buch
17 Dec, 2010
New York City

Accenture, first quarter total revenues increased 13% to $6.48 billion. ITT Corp., forecast total revenue for fiscal 2011 approximate $11 billion. Oracle, second quarter revenues surged 47% to $8.58 billion. Research In Motion, third quarter revenue increased 40% to $5.49 billion.

EU Leaders Agree on Bailout Fund Conditions

Arthi Gupta
17 Dec, 2010
New York City

The European indexes fell after euro-zone trade surplus exceeded in October. The EU decided to set up a permanent bailout mechanism. German business confidence rose in December. The IMF noted recovery in the Danish economy.

U.S. Congress Passes Tax Cut Bill; Oracle, RiM Net Surge

Arthi Gupta
17 Dec, 2010
New York City

The U.S. Congress voted in favor of the tax cut bill. The EU agreed on permanent rescue fund. American Express agreed to acquire Munich-based Loyalty Partner. BMO Financial acquired Marshall & Ilsley for $4.1 billion.

China and India Look to Boost Trade to $100 Billion

Chandrasekhar Atreya
17 Dec, 2010
New York City

China key stock indexes drop on inflation concerns. China and India agree to boost trade to $100 billion by 2015. Throughput at Shanghai port surges 22% in November. China

Japanese Railcar Makers Get $4.8 Billion U.S. Orders

Chandrasekhar Atreya
17 Dec, 2010
New York City

Tokyo stocks stayed flat amid softer yen and debt worries from Europe. Nippon Sharyo and Sumitomo get railcar orders worth $4.8 billion from the United States. Smartphone sales expected to surge 190% this year. Japan expects to hike taxes on fossil fuel from next October.

Sydney Drops; Santos Sells Stake in Gladstone

Chandrasekhar Atreya
17 Dec, 2010
New York City

Australian stocks edged down led by banks and lower mining stocks. Santos sells 15% stake in Gladstone LNG for A$665 million to fund the project. Western Australia revises its full year budget surplus upwards. Reserve Bank of Australia plans a liquidity facility to help banks conform to Basel norms.

U.S. Housing Data Lift Sentiment; Visa, MasterCard Plunge

Bikram Pandey
17 Dec, 2010
New York City

U.S. stocks turned positive after housing starts rose 3.9% and initial jobless claims declined. Spain paid a premium rate of 5.45% to sell $3.2 billion 15-year bonds. Visa Inc and MasterCard Inc plunged as much as 12% after Fed proposed to limit interbank debit card charges.

U.S. Movers: Winnebago, Nordson, Scholastic

Mukesh Buch
16 Dec, 2010
New York City

FedEx second quarter revenue surged 12% to $9.63 billion. General Mills, second quarter net sales increased 0.8% to $4.07 billion. Herman Miller, second quarter net sales grew 19.9% to $412.2 million. Rite Aid third quarter revenues fell 2.4% to $6.2 billion.

UK Retails Sales Rise; Ireland GDP Expands

Arthi Gupta
16 Dec, 2010
New York City

The UK indexes closed lower and retail sales rose in November. Irish GDP expanded 0.5% in the third quarter and factory gate prices remained stable in November. Rolls-Royce secured $89 million contract for U.S. Navy T-45 trainer engine support.

Spanish Bond Sale Successful as Yields Shoot Up 20%

Arthi Gupta
16 Dec, 2010
New York City

The European indexes fell ahead of the EU leaders meeting in Brussels. Spain sold

U.S. Foreclosure Filings Fall 21%; Jobless Claims Decline 3,000

Arthi Gupta
16 Dec, 2010
New York City

U.S. stocks traded sideways after weekly jobless claims fell and housing starts rose more than anticipated. Spain completed