Ivaylo
06 Jun, 2007
New York City
Asian markets closed mostly lower on Wednesday, as investors took profits in Tokyo, while Shanghai bucked the overall downtrend and advanced as the government is expected to take steps to support the market. Taiwan also finished higher. In Japan, exporters led the stocks lower on disappointment that U.S. Federal Reserve is unlikeky to reduce the rates.
Ivaylo
06 Jun, 2007
New York City
Although the market opened marginally higher it soon came under heavy selling pressure and declined sharply in afternoon trade. Large-caps across the board fell with Reliance Industries and ONGC strongly impacting the market in view of their heavy weightage. Tata Steel led the decliners today, while Hindalco and Reliance Comms were among the few gainers in the Sensex. The government of India has approved 24 Special Economic Zones to be established in the country.
Ivaylo
06 Jun, 2007
New York City
European markets declined on Wednesday on worries about interest rate direction in both Europe and the U.S. and poor performance in the telecommunications sector, which countered advances from health care companies like GlaxoSmithKline. E.ON and Iberdrola led a drop by utilities, among companies most sensitive to shifts in borrowing costs. The German DAX Xetra 30 index lost 0.5%, the U.K. FTSE 100 index slipped 0.5% and the French CAC-40 index traded 0.4% lower.
Ivaylo
06 Jun, 2007
New York City
The benchmark index opened higher and was firm until the afternoon session when selling pressure on large-cap stocks emerged and pulled the market down. Tata Motors and SBI are leading the decliners at that time, while stable copper prices saw Hindalco advance. The market-breadth is negative and the turnover on BSE is very high.
Elena
05 Jun, 2007
New York City
European stock markets erased earlier gains to close lower on Tuesday, led by weakness in the transport sector as investors sold shares in low-cost airline Ryanair. The Irish carrier fell 6.8% after it said that profit for fiscal 2007 rose a stronger-than-forecast 42%, but also warned that profit would rise just 5%, far below the 42% growth seen last year. The French CAC-40 lost 0.8%, the German DAX Xetra 30 slipped 0.7%, while the U.K.''s FTSE 100 fell 0.5%.
123jump.com Staff
05 Jun, 2007
New York City
Rising bond yields in the U.S., rate hike expectations on tomorrow in Europe, worries of economic slowdown in Latin America kept indexes lower in the regions. Shanghai bounced back and several Asian markets tracked new records. In New York, Google closed record high. In Europe, airlines closed lower on traffic warnings from Ryanair, in Hong Kong, Cnooc and PetroChina closed up 4%, and State Bank of India gained 2% in Mumbai. LG.Philips closed up 4% on revised target price from a local broker.
Elena
05 Jun, 2007
New York City
U.S. market averages remained in the negative territory, weighed down by concerns that the Fed Reserve will not cut interest rates in the near future after Chairman Ben Bernanke made upbeat comments on the economy and service-sector data in May topped analyst estimates. Retail, software and utilities sectors showed considerable weakness. Housing stocks also remained under pressure.
Elena
05 Jun, 2007
New York City
Telecoms were led by Avaya which gained 2.2% after the company agreed to a $8.2 billion buyout from two private-equity firms. Among other stocks in the sector, Ciena dropped 5%, while Sprint Nextel lost 0.9%. Some software stocks posted notable losses. Communications software developer Openwave Systems slipped 15.9% after it rejected an offer to purchase 49% of its outstanding shares.
Elena
05 Jun, 2007
New York City
Wall Street saw a weak opening Tuesday amid concerns that rate cuts are not likely in the near term after the Fed Reserve Chairman Bernanke said inflation risks remain to the upside. The Nasdaq was weighed down by 5.7% drop in the shares of Bed Bath & Beyond after the home goods retailer warned that its Q1 profit will miss forecasts. Goldman Sachs downgraded the stock to neutral from buy.
Ivaylo
05 Jun, 2007
New York City
London nudged higher on Tuesday supported by robust earnings from United Utilities and Carphone Warehouse, while investors were wary ahead of the European Central Bank decision on the Eurozone interest rates scheduled for Wednesday, and the Bank of England decision, largely believed to pause rasing the rates, on Thursday. In late morning session, the FTSE 100 gained 21 points, 0.33%, at 6,686.2
Elena
05 Jun, 2007
New York City
U.S. stock futures were indicating a lower opening Tuesday, with the market awaiting data on the nation''s service sector. The ISM index on non-manufacturing industries in May is expected to hold steady at 56%. In addition, the Fed Reserve''s Chairman Bernanke said in a speech that U.S. inflation risks are on the upside, giving investors little incentive to buy.
Ivaylo
05 Jun, 2007
New York City
Asian markets finished mostly higher on Tuesday. China recovered in volatile trading on Tuesday after the steepest one-day decline in three months yesterday as firm buying by institutions countered selling by retail investors. Japan and Hong Kong also finished up. Tokyo advanced for a fourth straight session, on strength in technology and pharmaceutical shares. HK recovered from a weak performance in the morning session and climbed.
Elena
05 Jun, 2007
New York City
Under the terms of the deal, Avaya shareholders will receive $17.50 in cash for each share of common stock they hold. Avaya said its board had approved the merger agreement with Silver Lake and TPG, suggesting that its shareholders should accept the deal. The transaction is expected to be completed in the autumn.
Ivaylo
05 Jun, 2007
New York City
The benchmark index opened slightly lower and until noon was highly volatile on weakness in oil stocks. In the afternoon session the market firmed up as banking stocks and especially a rally in SBI and Reliance Energy supported the recovery. A rebound in global markets and China in partucular also aided the rally. Bajaj Auto, Infosys and Bharti Airtel also gained while ITC and Larsen & Toubro led the decliners. The government is likely to increase the sugar buffer stock to 5 million tons.
Ivaylo
05 Jun, 2007
New York City
European markets advanced on Tuesday as telecoms stocks, financials and oil groups all added up to the cautious recovery coming after recent China market slump. Telecoms were higher as bid talk was in focus involving Vodafone viewed as a potential private equity fund target. In late morning trade, Frankfurt Xetra Dax added 0.2%, the CAC 40 in Paris climed 0.2% and London FTSE 100 gained 0.3%.
