Market Update

Nasdaq Down 2.2%, S&P Down 1.4%

123jump.com Staff
27 Nov, 2006
New York City

Market averages closed lower on worries on holiday sales, economic growth, falling dollar and rising oil price. Wal-Mart fell 3% on weaker sales during Thanksgiving Weekend draggig with it other discount retailers. Deep discounts in electronics drove consumers to stores. Ford Motor Company to borrow as much as $18 billion to pay for lay-offs and plant closures. Ford stock falls more than 4%. Silver and Gold trade near record levels. Google drops 4% on specualtion and critical comments in media.

Steep European Decline

Elena
27 Nov, 2006
New York City

European stock markets closed steeply lower Monday, largely due to the continuously weakening dollar which hurt exporter-oriented issues. However, German drugmaker Bayer helped limit the downbeat trend, rising 2.2% on better-than-forecast results. The German DAX 30 tumbled 1.8%, the French CAC 40 slipped 1.5%, while London FTSE 100 dropped 1.2%.

Dow and Nasdaq Plunge

Elena
27 Nov, 2006
New York City

U.S. market averages sharply dropped, as a disappointing sales forecast from Wal-Mart along with a rise in crude oil prices raised concerns about consumers'' holiday spending. Further downward pressure came from the continuously falling dollar, as it weakened demand for U.S. investments. The Nasdaq was pressured by 2% decline in Google shares, while a drop of 2% for Dow component Ford Motor weighed on the blue-chip index.

Sensex Gains 0.5%

Elena
27 Nov, 2006
New York City

The benchmark index advanced in a firm trading session with positive market-breadth, aided also by the strong finish of Asian markets and short covering in derivatives before the expiry of November derivatives. Cement, banking, energy and IT stocks surged, while pharma and oil stocks slipped. ACC, Gujarat Ambuja and NTPC soared, while Dr Reddy led the decliners. India announced on Monday 3.2 million tonnes of imported wheat had so far arrived at its ports vs. the contracted 5.5 million tonnes.

Google Slips 2% on Comments

Elena
27 Nov, 2006
New York City

U.S. stocks reopened lower after the Thanksgiving holiday, dragged down by concerns about the strength of the retail sector, following a same-store sales decline at Wal-Mart Stores Inc. The 0.1% drop also raised worries about the strength of consumer spending during the holiday season. The stock lost 1.5% in early trading. At the same time, early reports showed 6% higher retail sales on Black Friday, almost $9 billion more than last year.

London Dips

Ivaylo
27 Nov, 2006
New York City

Early gains were quickly swept away this morning as BAE Systems tumbled on talk that a big Saudi order may be scrapped, while weak energy issues cancelled housebuilding M&A gains. On the plus side, Tour operator MyTravel has confirmed that it is in talks to acquire package holiday business of rival First Choice, sending both companies higher. By mid-day, the FTSE 100 was down 26.9 points, or 0.5%, to 6,095.6, its lowest level since early October.

Wal-Mart Same-Store Sales Fall

Elena
27 Nov, 2006
New York City

U.S. stock market futures declined on Monday on concerns about a weak retail environment after a disappointing sales forecast from Wal-Mart Stores Inc. Shares of the world''s biggest retailer dropped 0.7% before the bell, as November same-store sales fell 0.1%. Shares of discount retailer Target fell 2.5%, while department stores J.C. Penney and Sears Holdings slipped about 1.5%.

Wal-Mart Expands in India

Elena
27 Nov, 2006
New York City

Wal-Mart tied up with India''s business conglomerate Bharti Enterprises Ltd. to set up hundreds of stores across the country. However, the financial terms of the deal were not revealed. A memorandum of understanding for a joint venture and a franchise agreement had been signed. On saturday Wal-Mart Stores said that U.S. same-store sales in November fell 0.1% from a year ago, the first monthly same-store sales drop since 1996.

Banks Boost Tokyo, HK Ends Lower

Ivaylo
27 Nov, 2006
New York City

Most Asian markets ended higher Monday, with Tokyo stocks lifted by banks and retailers, and Taiwanese shares rising to a six-year high. Shares in Hong Kong, however, finished slightly lower. Tokyo erased early losses to end higher as gains in Mitsubishi UFJ Financial and Inpex Holdings countered weakness in leading exporters after the yen hovered near multi-month highs against the U.S. dollar.

Flat Start for Europe

Ivaylo
27 Nov, 2006
New York City

Worries flourish over the influence of the slipping dollar on companies which generate a high proportion of their earnings in the US. Dollar-sensitive stocks such as software company SAP countered gains from some commodity based stocks and upbeat results from drugmaker Bayer. The U.K. FTSE 100 index lost 0.04%, while the German Xetra Dax traded 19 points or 0.2% lower and the French CAC 40 lost 15 points or 0.3 %.

Precious Metals up on Dollar Weakness

Ivaylo
27 Nov, 2006
New York City

The greenback decline was due to concerns about flagging economic growth in the U.S. Platinum continued its trend of extreme volatility, rising $34 in the Friday session alone. The NYME was closed for trading Friday, leaving the electronic Chicago Board of Trade contract as only way to trade the precious metal. It was the first time the CBOT contract had been open while NYME was closed.

Dollar Declines, Gold Up $10

123jump.com Staff
24 Nov, 2006
New York City

Investors watched consumers battle for discounts at malls and stores. Early indications show a steady flow of customers at malls across the country. Fall in dollar in the international markets against euro and pound kept major stock averages under check in Europe and the U.S. The decline in dollar in the last three days has supported a steady rise in gold, silver and platinum prices. Dollar falls to eighteen-month low against euro and two-year low against pound. Euro closed above $1.30.

Exporter Stocks Push Europe Lower

Elena
24 Nov, 2006
New York City

European stock markets ended lower for the third consecutive session after the U.S. dollar tumbled to its lowest level against the euro since April 2005. Consequently, exporter-related issues declined, with Siemens, Nestle, and BASF each falling 1%. The German DAX 30 slipped 1%, followed by the French CAC 40, down 0.7%, and London FTSE 100, down 0.3%.

Retails Fall on Black Friday

Elena
24 Nov, 2006
New York City

Retail stocks declined on Black Friday as the sector''s main measure dropped into the red in early trading. Family Dollar fell 1.6% after the discount retailer said it won''t file its annual report by the Friday extended deadline, citing its continuing investigation into stock options. Shares in Target Corp. lost about 1%, while Sears Holding inched up 0.4%. Wal-Mart also moved slightly down.

Sensex Firm, Inflation Lower

Elena
24 Nov, 2006
New York City

The market gained momentun today as buying in large-caps intensified. In early trading four block deals executed in HDFC gave the benchmark index a boost. Later, though, profit-booking prevailed but the Sensex still managed to finish in positive territory. NTPC, Dr Reddy and Tata Steel led the gainers on BSE, while Hero Honda, a top performer yesterday, led the decliners. Inflation in the 12 months to Nov. 11, was marginally lower than the the figures previous week.