Ivaylo
21 Nov, 2006
New York City
Asian stocks recovered on Tuesday, as property stocks supported Hong Kong and Singapore, while the Nikkei in Japan gained slightly as large-caps rebounded from the losses of previous session. Advances by technology companies in Japan were held back by declines in banking and construction stocks, while a drop in South Korean auto makers countered a rise in the telecommunications sector. Australia and New Zealand also gained, as well as Taiwan.
Ivaylo
21 Nov, 2006
New York City
European stocks markets advanced on Tuesday as banks rallied, while luxury goods groups rebounded after data showed strong exports of Swiss watches. Results from Icap and British Land and an advance in the shares of stock exchange operator Deutsche Boerse also boosted the financial services sector. By mid morning, the FTSE 100 in London climbed 0.1%, Frankfurt Xetra Dax gained 0.2%, and the CAC 40 in Paris added 0.2%.
Ivaylo
21 Nov, 2006
New York City
Industrial demand for platinum usage in catalytic converters and electronics has been supportive for the market. There has been a steady influx of demand, while supply is rather tight, relative to demand. Demand for auto catalysts was forecast to rise 15% this year. Gold, as well as silver slipped yesterday, while palladium advanced. Arabica coffee and raw sugar settled higher, while oil prices declined below $59 a barrel.
123jump.com Staff
20 Nov, 2006
New York City
Blackstone Group, private equity group agreed to acquire Equity office Properties for $20 billion and assuming the debt of $16 billion. Bank of America agreed to purchase U.S. Trust from Charles Schwab for $3.3 billion to boost its private banking business. Nasdaq, the electronic market for tech and small companies, said that it has raised its stake in London Stock Exchnage to 28.75% and offered $5.1 billion. LSE rejected the offer and Nasdaq plans to take the offer directly to shareholders.
Elena
20 Nov, 2006
New York City
European stock markets closed in the positive Monday, lifted by merger activity in the metal and exchange sectors and weaker crude oil prices. The German DAX 30 led the regional gainers with an advance of 0.62%. The index was boosted by 2% gain for defensive utility stocks RWE and E.On, as well as lower oil. The French CAC 40 gained 0.28% and London FTSE 100 added 0.2%. Oil sensitive stocks contributed to the advance, with airline Air France-KLM and cruise operator Carnival moving higher.
Elena
20 Nov, 2006
New York City
Stocks gained some ground in late morning trading, helped by a series of merger deals. Charles Schwab, brokerage and financial services firm, agreed to sell its wealth-management subsidiary U.S. Trust to Bank of America Corp. for $3.3 billion in cash. The deal is expected to close on March 31. Charles Schwab rose 1.9%, while Bank of America shares gained 3 cents to $54.88.
Elena
20 Nov, 2006
New York City
The benchmark index managed to stage a remarkable comeback in the latter part of trading after trading in negative territory almost throughout the session. It was tech stocks which were at the forefront of the reversal, with Bharti Airtel, spurting more than 6%, and leading the advance. HDFC and Infosys were the other big gainers. Cement maker ACC and banks led the decliners. Indian rupee took a plunge against dollar.
Elena
20 Nov, 2006
New York City
The London Stock Exchange rejected a fresh takeover bid from The Nasdaq Stock Market which made its second attempt to acquire the company. LSE said that the $5.1 billion bid ''substantially undervalued'' the London Market. The offer represents a premium of 54% on LSE''s closing price March 10, the day before the LSE said it had received an approach, and was the minimum bid it could make under British takeover rules.
Ivaylo
20 Nov, 2006
New York City
Broadcaster ITV was the worst performer after news that satellite broadcaster BSkyB has taken a 17.9% stake in the group, raising fears that it could scupper a takeover by NTL. The mining sector was upbeat on hopes of takeover activity after US peer Freeport-McMoRan Copper announced plans to buy copper miner Phelps Dodge. In the mining sector, Antofagasta led the advancers. By mid morning, the FTSE 100 in London lost 24.7 points, 0.4%, to 6,167.2.
Elena
20 Nov, 2006
New York City
U.S. stock market futures were trading in the negative territory Monday morning, reflecting inflation concerns and weakness in overseas markets. Several multibillion-dollar acquisition deals failed to offset the negative mood. Freeport-McMoRan agreed to acquire Phelps Dodge for $26 billion and The Blackstone Group offered $20 billion for Sam Zell''s Equity Office Trust. Freeport-McMoRan shares fell 3.3%, while Phelps Dodge shares surged 30% in pre-open trading. Blackstone tacked on 7%.
Elena
20 Nov, 2006
New York City
The transaction will create the world''s largest publicly traded copper company. Freeport-McMoRan valued its offer at $126.46 per share, 33% premium over the $95.02 closing price for Phelps Dodge shares on Friday. Each Phelps Dodge share would be exchanged for $88 in cash plus 0.67 of a common share of Freeport-McMoRan.
Ivaylo
20 Nov, 2006
New York City
Asian shares finished mostly lower Monday, as regional markets followed sharp declines in Japan, where financial and commodity stocks declined. Japanese shares dropped sharply due to uncertainty over tax breaks for share investments, with financial and commodity stocks as well as oil and machinery issues leading declines. Hong Kong shares closed lower tracking weaker Japanese stocks. South Korean shares also fell, pulled down by banks and auto makers, and profit-taking.
Ivaylo
20 Nov, 2001
New York City
European stock markets fell on Monday as a number of heavily-weighted sectors, including media stocks, banks, oil producers and carmakers all dropped, extending the losses felt late last week. Carmakers rallied strongly at the begining of last week on bid talk but quickly fell after Porsche made it clear it was not planning a full takeover of Folkswagen. By mid morning, London FTSE 100 lost 0.5%, 1.Frankfurt Xetra Dax fell 0.5%, and the CAC 40 in Paris shed 0.8%.
Ivaylo
20 Nov, 2006
New York City
Initially gold sold off as energy prices weakened and the dollar climbed. But then as the dollar pulled back and oil prices pulled up, gold recovered. There is a general sentiment that December gold support area is $615-$618. There is also some feeling that gold could move higher into the end of the year. Platinum and copper rose on Friday too while silver slipped.
123jump.com Staff
17 Nov, 2006
New York City
Market averages traded listless for the most part of the day. Lower than expected start in new home construction failed to offset the fall in oil prices. Oil prices dropped in New York and European trading. Nymex IPO priced at $59 rose 120% on the first day of trading to close at $132. CSN of Brazil is expected to bid $8 billion for Corus Group in the UK. European markets fell across the region and Asian markets continued to climb during the week.
