Market Update

Miners Pull FTSE down

Ivaylo
30 Jan, 2007
New York City

The FTSE was lower by mid-day on Tuesday as weakness in the mining sector remains the dominant feature with copper prices volatile and an uninspiring production statement from Kazakhmys unsettling its rivals as well. Other miners were also week including Vedanta, Antofagasta, Xstrata and Lonmin. Corus is one of the advancers as the auction between Tata and CSN draws to a conclusion later today. In the wider market, the FTSE 100 shed 18.6 points to 6,221.5.

Tata Steel Tops Views in India

Ivaylo
30 Jan, 2007
New York City

Tata Steel, resource company, has reported a Q3 consolidated net profit increase of 27.3%. Net revenues advanced 18.86%, while revenue from steel business advanced more than 20%. Total income grew considerably. Tata is reportedly considering a sweetened bid for Corus ahead of the auction. Tata competes with CSN of Brasil. The shares of Tata finished Rs10 higher yesterday on BSE.

Earnings Drive Stock Futures Up

Elena
30 Jan, 2007
New York City

U.S. stock futures pointed to a higher opening on Tuesday, lifted by upbeat earnings results. Blue chip company Procter & Gamble reported 12% profit increase in Q2 and lifted its annual profit guidance. Colgate-Palmolive posted better-than-expected results, while Dow component 3M Co. posted 58% profit rise, which matched expectations excluding items.

3M Profit Soars 58%

Elena
30 Jan, 2007
New York City

The company said its profit increased to $1.18 billion, or $1.57 a share, from $746 million, or 97 cents a share, earned a year ago. The latest quarter''s per-share figure includes 47 cents on the sale of its pharmaceutical unit. 3M

Japan Edges Higher, Shanghai Dips

Ivaylo
30 Jan, 2001
New York City

Most Asian markets ended higher on Tuesday, with Japanese stocks supported by Honda Motor and Hong Kong stocks advancing on futures-related trading, while property firms pulled Chinese stocks lower. In South Korea, advances in insurers, banks and builders led the stock market modestly higher. In Australia, takeover activity continued to support the market. The Shanghai Composite Index bucked the trend.

Europe Declines on Banks, Telecoms

Ivaylo
30 Jan, 2007
New York City

European sock markets declined on Tuesday as losses in the heavily-weighted banking, resources and telecommunications sectors countered gains for airlines and luxury goods. Airline stocks were higher as investors bought into the sector supported by lower oil prices and lack of interest in shares of Alitalia. In early trade, the FTSE 100 in London shed 0.3%, Frankfurt Xetra Dax was little changed, and the CAC 40 in Paris fell 0.2%.

Copper Futures Decline

Ivaylo
30 Jan, 2007
New York City

Copper futures fell Monday at the New York Mercantile Exchange amid follow-through weakness from Friday and another rise in exchange-held stocks. A technical-based selling pressured prices after the metal failed to advance on Friday following some economic and demand news. Gold and silver prices settled down but the prospects for gold for 2007 are that demand should consolidate and the market will firm up gradually over the year. Oil, natural gas and heating oil also dipped.

Rate Worries Drag Averages

123jump.com Staff
29 Jan, 2007
New York City

Market averages meandered ahead of Fed meetings this week. Fall in oil price helped transportaion and aviaation sectors. Two merger deals of more than a billion dollar in banking industry dominated the morning trading. Asian markets closed mixed as banks posted strong gains in Shanghai but were a drag on other markets region-wide, European markets closed higher helped by gains from airlines and the technology sector, while Latin America markets finished lower.

Airlines Take Europe Higher

Elena
29 Jan, 2007
New York City

European stocks closed higher Monday, supported by strong airlines and technology stocks. However, weakness in the telecoms sector limited the upside move. Airlines Deutsche Lufthansa, Ryanair, easyJet and Air France-KLM all rose more than 1%. Shares in British Airways rose 2.8%. Technology shares such as software giant SAP and Alcatel-Lucent also supported markets by gaining about 1%. The German DAX 30 closed up 0.5%. The French CAC-40 gained 0.7%, and the U.K. FTSE 100 edged up 0.2%.

Intel and IBM Lift Dow

Elena
29 Jan, 2007
New York City

U.S. market averages traded in the positive, as merger news, falling oil prices, and enthusiasm over new technologies from chip makers, offset caution before the Fed Reserve''s meeting on interest rates. Tech stocks boosted the Dow after both Intel and IBM announced that they are developing new materials to produce smaller and faster chips. Intel rose 2%, while IBM gained 0.9%. Hewlett-Packard rose 2.3%, after solid results from Canon led UBS to forecast solid gains for HP''s printing unit.

Intel and IBM Lift Dow

Elena
29 Jan, 2007
New York City

U.S. market averages traded in the positive, as merger news, falling oil prices, and enthusiasm over new technologies from chip makers, offset caution before the Fed Reserve''s meeting on interest rates. Tech stocks boosted the Dow after both Intel and IBM announced that they are developing new materials to produce smaller and faster chips. Intel rose 2%, while IBM gained 0.9%. Hewlett-Packard rose 2.3%, after solid results from Canon led UBS to forecast solid gains for HP''s printing unit.

Sensex Down 0.5%, Rate Hike Worries

Elena
29 Jan, 2007
New York City

The market was wary Monday, expecting RBI decision on short-term interest rates due this Wednesday. Reliance Industries ended in positive territory, supporting the market. Banks plunged with ICICI Bank leading the decline. Other decliners included Tata Motors and Satyam. Reliance Communication and Tata Steel led the advancers as the metal sector finished higher. Reported earnings so far have been stronger than expected and significantly better than a year ago.

Merrill Lynch Buys First Republic for $1.8 B

Elena
29 Jan, 2007
New York City

U.S. stocks opened moderately higher Monday on earnings and deal news. In early earnings highlights, Mattel reported Q4 net income of growth of 75 cents a share, up from 69 cents a year ago, exceeding estimates of 67 cents a share. Meat producer Tyson Foods swung to profit in Q1, breaking a series of three quarterly losses. The company reported a higher-than-expected profit jump of 46% due to higher chicken sales and lower cost.

Prudential Boosts FTSE

Ivaylo
29 Jan, 2007
New York City

Prudential advanced in London on Monday as the life assurer agreed the sale of Egg, its internet bank. Citigroup has agreed on the proposed price. The telecom sector declined after a profit warning from Deutsche Telekom. British Airways led the advancers as a likely strike in the company was called off, while Drax Group led the decline. In afternoon trade, the FTSE 100 was 9 points higher at 6,236.9

Verizon Helps Stock Futures

Elena
29 Jan, 2007
New York City

U.S. stock futures moved slightly higher Monday, helped by earnings reports and some merger activity. Dow component Verizon Communications reported Q4 earnings decline to 35 cents per share, down from 59 cents last year, blaming taxes on the sale of assets and costs related to a spinoff. However, the results beat analyst estimates as the telephone company''s cellular business added 2.3 million customers.