Elena
30 Aug, 2006
New York City
Crude oil prices fell 61 cents to $69.10 a barrel after a weekly petroleum report showed an unexpected rise in oil stockpiles. Crude supplies rose 2.4 million barrels to 332.8 million for the week ended Aug. 25, contrary to expectations for a decline. Gasoline inventories rose 400,000 barrels to total 206.2 million barrels.
Elena
30 Aug, 2006
Mumbai
The Sensex on BSE has gained 317 points, or nearly 3% in the last five sessions. The benchmark index closed almost flat, after a firm start and a volatile and session. The markets managed to surge in the latter part of trading boosted by gains in large-caps. Reliance Industries, State Bank of India, ITC and Ranbaxy led the advancers. Hotel stocks finished also higher, while the aluminium, engineering and steel stocks slipped.
Elena
30 Aug, 2006
New York City
An upward revision to Q2 GDP boosted market indexes at opening as the Commerce Department measured that gross domestic product rose 2.9%, higher than the original estimate of 2.5% and roughly in-line with economists'' expectations of an increase by 3%. U.S. stocks also gained on comments by Federal Reserve official Richard Fisher which helped sooth inflation concerns.
Elena
30 Aug, 2006
New York City
The government''s second estimate of GDP was revised upward to 2.9%, near the 3% revision analysts were expecting. The Commerce Department said that the upward revision reflects higher than previously estimated readings on exports of goods, non-residential structures, private inventory investment, and state and local government spending.
Elena
30 Aug, 2006
New York City
U.S. stock futures were sitting near the flat line Wednesday morning following a profit warning from Costco Wholesale and an advance by the oil price. Costco forecast earnings per share of 68 cents to 71 cents for Q4 and $2.23 to $2.26 for the fiscal year ending Sept 3. Analysts expected it to earn 77 cents for the quarter and $2.33 for the year.
Ivaylo
30 Aug, 2006
New York City
Asian markets closed mixed Wednesday as Japanese stocks saw declines accelerate across the board, while Hong Kong and Taiwan got a boost from indications the Federal Reserve Board may stop from more rate hikes in the near term. South Korean stocks closed lower as foreigners sold large capitalized stocks in favor of smaller issues. Shares in China closed marginally higher as property companies advanced after the yuan posted another post-revaluation high.
Ivaylo
30 Aug, 2006
Frankfurt
Although minutes from the US Fed last interest rate setting meeting did not give the markets great direction, U.S. stocks turned round early losses to end in positive territory. In early european trading, transport stocks were higher helped by the retreat of oil prices. By mid morning, London FTSE 100 rose 0.4%, while Frankfurt
Ivaylo
30 Aug, 2006
Metals
As the energy market is retreating, there is less fear that there is going to be inflationary pressures. This, in turn, reduces the likelihood of any future Federal Reserve rate hikes. When inflationary fears subside, this also means an increased likelihood of an economic slowdown, thus reducing the need to resort to safe havens such as gold.
123jump.com Staff
29 Aug, 2006
New York City
Market averages traded on light volume and responded positively to the release of Fed minutes of meetings. Nine of the ten voting members felt that raising rate was not necessary during the Aug 8th meeting. Only one voting member felt otherwise. However, future rate hikes are not discounted. Brokerage sector stocks fell. European and Latin American stocks closed up a fraction. Oil fell below $70.
Elena
29 Aug, 2006
Frankfurt
European markets closed in the positive, supported by gains for mining and technology stocks. The tech sector advanced, with STMicroelectronics and Infineon Technologies each rising 1.7% after Merrill Lynch reiterated its buy rating on STMicroelectronics. The German DAX 30 edged up 0.1%, while the French CAC 40 and London FTSE 100 both rose 0.5%.
Elena
29 Aug, 2006
New York City
Stocks came under pressure after data showed consumer confidence in August sharply dropped, adding to recent concerns about the strength of economy. Life insurance company Prudential Financial agreed to pay $600 million to settle charges with federal and state regulators that one of its units engaged in inappropriate mutual fund trading.
Elena
29 Aug, 2006
Mumbai
Sensex reached a new three-month high, supported by lower crude oil prices and positive global sentiment. In a late session, trading was subdued and stocks lost or gained little ground but closed well into the positive. Banking, energy, engineering, software and telecom stocks led the advancers today, while cement, petrochemical, power and steel stocks declined. Oil exploration large-cap ONGC gained 2.3%, while Reliance Industries slipped 0.5%.
Elena
29 Aug, 2006
New York City
The Conference Board said that consumer confidence in August dropped to its lowest level since last November. The consumer confidence index fell to 99.6 from a revised 107.0 in July. The fall was sharper than expected. Economists expected the index to drop to 102.7 from the initial estimate of 106.5 in July.
Elena
29 Aug, 2006
New York City
Stock markets lacked direction at opening with investors cautious ahead of FOMC meeting minutes and consumer confidence report. Oil prices continued to retreat, falling below $70 per barrel. In earnings news, Sanderson Farms posted Q3 earnings drop of 16 cents a share from a profit of $1.19 a share a year ago, including an income tax benefit. Restoration Hardware surged 15% after the company said it swung to a quarterly profit and expects margin improvements.
Elena
29 Aug, 2006
New York City
Stock market futures indicated a flat start Tuesday ahead of FOMC meeting minutes release and consumer confidence data. Bayer reported Q2 earnings climbed 11% from the prior year, driven by an upside in sales from continuing operations. In addition, Bayer said it launched restructuring program that includes the closing of certain cites and elimination of 1,500 jobs, especially in North America.
