Ivaylo
29 Aug, 2006
New York City
Japanese shares rebounded on Tuesday, buoyed by a weaker currency. The yen fell to 149.97 against the euro in overnight markets, a new low. That sparked buying among exporters like carmakers. Hong Kong gained as property companies led advancers, while South Korea rose on exporters. Australia and China also gained.
Ivaylo
29 Aug, 2006
Frankfurt
European markets traded in the positive territory on Tuesday, with U.K. stocks riding higher after a three-day weekend and Bayer stronger after announcing job cuts and an 11% profit rise. U.S. markets closed higher on Monday in a broad-based rally, buoyed by a fallback in the price of oil. In Europe, the FTSE 100 in London rose 0.5%, the Frankfurt Xetra Dax advanced 0.2% and the CAC-40 in Paris added 0.1%.
Ivaylo
29 Aug, 2006
Metals
There was some corroborative selling in gold as oil came down. Oil prices dropped nearly $2 a barrel Monday as Ernesto was downgraded to a tropical storm and forecast to miss the energy production areas of the Gulf of Mexico. Silver, platinum and palladium also declined. Only copper rose.
123jump.com Staff
28 Aug, 2006
New York City
Market averages gained as much as 1% in the late afternoon trading as oil closed nearly 3% lower. Oil declined on the news that the Tropical Storm Ernesto is likely to miss key oil and gas location in the Gulf of Mexico. Two deals on Monday also kept bankers and traders busy. Kinder Morgan agreed to be bought out for $15 billion by a management led buyout. Giant Refineries agreed to be acquired by Western Refining for $1.23 billion. European stocks gained and Brazil and Mexico rose 1%.
Elena
28 Aug, 2006
Frankfurt
European markets finished higher with light trading volume. Among the few stocks showing strong trading volumes were Banca Intesa and Sanpaolo IMI after the two agreed over the weekend to a merger. Banca Intesa''s shares closed down 1.6% and Sanpaolo IMI declined 1.7%. The German DAX 30 finished higher by 0.8%, while the French CAC 40 ended up 0.7%. The U.K. market was closed for a holiday.
Elena
28 Aug, 2006
New York City
Stocks traded above the flat line as strength in the tech sector overshadowed weakness in the energy sector. Intel Corp. advanced 1.1% following a brokerage upgrade to outperform from market perform. A partnership between eBay Inc. and Google Inc. also provided support, sending Ebay shares up 2.6% and Google''s up 1%.
Elena
28 Aug, 2006
Mumbai
The Sensex on BSE traded firm during the session , but for most part of the day lacked buying impulses. In the final minutes of trading, though, blue-chips were again in demand, helping the benchmark index to record a modest gain. Reliance Industries, Hindustan Lever and State Bank of India led the turnaround. Stocks from aluminium, cement, engineering, petrochemical, power, software and steel sectors also advanced. Tech Mahindra IPO surges 51% from the offer price.
Elena
28 Aug, 2006
New York City
U.S. stocks moved modestly higher at opening. Technology stocks were driven by a deal between Internet search leader Google and auction Web site Ebay. Google will begin selling advertising on EBay and help buyers quickly do business with online merchants. Ebay rose 2.4% to $25.91, while Google rose $3.07 to $376.33.
Elena
28 Aug, 2006
New York City
Stock futures moved lower, reflecting overseas losses and uncertainty ahead of economic data releases later in the week. Investors, concerned over the outlook for interest rates and a sharper-than-expected slowdown in economic growth, paid little attention to a drop in oil prices and a $22 billion buyout of Kinder Morgan.
Elena
28 Aug, 2006
New York City
The offer represents a 5.7% premium over the company''s closing stock price on Friday and a 27% premium over the closing price on May 26, the last trading day before the investor group made its proposal. The deal is expected to close at the beginning of 2007.
Ivaylo
28 Aug, 2006
New York City
Exporters including Canon and Toyota declined on concerns that a U.S. slowdown would hurt profits. Traders in Japan were also cautious, awating key domestic economic releases of unemployment figures on Tuesday and of industrial production data on Thursday. In Hong Kong, stocks dropped on concerns reflecting the possible slowdown of U.S. economy. South Korea closed flat, while in Taiwan, shares ended at their lowest level in three weeks.
Ivaylo
28 Aug, 2006
Frankfurt
European markets edged lower in early trading as crude oil prices fell to below $72 a barrel after a hurricane in the Caribbean was downgraded to tropical storm, reducing the threat of damage to oil production facilities in the Gulf of Mexico. Also shares in Banca Intesa and Sanpaolo IMI slid after the two agreed a merger plan over the weekend, while Unilever climbed after agreeing to sell its European frozen food business.
Ivaylo
28 Aug, 2006
Metals
In the absence of any key economic data, the market lacked direction on Friday and short covering was observed once again during the session. While gold was being supported to some extent by hiking crude oil prices, the overall tone remains quiet and was punctuated by thin trading conditions.
123jump.com Staff
26 Aug, 2006
Frankfurt
Banca Intesa and Saopaolo IMI have agreed to merge creating the largest Italian bank with $700 billion in assets and 7,700 branches. The current number one, Unicredit has $300 billion in assets. The combined bank is likely to cut costs by laying-off people and investing in information system. Italian banking industry is likely to see more local mergers in the coming years to prevent other smaller rivals from being gobbled up by foreign banks.
123jump.com Staff
25 Aug, 2006
New York City
Market averages meandered during the day as traders found no direction for interest rate in the Chairman Bernanke speech. Rise in oil also kept stock market in check. Two developing storms in the Gulf and Caribbean regions kept oil traders on the edge. H&R Block fell 9%. Ford Motor is reported to be in talks to sell its luxury division. Robert Rubin resigned from the Ford board citing potential conflict of interest.
