Elena
04 Aug, 2006
New York City
The report released by the Labor Department showed that the U.S. economy added fewer than expected jobs and an unexpected increase in the unemployment rate. Non-farm payroll employment increased by 113,000 in July compared to expectations of an increase of 150,000 jobs, while the unemployment rate rose to 4.8% in July from 4.6% in June.
Elena
04 Aug, 2006
New York City
Stocks rallied after the Labor Department reported weaker-than-expected July employment growth, which raised hopes that the Fed Reserve will halt its interest rate hikes. This sent treasury yields lower and prompted a rally in the home building sector. DR Horton climbed more than 7%, Pulte Homes posted an advance of more than 5%. Even Hovnanian gained 3%, despite its profit warning.
Elena
04 Aug, 2006
New York City
The last four years mark one of the most prosperous periods in the 30-year history of the company, largely due to the growing sales of its iPod player. The company''s market value has grown by $55 billion since September 2002, with its stock price rising nearly 10-fold. The company also said it will delay filing its report for the latest quarter with the SEC. In aftermarket trading shares of Apple fell 6.6% to $65.
Ivaylo
04 Aug, 2006
New York City
Asian stock indexes were mixed Friday, as two rate hikes in Europe strenghtened concerns that rising global interest rates could curb growth and limited enthusiasm about a one-month high reached by the Dow Jones Industrial Average overnight. Investors were held back as they awaited the U.S. Federal Open Market Committee meeting next Tuesday to make out U.S. interest rate trends.
Ivaylo
04 Aug, 2006
Frankfurt
European stocks on Friday recovered some of the last session rate-hike inspired losses, with markets moving higher before the release of a key piece of U.S. economic news. News from Electricite de France, Anglo American and Philips Electronics also boosted the indexes, as well as Allianz and Swiss reinsurer Swiss Re. The German DAX Xetra 30 index rose 0.5%, the French CAC 40 index added 0.4% and the U.K. FTSE 100 index gained 0.2%.
Ivaylo
04 Aug, 2006
Metals
The metals faced a very nervous market as some small buying was seen early as the euro rallied versus the dollar, but once that dried up, the metals drifted lower. Gold, silver, platinum, palladium all fell, together with crude oil and gasoline. Only Arabica coffee futures gained, hitting a three a three-month high.
123jump.com Staff
03 Aug, 2006
New York City
Weak earnings from Prudential, Sprint Nextel, Transocean, Starbucks and Medtronics pressured averages in the opening hours of trading. Trading community has ignored for the most part weaker than durable goods orders report for the month of June and kept its focus on the job report due tomorrow. Crude oil price fell below $75 in sympathy with the weather reports and weekly natural gas report. Bank of England and Central Bank in Europe raised rates by 25 basis points.
Elena
03 Aug, 2006
Frankfurt
European markets closed deeply in the red, reflecting an unexpected interest-rate hike by the Bank of England, weakness among food and oil stocks, as well as negative sentiment on Wall Street. The leading decliner across the region was London FTSE 100, falling 1.6%, followed by the French CAC 40, down 0.9%, and the German DAX 300, down 0.7%.
Elena
03 Aug, 2006
New York City
A report released by the Commerce Department showed that new orders for manufactured goods rose 1.2% in June following an upwardly revised 1.0% increase in May, missing expectations of an increase by 1.8%. In another report, the Institute for Supply Management said that the pace of growth in the service sector slowed more than economists had expected, with the index falling to 54.8 in July from 57.0 in June.
Elena
03 Aug, 2006
Mumbai
The Indian Sensex today crossed 11,000 for the first time in over 2-months. The market bounced back 1,000 points from lower levels in the past eleven days due to strong quarterly results and good rains in the crucial sowing month of July. Foreign funds buying also helped the rally, as well as the calm Asian markets today. Banks and auto stocks climbed, while metal and oil shares lost. Sugar stocks rallied.
Elena
03 Aug, 2006
New York City
U.S. stock markets opened in the negative, reflecting growing concerns about further interest rate increases after a pair of European central banks raised interest rates. Mixed monthly retail sales also contributed to the negative mood. Target Corp. posted a lower-than-expected 3.1% increase in same-store sales, sending its shares down by 1%. Gap Inc. fell3% after the clothing retailer said its sales dropped 4% for July.
Elena
03 Aug, 2006
New York City
U.S. stock futures declined, following a surprising interest-rate increase by the Bank of England which raised concern about more global rate increases. Disappointing sales report from Starbucks weighed on consumer spending outlook. Gap Inc. forecast Q2 profit below estimates as it posted a 4% drop in July same-store sales.
Elena
03 Aug, 2006
New York City
Same-store sales at the Seattle-based coffee chain Starbucks rose 6%. Nordstrom said same-store sales climbed 5.3%, ahead of analyst forecast of a 4.6% gain. Limited Brands also reported July same-store sales rise of 7%, beating estimates of 4.5%. Chico-s FAS said same-store sales rose 4.9% in July, but came in below the estimated figure of 5.6%.
Ivaylo
03 Aug, 2006
New York City
Asian markets closed mixed Thursday, as investors were cautious before a key U.S. data report on Friday. Investors are awaiting the nonfarm payrolls for July which should provide clues to next discussion of U.S. monetary policy on Tuesday at the Federal Open Market Committee meeting.
Ivaylo
03 Aug, 2006
Frankfurt
The prospects of such a move by the ECB are already estimated by the market, but investors were also saying that Jean-Claude Trichet, the central bank president, will supplement the decision with appeasing comments about the inflation outlook in the eurozone. By mid morning, London
