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.
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.
