Market Updates
Euro Plunges; Crucial EU Meet Today
Arthi Gupta, Mayank Mehta and Sanjay Barot
17 May, 2010
New York City
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European indices decline on persistent concerns over Europe''s economic woes. Euro plunges to 4-year low versus dollar. Hochtief AG first quarter order backlog surges. Wipro teams with SAP to develop deliver sustainability solutions.
[R]7:00 PM Frankfurt, Paris; 1:00 PM New York – European indices decline on persistent concerns over Europe''s economic woes. Euro plunges to 4-year low versus dollar. Hochtief AG first quarter order backlog surges. Wipro teams with SAP to develop deliver sustainability solutions.[/R]
European indices decline on persistent concerns over Europe''s economic woes. Lingering sovereign debt worries drags the euro to a four-year low. Meanwhile, safe-haven buying helps gold prices rally to new highs.
European finance ministers are scheduled to meet in Brussels today, where new rules to regulate hedge fund industries will be debated.
It says countries should oversee each others'' economies -- and review budgets together before they are approved by national parliaments -- to prevent governments spending their way into trouble and calling for a bailout, as Greece is doing.
Wolfgang Schaeuble said at meeting of finance minister from the 16 euro countries that reducing out of control deficits was ""the only task that everyone has to fulfill for himself and for the common good.""
Schaeuble said that euro-zone nations must make a reality the €750 billion or $1 trillion rescue package they agreed last week, saying it had to become ""credible in each member country"" so that ""what we agreed means something.""
German Chancellor Angela Merkel conceded over the weekend that the package was no more than a band-aid solution to the problems afflicting a number of euro-zone countries, from Ireland all the way across to Greece.
She wants bigger legal changes, such as a limit on how much debt countries can run up each year and the ultimate threat of kicking a country out of the euro if it can''t stick to the rules.
European Central Bank President Jean-Claude Trichet echoed Merkel when he told German newspaper Der Spiegel that the package ""bought time, nothing more"" and that there is now a need for ""a quantum leap in the governance of the euro area.""
The euro traded near four-year lows amid warnings from European leaders that a €750 billion or $1 trillion loan backstop announced last week to prop up troubled governments would not be enough to defuse market the continent''s government debt crisis.
The euro earlier fell to $1.2237 -- its lowest since April 2006, undermined by the prospect of continuing fear and turmoil over the heavy government debt loads among its members.
Wipro Technologies, the global IT services business of Wipro Ltd. said it has entered into a co-innovation agreement with SAP AG to develop and deliver sustainability performance management and energy management solutions to enterprise customers globally.
Wipro and SAP will work together to implement SAP solutions for sustainability - including the SAP Carbon Impact on-demand solution and the SAP BusinessObjects Sustainability Performance Management and SAP Environment, Health, and Safety Management applications - with ""green"" IT services from Wipro.
The resulting solutions will reduce compliance costs and business risk in the face of proliferating local, regional and global regulation in the areas of people, health and safety; product safety and stewardship; and environmental compliance.
ABB Ltd., the leading power and automation technology announced that it would invest about $965 million in its Indian subsidiary ABB and intends to raise its stake in the Indian subsidiary.
In London FTSE 100 Index closed higher 41.07 or 0.78% to 5,303.92, in Paris CAC 40 Index increased 7.41 or 0.21% to close at 3,567.77, in Frankfurt DAX index higher 54.02 or 0.89% to close at 6,110.73. In Zurich trading SMI increased 37.92 or 0.59% to close at 6,466.60.
Gainers & Losers
ArcelorMittal, the steelmaker dropped 6.8% to €32.56.
Banco Popolare Societa Cooperativa increased 8.9% to €4.53. The bank said first quarter net interest income fell 6% to €486.9 million from €520.4 billion a year ago. Net profit for the quarter fell 65% to €77.1 million compared to net profit of €218.6 million or €0.58 per share a year ago.
Beiersdorf AG fell 0.6% to €43.32.
Commerzbank AG, the bank fell 0.4% to €6.07.
Deutsche Lufthansa AG, the aviation company dropped 0.09% to €11.53.
EADS NV rose 0.1% to €16.33 after the parent of planemaker Airbus SAS was upgraded to “buy” from “neutral” at Societe Generale SA.
Hochtief AG decreased 5.9% to €55.32. The global construction group said first quarter revenues rose 1% to €4.45 billion from €4.40 billion a year ago. Net profit for the quarter fell 12% to €34.1 million or €0.51 per diluted share compared to net profit of €38.6 million or €0.58 per share a year ago.
SAP AG rose 0.2% to €35.20 after the company engaged in selling licenses for software solutions and related services said Wipro Technologies has entered into a co-innovation agreement with SAP AG to develop and deliver sustainability performance management and energy management solutions to enterprise customers globally.
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