U.S. markets open lower

albena
22 Apr, 2005
New York City

After Philadelphia Federal Reserve Bank's manufacturing index relieved the worries about a slowdown in the U.S. economy, the dollar flipped its week-long decline to revive from one-month lows against the euro on Thursday. U.S. stocks experienced their biggest one-day rush in 2 years.

Nevertheless, futures markets on Friday feature a slightly lower open. On the foreign exchange market Friday, the dollar slipped to a one-month low below 106.25 yen and slid a bit lower at $1.3065 to the euro from $1.3125 hit on Thursday.

Robust earnings, combined with optimistic economic data and helped erase some of Wednesday's feebleness, lifting all major indices at least 2.0%.

European shares surged bolstered by better-than-expected earnings from Swedish telecoms group Ericsson.The FTSEurofirst 300 index was up 0.57%.

A rush of full-year earnings set the market tone for Asian stocks, with Sony and Nippon Steel slated to announce full-year results and forecasts.

Tokyo stocks climbed back averagely Friday, bolstered by Wall Street's rush overnight and better-than-expected earnings from world's two top mobile-phone makers.

Overseas, Japan's Nikkei share average closed up 0.6% or 61.56 points at 11,045.95. The broader TOPIX index gained 0.7% to 1,130.89.

Oil prices climbed back toward $55 a barrel on Friday - U.S. light crude rose 50 cents to $54.30 a barrel.

Gold dropped in Asian trade, trading around $432.75 an ounce, down from the one-month high of $435.40 on Wednesday.


In Other News:

Japan Regulator Restricts Citigroup Units
Directors of Australian winemaker Southcorp recommended takeover
UK Shire Pharmaceuticals to pay $1.6 billion for U.S. biotech company Transkaryotic Therapies Inc.,
Qwest Raises Bid For MCI in Effort To Upend Verizon

Earnings Headlines:

LM Ericsson posted a 73% jump in first-quarter earnings
Google Posted a six-fold increase on Web Ad Boom
Nokia's net rises 18%
Delta posted a a $1.07 billion first-quarter loss
Drug Firms Give Mixed Results