Lackluster Market Open

123jump.com Staff
30 Nov, -0001
New York City

Markets in Asia, Europe and now in the U.S. are trading with no direction. Markets in Asia closed lower, lewd by decline in Tokyo and Hong Kong but markets in Europe are trading mixed. Euro, oil and gold are trading in positive territory for the day.

In the morning hours averages trade in split fashion. Energy and related companies are trading higher on mild up tick in oil price. Apple and Intel shares are trading above average volume.

Washington Mutual agreed to buy Providian for $6.45 billion in cash and stock. The combined company will focus on “middle market”.

At mid-day markets in Europe were mildly down in Germany, France, the Netherlands and Switzerland. Averages in U.K. were trading higher by 0.12%. The shares are trading in the negative territory on higher crude oil prices and weakness in tech sector.

Mining stocks of BHP Biliton and Chilean copper company Antofagsta were up 1% in London mid-day trading.

Euro and British pound trade higher in the morning in European currency markets.

French government said that it will sell between 6% and 8% stake in France Telecom and lower its holding to 33% to 35%. FT Shares in Paris were down before stocks were suspended for trading. STMicroelectronics were down 1.5% and that of Alcatel were down by 0.1%.

Asian markets closed mixed after lower early and midday trading levels reflecting last week's disappointing US jobs report. Philippines, Thailand and Malaysia rallied but markets in Tokyo and Hong Kong were up mildly. U.S. slower job creations loomed on region’s exporters.

Japan’s Ministry of Finance reported that 1Q corporate capital expenditure rose by 7.4% stronger than 3.5% rate of growth in the previous quarter.

Semiconductor stocks in Taiwan rose on optimism on Intel’s earnings release this week. Shares of Taiwan semiconductor rose 0.7% and United Micro rose by 0.9%.

Pakistan stock market in recent days has seen daily volatility of more than one percent. The good agricultural crop and financial liquidity is aiding economy. The U.S. injection of funds to support the current dictatorial regime and the U.S. debt forgiveness has led GDP projection for the fiscal year 2005 to more than 8%.