New York Gains Follow European Advances

123jump.com Staff
12 Oct, 2009
New York City

Stocks in early trading in New York extended gains in Europe. Asian markets closed lower. The dollar hovered near low against the yen and the euro for the year. Gold, silver, copper, oil and natural gas edged higher. Electronics maker Philips N.V. reported earnings that surprised European investors.

[R]10:10 AM New York – Stocks in early trading in New York extended gains in Europe. Asian markets closed lower. The dollar hovered near low against the yen and the euro for the year. Gold, silver, copper, oil and natural gas edged higher. Electronics maker Philips N.V. reported earnings that surprised European investors.[/R]

In early trading in New York stocks gained on the earnings expectations this week. European markets at close advanced more than 1% after Philips reported better than expected earnings.

In commodities trading, gold, oil and copper increased as expectations of global economic recovery lifted the sentiment.

Immediate month futures of crude oil increased $1.65 to $73.42 and natural gas edged up 10 cents to $4.87 per mBtu. Gold increased $8.10 to $1,056.70 an ounce and copper edged up 1% to 286 cents a pound.

Miners, traders and investors are meeting in London today at the annual gathering known as LME Week. The annual gathering organized by the London Metal Exchange, facilitates buyers and sellers to negotiate long term contracts.

Philips Earnings Surprise Markets

Koninklijke Philips Electronics N.V., the electronics maker said third quarter sales fell 11.5% to €5.6 billion from €6.33 billion a year ago. Net profit in the quarter rose 205% to €174 million or €0.19 per diluted share compared to net profit of €57 million or €0.06 per share a year ago.

Koninklijke Philips Electronics N.V., in the last one year traded as high as €17.25 in September 2009 and as low as €16.86 in March 2009. Based on the Friday’s closing price of €17.03 the company has market cap of €15.78 billion.

Asian Markets Review

The Hang Seng index in Hong Kong decreased 200.09 or 0.93% to 21,299.35, and CSI 300 index in China lower 12.08 or 0.38% to 3,151.63. ASX 200 index in Australia decreased 13.10 or 0.28% to 4,738.80. The FTSE Bursa KL Composite index in Malaysia was lower 0.49 or 0.04% to 1,233.33. The Tokyo markets were closed today.

The Kospi Index in South Korea decreased 6.98 or 0.42% to close at 1,639.81 SET Index in Thailand closed higher 4.99 or 0.67% to 751.86. JSE Index in Indonesia decreased 17.71 or 0.72% to 2,456.69. The Sensex index in India increased 384.01 or 2.31% to 17,026.67.

Europe Markets Review

In London FTSE 100 Index traded higher 58.61 or 1.14% to 5,220.48, in Paris CAC 40 Index increased 48.41 or 1.27% to 3,848.02 and in Frankfurt DAX index traded higher 84.52 or 1.48% to 5,796.40. In Zurich trading SMI increased 96.65 or 1.54% to 6,388.29.

ASX 200 Index Movers

Babcock & Brown Infrastructure Group led the decliners in the ASX 200 index of 13.2% followed by losses in Lynas Corporation Limited of 8.0%, in Virgin Blue Holdings Limited of 7.4%, in Iress Market Technology Limited of 4.6% and in Molopo Australia Limited of 4.1%.

Macquarie Media Group gainers in the ASX 200 index with a rise of 19.1% followed by gains in Energy World Corporation Limited of 15.4%, in Crown Limited of 6.1% and in Extract Resources Limited of 5.4%.