Global Markets Advance; Dollar Weak

123jump.com Staff
04 Nov, 2009
New York City

Global stocks traded higher as commodities resume their advances. Gold traded at a record high and crude oil increased. U.S. stocks futures are pointing higher opening. The dollar declined in international trading ahead of the rate decision from the Fed today.

[R]8:45 AM New York – Global stocks traded higher as commodities resume their advances. Gold traded at a record high and crude oil increased. U.S. stocks futures are pointing higher opening. The dollar declined in international trading ahead of the rate decision from the Fed today.[/R]

Global markets regained their momentum after a week of weakness. Gold surged to a new high in international trading and other precious and base metals gained. Crude oil traded higher in London and New York.

Federal Reserve is expected to leave rates unchanged at the end of its two day meeting today and the European Central Bank and the Bank of England are expected to keep rates on hold tomorrow.

Societe Generale in Paris and Marks & Spencer in London traded higher. Kraft Foods net fell 39.4% and Nissan Motor first half profit dropped 93%.

Earnings Review

Adidas AG, the sportswear and footwear maker said third quarter sales fell 6% to €2.89 billion from €3.08 billion a year ago. Net profit in the quarter fell 30% to €213 million or €1.03 per diluted share compared to net profit of €302 million or €1.44 per share a year ago.

Kraft Foods Inc., the maker of packaged food products said third quarter revenues fell 5.7% to $9.8 billion from $10.4 billion a year ago. Net income in the quarter fell 39.4% to $824 million or 55 cents per diluted share compared to net income of $1.36 billion or 91 cents per share a year ago.

Nissan Motor Co., an automobile manufacturer said first-half revenues fell 30.6% to ¥3.38 trillion from ¥4.87 trillion a year ago. Net profit for the first-half fell 93% to ¥9 billion or ¥2.21 per diluted share compared to net profit of ¥126.34 billion or ¥31.02 per share a year ago.

Total SA, an integrated international oil and gas company said third quarter sales fell 31% to €33.63 billion from €48.85 billion a year ago. Net profit in the quarter fell 37% to €1.92 billion or €0.86 per diluted share compared to net profit of €3.05 billion or €1.36 per share a year ago.

Marks and Spencer Group plc, the clothing retailer said first-half sales rose 2.8% to £4.34 billion from £4.22 billion a year ago. Net profit for the first-half rose 0.5% to £224.3 million or 14.2 pence per diluted share compared to net profit of £223.2 million or 14.2 pence per share a year ago.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 41.36 or 0.42% to 9,844.31, and Hang Seng index in Hong Kong increased 374.71 or 1.76% to 21,614.77, and CSI 300 index in China higher 18.46 or 0.54% to 3,453.89. ASX 200 index in Australia increased 8.60 or 0.19% to 4,540.10. The FTSE Bursa KL Composite index in Malaysia was higher 11.52 or 0.93% to 1,253.84.

The Kospi Index in South Korea increased 30.01 or 1.94% to close at 1,579.93. SET index in Thailand closed higher 17.93 or 2.68% to 686.41. JSE Index in Indonesia increased 37.75 or 1.62% to 2,371.86. The Sensex index in India increased 507.19 or 3.29% to 15,912.13.

Europe Markets Review

In London FTSE 100 Index traded higher 40.90 or 0.81% to 5,078.11, in Paris CAC 40 Index increased 56.60 or 1.58% to 3,640.85 and in Frankfurt DAX index traded higher 78.63 or 1.47% to 5,431.98. In Zurich trading SMI increased 34.36 or 0.55% to 6,247.71.