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Market Update

Rates on Hold in Europe, Indexes on Wal Street Trade Near Records


Author: Nichole Harper
ticker.com
Last Update: 10:57 AM ET November 06 2014

11:00 AM New York – Market indexes on Wall Street declined after comments from the European Central Bank left rates on hold and announced the central bank’s readiness to take unconventional steps to support the economies in the euro zone.

U.S. market indexes traded lower after comments from the European Central Bank chief and the euro edged lower. In addition, U.S. jobless claims declined to a three-week low.

S&P 500 index decreased 1.49 to 2,021.88 and the Nasdaq Composite Index dropped 6.59 to 4,614.14.

ECB President Mario Draghi indicated that the central bank is ready to provide additional stimulus if the economy in the euro zone needs it.

The euro decreased 0.4% to $1.2434 and the yield of 10-year Italian bonds declined 8 basis points to 2.35%.

Yields across the euro zone were on the decline after the comments were interpreted by the bond market as a signal of weakening economic scenario.

European Markets

Market indexes in Europe closed higher after the ECB left rates on hold and policy makers searched for more unconventional measures to support economic expansion.

In London trading, FTSE 100 index rose 0.2% or 15 to 6,554.14 and in Frankfurt the DAX index increased 1% or 92.42 to 9,407.90.

In Paris, CAC 40 index gained 0.8% or 35.98 to 4,244.40.

Airbus Group NV jumped 1.8% to €48.65 after the France-based aircrafts, helicopters, commercial space launch vehicles maker secured order to supply 100 single-aisle A320 planes to China Aircraft Leasing Group Holdings Ltd. for about $10.2 billion.

Asian Markets

Market indexes rested in Tokyo trading and the yen extended losses to the fourth day against the dollar and the euro.

The Nikkei 225 Stock Average dropped 144.84 or 0.9% to 16,792.48 and the broader Topix index slumped 15.41 or 1.1% to 1,356.35.

The yen eased for the fourth day and closed at 114.60 against one dollar.

Marubeni Corporation rose 0.1% to 726 yen after the international trading company said net sales in the first-half ending in September soared 11.4% to 7.11 trillion yen from 6.38 trillion yen a year ago period.

Net income in the period surged 32% to 204.32 billion yen compared to 154.78 billion yen and diluted earnings per share jumped to 75.07 yen from 64.40 yen in the same period a year ago.

Marubeni forecasted net sales for the year to jump 4.9% to 14.30 trillion yen and profit for the year climb 7.8% to 230 billion yen compared to same period a year ago.

Mitsui & Co Ltd decreased 1.8% to 1,641 yen after the trading company reported revenues in the first-half ending in September declined 4.1% to 2.75 trillion yen from 2.86 trillion yen a year ago period.

Net income in the period climbed 8.7% to 232.87 billion yen compared to 214.26 billion yen and diluted earnings per share increased to 124.20 yen from 111.60 yen in the same period a year ago.

Suzuki Motor Corp slipped 1.2% to 3,726.50 yen after the automaker with large presence in India said net sales in the first-half ending in September climbed 4.4% to 1.43 trillion yen from 1.37 trillion yen a year ago period.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc