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Market Update

Weakness in Oil and Gold Tempers U.S. and Europe Stock Indexes


Author: Nichole Harper
ticker.com
Last Update: 1:16 PM ET December 02 2014

1:10 PM New York Stocks on Wall Street trended higher in volatile trading and gold, silver, copper and oil fell more than 1%. U.S. construction spending increased 1.1% in October after slipping 0.1% in September. Fiat Chrysler led November auto sales with 20% surge.

Stocks on Wall Street traded volatile but retained the upward bias and investors focused on oil futures trading and the direction of the U.S. dollar.

On Wall Street trading, Tollbooth Index edged up 0.09% or 8.74 to 9,964.20.

S&P 500 index gained 9.70 or 0.5% to 2,063.14 and the Nasdaq Composite Index increased 26.50 or 0.6% to 4,753.51.

Crude oil, gold and silver declined more than 1.6% in New York and European trading.

West Texas Crude oil futures of immediate month supply declined $1.24 to $67.71 and Brent Crude futures from the U.K. and Europe fell $1.20 to $71.137.

Gold futures dropped $18.70 or 1.54% to $1,199 an ounce and silver eased 1.6% to $16.43 an ounce.

Record Construction Spending Since May

Construction spending increased 1.1% in October after declining 0.1% in October, the Commerce Department said today in Washington, D.C.

Spending form a year ago, private residential construction increased 1.9% to annual rate of $353.8 billion and total construction spending increased 3.3% to $971 billion.

U.S. Movers

Ford Motor Co. (F), the automobile company said U.S. Sales in November fell 1.8% to 187,000 vehicles from 190,449 vehicles a year ago month.

The automaker reported total car sales in the month dropped 6.4% to 55,186 units and truck sales declined 9.9% to 70,903 units but utilities sales soared 15.4% to 60,911 units.

Fiat Chrysler Automobiles NV (FCAU), the automaker reported U.S. sales for November climbed 20% to 170,839 vehicles, 56th monthly increase in a row. Chrysler brand sales surged 30%.

Jeep sales surged 27% to 57,489 vehicles and Ram pickup sales soared 31% to 35,865 units and sales of the Chrysler 200 more than doubled to 14,317 vehicles.

Total light-vehicle sales are expected to jump 2.5% to about 1.28 million vehicles.

General Motors Co (GM), the automaker reported total U.S. vehicle sales for November climbed 6.5% to 225,818 units and retail sales jumped 5% and fleet deliveries soared 11% a year ago month.

The company announced to recall 316,357 vehicles primarily from North America to fix up the issues of headlights. General Motors recorded $2.7 billion charge to recall-related repairs in the first nine months of this year.

Toyota Motor Corp (TM), the Japan-based automaker reported U.S. sales in November jumped 3% to 183,346 units from a year ago month. Corolla sales climbed 14.2% and light trucks and SUVs set records sales in November.

European Markets

In London trading, FTSE 100 index jumped 1.1% or 75.10 to 6,731.47 and in Frankfurt the DAX index fell 0.2% or 20.27 to 9,943.24.

In Paris, CAC 40 index rose 0.3% or 15.01 to 4,392.34.

In the European corporate news, Aryzta group revenue soared 14% to 1.3 billion. Aviva agreed to acquire rival Friends Life for about 5.6 billion. Aberdeen profit declined 7% to 307 million and assets under management surged 62%. ITE Group net dropped 4% on 9% decrease in revenues.

Aryzta AG, the Switzerland-based bakery products maker said total group revenues in the first-quarter ending in October soared 13.8% to 1.26 billion from a year ago period.

The company reported revenue in the quarter from Europe segment climbed 7% to 404.1 million and revenues from North America segment surged 30.5% to 475.5 million. Total food group revenue soared 17.8% from a year ago to 937.8 million.

Aviva Plc, the U.K.-based insurance company agreed to acquire rival Friends Life Group Limited for about 5.6 billion or $8.8 billion, 15% more than closing price of November 20.

The company said deal would add about 70 billion of U.K. assets of Friends Life and increase funds under administration to about 309 billion.

Asian Markets

Stocks in Tokyo gained and market indexes closed at six-year new highs. Fast Retailing said November same-store sales increased 1.9% and total sales surged 4.1% from a year ago.

Otsuka Holdings agreed to acquire Avanir Pharma for about $5.3 billion or $17 a share.

Stocks in Japan reversed losses in the day and closed higher and market indexes reached a new six-year highs.

The Nikkei 225 Stock Average gained 73.12 or 0.4% to 17,663.22 and the broader Topix index rose 6.20 to 1,427.85.

The yen increased 0.5% to 118.89 against one dollar.

In Mumbai trading, the Sensex Index dropped 115.61 or 0.4% to close at 28,444.01. The CNX Nifty fell 31.20 or 0.4% to 8,524.70.

Bajaj Auto Limited, the second largest two-wheeler maker reported total sales in November slid 0.4% to 309,259 units compared to 310,591 units same period a year ago.

The company reported motorcycles sales declined 6% to 261,948 units from 278,703 units same period last year.

Commercial vehicles sales surged 48% to 47,311 units compared to 31,888 units a year earlier period.

Total export soared 24% to 165,733 units from 133,731 units same period last year.

Hero MotoCorp Limited, the largest motorcycle maker said November sales rose 3.18% to 547,413 units compared to 530,530 units same period a year ago.

The company controlled or influenced by the former controlling shareholder Vijay Malaya were in focus after the corporate regulator in a rare move disapproved the filing by Kingfisher to reinstate Vijay Malaya as the company chairman.

Tata Motors Limited, the truck and motor vehicle maker said November total sales increased 2.1% to 41,720 units compared to 40,863 units a same period last year.

In November, commercial and passenger vehicles sales were flat at 37,427 units.

Total exports jumped 17% to 4,293 units compared to 3,671 units same period last year.

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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