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Market Update

World Markets Advance as ECB and Euro Ministers Offer Support to Greece


Author: Nichole Harper
ticker.com
Last Update: 12:37 PM ET July 16 2015

12:40 PM Market indexes on Wall Street and in Europe advanced and euro zone ministers and European Central Bank worked to expand emergency line of credit to Greek banks. U.S. jobless claims and housing data point improving economic conditions.

World markets advanced after euro zone minsters worked to expand emergency lending facility to Greece after Greek lawmakers approved tougher conditions demanded by lenders.

Seasonally adjusted weekly jobless claims dropped 15,000 to 281,000 from the previous week revised claims of 296,000, the Department of Labor said.

On Wall Street, Tollbooth Strategy Index increased 0.8% or 82.64 to 10,984.14.

S&P 500 index rose 0.7% or 13.86 to 2,121.20 and the Nasdaq Composite Index gained 1% or 52.70 to 5,152.11.

Crude oil in New York added 18 cents to $51.79 a barrel and gold fell $4.40 to $1,143 an ounce.

U.S. Movers

Citigroup Inc (C) increased 2.5% or $1.44 to $57.90 after the banking and securities services provider reported revenue in the second-quarter ending in June edged up 0.5% to $19.47 billion from a year ago period.

Net income in the quarter surged to $4.85 billion or $1.51 per diluted share compared to $181 million or 3 cents from the same quarter last year.

The bank said net credit loss in the quarter declined 12% to $1.92 billion and expenses plummeted 30% to $10.93 billion in the same period a year ago.

Citigroup''s loans dropped 5% to $632 billion while deposits slumped 6% to $908 billion from a year ago.

eBay Inc (EBAY) soared 4.7% or $2.98 to $66.42 after the online market place reported net revenue in the second-quarter ending in June jumped 7% to $4.38 billion from a year ago period.

Net income in the quarter tumbled 88% to $83 million or 7 cents per diluted share compared to $676 million or 53 cents from the same quarter last year.

Goldman Sachs Group Inc (GS) fell $1.85 to $211.11 after the diversified financial services provider said total revenue in the second-quarter ending in June fell 1% to $9.07 billion from a year ago period.

Net income in the quarter plunged 53% to $916 million or $1.98 per diluted share compared to $1.95 billion or $4.10 from the same quarter last year.

Intel Corporation (INTC) rose 6 cents to $29.75 after the computer processors maker reported total revenue in the second-quarter ending in June declined 5% to $13.2 billion from a year ago period.

Net income in the quarter dropped 3% to $2.7 billion compared to $2.8 billion and diluted earnings per share were flat at 55 cents from the same quarter last year.

The company said revenue in client computing group plunged 14% to $7.5 billion but revenues in data center segment climbed 10% to $3.9 billion.

Revenues in internet of Things group jumped 4% to $559 million while software and services segments revenues dropped 3% to $534 million.

Intel forecasted revenue for the third-quarter of about $14.3 billion with adjustments of $500 million and gross profit margin of about 63%.

European Markets

First estimate of the Euro zone trade surplus with the rest of the world jumped 18.8 billion in May from 14.7 billion a year ago month.

In EU28 the trade surplus surged 6.3 billion in April with the rest of the world from 0.2 billion a year ago month, the Statistical Office of the European Communities said.

Separately, the department added, in a preliminary estimate the annual inflation rate in the euro area fell 0.2% in June compared to 0.3% in May. In June 2014 the rate was 0.5%.

European markets traded higher after Greek lawmakers approved tougher conditions laid out by international lenders.

However, German finance minister voiced scepticism and said temporary suspension of Greece from the euro zone may be a better solution.

In London trading, FTSE 100 index gained 0.6% or 39.91 to 6,793.66 and in Frankfurt the DAX index increased 1.8% or 208.01 to 11,748.75.

In Paris, CAC 40 index jumped 1.6% or 81.59 to 5,128.83.

Carrefour SA increased 2.5% to 30.89 after the France-based convenience stores operator reported sales in the second-quarter ending in June jumped 4.2% to 21.37 billion and total sales under banners climbed 5.7% to 26 billion from a year ago period.

Sales in France, increased 3.3% to 10.17 billion and international sales advanced 5% to 11.20 billion from a year ago period.

Nordea Bank AB fell 0.6% to 110.50 kronor after the Sweden-based bank reported net interest income in the second-quarter ending in June slipped 4% to 1.31 billion from 1.37 billion in a year ago period.

Net profit in the quarter climbed 39% from a year ago to 952 million compared to 686 million and diluted earnings per share jumped to 0.24 from 0.17.

Rio Tinto Plc gained 1.1% to 2,628 pence after the U.K.-based miner lowered its full-year iron ore shipments forecast after bad weather at its Pilbara operations.

The company said output in copper segment declined 19% to 134,000 tons while worldwide iron ore shipments in the quarter rose 8% to 81.4 million tons and production jumped 9% to 79.7 million tons.

The miner estimated global shipments for the year of about 340 million tons from its Australia and Canada operations.

Asian Markets

Nikkei extended gains for the fourth day in a row and the yen held firm after Greek lawmakers approved tougher conditions demanded by international lenders. Mitsubishi Chemical plans to integrate with plastics and rayon companies.

Stocks in Tokyo extended gains and the yen edged slightly higher in a lacklustre trading after Greek lawmakers approved tougher conditions laid out by international lenders.

The Nikkei 225 Stock Average gained 136.79 or 0.7% to 20,600.12 and the broader Topix index increased 14.42 to 1,660.83.

The yen closed at 123.87 against a dollar.

Mitsubishi Chemical Holdings Corp soared 5.3% to 804.60 yen after the diversified company plans to integrate three chemical operating companies Mitsubishi Chemical, Mitsubishi Plastics and Mitsubishi Rayon into one company by April 2017 president Hitoshi Och said today.

Stocks in Mumbai traded higher and the rupee edged lower a day after trade deficit for May was at a three-month low of $10.41 billion, marginally lower than $10.99 billion in April.

Rupee weakened 12 paisa to 63.53 against one U.S. dollar.

The Sensex Index advanced 247.83 or 0.9% to close at 28,446.12. The CNX Nifty increased 84.25 or 0.9% to 8,608.05.

Sensex extended weekly gains. Bharti is in advanced talks with Vodafone and Idea Cellular to acquire telecom towers for $1.6 billion.

Adani Power secured three power transmission projects in Chhattisgarh.

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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