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Emerging Markets Stay Ahead
Mar 16, 4:19 PM EST |
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| Pakistan, Indonesia and Mexico led advances in the emerging markets for the day. Foreign fund flows in the emerging funds remain solid. |
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| Most markets in the developing economies maintained their upward bias during the trading day. Markets in Pakistan, Indonesia and Mexico led advancers. Home builders and consumer staples led the advancers in Mexico.Cemex, Homex and Fomex were up at least 1% near close. Brazil index was under pressure near close but several telecom, steel and airline stocks were higher. Marekt in India reached a new high for the third time this week. |
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India Index at New High
Mar 16, 2:48 PM EST |
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| For the third time this week, Sensex Index in Mumbai reached a new high. Indian makret is up 15% for the year after rising 42% in 2005. |
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| Emerging markets continue to draw investors attention and funds. Russia, Turkey, Brazil and India are trading for the year are up 15% or more in the first 10 weeks of the year.For the year so far Indian market has attracted $3.3 billion investments from foreign investors. Brazil, Mexico and Russia continue to receive funds from the U.S., Japan and Europe. Brazil last week lowered interest rate by 75 basis points. |
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Europe Closes Mixed
Mar 16, 12:43 PM EST |
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| Crude oil prices eased on speculations of steady prices between $50 and $60 a barrel. European gold dropped. The dollar lost ground. |
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| European markets closed near the flat line, erasing some of the earlier losses as strong performance from Casino Guichard and Corus Group limited decline on pressuring oil, healthcare sand insurance stocks. The German DAX 30 lost 0.01%, the French CAC 40 inched down 0.04%, while London FTSE 100 rose 0.5%. |
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Ford Downgraded
Mar 16, 12:44 PM EST |
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| Housing starts registered 7.9% drop in Feb., less than economists expected. Jobless claims rose unexpectedly to 309,000. |
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| U.S. stocks advanced Thursday morning, boosted by benign inflation and housing starts data. Bear Stearns reported record-high Q1 profit of $3.54 per share, beating expectations. Revenue rose 18.9% to $2.19 billion. ConAgra Foods fell 6.8% due to a massive restructuring plan. The company also cut its quarterly dividend by 34%. Qualcomm rose 2% on upgrade at Merrill Lynch, while Ford Motor declined 1.1% on downgrade at J.P. Morgan. |
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ConAgra Loses 7%
Mar 16, 11:25 AM EST |
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| Housing starts registered 7.9% drop in Feb., less than economists expected. Jobless claims rose unexpectedly to 309,000. |
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| U.S. stocks advanced Thursday morning, boosted by benign inflation and housing starts data. Bear Stearns reported record-high Q1 profit of $3.54 per share, beating expectations. Revenue rose 18.9% to $2.19 billion. Housing stocks rose on falling treasury yields. ConAgra Foods fell 6.8% due to a massive restructuring plan. The company also cut its quarterly dividend by 34%. |
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Home Builders Surge
Mar 16, 10:26 AM EST |
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| Housing starts registered 7.9% drop in Feb., less than economists expected. Jobless claims rose unexpectedly to 309,000. |
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| U.S. stocks opened higher, boosted by economic data on consumer prices which showed inflation slowed sharply in February as food costs moderated and the price of energy products significantly fell. Bear Stearns reported record-high Q1 profit of $3.54 per share, beating expectations. Revenue rose 18.9% to $2.19 billion. Housing stocks rose on falling treasury yields. Toll Bros rose 4.7%, Ryland Group 2.5%, Hovnanian gained 2.1%, KB Home added 1.6%. |
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Bear Stearns Profit up 37%
Mar 16, 9:31 AM EST |
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| Crude oil declined below $62 on strong U.S. oil supplies. European gold lost ground. The dollar gained vs. the yen and pound. |
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| Stock futures recovered from earlier weakness and turned positive on a report on consumer prices which showed inflation at tame levels. In addition Wall Street brokerage Bear Stearns reported record-high Q1 profit of $3.54 per share, compared to $372.3 million, or $2.64 per share in 2005, beating expectations. Revenue rose 18.9% to $2.19 billion compared to $1.84 billion a year ago. |
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Bear Stearns Profit up 37%
Mar 16, 9:17 AM EST |
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| Crude oil declined below $62 on strong U.S. oil supplies. European gold lost ground. The dollar gained vs. the yen and pound. |
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| Stock futures recovered from earlier weakness and turned positive on a report on consumer prices which showed inflation at tame levels. In addition Wall Street brokerage Bear Stearns reported record-high Q1 profit of $3.54 per share, compared to $372.3 million, or $2.64 per share in 2005, beating expectations. Revenue rose 18.9% to $2.19 billion compared to $1.84 billion a year ago. |
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European Averages Slide
Mar 16, 8:47 AM EST |
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| Corus Croup advanced 6.2%, Casino Guichard surged 6.5%. Telefonica Moviles rose 6%. BMW gained 2.2% on upgrade by Merrill Lynch. |
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| European averages traded lower at mid-day, pressured by oil, healthcare and insurance stocks. Strong performance from supermarket group Casino Guichard and steelmaker Corus Group failed to offset decline. The German DAX 30 fell 0.3%, the French CAC 40 declined 0.3%, and London FTSE 100 lost 0.2%. |
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Nikkei Falls 1.4%
Mar 16, 8:31 AM EST |
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| At market close, China Mobile gained 0.1% on 28% income rise in 2005. New World Development rose 4%, while Sumitomo Realty slipped 6.6%. |
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| Asian-Pacific benchmarks finished mixed on interest rate concerns and a key earnings report from China Mobile. The Nikkei started higher, helped by exporter issues, but eventually dropped 1.4% on weak property and bank stocks. Hong Kong Hang Seng was up 0.06% on optimism about strong corporate results, while Taiwan Weighted index fell 0.2% on profit taking in the tech sector. Australia All Ordinaries advanced 0.6% on resource stocks. |
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