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Oil Drops 4%
Mar 20, 5:09 PM EST |
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| Crude oil dropped close to 4% but failed to spark gains in averages. Asian and Latin markets gain. European makets close lower. |
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| Sharp drop in oil, stable metal prices, and rising Asian and Latin markets kept investors focused to gains in Europe and Asia. Market is awaiting evening comments from Fed Chairman. Mexico reported a strong rise in january industrial prduction, Indian governement wants Central Bank to grant full convertibility to Rupee. One percent rise in Mexico led gainers around the Latin America. |
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Mexico Gains 1%
Mar 20, 3:54 PM EST |
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| Latin markets gained across the region. Mexico rose 1.14% on strong industrial production and prospect of lower interest rates. |
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| Latin markets continue to advance on rising production, stable commodity prices and lower interest rates prospects. Mexcio gains on strong rise in january prodcution and lower interest rate forecast and a local bank reiterating target for the stock marekt index to rise 10% more by the end of the year. Chile and Brazil traded higher on stable copper and iron ore prices. |
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Asian Emerging Markets Gain
Mar 20, 3:35 PM EST |
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| Markets in Indonesia, Hong Kong and India rose more than 0.7% as Tokyo rose 1.74%. |
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| Emerging markets in Asia has been on a tear for the last three years and today was no different. Markets in Indonesia rose on better economic growth prospect, in Hong Kong rose on China Mobile earnings and India surged on Prime Minister request to grant currency, Rupee, full convertibility. Korea and Philippines markets rose as well. |
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Oil Drop Drags Europe
Mar 20, 12:54 PM EST |
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| Crude oil prices dropped to $61.80 on lower OPEC demand forecast. European gold lost ground. The dollar strengthened. |
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| European averages closed off earlier highs, dragged down by a sharp drop in crude oil prices which largely offset gains in the insurance sector, including 14% rise of Prudential, following a rejection of $30 billion bid from its peer Aviva. Resource stocks, lifted by high metals prices, also provided a boost. The German DAX 30 rose 0.4%, while the French CAC 40 and London FTSE 100 closed slightly below the flat line. |
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Tech, Oil, Bank Stocks Slide
Mar 20, 12:17 PM EST |
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| The world's largest personal computer maker Dell Inc. plans to double the number of its employees in India to 20,000 in 3 years. |
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| U.S. stocks lost ground in late morning with averages turning red as investors locked in profit taking. Crude oil prices slipped about 1.3% falling to $62 a barrel. Consequently, the Energy sector lost 0.7% with oil majors like Exxon Mobil down. Financial and housing stocks were also under selling pressure, following a strong rally last week. Bank of America lost 0.6%, while Wachovia dropped 1.1%. Wal-Mart rose 1.8% on plans for a major expansion in China. |
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Wal-Mart Rises on Jobs Plan
Mar 20, 11:14 AM EST |
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| The Conference Board's index of leading economic indicators declined in February, falling 0.2% after January's 0.5% rise. |
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| U.S. stocks traded higher in the early going, lifted by acquisition news and optimism over interest-rate hikes. In corporate news, Merck & Co. is expected to announce a deal with privately held Neuromed Pharmaceuticals to develop painkilling drugs. Wal-Mart Stores announced it could hire 150,000 people in China over the next 5 years and open 20 stores in the country in 2006. Williams-Sonoma Inc. reported 6% profit rise for Q4, above expectations. |
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Deals Lift Stocks
Mar 20, 10:23 AM EST |
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| Crude oil retreated to $62.37 on signs of lower demand and rising U.S. inventories. European gold advanced. The dollar gained vs. the euro and yen. |
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| U.S. stocks advanced at opening with interest rates in focus ahead of Ben Bernanke''s speech after close. Market sentiment was lifted by acquisition news and optimism over interest-rate hikes. Merck & Co. is expected to announce a deal with privately held Neuromed Pharmaceuticals to develop painkilling drugs. Wal-Mart Stores announced it could hire 150,000 people in China over the next 5 years and open 20 stores in the country in 2006. |
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Michaels up 13% on Sale
Mar 20, 9:48 AM EST |
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| Crude oil retreated to $62.37 on signs of lower demand and rising U.S. inventories. European gold advanced. The dollar gained vs. the euro and yen. |
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| Stock futures pointed to a higher start of Monday session with interest rates in focus ahead of Ben Bernanke''s speech after close. Market sentiment was lifted by acquisition news and optimism that interest-rate hikes are almost done. Michaels Stores rose 13% before opening after the company announced it put itself up for a sale. |
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Prudential Rejects $30 B Bid
Mar 20, 8:46 AM EST |
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| Prudential jumped 16% on a rejected $30 B offer from its peer Aviva. Zurich Financial gained 1.3% on a settlement of a brokerge compensation. |
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| European stocks gained at mid-day dealings as continuous merger speculations lifted the insurance sector. Strong resource stocks and higher close of U.S. markets Friday also contributed to the advance. The German DAX 30 gained 0.6%, the French CAC 40 gained 0.5%, and London FTSE 100 was up 0.5%. |
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Australia, Japan Hit Highs
Mar 20, 8:21 AM EST |
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| At close, Soft bank Corp. advanced 1.6% on takeover talk and brokerage Nikko Cordial jumped 4.7% on plans to raise its dividend fourfold. |
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| Asian-Pacific markets closed higher Monday, lifted by upbeat outlook on corporate results and strong resource sector on higher metals prices. The Nikkei surged 1.7% to 16,632.74, supported by strong earnings reports. Australia All Ordinaries hit an all-time high of 0.6% at 5,000.4, reflecting strength in mining and resource stocks. Hong Kong''s Hang Seng rose 0.8%, while South Korean Kospi gained 0.4% on brokerage firms. |
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