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Markets Lacked Direction
Mar 21, 4:42 PM EST |
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| Techs and broader averages werer under pressure in the afternoon and failed to recover at close. Metals were weak but oil closed higher. |
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| Broader markets traded up, down and clsoed down. Market traded in a lackluster fashion with most sectors trading lower except energy and chip sectors. Wholesale inflation report kept averages under check. Chicago Board of Trade and China Life traded higher on close to three times than average daily volume. Philippines closed at seven year high and India reached a new intra-day close. Brazil closed 2.11% lower and Venezuela closed unchanged after rising 44% year-to-date. |
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Brazil Down 2%
Mar 21, 3:45 PM EST |
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| Stocks in Sao Paolo traded 2% lower near close as market worried that Finance Minister may have to resign. Markets in Argentina traded lower too. |
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| Scandals are never too far from political parties and Brazil is no exception. Sao Paolo market has been riding high for two years on rising commodity prices and exports. Market in Sao Paolo was up 10% at the end of last week. Third bests perfoming market in Latin America after Venezuela and Argentina. |
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Asian Markets Rest
Mar 21, 3:15 PM EST |
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| Philippines market rose to a seven year high but other emerging markets lost a fraction. Tokyo market was closed for holiday. |
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| Talk of rising interest rates finally reached Asian markets and in particluar index in Hong Kong traded weak. Emerging markets in Asia were in sell mode led by Taiwan, South Korea and Singapore. Sensex in India briefly rose above 11,000 for the first time but lost 0.33% at close. |
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European Stocks Off Lows
Mar 21, 12:55 PM EST |
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| Oil prices traded mixed on expectations of strong inventories and supply disruptions in Nigeria. European gold declined, the dollar gained strength. |
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| European markets rebounded from early losses to finish mixed. The German DAX 30 gained 0.1%, the French CAC 40 advanced 0.2%, and London FTSE 100 fell 0.1%. Anglo-Dutch steelmaker Corus Group jumped 7% on news the company is in merger talks with Russian steel producer Evraz Group. |
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Intel Rebounds
Mar 21, 12:15 PM EST |
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| Producer price index in Feb dropped 1.4%, following a 0.3% increase in Jan, while core producer price index rose 0.3%. |
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| Oil prices recovery boosted the energy sector and helped stocks rebound from intra-day lows. The Dow rose 14 points, while the Nasdaq was up around 2 points. Renewed buying interest in the semiconductor sector also provided support. The best Dow performer was General Motors, rising 4.7%, followed by Intel, up 2.4%. Alcoa and American International Group were the most notable losers. |
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Tech Stocks Under Pressure
Mar 21, 11:04 AM EST |
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| Producer price index in Feb dropped 1.4%, following a 0.3% increase in Jan, while core producer price index rose 0.3%. |
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| Stocks extended losses, despite mild selling pressure. The Nasdaq set a new low, falling 0.4% and the Dow hovered near the flat line. Tech stocks declined on earnings report from Oracle Corp. Housing stocks were also weak. The airline sector reached a record high for the year on lower energy prices. The best morning performer was Healthways, rising 17% on raised full-year outlook. |
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Airlines Gain on Lower Oil
Mar 21, 10:33 AM EST |
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| Producer price index in Feb dropped 1.4%, following a 0.3% increase in Jan, while core producer price index rose 0.3%. |
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| Stocks started trading in a lackluster fashion, reflecting a wholesale inflation report which added to investors'' worries about further interest rate hikes, following Fed. Bernanke''s speech that gave no sign whether monetary policy makers would continue raising interest. Tech stocks declined on earnings report from Oracle Corp. Housing stocks were also weak. The airline sector reached a record high for the year on lower energy prices. |
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Wholesale Prices Drop Sharply
Mar 21, 9:40 AM EST |
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| Oil slipped below $60 a barrel on strong U.S. oil inventories. European gold fell on stronger dollar, boosted by Bernanke's positive economic outlook. |
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| U.S. stocks futures moved to the downside, following a report that showed 1.4% rise in producer prices index and a 0.3% increase in core producer prices, larger-than-expected 0.1% gain of the consensus forecast. Database giant Oracle Corp. reported Q3 earnings rose on revenue growth helped by strength in software and services sales. |
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Oil Weighs on Europe
Mar 21, 8:44 AM EST |
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| Steelmaker Corus Group jumped nearly 7% in London on a report that the company had merger talks with Russian Evraz Group. |
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| European averages lost ground at mid-day, dragged by energy and mining stocks after a sharp drop in oil and record-high copper prices yesterday. The German DAX 30 lost 0.6%, the French CAC 40 slipped 0.4%, and London FTSE 1000 was down 0.2%. |
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Philippine Index Gains 1%
Mar 21, 8:10 AM EST |
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| At close, Samsung Electronics fell 0.5% and Hynix Semiconductor dropped 1%. Philippine Long Distance Telephone rose 1.9%. |
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| Asian-Pacific benchmarks closed largely down, following U.S. Fed Reserve Chairman speech yesterday. South Korean Kospi rebounded from recent gains to slip 0.8% on tech and brokerage stocks. Hong Kong finished slightly down at 0.05% on cautiousness ahead of FOMC meeting. Philippine stocks reached a seven-year high of 1% on earnings reports. India Sensitive Index hit an intra-day high, breaking the 11,000-point level, but closed down 0.1%. Tokyo Stock Exchange was closed for a national holiday. |
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