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U.S. Stocks Rise on Intel, Cisco, Wal-Mart
Apr 10, 5:24 PM EDT |
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| U.S. stocks added after Cisco and Intel closed higher on broker recommendations. U.S. trade deficit in February rose. Wal-Mart reached 3-year high. |
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| U.S. trade deficit in February increased 5.7% as imports in the month rose faster than exports. Talks of cheap dollar fueling exports, at least in February did not help. Dollar came immediately under renewed pressure in the currency market and talks of another rate cut intensified. In addition, initial claims of jobless benefit fell 53,000 at the end of last week. The Bank of England lowered its key rate to 5% but ECB left its target rate at 4%. |
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BoE Rate Cut, RWE Bids for British Energy
Apr 10, 4:55 PM EDT |
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| British Energy surged after media report suggested a takeover offer of 11 billion pounds from RWE in Germany. |
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| The Bank of England lowered its key rate to 5% from 5.25% after it weighed weak conditions in housing market and rising pressures on inflation. The Bank also indicated that economic conditions are likely to be challenging for the rest of the year. Separately, ECB left its rate unchanged and worried that tight labor markets may fuel inflation. Retailers in UK fell after DSG lowered its earnings estimate and Kingfisher indicated tough retail environment. |
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ECB Holds Rate, BoE Lowers
Apr 10, 2:01 PM EDT |
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| The ECB kept its key rate at 4% after it worried that near full employment will may lift inflation. The BoE lowered rates to support housing market. |
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| The ECB left its key rate unchanged at 4% but the Bank of England lowered its rate by 0.25% to 5%. The ECB decision was influenced by rising inflation pressures and lowest unemployment rate in the region. While, the Bank of England worried that risk of softness in the housing market was critical than rising inflation. |
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Tech Stocks Lift U.S. Indexes, Trade Deficit Up
Apr 10, 1:27 PM EDT |
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| U.S. stocks edged higher after Yahoo merger talks heated up. AOL and Yahoo are close to merging, prompting Microsoft to make a revised bid. |
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| U.S. stocks edged higher on a rise in tech stocks. Intel surged 4%. Yahoo and AOL are in merger talks and Microsoft and News Corp are likely to offer its revised bid. In the economic news, February trade deficit rose 5.7% to $62.32 billiion and deficit with China, Japan, Canada, Mexico and euro zone nations increased. Initial jobless claims at the end of last week fell. Same store sales in March declined on weak apparel sales. |
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Sensex Falls Ahead of Inflation, PPI Data
Apr 10, 5:02 PM EDT |
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| Sensex in sideway trading fell ahead of inflation and industrial production data. Software exporters fell but oil companies gained. |
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| Stock markets in India lost the ground ahead of the release of key economic data on Friday. Industrial production is expected to rise and inflation is expected to be at elevated level. The key index, Sensex lost 0.6% and in the broader markets, Nifty fell 0.3%. Oil and gas stocks gained but software exporters declined on the worries related to the U.S. economic health. Reliance industries authorized 800 crore rupees stock buyback. Crude oil jumped to record $112 a barrel. |
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ICBC Earnings Oulook Lift Financials
Apr 10, 5:00 PM EDT |
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| TPV Technology rose 5% after it reported 19% rise in earnings. Renminbi fell below 7 for the first time in since 2005. |
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| ICBC estimated earnings gain for the first quarter of this year to rise at least 50%, lifting stocks in the financial sector. China Construction Bank gained 4% ahead of its earnings tomorrow. Higher crude prices crimped margins at refiners, dragging the sector lower. China statics agency revised higher its estimate for economic growth in 2006 and 2007. |
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Manufacturing Falls, Current Account Rises
Apr 10, 4:59 PM EDT |
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| February machinery orders fell from January. Current account surplus rose for the second month in a row. |
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| February machinery orders in Japan fell 12.9% from January. Current account surplus in Japan widened for the second consecutive month in February, rising 2.9% from a year earlier to 2.46 trillion yen. In Tokyo trading Nikkei 225 fell 1.3% to 12,945, and the broader Topix Index declined 1.2% to 1,248. Shionogi led advancers in the Nikkei 225 index with a rise of 3.4% followed by rises in Yahoo Japan Corp. of 2.8%, Toshiba Corp of 2.6%, in Nisshinbo Industries of 2.5%, and Hitachi Ltd. of 2.2%. |
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