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Steel Stocks Rise
Apr 15, 5:58 PM EDT |
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| Record crude oil prices and a rise in steel demand lifted stocks of energy and steel companies. |
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| Two industry associations one in Europe and the other in China forecasted higher demand for steel in 2008. The revised estimates lifted steel companies talks higher in the region and talks of price hikes intensified. Automakers and other durable goods makers are bracing for a price hike between 5% and 9%. LVMH reported first quarter sales rise of 5% but at Accor declined on exchange rate losses. Tesco annual earnings rose 12% on 11% rise in sales. |
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U.S. Indexes Rise Despite Record Oil
Apr 15, 4:48 PM EDT |
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| Johonson & Johnson fell after reporting 40% rise in earnings. State Street fell 10% on the worries that exposure to riskly loans may turn sour. |
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| Crude oil closed at yet another record high even the latest OPEC report suggested a decline in demand in the second quarter. Crude oil closed near $114 a barrel. Exxon Mobil and Chevron led the gainers in the oil complex stocks but refiners Valero and Tessoro took another hit. Several regional banks including Regions Financials, U.S. Bancorp, M&T Bank, reported earnings and stake sales in recently listed credit card processor Visa. |
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Crude Oil at Record on Investors Demand
Apr 15, 4:37 PM EDT |
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| Demand from investors drive crude oil to another record high prices. Crude oil is now up more than 75% in the last one year. |
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| Crude oil prices reached another record intra-day high as investors pile in looking for higher returns. Speculators and commodities investors are driving crude oil prices higher as the Fed keeps lowering interest rate. The Fed and the U.S. Treasury talks about strong dollar but have done little to save the dollar. U.S. dollar has fallen 60% against the euro in the last four years. Wheat led commodities with a rise of 120% followed by soybean with 94% and crude oil with 68% in the last year. |
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Sensex Rises 2% on Infosys Earnings
Apr 15, 4:36 PM EDT |
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| Infosys earnings and revenue outook lifted Sensex. Ranbaxy Laboratories led gainers in the Sensex index. |
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| Infosys, the second largest software exporter reported first quarter income rise of 19% and the company expects higher revenue in the medium term. The earnings report lifted market averages. In Mumbai trading, the 30-share BSE Sensex gained 2.2% or 346.02 at 16,153.66. In the broader markets, the National Stock Market rose 2.1% or 101.85 at 4879.65. |
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Resource Stocks Rise, Higher Metals Prices
Apr 15, 10:29 AM EDT |
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| Resource stocks in Hong Kong and Shanghai trading gained lifting market averages. |
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| Record prices in metals and crude oil lifted select stocks and brader market averages but inflation fears persisted in the market. In Hong Kong trading, Hang Seng Index rose 0.40% or 90 to 23,901.33. In Shanghai trading, CSI 300 Index rose 1.3% or 46 to 3,583.30. China expects steel demand to rise 10% to 520 million tons and domestic suppliers are expected to meet almost all the demand. Dubai based fund expects to set up a fund to invest $1 billion in China. |
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Delta and Northwest Merge
Apr 15, 4:33 PM EDT |
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| Delta and Northwest merger hopes to find $1 billion in synergies after cost savings annd increased revenues. Northwest pilots oppose the deal. |
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| Delta and Northwest agreed to merge after months of discussions that almost floundered on opposition from pilots and other unions at Northwest. The merger of two airlines with few routes overlapping is likely to pass regulatory approval as industry consolidates in the face of rising oil prices and weak pricing power. The merged airlines will operate as Delta have global headquarter in Atlanta and current Delta executives will dominate the board and executive positions after the merger. |
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Stocks in Japan and Asia Rebounded
Apr 15, 8:43 AM EDT |
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| Commodities stocks rallied after the crude oil and base metal prices traded near record levels. |
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| Stocks in Japan and Asia rebounded on rising energy and metals prices. In Tokyo trading Nikkei 225 increased 0.6% or 73 to 12,990, and the broader Topix Index rose 0.8% to 1,255.97.Corporate bankruptcy filing increased 18% to 11,333 for the year ending in March. New condominiums put up for sale in the Tokyo metropolitan area in March fell for the seventh straight month by 17.8% from a year ago to 4,490 units. |
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