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European Markets Rally, Inflation on the Rise
Apr 16, 6:30 PM EDT |
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| March inflation in the euro area was reported above the ECB target rate for the second month in a row. |
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| Inflation in member European Union states increaed at annaulized rate of 3.6% in March. Energy, education services and food prices contributed to the rise. Latvia and Bulgaria led the region in inflation surge. On the news, euro gained against the dollar and pound. Better than expected earnings from Intel and positive outlook from JP Morgan lifted financial stocks. Crude oil reached another high and gold and copper gained. |
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Nasdaq Up 2.8%, Gold Surges
Apr 16, 4:49 PM EDT |
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| Earnings from Wells Fargo and JP Morgan lifted stocks. Of the Dow Jones index 30 stocks, 28 gained and of the S&P 500, 177 rose more than 3%. |
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| U.S. stock surged after earnings from JP Morgan and Wells Fargo met expectations. Earlier Intel reported positive industry outlook and CSX and Coca Cola advacned on better than expected earnings. Separately March home completion, sales, and starts plunged. Inflation and industrial production in the month rose 0.3%. Crude oil reached another record high and the dollar traded at record low against euro. Of the S&P 500 index 458 stocks gained and 42 declined. |
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Australian Stocks Rise, Woolworths Sales Up
Apr 16, 4:41 PM EDT |
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| Record prices of crude oil and metals lifted BHP, Rio Tinto and Woodside near record highs. Woolworths report sales rise of 10%. |
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| Australian stocks raced ahead on rising crude oil and metals prices. ASX 200 index in Sydney added 1.3% or 70 to close at 5,470.30. Woolworths reported its third quarter sales increase of 10.2% on rising sales of wine and groceries. Rio Tinto reported global first quarter iron ore production increase of 16% however copper production declined. Zirconia maker Iluka reported completion of retail stock offering as it completes $1 billion of debt and stock placement. |
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Financials, Miners, Commodities Surge
Apr 16, 4:40 PM EDT |
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| The Bank of England may help mortgage lenders in the near future as the UK government works to propose a plan to ease credit market stress. |
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| UK stocks surged after rally in the U.S. stocks, lower than expected unemployment and possible help from the Bank of England to ease credit markets. Rise in crude oil and precious metals prices helped miners to recover. BHP, Rio Tinto and Antofagasta led the gainers. HSBC, Royal Bank of Scotland and Barclays rose after the earnings report from JP Morgan met analysts expectations. FTSE 100 gained 2.36% or 139.3 to 6,046.20. |
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Second Day Tech Rally
Apr 16, 2:34 PM EDT |
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| Tech stocks rallied for the second day after the release of better than expected earnings and positive outook for the year from Infosys. |
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| Stocks in India edged higher after a rally in tech stocks. Infosys earnings lifted the tech sector for the second day in a row. Rallies India soared 6% after it reported earnings of 115% to 125 crore rupees and sales increase of 7.6% to 692 crore rupees for the year ended in March. Nicholas Piramal agreed to purchase antibiotics and pain killers drugs from Khandelwal Labs for 116 crore rupees. |
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Stocks in China Region Fall
Apr 16, 2:13 PM EDT |
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| Stocks in Hong Kong and China fell after the release of first quarter inflation and growth data. PICC stock fell 12% on weak earnings. |
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| GDP in the first quarter in China dipped to 10.6% from 11.7% a year ago, industrial production rose 16.4% and inflation to 8%. Food prices in the quarter surged 21% on tough weather conditions and rising fuel prices in the international markets. Retail prices in the quarter rose 7.4% and producer prices increased 6.9%. The news sent stocks lower in China and Hong Kong on the worries that the government will take measures to tighten the economy further. |
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Nikkei in Japan Rises
Apr 16, 1:16 PM EDT |
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| Stocks in Japan edged higher after comments from Lehman Bros eased credit market concernes. |
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| Stocks in Japan rose after the credit market worries eased and earnings from Intel lifted tech stocks. In Tokyo trading Nikkei 225 rose 1.2% or 155.55 to 13,146.13, and the broader Topix Index gained 1.4% or 17.59 to 1,273.56. Electric utilities have initiated contract negotiations with Xstrata and hope keep the coal at prices level from Australia. |
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U.S. Stocks Surge
Apr 16, 4:37 PM EDT |
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| Earnings and inflation data lifted trading sentiment. Wells Fargo and JP Morgan earnings matched expectations. CSX, Intel surges on strong outlook. |
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| U.S. stocks edged higher after March inflation and industrial production increased 0.3%. Housing starts in the month fell 12% to a level last seen in 1991. Separately, earnings from Wells Fargo, JP Morgan, Coca Cola, CSX, and Intel lifted sentiment. Wells Fargo and JP Morgan hinted that credit market turmoil may be near end. Intel surged after it reported healthy sales and met earnings expectations. Talbots trades sharply lower on lack of bank credits. |
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