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Gold and Central Bank Dollar Holdings
Apr 21, 9:41 PM EDT |
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| Gold crossed $635 this week and experts predict that precious metal price may rise to as high as $700 before the year-end. |
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| Central Bank around the world have decreased theri gold holding since the beginning of the decade. U.S. dollar volatility, persistent and growing trade and current account deficit in the U.S. may pormpt Central BAnks around the world to begin diversification of their holdings. The U.S. trade deficit is likely to reach above $900 billion by the yeaar end. Total gold holding of the U.S. is only $160 billion. |
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Will Oil Climb Higher
Apr 21, 6:02 PM EDT |
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| More than 22% of oil and 13% of gas production after six months of Hurricane Katrina remains closed. The next season starts in less than 45 days. |
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| Gulf of Mexico has witnessed one of the largest sustained loss of oil and gas production in the last six months. In the last six months 27% of oil and 20% of gas production has been lost. Iran suggested higher oil prices and reiterated that Western nations can afford to real oil price. In the past Iran has suggested oil price of more than $100 per barrel. |
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Tech Stocks Lower on Earnings and Views
Apr 21, 5:20 PM EDT |
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| Earnings news and prices of gold and oil dominated trading in stocks. Bond yields rose. Ford reported a wider loss and stock dropped 8%. Oil at $75. |
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| Market averages for the most of the day fell after rising in the morning. Rising prices of oil and metals acted as a damper to trading sentiment. Analyst downgrade of Dell sent tech stocks lower. SanDisk and Getty Images lost 10% or more as earnings disappointed market. Mexico lowered rate from 7.25% to 7.0%. Mexico, India, Indonesia and Russia surge during the week. |
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Mexico Up on Rate Cut
Apr 21, 4:26 PM EDT |
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| Emerging markets rose in Asia and in Latin Ameica. Mexico cut overnight rate to 7% from 7.25%. |
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| Emerging markets remained a favorite destination of international investors. Markets in Asia, India, Russia and Mexico staged record highs during the week led by 7% rise in India. Mexico closed at record high on ninth rate cut in nine months and Brazil cut the rate earlier this week as well. India did not raise the rate this week surprising the market. International prices of metals, commodities and oil supported emerging markets gains around the world. |
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Europe Extends Gains
Apr 21, 12:28 PM EDT |
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| Advertising group WPP dropped 8% after saying Q1sales rose 23% to 1.38 billion pounds on strong growth in the Middle East and Latin America. |
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| European markets closed in the positive, boosted by strong U.S. markets start on the back of upbeat news from Google and 3M. The tech sector was the only decliner, dragged by disappointing quarterly results from Sweden’s Ericsson and Britain’s WPP. The German DAX 30 gained 0.5%, the French CAC 40 rose 0.9%, while London’s FTSE 100 climbed 0.8%. |
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Sensex in India Up 7%
Apr 21, 10:41 AM EDT |
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| Rising earnings from banks and software firms and steady interest from buyers kept Sensex Index in India at higher level. Sensex added 7% for the week |
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| Sensex came under heavy selling pressure in the morning trading only to lose 160 points at mid-day. The index staged a slow recovery in the last 30 minutes of trading to close 30 points lower. Sensex gained 7% for the week and amid increasing volatile trading. |
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SanDisk Drops 6%
Apr 21, 10:18 AM EDT |
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| Crude oil prices hovered over $73 a barrel on declining gasoline stocks and geopolitical worries. |
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| Ford posted its biggest deficit in more than four years on restructuring plan with sales down 9% on lower demand. Dow industrial 3M rose 2% on 17% quarterly profit jump, reflecting improved sales. The company increased outlook. McDonald''s Corp. said its earnings dropped 14% from the year before, despite 6% sales growth. SanDisk Corp. said Q1 profit fell almost 47% to 17 cents a share, on $623 million in revenue, blaming acquisition of Matrix Semiconductor and compensation expenses. |
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Google up $37 Before Open
Apr 21, 9:07 AM EDT |
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| Crude oil prices hovered over $73 a barrel on declining gasoline stocks and geopolitical worries. |
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| Google shares sharply jumped after the company posted Q1 profit jump of 60% on revenue growth of 79%. Earnings for the quarter came in at $1.95 vs. $1.29 a year ago on gross revenue of $2.29 billion. Google generated 58% of sales from ads on its own site and 41% from its advertising partners. |
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European Averages Rise
Apr 21, 8:24 AM EDT |
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| Sweden's Ericsson declined 3.5% after the company posted Q1 profit drop on the purchase of Marconi and receding margins. |
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| European stocks rose at mid-day, supported by six-year-high close of the Dow overnight which offset disappointing news from Sweden’s Ericsson and Britain’s WPP. The German DAX 30 gained 0.5%, the French CAC 40 rose 0.5%, while London’s FTSE 100 climbed 0.6%, lifted by gains for the second biggest department store Debenhams PLC, which announced plans to return to the LSE through IPO. |
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Shanghai Surges to 2.2%
Apr 21, 7:59 AM EDT |
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| Blue-chip stocks advanced in Tokyo. At close, Sony rose 3.5%, Canon climbed 4.6%, Honda Motor gained 4.6%, and Nissan Motor rose 2.2%. |
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| Asian-Pacific benchmarks finished mixed. The leading gainer was China Shanghai Composite, rising 2.2%, led by Sinopec. South Korean Kospi reached a record high of 1.2%, lifted by major tech companies. The Nikkei rose 0.5%, helped by blue chip stocks. Markets in Hong Kong, Australia and Taiwan declined. |
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