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Dow Weakens in Afternoon
Apr 03, 5:31 PM EDT |
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| Market averages lost most of the gains by the end of the day. Mixed economic reports from manufacturing and construction industries sparked buying. |
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| Market average gained in the morning hours on the construction industry report. Morning enthusiasm was not supported by a broad buying in the tech and stocks and other large and small caps. Construction equipment companies Catepillar, Deere, Terex, Manitowoc and Joy Global rose more than 3% at close. Emerging markets in India, Brazil and Mexico rose close to 2% and Japan, Hong Kong and Germany rose to five-year high. |
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Emerging Markests Register Strong Gains
Apr 03, 4:28 PM EDT |
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| Strong international buying in India, Brazil, Mexico and Russia supported a sharp rise in indexes across the globe in emerging markets. |
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| Emerging markets register gains of close to 2% in India, Brazil, Mexico, Hong Kong and South Korea on steady buying from international investors. Rising commodities prices from gold, copper to oil also helped. Investors hope that economic performance of these local economies will be sustained in the second quarter of this year. India jumped 2.5% and Mexico, Brazil and Hong Kong gained 1.9% and 1.7% respectively. |
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Terex and BHP Lead Gainers
Apr 03, 2:58 PM EDT |
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| Mixed economic signals rest the inflation worries for traders to rest, for now. Terex jumped 7% on raised earnings outlook and BHP gained on buy-back. |
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| In the early afternoon trading major averages are trading below the peak reached in the morning. Dow and S&P averages are still higher by 0.7% and 0.5% respectively but Nasdaq is close to unchaged. Telecom equipment makers and energy stocks are leading the gainers for the day. GM is reported to have agreed to sell 51% of GMAC to a private equity group of Citigroup. |
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European Shares Surge
Apr 03, 1:02 PM EDT |
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| BHP surged 6.4% after the company said it will boost its buyback program to $1.6 billion. |
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| Stocks in Europe rallied on the first day of the second quarter to finsh sharply up, reflecting solid gains in Asian markets, eased interest-rate concerns, and strength in mining and auto stocks. Takeover deals also supported sentiment with Alcatel in the spotlight after the company agreed to acquire Lucent Technologies for $14.45 billion in stock. The German DAX 30 reached a five-year high of 0.9%, the French CAC 40 advanced 0.7% and London FTSE 100 surged 1.1%. |
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Slower Industrial Activity
Apr 03, 11:41 AM EDT |
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| Manufacturing index for March fell 1.5 points to 55.2, versus forecasts for a one-point rise. Construction spending in Feb rose 0.8%, above estimates. |
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| Stocks traded in the positive, lifted by acquisitions. GM announced that it is selling a 51% stake in GMAC to an investor group, including Cerberus Capital Management, Citigroup Inc. and Aozora Bank Ltd. In another takeover deal, Alcatel agreed to acquire Lucent for $13.4 billion. Verizon Communications sold its Caribbean and Latin American operations for $3.7 billion. |
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Alcatel Acquires Lucent for $13 B
Apr 03, 11:08 AM EDT |
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| Manufacturing index for March fell 1.5 points to 55.2, versus forecasts for a one-point rise. Construction spending in Feb rose 0.8%, above estimates. |
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| Stocks traded in the positive, lifted by acquisitions. GM announced that it is selling a 51% stake in GMAC to an investor group, including Cerberus Capital Management, Citigroup Inc. and Aozora Bank Ltd. In another takeover deal, Alcatel agreed to acquire Lucent for $13.4 billion. Verizon Communications sold its Caribbean and Latin American operations for $3.7 billion. |
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Auto Sales Power India
Apr 03, 10:31 AM EDT |
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| Sensex rose 2.52% on the first day of trading in the second quarter and rallied along with indexes in Japan and Hong Kong. Auto sales jumped 16%. |
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| Sensex in India rose 2.52% on robust buying from domestic and foreign institutional investors. IT stocks rose on the hopes of better than expected earnings from Infosys. Auto stocks rose strong unit sales from Bajaj, TVS and Maruti. Scooter sales for March are up 30% and auto sales are up 16%. Sensex rose from 11,000 to 11,500 in 21 trading days. |
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GM Sells GMAC Stake for $14 B
Apr 03, 10:12 AM EDT |
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| Crude oil advanced to $67 on continuous tensions in Iran and Nigeria. The U.S. dollar hit a three-week high vs. the yen. Gold lead metals rally. |
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| Stocks opened higher at the beginning of the second quarter, lifted by merger deals and expectations of solid manufacturing growth. General Motors announced a plan to sell a majority stake in GMAC for $14 billion over three years. Alcatel rallied close to 5% after unveiling its $13.5 billion stock swap for Lucent. |
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Strong European Rally
Apr 03, 9:20 AM EDT |
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| Alcatel rose 6% after it agreed to acquire Lucent Technologies for $14.45 billion in stock, expanding its share of the U.S. market. |
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| European stocks started the second quarter sharply higher, reflecting broad rally in the Asian-Pacific region and some merger-and-acquisition activity. The German DAX 30 hit a five-year high, rising 0.6% to 6,004, outpacing London FTSE 100, rising 0.6% to 6,002. The French CAC 40 also advanced 0.6%. |
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Asia Hits Multi-Year Highs
Apr 03, 8:47 AM EDT |
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| At close in Tokyo, electronics maker Toshiba rose 3.8%, while Sony gained 1.5%. Mitsubishi UFJ Financial rose 2.2% and Mizuho Financial added 2.2%. |
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| Asian-Pacific markets finished sharply higher, reaching multi-year highs. The Nikkei closed at a six-year high, rising 1.6% to 17,333.31 on improved confidence in the economic recovery and strength in the tech, banking and insurance sectors. Hong Kong Hang Seng reached a five-year peak of 1.6% to 16,063.75, supported by China Mobile and property blue-chip stocks. China Shanghai Composite rose 1.6% and Taiwan Weighted index gained 0.7%. |
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