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Retailers, Oil and Gold Shine
Apr 06, 5:50 PM EDT |
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| Traders ignored weekly unemployment report and focused on monthly payroll data. Oil near $70. Gold at $600 and silver at $12. Retailers report sales. |
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| Market traded lackluster as metals and oil market dominated news. Oil jumped up. Gold traded for the first time since 1981 above $600 and sivler rose to $12. 3M rose 6% on better earnings outlook but Merck lost 3% on court verdict. Parker Hannifin lost 5% on lower sales. Apple rose added 6% after rising 10% in previous session. In emerging markets Hong Kong rose 1.93%. |
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Hong Kong Leads Emerging Markets
Apr 06, 5:09 PM EDT |
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| Hong Kong market rose to a sixt six month record as invesors piled money in local telecom stocks. |
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| Emerging markets were mostly lower but Hong Kong managed to gain close to 2%. Local investors bid up the prices of local telecom stocks. Taiwan rose 1.4% on the back of strong demand for semiconductor stocks. South Africa, Mexico and Argentina lost gorund. Brazil added 0.5% on the buying in mining stocks. India and Thailad markets were closed. |
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Gold at $600
Apr 06, 4:57 PM EDT |
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| Gold jumped more than $7 to close near $600 for the first time in 25 yeears. Silver |
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| Precious prices have been rising for the last four years and reached a twenty five year high. rising demand from investors, individual and hedge funds investors have beeen the main driving force for the demad for gold. Jewelry demand from Asia and Middle eastern countries has been rising at a slower pace. |
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Apparel Retailers Rise
Apr 06, 3:29 PM EDT |
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| Apparel retailers report mixed same-store results for March. gold reach $600 and silver trade at $12. |
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| With less than an hour of trading market averages are near unchanged mark. Apprael retailer report mixed performance but Bebe Stores and Abercrombie & Fitch rise. Aeropostale, CitiTrends, Tim Horton''''s and Bebe Stores rise near 10% or more. Apple Computer rises another 7% after adding 10% yesterday. Gold trades at $600 and silver reaches $12. |
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Rates Lift Europe
Apr 06, 12:43 PM EDT |
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| The Europeam Central Bank left its key interest rate unchanged at 2.5%. President Trichet said that the central bank may raise rates in June. |
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| European stocks recovered from earlier weakness to finish above the flat line, reflecting comments on interst rates from the European Central Bank President and strength in the energy, matals and tech sectors. Stronger euro failed to support auto stocks as surding oil and brokerage downgrade weighed. The German DAX 30 edged up 0.04%, the French CAC 40 gained 0.03%, and London FTSE 100 added 0.03%. |
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Utilities, Airlines Fall
Apr 06, 12:16 PM EDT |
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| Intial jobless claims fell to 299,000 from the previous week's revised figure of 304,000, vs. expectations of a rise to 305,000. |
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| Stocks were under pressure on surging oil prices and lower jobless claims. The price increase to $67.75 contributed to significant weakness among airline stocks, with Continental Airlines and AMR, falling on worries about higher fuel costs. Utilities stocks also showed weakness on inflation concerns and further interest rate hikes. |
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Oil Surges to $68
Apr 06, 10:19 AM EDT |
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| Merck & Co. dropped 3.8% after a New Jersey jury said the company hid the potential dangers of its painkiller Vioxx . |
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| Stock markets opened lower on inflation concerns, raised by surging oil prices and lower jobless claims. In addition, retailers generally disappointed with April sales reports. Wal-Mart, reported 1.4% same-store sales rise in March, the smallest increase in sales since April of 2005. Teen apparel retailers came under pressure, dragged by Abercrombie & Fitch, Pacific Sunwear and Hot Topic which posted flat to lower March same-store sales. |
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Weak Retail Performance
Apr 06, 9:23 AM EDT |
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| Crude oil prices jumped above $67 on weaker gasoline supplies. European gold neared $600 per ounce. The dollar dropped. |
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| The world''s largest retailer Wal-Mart, reported 1.4% same-store sales rise in March, slightly above the 1.3% growth predicted by the company, but still the smallest increase in sales since April of 2005. Teen apparel retailers came under pressure, dragged by Abercrombie & Fitch, Pacific Sunwear and Hot Topic which posted flat to lower March same-store sales. |
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Europe Mixed Before Rates
Apr 06, 8:24 AM EDT |
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| Credit Suisse downgraded the entire European auto sector. DaimlerChrysler lost 2.3% after it was downgraded to underperform. |
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| European shares traded mixed ahead of key interest-rate decisions at the Central European Bank and the Bank of England. Gains in the energy and tech sector helped offset losses in auto stocks. The German DAX 30 edged down 0.3%, the French CAC 40 fell 0.2%, and London FTSE 100 added 0.1%. |
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Asia Rallies on High-Techs
Apr 06, 7:52 AM EDT |
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| In Tokyo at close, the biggest retailing group Aeon surged 4%. Shares of Tokyo Electron rose 3%, while chip equipment maker Advantest climbed 3.7%. |
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| Asian benchmarks finished in the positive, led by gains in Hong Kong and Tokyo where high-tech stocks sharply rose. The Nikkei rose 1.4% to 17,489.33, lifted by semiconductors which gained on news that Toshiba and U.S. firm ScanDisk will buid a factory to produce NAND-type flash memory chips. Hong Kong’s Hang Seng climbed 1.93%, supported by banking giant HSBC Holdings and wireless provider China Mobile. Australia’s All Ordinaries gained 0.6%. |
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