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BHP Surges to Record, Woodside Up
May 14, 11:34 PM EDT |
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| Australian stocks closed higher after speculation of Chinese investment lifted BHP and other mining stocks. |
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| Stocks in Australia rose after BHP Billiton surged 6% to a record high on a speculation that Chinalco may take a stake in the company. The rampant speculation lifted stocks of other mining companies. ABC Learnings addded 5.4% after the government offered to pay more for childcare to families with income of less than $150,000. Woodside Petroleum completed its acquistion of North West shelf interest. |
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Thyssen, ArcelorMittal, SocGen Rise
May 14, 6:12 PM EDT |
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| Societe Generale, ING and ThyssenKrupp and ArcelorMittal rose in trading after the release of earnings. |
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| European markets edgged higher after a wave of earnings from Vivendi, ArcelorMittal, ING, Societe Generale, EADS and ThyssenKrupp. ArcelorMittal earnings rose 5% to $2.4 billion and ThyssenKrupp profit jumped 106% to 502 million euros. ThyssenKrupp revenue rose 1% to 13.2 billion and ArcelorMittal revenue increased 22% to $30 billion. Steel prices are expected to rise in the second half of the year as Arcelor raised prices and ThyssenKrupp hinted of price increases. |
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Tech Rally Falters, Home Builders Rise
May 14, 7:17 PM EDT |
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| Freddie Mac earnings, swift $12 billion offerig from AIG and weak inflation lifted stocks in the morning. Techs lost most of the gains. |
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| U.S. stocks rose at close but lost most of their gains by the end of the day. Tech stocks declined in afternoon after Nasdaq index rose nearly 1.4% by mid-day. Stocks rallied after a benign inflation report in the morning and Freddie Mac gained market share and reported smaller than anticipated loss. Home builders advanced. In the regional trading, Mexico gained more than 1% and European markets edged higher. Inflation indexes in China, India and UK gained in the latest read. |
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Current Account Surplus, Inflation Rise
May 14, 4:19 PM EDT |
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| Wholesales price in Japan rose in April, nearly at the same rate as in March. Current account surplus rose 16.1% in fiscal 2007. |
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| Stocks in Japan traded in positive territory after NTT and Astellas Pharmacies increase dividends and share buyback. In Tokyo trading Nikkei 225 rose 1.18% or 164.82 at 14,118.55, and the broader Topix Index increased 1% or 12.99 at 1,373.04. The Bank of Japan reported that the Domestic Corporate Goods Price Index rose 3.7% from a year ago at 107.3 after adding 3.9% in March. |
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Wholesal Inflation, Industrial Production Rise
May 14, 4:23 PM EDT |
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| Oil refiners fell as invesors worried that the companies may not get crude oil supply after the recent earthquake. |
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| China reported a raft of economic data suggesting that the economy continues to grow at a rapid clip. April industrial output rose at 15.7% and international trade rose at 24% in the first four months of the year. Despite a rise in wholesale inflation at 10.3%, retail sales surged at 22% in April from a year ago. However a sharp rise in food and energy costs is hobbling the consumer. In stock trading, Hong Kong Exchanges & Clearing fell after it reported earnings rise of 79%. |
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Higher Inflation Drag Stocks
May 14, 2:56 PM EDT |
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| UK inflation is expected to rise above 3% as food and energy prices rise. Commodities stocks gain on the expectations of higher metals prices. |
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| The Bank of England inflation report suggested that pressures on inflation are rising as credit market remains tight. Separately the governor of BOE said that inflation may rise above 3% for several quarters. Shareholders of Royal Bank of Scotland approved £12 billion offering. Eurasian Natural led advancers in the FTSE 100 index with a rise of 7%. |
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Metals, IT Rise, Cement Stocks Fall
May 14, 2:05 PM EDT |
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| Metals surged on the hope that the government will reduce or eliminate export duties. IT stocks rose after rupee weakened. |
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| Mumbai stocks rose after a rise in IT and metal stocks. Rupee fell to a 13-month low to 42.44 against one dollar as rising crude oil import worries investors. Software exporters gained on rupee weakness. Metal and steel companies added in the trading after the government said it is considering industry request to review duties on metal exports. Cement companies fell on the worries that recent price weakness and rising new capacity will hurt the industry margins. |
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U.S. Stocks Rise; Deere, Whole Foods Drop
May 14, 11:40 AM EDT |
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| U.S. stocks traded higher after the release of benign April inflation data. Deere and Whole Foods fell after the release of earnings. |
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| U.S. stocks advanced in the morning trading as inflation measure showed a smaller than expected rise in April. Monthly inflation rose at 0.2% according to the government. However most consumers feel the pain of rising food and energy costs. Deere & Company fell after earnings rose 22%. Whole Foods dropped 10% after quarterly earnings declined. Markets in Europe, Asia and Mexico traded higher. |
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