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Global Sell-Off
May 15, 4:46 PM EDT |
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| Top 37 financial markets around the world declined led by a steep decline in precious metals and oil price. Target missed earnings estimates. |
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| Financial markets around the world declined led by a sharp drop in metal prices. Gold, silver, copper, platinum and palladium declined between 1% and 6%. Oil fell 3.5% as traders started locking in profits. Asian sell-off was led by Indonesia, India and Philippines. Major European markets dropped between 1% and 3%. Norway dropped 5%. In South America Argentina and Brazil declined 3% and 2% respectively. Gold closed down $26.80 but fell as much as $49. |
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Gold Dropped $49
May 15, 2:57 PM EDT |
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| US Dollar recovers as Oil and Gold prices fall. Gold dropped $49 and silver down $1 per ounce. Target misses the estimates. |
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| Gold futures dropped as much as $49 an ounce from its 26-year high, the highest price since 1980, last week. June delivery fell $26.80 to $679 an ounce. This is its lowest level since May 8th of this year. Target turned in Q1 profits of 63 cents a share up from 56 cents a share in the year-earlier period. Analysts had been expecting to see profits of 64 cents a share. Share prices were down in early morning trading to just above $48 before recovering slightly to $49.84 a share or down 4.54%. |
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Weak Dollar Drags Europe
May 15, 1:16 PM EDT |
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| Export-related auto and luxury stocks declined Monday. Volkswagen dropped 3%, DaimlerChrysler lost 1%, and LVMH Moet Hennessy Louis Vuitton fell 2.7%. |
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| European markets closed deeply in the red largely due to continuous inflation concerns and weaker U.S. dollar which weighed on export-related issues. Metals companies also came under pressure, with BHP and Anglo American each down 5%. However, telecommunication stocks bucked the downward trend with Vodafone rising 1.2%. The German DAX 30 lost 1%, the French CAC 40 dropped 1.7%, and London FTSE 100 falling 1.2%. |
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Cambridge Antibody up 64%
May 15, 12:04 PM EDT |
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| Cambridge Antibody Technology, biopharmaceutical company, surged 64.2% after after the company agreed to be acquired by AstraZeneca. |
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| AstraZeneca PLC agreed to acquire development partner Cambridge Antibody Technology Group PLC for $1.07 billion. The $25.02-per-share is a hefty 69% premium to Cambridge''''''''s closing price Friday. Bausch & Lomb Co. jumped $3.99 to $48.43 after the company pulled a contact-lens solution that has been linked to a recent outbreak of a fungal eye infection known to cause blindness. |
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Indian Stocks Down 4%
May 15, 10:42 AM EDT |
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| Indian Sensex took a deep plunge Monday, falling more than 500 points on heavy selling. Metal stocks led the decliners. |
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| The market collapsed as weakness across all global markets sparked a selling spree on the bourse. It was the biggest decline over a short period of time, with the market reaching an all-time closing high on May 10, to shedding 790 points over three sessions. Metal shares lost the most as news spread that the market may witness a great price correction at any time. |
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Target Profit Misses Estimate
May 15, 10:18 AM EDT |
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| AstraZeneca PLC agreed to acquire development partner Cambridge Antibody Technology Group PLC for $1.07 billion. |
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| Stocks moved lower at opening, reflecting significant decline in commodity prices and disappointing first-quarter report from Target Corp. Target posted a 12% jump in Q1 profit, but the results came below estimates by a penny per share. The stock fell 7%. Oil extended the downward move, falling down $2.19 to $69.85 a barrel. Gold for June delivery slipped $23.80 to $688 an ounce. |
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Inflation and Commodities Weigh
May 15, 9:16 AM EDT |
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| Verizon Communications is reportedly close to a merger deal with the UK's Vodafone Group PLC's 45% stake in Verizon Wireless for about $48 B. |
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| Stock futures were sitting below the flat line, suggesting a third consecutive weak session Monday. Market sentiment was negatively affected by continuous interest rate concerns and inflation worries ahead of data on producer prices tomorrow. Sharp declines in commodities prices also contributed to the downward trend. Oil and gold fell 2%, zinc and copper dipped nearly 10%. |
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Ernst & Young Withdraws Chinese Loans Report
May 15, 8:09 AM EDT |
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| Ernst & Young, international accounting company, declared a report on China’s banks’ loans invalid. |
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| Ernst & Young withdrew a report suggesting that China’s banks had accumulated bad loans for up to $911 billion, but having revised the figures, the firm stated that this number cannot be supported. The Ernst & Young report put the amount of nonperforming loans held by the ‘Big Four’ state banks at $385 billion. China''s official estimate of the amount of nonperforming loans held by its four big state banks is $133 billion. |
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Asian Markets down on Inflation Concerns
May 15, 8:07 AM EDT |
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| Asian share markets finished down Monday following declines in U.S. markets, with Japan's Nikkei Average losing further ground. |
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| Japan''''s Nikkei Average declined for the fifth session in a row led by the release of inflation data and the yen hitting new eight-month highs against the greenback. The benchmark closed 114.87 points, at 16,486.91, reflecting weakness in automotive stocks. Shares in Singapore, Australia and Taiwan finished also lower. South Korea''''s Kospi index fell 2.6%. |
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Europe Extends Loss on Inflation Fears
May 15, 6:44 AM EDT |
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| European markets widened last week’s losses in early trading Monday on concerns about the influence of the rising commodity prices. |
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| Sentiment remained glum, overwhelmed by worries of the long-term influence of the advancing commodity prices on inflation and interest rates. After a strong beginning last week, equity markets declined on Thursday and Friday, led by the surprising aggressiveness of the U.S. Federal Reserve, hiking interest rates again on Wednesday. London’s FTSE 100 shed 1% in early trading, Frankfurt’s Xetra Dax slid 0.9 %, the French CAC 40 declined 1.1%. |
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