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Financials Lift European Markets
May 02, 5:25 PM EDT |
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| Banks and insurance companies in the region rebounded as investors showed higher apppetite for risk. |
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| European stocks closed higher on a rise in airlines, banks and commodities stocks. The market averages in the region tracked morning gains in the U.S. German retail sales fell in April as consumers battel rising food and energy prices. Home prices in UK declined as lenders tighten mortgage lending. April auto sales in France rose 14%. BNP Paribas and Credit Agricole rose on a broker recommendation. |
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Crude Oil Rise Kills Payrolls Rally
May 02, 4:33 PM EDT |
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| Dolby Laboratories, Agrium, Chiquita and Chevron closed higher and Bankrate, Monster Worldwide, Wynn Resorts, and ADP fell on the earnings. |
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| U.S. stocks closed mixed after April payrolls declined 20,000 and unemployment fell to 5% from 5.1%. The smaller than expected drop in payroll lifted stocks in the morning. Crude oil rebounded 3% and dragged market averages at close. Yield on 30 years bonds rose. Stocks in Europe and Latin America closed higher tracking gains in the U.S. Countrywide Financial debt status was lowered to junk level after the Bank of America in filing suggested that it may not guarantee $93 billion of debt. |
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Realty, Financials Lift Tokyo Stocks
May 02, 1:44 PM EDT |
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| JAL Group lowered its revenue forecast for the year ended on March 2008 by 0.8% and increased its net earnings estimates by 129%. |
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| Stocks in Japan rose sharply after the yen fell to a 2-year low. Investors returned to stocks on he falling commodities and crude oil futures prices and rising optimism related to credit market. In Tokyo trading Nikkei 225 rose 2.05% or 282.4 to 14,049.26, rising 1.3% for the week, and the broader Topix Index increased 2.3% or 31.29 to 1,377.39. |
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Fed TAF at $75B, Stocks Gain
May 02, 11:02 AM EDT |
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| U.S. stocks gained at the opening on the Fed increasing the size of its TAF facility to $75 billion. Agrium and Dolby surge on earnings. |
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| U.S. stocks edged lower after surging nearly one percent at the opening. The Fed widened its term auction next week to $75 billion from $50 billion. April non-farm payroll declined lower than expected, sparking a rally in dollar. Construction and retail industries continue to shed workers. In addition, construction spending fell 1.1% in March. Crude oil and gold edged higher. Tech stocks fell after a surge at the opening. |
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