|
|
|
Oil Sparks Global Sell-Off
Jul 13, 4:11 PM EDT |
|
| Oil price rise to $77 per barrel causing global sell-off. Markets in Europe decline near 1.5%, Asia lose more than 1% and Latin America declines 3%. |
|
| It was oil, Middle East tensions, Nigeria, Mexican election stand-off, Japan rate hike worries and Mumbai bomb blasts all came to bear on the market. Global markets sold-off with Russia losing 4% and Latin America down 3%. Despite a sharp rise in oil price, demand in the U.S. and China is still strong. Ford Motor cuts its dividend by half. Wal-Mart was downgraded. Apple Computer hits seven-month low. |
|
|
Full Story... |
Europe Slips on Surging Oil
Jul 13, 12:45 PM EDT |
|
| Carrefour rose 1.6% after reporting a 9.1% jump in revenue to 21.39 billion euros, beating expectations. L'Oreal gained 0.8% on sales rise of 8.7%. |
|
| European markets ended sharply down Thursday on renewed concerns over the strength of Q2 earnings and surging oil prices to record highs of over $76. Technology, mining, and insurance stocks stood out among decliners. The German DAX 30 tumbled 2%, the French CAC 40 slipped 1.8%, and London FTSE 100 dropped 1.6%. |
|
|
Full Story... |
Geopolitical Tensions Weigh
Jul 13, 11:57 AM EDT |
|
| Light crude gained $1.30 to $76.25 on the Nymex. The U.S. dollar fell against the Japanese yen; gold prices rose to $650 an ounce. |
|
| Stocks continued to post weakness, reflecting record-high crude oil futures, brokerage downgrade on Wal-Mart, and geopolitical tensions, including escalating violence in the Middle East, the stand-off over Iran''s nuclear program, and North Korea’s unwillingness to agree to disarmament talks. |
|
|
Full Story... |
India Edges Down In Weak Trading
Jul 13, 10:31 AM EDT |
|
| Oil price near record level at $76 per barrel, weak global markets and weakness in IT stock in the foreign markets kept Sensex in India down 0.7%. |
|
| Ministry of Commerce reported that manufacturing sector advanced at 10.9% rate, slightly below 12% rate projected by the goverrnment. Mining and electricity were the laggard dragging the advance. After Wednesday’s peak sparked by strong quarterly results by Infosys, the market declined today due to high oil prices and weak global markets, damping the market sentiment. Select stocks surged with Hindustan Lever, the top gainer, while high oil prices pushed auto stocks down. |
|
|
Full Story... |
Wal-Mart Downgraded
Jul 13, 10:07 AM EDT |
|
| The Labor Department said that jobless claims rose to 332,000 from the previous week's unrevised figure of 313,000, vs. the expected rise of 320,000. |
|
| Stocks opened lower on surging oil prices and brokerage downgrade on Wal-Mart Stores. Positive earnings news from PepsiCo failed to lift sentiment. The beverage producer reported 16% profit rise in Q2 on 12% revenue growth. Marriott International reported Q2 net income rise of 43 cents a share from 29 cents last year on 7% revenue increase. Media company Tribune announced 62% decline in profit in Q2 due to falling newspaper circulation. |
|
|
Full Story... |
Oil Hits Record High
Jul 13, 9:03 AM EDT |
|
| Oil prices climbed to a record high near $76 a barrel on supply worries from major exporter Nigeria after suspected explosions at a pipeline. |
|
| U.S. stock futures dropped Thursday, dragged by record-high oil prices and a brokerage downgrade of Wal-Mart Stores Inc. Merrill Lynch lowered its rating on Wal-Mart Stores to ‘neutral’ from ‘buy’ amid suspicion the rate of revenue growth could not be sustained. The Dow component, slid 1.7%. On a positive note, PepsiCo posted higher Q2 profit of 80 cents a share, exceeding estimates of 77 cents a share. Company''s shares rose 1.4%. |
|
|
Full Story... |
Aviva Takes Over AmerUs for $2.9B
Jul 13, 8:01 AM EDT |
|
| Britain's largest insurance company Aviva PLC agreed Thursday to acquire U.S. insurance company AmerUs Group Co for $2.9 billion. |
|
| Aviva will pay $69 in cash per AmerUs share, a 10% premium to the closing price of July 6, the day before Aviva confirmed they were in talks. The transaction is expected to be completed in the fourth quarter. Aviva shares fell 0.8% to 707 pence on the LSE. |
|
|
Full Story... |
Asia Falters On U.S. Losses
Jul 13, 7:33 AM EDT |
|
| Asian markets declined across the region, due to broad losses on U.S. markets, oil concerns and a likely rate decision from the Bank of Japan. |
|
| Asian stocks sank Thursday led by broad losses on U.S. markets, with exporters including Toyota Motor and Canon Inc. reporting some of the largest declines in Japan, while Shanghai shares dropped nearly 5% to lead regional losers. The Hang Seng Index in Hong Kong also fell as well as the Kospi of South Korea and Australia benchmark S&P/ASX 200. |
|
|
Full Story... |
Tensions And Oil Depress Europe
Jul 13, 6:38 AM EDT |
|
| European shares fell shortly after opening Thursday as an upsurge in violence in the Middle East and a rise in oil prices weigh on investor sentiment. |
|
| European markets opened lower on Thursday as investors continued to worry about the early progress of the U.S. second quarter earnings season and as crude oil prices topped $75 a barrel once more amid heightened geopolitical tensions. The U.K. FTSE 100 index declined 0.7%, the German DAX Xetra 30 index sank 1.3% and the French CAC-40 index lost 1.1%. |
|
|
Full Story... |
Gold Hits Six-Week High
Jul 13, 5:14 AM EDT |
|
| Gold futures struck a six-week high Wednesday, powered by a mixture of fund buying and strong technical signals. |
|
| Gold hit its highest level in six weeks at $657 during the session, but at the close, the contract lost momentum as light profit-taking appeared and buyers were there to pick up the slack. Ongoing geopolitical issues involving Iran, India and North Korea have been the catalyst of the recent rally. |
|
|
Full Story... |
1
 |
|
