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Mexico Leads Global Rally
Jul 03, 2:40 PM EDT |
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| Major averages rose as market raced near early close. Dow, Nasdaq and S&P 500 gained. Mexico surged 4% on perceived victory of the ruling party. |
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| Markets around the world gained on the first day of the third quarter. Averages rose in Asia, Europe and Americas. Mexico led the global gain with 4.2% surge. Investors perceived that the ruling party candidate has 1% lead when 96% of votes were counted. Construction spending fell unexpectedly in May, according to the Commerce Department. June sales of GM, Ford, Chrysler and Nissan declined. Honda and Toyota reported sales gain. |
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Oil, Autos Lift Europe
Jul 03, 1:25 PM EDT |
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| U.K. defense contractor BAE Systems fell 3.3% after independent expert valued its 20% stake in Airbus at 2.75 billion, sharply below estimates. |
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| European markets ended higher, lifted by gains for oil majors and merger-and-acquisition news. Oil companies BP and Royal Dutch Shell rose 1.2% and 1.4% respectively. Merger-and-acquisition speculation also helped to inspire European gains, including British supermarket group WM Morrison, up 3.7% and brewing company SABMiller, up 1.2%. The German DAX 30 rose 0.55, the French CAC 40 added 0.3%, and London FTSE 100 climbed 0.9%. |
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Construction at Two-Year Low
Jul 03, 11:34 AM EDT |
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| Nortel Networks Corp. surged 11 cents to $2.35 after Jefferies & Co. upgraded the telecommunications equipment company, citing a low share price. |
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| Stocks moved moderately higher in light pre-holiday trading, reflecting mild economic data and news of a possible alliance between General Motors Corp. and Nissan Motor. In economic news, the ISM''s June manufacturing index fell 0.6 points to 53.8, while economists were expecting a rise to 55. In another report, the Commerce Department said that a sharp decline in homebuilding drove a 0.4% decline in May construction spending, vs. expectations of a 0.2% increase. |
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India Extends Rally
Jul 03, 10:50 AM EDT |
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| The Sensex gain was boosted by strong Asian markets and normal monsoon rain. Rising oil prices lifted energy and commodities related stocks. |
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| The market extended Friday’s rally supported by positive sentiment in the Asian emerging markets. The progress of the monsoon has been closely observed by investors, as a well-distributed rainfall is likely to boost the agricultural sector. Six hundred million people in India rely on agriculture for income. High earnings expectations for the first fiscal 2006 quarter results boosted market sentiment. |
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Market Opens Higher on GM
Jul 03, 10:08 AM EDT |
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| Light crude rose 43 cents to $73.94 on the Nymex amid concerns about heightened gasoline demand during the busy summer driving season. |
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| Dow component General Motors Corp. boosted market sentiment, rising 1.6% on news of possible alliance with French automaker Renault and Japanese Nissan. Traders also awaited the June reading of the Institute for Supply Management''s manufacturing index, hoping the report would provide clues about economic growth and interest-rate increases. |
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GM to Boost Stocks
Jul 03, 9:18 AM EDT |
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| Citigroup may be in the spotlight Monday as its Chairman and CEO Charles Prince rejected the idea of breaking up the financial services giant. |
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| Stock futures indicated a positive start of Monday trading session ahead of June manufacturing data and the Independence day holiday tomorrow. Positive news from Dow component General Motors Corp. is expected to give a further boost to stocks. Wal-Mart announced that June same-store sales rose 1.2%, the low end of its forecast. |
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Intelsat and PanAmSat Merge for $3.2 B
Jul 03, 8:25 AM EDT |
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| Intelsat Ltd. and PanAmSat Corp. are scheduled to complete a $3.2 billion merger deal Monday. |
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| The combined company’s fleet will consist of more than 50 orbiting spacecraft, making it the largest and most diversified global satellite-services operator. However, the combined company is likely to face major integration, personnel and marketing challenges to break out of the slow-growth pattern. |
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Asian Markets Advance
Jul 03, 7:22 AM EDT |
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| Asian stocks started off the week strong Monday after strong results from the Bank of Japan's quarterly tankan survey of business sentiment. |
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| Japan’s survey of business sentiment gave a boost to financials, retailers and exporters, while China share prices soared to a two-year high. Hong Kong shares also finished higher on the day on expectations of a pause in U.S. interest-rate increases. Elsewhere in the region, Australia’s benchmark, S&P/ASX 200 also advanced, as well as Taiwan''''s Weighted index, which gained slightly. South Korea''''s Kospi index was the only one to end lower. |
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Europe Holds Onto Gains
Jul 03, 6:58 AM EDT |
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| European stocks advanced in early trading Monday on resource shares supporting markets and gains in Asia boosting sentiment |
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| Gold once again pushed well through the $600 an ounce mark as the dollar weakened on Friday and crude edged back towards the psychological $75 a barrel, the mining and petrochemical stocks were looking to be in favour once again. Asian stocks also helped starting off the week in a positive mood after bullish results from the Bank of Japan''s quarterly tankan survey of business sentiment boosted financials, retailers and exporters. |
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Strong Rally In Precious Metals
Jul 03, 5:26 AM EDT |
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| Low liquidity ahead of the holiday weekend and a sharp fall in the U.S. dollar led to a strong rally in precious metals on Friday. |
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| A combination of the dollar''s demise against other major currencies following the U.S. Fed’s signal that it may pause its interest-rate hike program, along with low volume ahead of the U.S. holiday weekend gave gold a boost. It is partly due to the Fed and partly due to a lot of market players already on vacation. |
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