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Tobacco Verdict and Same-Store Sales
Jul 06, 4:16 PM EDT |
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| June same-store sales and Florida Supreme Court decision in tobacco case affected trading. EBay traded at new 3-year low. |
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| Market averages gained in the New York trading. Florida Supreme Court affirmed a lower court ruling and threw out a $145 billion of punitive damages award against five tobacco companies. Mixed June same-store sales largely disappointed market watchers. European markets closed higher. A decision in Mexican Presidential election may not be clear for weeks to come. EBay stock traded near three-year low. |
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Europe Gains on Rates
Jul 06, 12:27 PM EDT |
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| European Central Bank held its key rate at 2.75%, and the Bank of England left rates unchanged at 4.5%. |
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| European markets finished strong as the European Central Bank and the Bank of England left rates unchanged. Pharmaceutical companies like Shire and automakers like Renault were leading advancers. The German DAX 30 climbed 1.2%, the French CAC 40 rose 0.9%, and London FTSE 100 surged 1.1%. |
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ECB Keeps Rates Unchanged
Jul 06, 11:36 AM EDT |
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| Crude oil inventories fell by 2.4 million barrels for the week ended June 30. Gasoline inventories showed a week-over-week advance of 700,000 barrels. |
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| The European Central Bank held its key interest rate steady at 2.75%, in line with expectations, but promised to be vigilant on inflation. The latest ECB''s decision coincided with the decision made by the Bank of England to hold interest rates steady at 4.5% for the 11th consecutive month. |
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Profit Taking Pulls India Down
Jul 06, 10:53 AM EDT |
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| The Sensex ended lower on profit taking in a volatile session influenced by unstable Asian markets. Videocon agreed to Daewoo unit for $500 million. |
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| The market remained in negative territory throughout the day. High oil prices and weakness in larger Asian markets weighed on the Indian market. The benchmark index managed to rebound in the latter part of the trading. IT, auto and banking shares led the decliners in a weak market breadth. |
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Jobless Claims Fall Unexpectedly
Jul 06, 10:30 AM EDT |
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| Light crude lost 35 cents to $74.84 on the Nymex. The U.S. dollar fell against the yen, and gold prices were slightly lower at about $630 an ounce. |
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| Stocks opened higher as lower oil prices and mild June retail sales helped market rebound from steep losses yesterday. Retailers posted slower same-store sales growth in June, reflecting high gasoline prices and rising interest rates. The Labor Department said that jobless claims fell to 313,000 from the previous week''s revised figure of 315,000. |
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Disappointing Retail Sales Growth
Jul 06, 9:15 AM EDT |
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| The Labor Department said applications for jobless benefits totaled 313,000 last week, a drop of 2,000 from the previous week. |
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| Market is focused on a number of retail sales and economic data releases Thursday. Costco reported same-store sales increase of 6%, vs. expectations of 6.9% gain.Results at department stores were mixed, with Nordstrom posting a 4.7% gain in same-stores sales, slightly below the 4.9% estimate, while Federated Department Stores Inc. had a 1.7% increase in same-store sales, below the 2.8% estimate. |
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Duquesne Light Taken Private for $1.6 B
Jul 06, 8:14 AM EDT |
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| A group led by Macquarie Infrastructure Partners agreed to acquire Duquesne Light Holding Inc. for $1.6 billion. |
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| The investors will pay $20 for each Duquesne share outstanding, almost a 22% premium over the stock''s close at $16.44 Monday on the Nymex. The deal is expected to close in the first quarter 2007 after receiving federal and Pennsylvania regulatory approvals, as well as approval by Duquesne''''s shareholders. |
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Japan Ends Lower
Jul 06, 7:33 AM EDT |
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| Japan markets closed lower Thursday on profit-taking, other markets across the region finished mixed. |
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| Asian markets closed mixed Thursday with Japan markets closing lower due to reports that North Korea is gearing up for test-launching more missiles which brought about fears of brewing regional instability. Real estate and consumer finance companies dragged the market down. |
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Europe Gains On Oil
Jul 06, 6:53 AM EDT |
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| European markets advanced ahead of interest rate decisions due later on Thursday, with oil producers leading the way as crude-oil futures topped $75 a |
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| Europe will be expecting interest rates moves on Thursday as both the European Central Bank and The Bank of England will disclose their latest thoughts on rate policy when they finish their meetings later in the day. Both banks are presumed to keep rates unchanged, though the ECB may hint of further rate moves later in the summer. Other European moves were based on share sales. |
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Gold Rises On North Korea Scare
Jul 06, 5:40 AM EDT |
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| Gold and silver advanced Wednesday on the back of worrying news from North Korea missile tests. |
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| Geopolitical tensions are the main reason for the rise of precious metals on Wednesday. The N.Korea’s issue is just the last straw in a world fraught with geopolitical problems. There were other factors which also contributed to the precious metals’ continued rise. The United Arab Emirates’ central bank was quoted as saying the country could add more gold reserves. Russia, South Africa and Argentina had already said they had intentions to add gold to foreign-exchange holdings. |
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