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UK Stocks Climb Led by Banks
Jul 09, 3:38 PM EDT |
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| London market averages rallied despite a report that house prices fell in June as commodity stocks and homebuilders rose on higher metal prices. |
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| Banks drove U.K. stocks higher after JP Morgan Chase said losses in the credit market are expected to ease. Bradford & Bingley climbed 27% on speculation that it is a takeover target. London Stock Exchange Group climbed after reporting sales above estimates. Barclays advanced 5.1% to 293.25 pence, while Royal Bank of Scotland increased 4%. |
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Indian Market Closes Higher as Oil Retreats
Jul 09, 2:51 PM EDT |
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| Indian equities rose on hopes that the government may push through economic reforms which the Left parties had blocked over the past four years. |
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| The BSE Sensex closed up 4.60% from the previous day''s close. Market breadth was positive with 2130 stocks advancing versus 529 stocks that dropped. On the BSE, the mid-cap index rose 2.91%, the small-cap index added 3.46% and BSE 500 surged 4.24%. Realty, power and banking stocks led the rally. Reliance Industries rose 5.1% to 2,079.95 rupees after signing an agreement with Peru''s Perupetro to jointly explore for oil and gas in the Andean country. |
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U.S. Tech Stocks Down, European Markets Up
Jul 09, 1:36 PM EDT |
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| Northwest will eliminate 2,500 jobs in response to higher fuel cost and impending merger with Delta Air Lines. |
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| Weekly crude oil inventories report suggested a lower than estimated supply of crude oil and crude oil inventories are hovering near the lower end of the range. Crude oil prices rebounded after the report and natural gas futures prices cut most of the losses. Separately, analysts commnets drove Cisco and Intel lower dragging tech heavy Nasdaq index with it. Boeing wins second opprtunity to bid for $35 billion tanker order. |
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HK Stocks Recover
Jul 09, 1:26 PM EDT |
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| Financial stocks rose after Fed Reserve Chairman said the bank signed an understanding with SEC to strengthen the surveillance of investment banks. |
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| Airlines also increased on easing crude oil prices. However, gains were trimmed after oil prices increased in the afternoon trade as Iran test-fired missiles. Cathay Pacific rose 4.9%, Air China spiked 5.4% and China Southern Airlines climbed 5.9%. The National Bureau of Statistics said China’s consumer price index declined 0.7 percentage points sequentially to 94.1 in the second quarter. The index also fell 2.7 percentage points from the comparable quarter a year ago. |
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Japan Machinery Orders Jump 10.8% in May
Jul 09, 1:11 PM EDT |
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| Stocks in Japan rose led by realty and financial stocks after a government report showed that machinery orders unexpectedly rose in May. |
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| Financial stocks increased after the US Fed Reserve Chairman said SEC and the bank have signed a memorandum of understanding that is meant to strengthen the surveillance of investment banks. Tokyo Dome led advancers in the Nikkei 225 index shares with a rise of 5.38% followed by increases in Mitsui Fudosan of 5.04%. Aeon Co Ltd led decliners with a drop of 5.11% after operating profit in the first quarter tumbled 20% to 22.6 billion yen as clothing sales at Jusco general merchandise lost 2.7%. |
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Fannie, Freddie Drive Financials Lower
Jul 09, 11:46 AM EDT |
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| WPP Group offes $2.2 biillion for market research company Taylor Nelson in a hostile bid. |
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| Banks and mortgage lenders remain the focus of nervous investors. Fannie Mae dropped after it sold $3 billion offering at higher yield than its previous offering a month ago. Fannie and Freddie dropped more than 5%. Alcoa second quarter revenue dropped 6% to $7.6 billion and net income declined 24% to $546 million. Aluminum, zinc and copper fall in the morning trading. |
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