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Retail Sales Fail To Excite Investors
Aug 11, 4:09 PM EDT |
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| July retail sales gained more than expected and market averages declined on fears of rising interest rate. Central Bank in Japan left rates unchanged. |
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| Market averages declined in the afternoon trading. In the economic news Japan Central Bank left interest rates unchanged at 0.25% as expected by the market. July retail sales in the U.S. rose 1.4% led by 3.5% rise in auto sales and 2.5% rise in gasoline sales. Canadian miner Inco Ltd. attracted sixth bid for all cash offer of C$86 from the Brazilian mining giant CVRD. Pacific Sun, teenage retailer, dropped to $13.60, forty-month low. |
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Telecoms Weigh on Europe
Aug 11, 12:42 PM EDT |
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| ThyssenKrupp fell 7.7% in Frankfurt on plans to spend 2.3 B euros on new steel plants in the U.S. Schroders fell 9.5% in London.Gaz de France rose 1%. |
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| European markets finished largely in the negative, dragged by U.S. market losses and further weakness in the telecommunications sector. Deutsche Telekom dropped 3%, Vodafone Group lost 1.8% and BT Group lost 0.3%. Companies in France gained on strong second-quarter GDP figures. The German DAX 30 lost 0.1%, London FTSE 100 fell 0.1%, while the French CAC 40 gained 0.2%. |
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Intrawest Soars 29% on $2.8 B Offer
Aug 11, 11:24 AM EDT |
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| Light, sweet crude added 10 cents to $74.10 a barrel. The U.S. dollar climbed vs. the yen and the euro. Gold rose $8.70 to $654.70 an ounce. |
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| Stocks were weak Friday morning, reflecting economic slowdown worries. In merger deals, resort operator Intrawest Corp. agreed to be acquired by Fortress Investment Group LLC in a deal worth about $2.8 billion, or $35 a share including debt assumption. The offer represents a 32% premium to the stock''s closing price of $26.51 on Thursday. Company’s shares soared 29%. |
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Reliance and Infosys Push India Up
Aug 11, 10:37 AM EDT |
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| The Sensex posted modest gains in a vo;atile trading Friday, helped by advances of large-caps Reliance Industries and Infosys. |
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| Trading was highly volatile on Friday as there appeared alternate spurts of buying and selling. The benchmark index ended in positive territory after plunging into the red in mid-noon trade after reports of US embassy warned India of a potential terrorist attack. Reliance and Infosys helped the Sensex firm up in late session. Auto, cement, construction shares and power equipment makers were the major gainers. |
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Apple Delays Profit Report
Aug 11, 10:08 AM EDT |
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| Resort operator Intrawest Corp. agreed to be acquired by Fortress Investment Group LLC for $2.8 billion including debt assumption. |
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| Stocks moved to the downside, hurt by news that Apple Computer would delay its latest quarterly report because of irregularities related to past stock-option grants. Apple''s shares fell 1%. On Wednesday, UnitedHealth Group Inc. said it would delay filing its quarterly report while it evaluates its stock options granted since 1994. |
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July Retail Sales Jump 1.4%
Aug 11, 9:01 AM EDT |
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| The Commerce Department reported that U.S. retail sales rose 1.4% in July on higher auto and gasoline sales, beating estimates of 0.8% increase. |
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| Stock futures indicated flat to a higher opening Friday as disappointing news from semiconductor companies offset upbeat news from Kohl''s Corp. The specialty department store operator posted Q2 earnings jump of 27.8% to 69 cents per share, up from 54 cents last year on higher revenues, beating estimates. Comparable store sales for the quarter grew 5.5%. |
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Airlines Rebound
Aug 11, 8:20 AM EDT |
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| Airlines and travel companies rallied Friday, recovering from sharp losses Thursday when they were hard hit by the discovery of a terrorist plot. |
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| Shares in British Airways PLC rebounded from yesterday’s declines to gain 0.9% at 373.5 pence on the LSE. Among other European airlines, budget airline EasyJet rose 0.9%, Lufthansa was up 0.8%, while Air France-KLM climbed 1.4 %. In contrast, Ryanair Holdings PLC lost 0.5% due to the security regulations that severely restrict onboard baggage. |
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Japan Falls on GDP, HK Gains
Aug 11, 7:59 AM EDT |
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| Asian markets were mixed today as weaker-than expected GDP held Japan down, while property stocks boosted Honk Kong. |
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| The Japanese government stated before markets opened that GDP advanced 0.2% in the April through June period compared to the previous quarter. GDP had been expected to grow at about double that rate. South Korean index was also down on exporters losing ground, while HK moved up on consumer goods companies faired well. |
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Europe Recovers Previous Losses
Aug 11, 6:31 AM EDT |
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| European markets opened higher on Friday, recuperating some of the losses in the previous session. |
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| The losses were inspired by the revealing of the terrorist plot to bomb transatlantic flights. European stocks tracked U.S. markets, which managed to recoup early losses as traders ignored the bomb worries. The FTSE 100 in London added 0.2%, the Xetra Dax in Frankfurt was up 0.55, and the CAC-40 in Paris moved up 0.6%. |
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Gold Plunges In Sell-Off
Aug 11, 5:29 AM EDT |
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| Gold and silver prices experienced a steep sell-off on Thursday in New York as the dollar rallied. |
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| Gold faced selling as market players moved their money out of commodities and into cash bonds. In addition, gold had difficulty recovering, with weakening oil prices providing additional downward pressure. Silver futures were in line with sell-off of gold as the most-traded September contract settled lower. |
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