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Resource Stocks Rally
Aug 20, 4:37 PM ET |
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| Hewlett Packard reported better than expected earnings. Metal prices gained. Resource stocks climbed in Europe and Americas. |
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| U.S. stocks traded sideways under the shadow of a likely bailout of Freddie Mac and Fannie Mac. Both lenders fell sharply on the growing belief that stock holders may be wiped out if the U.S. Treasury injects cash in the company. European markets edged higher on a rise in metal and oil prices. ArcelorMittal agreed to acquire a port and iron ore miner in Brazil for $810 million. Brazil, Peru and Canada soared. Hong Kong and Shanghai surged on expectations of stimulus package in China. |
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ArcelorMittal Buys Miner; BAA May Sell Airports
Aug 20, 3:46 PM ET |
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| Miners rise on firmer prices of metal. Tullow Oil gains on rating upgrage from UBS. |
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| The Competition Commission today blamed BAA Ltd for poor services and air delays and may order the company to sell Gatwick or other airports. Selling airports is not likely to solve any problem unless new runways are added. The Ferrovial SA unit disagreed with the assessment. London Heathrow Airport is one of the most expensive airports in the world to fly to or transit through and has one of the worst delays in last one year. |
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Stimulus Hopes Lifted China Indexes
Aug 20, 3:54 PM ET |
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| Bench mark indexes in Hong Kong and in Shanghai surged on the hopes of a stimulus package from China. |
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| China increased the prices paid to power plants by grid operators for the second time in two months. The 6% increase was lower than required to maintain profitability and power companies stocks fell. The largest grid operator State Grid Corp of China hopes that China will allow it to pass on the hike to customers to stem losses. Banks, insurance realty and energy companies in Hong Kong trading surged. |
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Ship Liners Drop, Commodities Rise
Aug 20, 2:28 PM ET |
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| Kumagai Gumi Co led advancers in the Nikkei 225 index shares with a rise of 7% followed by increases in GS Yuasa Corp. of 4.6%. |
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| Stocks in Tokyo fell as traders could not shake off persistent worries related to the health of the U.S. financial companies. Lehman Brothers may be forced to sell assets and mark down financial assets of $4 billion in its upcoming earnings scheduled next week. Shippers in Asia and in Japan fell after the freight rate index fell. Slower demand in the U.S. is likely to force Toyota to lower its unit sales target to 9.5 million. |
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Metals, Telecom, Power Stocks Gain
Aug 20, 12:55 AM ET |
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| Sterlite Industries gained after copper prices gained in the international and domestic markets. |
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| India asked foreign investors to trim their holdings in commodities exchanges below 49% by June 2009 or below 5% for a single investment entity. NYSE Euronext, Citigroup and Merrill Lynch each own 5% stake in the MCX and Goldman Sachs own 7% in NCDEX. Cell phone and other telecom operators rose after the telephone regulator permitted Internet based discount telephone services. Bharti Airtel and Reliance Communication rose on the hopes that revenue impact will be marginal. |
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Techs Edge Higher on HP Earnings
Aug 20, 9:42 AM ET |
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| Hewlett Packard beats the earnings estimates. Verifone surged 24%. European markets gained on a strength in resource stocks. |
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| Tech stocks edged higher in the morning after better than expected earnings from Hewlett Packard lifted the sentiment. More than 60% of the tech companies have now reported better than expected earnings in the latest quarterly earnings. Metals and mining companies rallied after copper and other base metal prices rose. Freeport McMoran, BHP Billiton, Rio Tinto and Sterlite edged higher. Verifone surged 24% on higher earnings estimates for the fiscal 2009. |
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