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Europe Gains on Strong Tech Stocks
Sep 12, 12:36 PM EDT |
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| Mobile phone giant Nokia rose 2.8% after it signed two deals in China that would be worth more than 2 billion euros this year. |
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| European markets posted solid gains Tuesday, boosted by strength in the technology sector and positive mood on Wall Street following strong quarterly results at Goldman Sachs. Chip maker Infineon Technologies advanced 4.2%, while STMicroelectronics jumped 4.5%. The German DAX 30 and the French CAC 40 both jumped 1.3%, while London FTSE 100 rose 0.8%. |
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Trade Deficit Hits Record Highs
Sep 12, 11:49 AM EDT |
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| U.S. market averages traded higher, benefiting from strength in the brokerage sector. A further decline by the oil price also generated positive mood. |
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| On the economic news front, the Commerce Department said that U.S. trade deficit widened by 5.0% in July to a record $68.0 billion. The trade deficit was above the consensus analyst forecast of a deficit of $65.4 billion. |
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Volatile Sensex Rebounds
Sep 12, 10:41 AM EDT |
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| The Sensex rebounded in the final hours of trading. International funds continue to sell. Banks and techs lead the gainers. |
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| Banks and technology stocks were the backbone of the reversal from weak market to rally by the benchmark index in the second half of trading session today. What gave momentum was the strong data on July industrial production released by the government. Reliance Industries, TCS, Infosys and SBI led the advancers. Finance Minister Chidambaram stated that high industrial growth will not necessarily affect interest rates and he expects foreign investments from Japan and the U.S. to rise. |
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Goldman Sachs Profit Tops Estimate
Sep 12, 10:06 AM EDT |
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| Crude oil October contract was last up 5 cents at $65.66 a barrel. The U.S. dollar advanced vs. major currencies. |
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| U.S. stocks opened on a positive note Tuesday as better-than-anticipated quarterly earnings from Goldman Sachs helped offset news of a record trade deficit in July. Investment bank Goldman Sachs said its fiscal Q3 profit fell 1% from a year ago, to $3.26 a share on revenue $7.46 billion, but exceeded expectations of earnings of $2.97 a share on revenue of $7.17 billion. |
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England Brushes Fears Away
Sep 12, 9:35 AM EDT |
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| The FTSE reversed early losses on Tuesday as fresh tensions in the Middle East saw investors return to weakened mining stocks. |
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| The market initially declined after four gunmen attacked the U.S. embassy in Damascus on Tuesday, but the quick solution to problem, leaving staff unscathed, soothed sentiment. The prospect of more stable commodity prices brought marketmen back to trading. BHP Billiton and Rio Tinto advanced, though smaller mining companies such as Antofagasta and Kazakhmys extended losses. By mid-day GMT, the FTSE was up 0.1%. |
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Futures Turn Flat on U.S. Embassy Attack
Sep 12, 9:09 AM EDT |
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| Commerce Department said the U.S. trade deficit widened much more than expected in July to a record $68 billion. |
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| U.S. stock market futures were sitting near the flat mark Tuesday morning after news of a failed attack on the U.S. embassy in Syria and data showing wider-than-expected trade gap. Yet, upgrades in the technology sector and a rise by the shares of Goldman Sachs helped offset worries about Texas Instruments Inc.''s Q3 forecast. |
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TI Cuts Financial Targets
Sep 12, 8:24 AM EDT |
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| Texas Instruments Inc., the world's largest provider of mobile phone chips, lowered its Q3 financial targets late Monday. |
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| The company forecasted total sales in the range of $3.71 billion to $3.87 billion, compared with its previous estimate of $3.63 billion to $3.95 billion. It projected earnings per share between 44 cents and 46 cents compared to its previous outlook of 42 cents to 48 cents. |
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Commodities Push Asia Mostly Lower
Sep 12, 7:31 AM EDT |
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| Asian markets ended mostly lower Tuesday as a decline in commodity prices brought oil and mining stocks down such as BHP Billiton. |
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| Asian shares closed mostly lower on Tuesday as a plunge in commodity prices pushed lower oil and mining shares like PetroChina and BHP Billiton, while Japanese industrials including Komatsu cannot still convalesce from weak machinery-order data. Japanese markets turned lower in the afternoon on data showing that consumer confidence declined in August. Only the benchmark index Hang Seng in Hong Kong and Shanghai Composite Index closed higher. |
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Europe Bounces Back
Sep 12, 6:31 AM EDT |
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| European markets recovered on Tuesday with technology and auto stocks leading the way into positive territory. |
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| The stocks had briefly slipped into the red on news of a thwarted attack on the US embassy in Syria. The strong performance in the technology sector outweighed concerns over the plummeting oil prices leading the energy sector down. By mid-morning, the FTSE 100 in London was flat, the Xetra Dax in Frankfurt rose 0.2% and the Paris CAC-40 gained 0.2%. |
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Crude Sends Gold Lower
Sep 12, 5:15 AM EDT |
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| Lower crude oil prices and commodities in general made gold and other precious metals retreat sharply Monday. |
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| The moves accelerating when chart-based selling was triggered. Silver suffered especially hard after the metal had outperformed gold at times over the summer but has now plunged below a key uptrend line. A couple of the contacts cited momentum-based selling of metals after prices also declined late last week, with funds said to be among those liquidating long positions. |
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