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Ford Cuts Deeper, Dow and Nasdaq Rise
Sep 15, 4:29 PM EDT |
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| August CPI rose 0.2%, in-line with expectations. DaimlerChrysler doubled its loss projection at Chrysler division. |
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| Market averages closed higher on tame inflation report.Consumer prices rose 0.2% in August on smaller gains in housing prices and falling energy prices. Ford reported deeper than expected cuts in salaried staff, suspended quarterly dividend and said that North American operation will not generate profit till the year 2009. Oil and natural gas rose a fraction. European markets gain a fraction, Mexico advacne 1.2% and Japan fell. |
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U.S. Inflation Data Help Europe Up
Sep 15, 12:38 PM EDT |
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| DaimlerChrysler fell 5.6% in Germany after the company cut its 2006 outlook, expecting operating profit of roughly 5 billion euros. |
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| European markets finished mostly higher as U.S. core consumer prices inflation data raised hopes that the Fed Reserve will not raise interest rates at its forthcoming meeting. The upbeat data helped offset a sharp decline by the shares of DaimlerChrysler. The German DAX 30 advanced 0.5%, the French CAC 40 gained 0.4%, while London FTSE 100 closed flat at 5.877. |
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Ford Slides 14% on Restructuring Plan
Sep 15, 11:35 AM EDT |
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| Gold futures fell $3.20 to $582.80 an ounce after hitting a three-month low of $579.10 earlier in the session. The U.S. dollar rose 0.5% vs. the euro. |
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| A decline in crude oil prices to a one-year low and data showing tame consumer inflation drove market averages sharply higher. Crude-oil futures fell to $62.45 a barrel, extending a week-long slide on speculation that oil demand is weakening. The good news offset disappointment with Ford Motors Co.''''s restructuring plan. Shares of the auto maker slid 14% on news it would cut its workforce by about 14,000 jobs and suspend the payment of its quarterly dividend. |
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Sensex Rallies In Choppy Trade
Sep 15, 10:38 AM EDT |
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| The market closed firm on Friday after a choppy trade with the benchmark index closing above the psychological 12,000 level. |
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| The market witnessed a turbulent session, characterised by negative market-breadth and positive close above the 12,000 level. Blue-chips once again led the rally, while trading in small-cap stocks was dull. Metal shares remained under pressure, following weak metal prices. Reliance Industries surged, cement stocks were in focus. Grasim, Satyam and Hindustan Lever led the advancers. The wholesale price index was lower than a week earlier due to the decline in energy prices. |
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Adobe Surges 12% On Earnings
Sep 15, 10:16 AM EDT |
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| Industrial production fell 0.1% in August following an unrevised 0.4% increase in July. Economists had expected an increase by 0.1%. |
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| Stock averages rallied Friday after a key inflation report showed CPI rose in line with estimates in August, raising hopes that the Fed Reserve will keep interest rates unchanged. Following the news retailers posted some strength, led by shares of consumer electronics retailers. Adobe Systems Inc. surged 12.3% after the company reported a stronger-than-expected profit. Automaker DaimlerChrysler dropped 7.8% after cutting its 2006 operating profit forecast. |
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London Flat On Oil
Sep 15, 9:38 AM EDT |
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| The FTSE 100 was firm Friday, with banks advancing but oils and miners lower by commodity prices. |
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| The benchmark index witnesses a mixed picture on Friday as oil and other commodities were struggling, hitting the resources sector which has been so much behind the advance of FTSE lately. However it is having a positive effect on other sectors in that it leaves consumers with more disposable income. By mid-day, the FTSE 100 was down 2.7 points, or 0.05%, at 5,876.1. |
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Moderate CPI Helps Futures
Sep 15, 9:05 AM EDT |
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| Shares of Ford fell 6% in pre-open trading after saying it will cut its salaried workforce by a third and slash operating costs by $5 billion. |
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| U.S. stock futures advanced on data showing that consumer price inflation moderated in August as gasoline and home ownership costs rose at a slower pace. The CPI rose 0.2% after a 0.4% gain in July, while prices excluding food and energy rose 0.2% for the second straight month. The upbeat economic news helped offset disappointment over restructuring plans at Ford Motor. |
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Cautious Start For Europe
Sep 15, 6:31 AM EDT |
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| European markets started cautiously on Friday, entering into positive territory as crude oil slipped. |
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| Investors are also concerned about the much awaited inflation data for indications on the outlook for global growth. The markets were buoyed by well-received results from water company Veolia Environement, while BP weighed after reports of investor worries over the oil giant safety record. The U.K. FTSE 100 index gained 0.04% at 5,880, the German DAX 30 index added 0.1% at 5,912 and the French CAC 40 index advanced 0.2% at 5,134. |
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Gold Falls Sharply on Energy Prices
Sep 15, 5:41 AM EDT |
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| Gold and silver prices declined sharply late Thursday, brought down by plunging energy prices. |
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| The news earlier in the trading was the ongoing weakness in the oil price that has come under pressure again below $64 a barrel. It seems that the new one focus is that natural-gas prices have fallen. They are below $5. It is a significant drop in the natural gas price and that has put gold under some pressure. Palladium was the strongest of the precious metals, with some help from fund buying. |
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