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Techs and Resources Boost Europe
Sep 26, 12:41 PM EDT |
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| Shares of German utility E.On fell 2% after Spanish construction company Acciona bought a 10% stake in Spanish utility Endesa at 32 euros a share. |
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| European markets closed at a four-month high on the back of strong technology and resource stocks. Positive mood on Wall Street and a decline by the euro also contributed to the upward move. The French CAC 40 was the leading gainer, rising 1.4%, followed by London FTSE 100, up 1.3% on strong commodities-related stocks. The German DAX 30 rose 1%, boosted by tech shares like chipmaker Infineon Technologies and software maker SAP. |
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Market Gains on Confidence Data
Sep 26, 11:43 AM EDT |
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| Visteon fell 1.7% after the company said it expects second half product sales to be about 10% lower than first half product sales of $5.7 billion. |
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| Better-than-expected improvement of consumer confidence index for September helped stocks move higher. The Conference Board said that consumer confidence rose to 104.5 from a revised reading of 100.2 in August, exceeding forecasts of a rise to 103. Following the confidence data, home improvement stores Home Depot Inc. and Lowe''s Cos. gained 1% and 1.5% respectively. |
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Sensex Up 1.5%, SBI Up 3%
Sep 26, 10:42 AM EDT |
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| The Sensex closed with a strong gain Tuesday supported by banks, auto, IT shares and in index heavy Reliance Industries. |
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| The market traded in a narrow range until early afternoon trading and climbed later aided by upbeat European markets.Banking, auto and IT stocks, muted until then surged. Short covering ahead of Thursday this week in derivatives contracts supported the rally. SBI led the gainers with 3% jump. A bank official with SBI said that interest rates in the country were softening but it was too early to say whether the trend would continue. |
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Stocks Open Flat
Sep 26, 10:03 AM EDT |
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| Johnson & Johnson rose 0.4% after the company said U.S. regulators have approved its treatment for clearing clogged neck arteries. |
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| U.S. stocks started trading mixed, awaiting data expected to show an improvement in consumer sentiment, but a profit warning from home builder Lennar Corp. built on worries about a slowing housing market. The tech-heavy Nasdaq declined, with Apple, Dell, and Cisco Systems contributing to the weakness. PMC-Sierra dropped 8% after the chip maker warned its sales would fall short of its expectations. |
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Lennar Profit Drops 39%
Sep 26, 9:06 AM EDT |
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| Crude oil futures lost 33 cents to $61.12 a barrel. The dollar was stronger vs. the euro and the yen before economic data. |
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| Stock futures moved higher Tuesday, with investors optimistic about the consumer confidence growth, helped by a decline in energy prices. Home builder Lennar reported a 39% profit drop in the most recent quarter, and warned its Q4 earnings would range between $1 and $1.30 a share, well below expectations of $1.60. |
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Lowe's Lowers Full-Year Outlook
Sep 26, 8:43 AM EDT |
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| Lowe's Cos., home improvement retailer, projected full-year profit toward the lower end of its prior forecast. |
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| Lowe’s Cos sees annual per-share income at or near the low end of its prior outlook ranging from $2 to $2.07. Analysts are looking for fiscal 2007 per-share income of $2.01. The company also said it sees per-share profit increase of 10% to 14% in 2007, and 12% to 16% in 2008, as it is planning to add more stores. |
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Blue Chips Weigh Asia Lower
Sep 26, 7:31 AM EDT |
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| Stock markets in Japan and Hong Kong declined on Tuesday due to weakness in blue chips Toyota and China Mobile. |
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| Export-related stocks and techs shares pushed Asian markets down on Tuesday. The rebounding oil prices fueled worries that a slowdown in the U.S. would weigh on corporate profits. The Nikkei 225 Average dipped, ignoring a change in political leadership after incoming Prime Minister Shinzo Abe revealed the first details of his new Cabinet. Singapore and Australia bucked the downtrend and advanced. |
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Gold Rebounds as Oil Surges
Sep 26, 5:26 AM EDT |
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| A recovery in crude oil futures helped gold and silver futures to rebound from early losses on Monday. |
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| The energy sector has taken a lot of the inflation fears out of the market as oil was below $60 earlier in the session and took the metals down with it. However, after trading to a 10-month low overnight, November crude oil had surged back to $62 as gold was closing. Some of the strength in the copper, gold and silver is all related to the turnaround in the oil markets. |
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