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Europe Tracks U.S. Rally
Oct 18, 1:27 PM EDT |
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| ASML, Europe's biggest microchip-equipment maker fell 6.6% on concerns over order intake in the Q4 and despite a strong rise in Q3 profit. |
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| European stock markets rebounded Wednesday on the back of broad-based gains after The Dow Jones Industrial Average broke through the historical level 12,000. The tech sector advanced, with IT services company Cap Gemini, up 2% and SAP, up 0.6%. Mining companies also posted strength. The German DAX 30 climbed 1.1%, the French CAC 40 rose 1.1%, and London FTSE 100 added 0.7%. |
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ASML Drags Semiconductors Down
Oct 18, 11:54 AM EDT |
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| Motorola dropped 4.9% after reporting a 45% profit drop and a below-forecast 17% sales rise, and warning that Q4 revenue may miss estimates. |
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| U.S. stocks turned mixed after an early rally, sparked by upbeat data and solid earnings reports from Intel Corp. and IBM. The two blue chips lifted the Dow above the historical 12,000 mark for the first time. Intel gained 1.3%, IBM traded 4% higher, but semiconductors fell sharply as gains were offset by a disappointing orders and sales outlook from chip-equipment maker ASML. Novellus Systems also declined. |
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Sensex Dips, Bajaj Auto Disappoints
Oct 18, 10:36 AM EDT |
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| The Sensex rebounds from lower levels in mid-afternoon, following mixed trend in large-caps, but still finishes in negative territory. |
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| The market activity is now heavily dependent on second-quarter results.Today, Bajaj Auto showed disappointing results, weighing on the benchmark index in early trading. Although the Sensex managed to reverse the trend in later trading it still finished lower. Ranbaxy, ICICI Bank and Dr Reddy led the advancers but most large-caps finished down with Bajaj Auto and HDFC Bank leading the decline. The Indian Prime Mnister said India was aiming at achieving 10% annual GDP growth by 2011/12. |
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IBM Helps Dow Hit Record 12,000
Oct 18, 10:06 AM EDT |
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| CPI for September fell a seasonally adjusted 0.5%, driven by a 7.2% drop in energy prices. New homes construction unexpectedly rose 5.9%. |
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| The Dow Jones Industrial Average hit the 12,000 mark for the first time in its history, boosted by upbeat economic data and earnings-inspired gains for Intel and IBM. Intel rose 2.6% after chipmaker''s Q3 earnings report showed signs of recovery from serious problems. Shares of IBM jumped more than 5% on better-than-expected Q3 profit. |
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Yahoo and Intel Earnings Support
Oct 18, 9:04 AM EDT |
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| IBM posted net profit jumped 47% to $1.45 per share, up from 94 cents a share a year ago. |
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| U.S. stock futures moved higher on Wednesday, lifted by upbeat quarterly earnings, released by Intel Corp. and Yahoo Inc. Intel shares added 1.2% in pre-opening hours after the chipmaker''''s Q3 earnings report showed signs it had overcome the worst of its problems. Intel reported a 35% profit drop, compared to Q2 results, profit rose 47%. Yahoo reported 37% profit drop to 11 cents a share, down from or 17 cents a year ago, meeting expectations. Company''''s shares rose 3.5% in pre-open. |
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Bargains Drive Asia Higher
Oct 18, 7:33 AM EDT |
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| Asian market ended broadly higher on Wednesday, with Japan making gains as traders took profits. |
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| Bargain hunting, particularly of financial stocks, drove the Nikkei down early Wednesday in the wake of an overnight decline on U.S. market. But the market reversed the trend in afternoon trading and ended in positive territory. In South Korea, advances in South Korean banking stocks supported the local stock market to close higher. Hong Kong also rose while Taiwan ended lower. |
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Higher Start for Europe
Oct 18, 6:43 AM EDT |
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| European markets made a positive start in trading on Wednesday, boosted by forestry paper, mining and energy stocks. |
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| European stocks advanced in early trading on Wednesday, with the technology sector supported by well-received overnight earnings from U.S. giants Intel and IBM, which, coupled with mining sector gains, helped investors ignore earnings-related news from Akzo Nobel and ASML Holding. The U.K. FTSE 100 index gained 0.6%, Frankfurt Xetra Dax was up 0.5% and CAC 40 in France was up 0.5%. |
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Gold Retreats Below $600
Oct 18, 5:20 AM EDT |
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| Gold fututres dropped below $600 an ounce on Tuesday, as gold producers sold on recent spikes and crude oil prices fell. |
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| Every time gold reaches the $600 mark, producer selling pressure from Australia and South America moves in. There is a conflict at that level, but at the same time investment and physical demand surface. Gold had risen earlier in the sesson, on growing tensions between North Korea and the U.N., which bolstered dealer and fund appetite for gold and the rest of the metal complex. |
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