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Europe Slips on Ten-Month Low Oil
Oct 03, 12:59 PM EDT |
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| Xstrata rose 2% after it said that it's issuing 2.9 B pounds in discounted shares to help refinance a $7 B temporary facility to buy Falconbridge. |
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| European markets finished in the red, pressured by oil-producing companies, as crude oil prices dropped to a ten-moth low below $59 a barrel. Sales warning from chipmaker Marvell Technology further weighed on sentiment. Infineon Technologies declined by 0.6% helping the German DAX 30 close down 0.1%. The French CAC 40 dropped 0.5%, hurt by losses for chipmaker STMicroelectronics. London FTSE 100 fell 0.4%. |
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Market Rebounds on Oil Drop
Oct 03, 11:58 AM EDT |
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| ConocoPhillips fell nearly 3% after the company said it expects production for the third quarter to come in about 5% lower than the previous quarter. |
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| The U.S. stock markets rebounded from earlier weakness as a continued decrease by the oil price generated some positive sentiment. Crude oil futures dropped by another $2 to $59 a barrel, giving a boost to oil-sensitive airline stocks and retailer companies, too. At the same time oil giants like Exxon Mobil Corp. and Chevron Corp. dropped sharply. |
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Sensex Takes a Breather
Oct 03, 10:42 AM EDT |
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| The market finished in negative territory after turning weak during the second half of the trading. Maruti domestic sales up 22%. |
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| The benchmark index opened the week on a negative note, retracting weak global markets. Other than auto and metal shares the other stocks on BSE closed in red. Profit taking was witnessed in pharma, technology, capital goods, consumer durables and oil stocks. NTPC, Bajaj Auto and Reliance Energy led the advancers while HDFC and Hindustan Lever led the decliners. The Tata Group formed an alliance with Australian Woolworths to start a retail chain for consumer durables. |
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Marvell Opens 15% Lower on Restatement
Oct 03, 10:04 AM EDT |
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| Pepsi Bottling Group posted Q3 net income rise of 1% on 7.7% higher revenue, reflecting particularly strong European results. |
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| Stock markets opened in the negative for a third session in a row on growing concerns about the state of domestic economy. Technology stocks seemed likely to come under pressure again in part because of a profit warning from Marvell Technology Group Ltd. The company opened 15% down after saying that Q3 revenue will fall about 10% from Q2 levels. Marvell also said it would have to restate past results because of stock-option accounting errors. |
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Crude Hits FTSE
Oct 03, 9:41 AM EDT |
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| The London benchmark index plunged sharply on Tuesday with oil companies undermined by lower crude oil prices. |
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| BP, largest company in the UK, declined as the crude price fell below $61 a barrel amid concern about high US inventories. The volatile mining sector also dipped largely weaker, with Kazakhmys plunging. Xstrata bucked the downttrend among the miners after it announced a three-for-one rights issue to fund acquisition of Falconbridge of Canada. The FTSE 100 index lost 48.4 points, or 0.8%, to 5,908.8 by midday. |
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Futures Decline before Auto Sales
Oct 03, 9:04 AM EDT |
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| Crude oil futures fell 73 cents to $60.30 a barrel. The dollar was steady vs. the euro and edged higher vs. the yen. Gold futures declined. |
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| Stock futures slightly declined on concerns about economic slowdown and expectations of weaker auto sales. The Chrysler unit of DaimlerChrysler is expected to have the worst performance. Sales of General Motors and Ford Motor Co. are seen roughly flat in comparison with last year. Elsewhere, Marvell Technology tumbled 17% in pre-open trading after saying that Q3 revenue will fall about 10% from Q2 levels. |
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U.S. Corporate Job Cuts Surge 54%
Oct 03, 8:44 AM EDT |
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| U.S. corporate layoff announcements jumped 54% to 100,315 in September, marking the highest rise since January. |
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| September''s total job cuts were 40% higher than the 71,836 layoffs recorded in September 2005. The chief executive of the outplacement firm said that the job reductions are closely related to the slowdown in the U.S. economy. Automotive suppliers led the surge in job cuts as they were affected by lower production levels at Ford, General Motors and DaimlerChrysler. |
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Energy Stocks Hurt Asia
Oct 03, 7:13 AM EDT |
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| Asian markets closed mixed on Tuesday as a sharp decline in crude-oil prices hurt energy shares. |
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| The Nikkei 225 Average in Tokyo finished the day 0.08% lower as as renewed concerns about quality problems at Sony took attention away from a strong debut by Nomura Real Estate Holdings. Hong Kong ended higher as Chinese companies benefiting from a strong yuan led the market higher. Australia advanced, while Taiwan closed lower. Markets in South Korea and mainland China were closed Tuesday for holidays. |
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Techs, Oil Drag Europe down
Oct 03, 6:40 AM EDT |
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| European stocks declined on Tuesday as technology stocks tracked their US and Asian counterparts lower. |
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| The slip on U.S. and Asian markets came after a number of downgrades, while energy companies were hit by falling oil prices. Technology stocks suffered after the US Nasdaq fell overnight following a downgrade of Apple Computer by Citigroup. Japanese tech issues also dropped after Goldman Sachs downgraded the likes of Sony and Pioneer. The FTSE 100 in London lost 0.5%, while Frankfurt Xetra Dax fell 0.7% and in Paris, the CAC 40 shed 0.7%. |
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Gold Flat, Silver Higher
Oct 03, 5:17 AM EDT |
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| Gold futures settled lower Monday after a dull session that kept the metal nearly flat. Silver edged higher. |
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| The gold contract managed to hold the key $600 an ounce level but did trade as low as $602 during the session. The yellow metal lost ground then was later quiet before light fund selling forced oil down more than a dollar, dragging gold with it. Gold will continue to draw direction from the U.S. dollar and crude oil price fluctuations in the short term. |
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