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Retail Sales Drive Averages
Oct 05, 5:23 PM EDT |
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| Same store sales reports supported trader sentiment in the sector. Broader averages rose a fraction as oil price worries eased. |
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| Oil rose 1%, gold gained $8 and retails sales stores reflcted changing consumer behavior. Market averages rose in the last hour of trading as traders rushed to buy retailers. Caterpillar advanced on upgrade and Marriott gained on earnings. Constellation Brands fell 8% on reporting earnings in line with estimates. Guitar Center fell 12% on lowered earnings and revenue outlook for Q3 and Q4. Starbucks raised store target to 40,000 from 30,000 and to open stores in India, Russia and Brazil. |
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Europe Hits Five-Year High
Oct 05, 12:41 PM EDT |
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| Aer Lingus shares advanced 15% on news Ryanair Holdings had offered to buy the firm for 1.48 billion euros, or 2.80 euros a share. Ryanair slipped 1%. |
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| European markets closed at a five-year high Thursday, boosted by takeover speculation, rebound in commodities prices, and interest-rate increases in line with expectations. London FTSE 100 closed up 0.6%, with Corus Group rising 16% amid hopes that it will enter into a deal with India''s Tata Steel. The German DAX 30 rose 0.5%, while the French CAC 40 advanced 0.6%. |
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Profit Taking after Dow's Rally
Oct 05, 11:49 AM EDT |
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| Marriott International rose 3.6% after the hotel chain released an upbeat profit outlook. |
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| Following two consecutive sessions of gains, with the Dow Jones hitting a record high, the U.S. stock markets turned in a lackluster performance in morning trading Thursday. Investors turned to profit taking, awaiting employment data in the month of September, due out Friday. A rebound in oil and metals prices boosted energy and commodities stocks. Meanwhile, retail shares declined, despite generally strong September same-store sales. |
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Rising Inflows, Tata Bids for Corus
Oct 05, 10:45 AM EDT |
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| The benchmark index soared Thursday on broad-based buying, tracking firm global markets. The rupee rose on capital inflows. |
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| The Sensex opened with a sharp upward gap to hold onto gains throughout the day. The advance was broad-based with small-cap and mid-cap stocks also taking part in the rally. The market-breadth was at its best, as all sector finished higher except for engineering, power and telecom stocks. HDFC Bank led the advancers. The rupee gained as the U.S. dollar plunged against other major currencies. Tata Steel bids for Corus for $10.5 billion. |
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Target Sales Top View, Costco Misses
Oct 05, 10:10 AM EDT |
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| Crude oil futures jumped $1.35 at $60.76 a barrel. The euro fell vs. the dollar after the ECB decided to lift its key interest rate. Gold recovered. |
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| Stock markets opened lower as a rebound in oil prices inspired investors to do some profit taking, offsetting better-than-expected retail sales in September and lower unemployment claims last week. Bebe Stores, Children''s Place, and American Eagle Outfitters were among the teen retailers posting notably higher sales. Of discount retailers, Target sales exceeded expectations of a 5% growth, posting 6.7% rise. Costco Wholesale posted a 4% same-store sales rise, below estimates. |
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London Gains on Corus
Oct 05, 9:35 AM EDT |
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| News that Tata Steel might approach Corus Group boosted the FTSE 100 above 6,000 on Thursday. |
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| Though small, Tata Steel is considering an offer as it has the financial muscle, being a unit of one of the largest conglomerates in India. With other steel groups such as Severstal also likely to enter the running, Corus shares led the advancers in London. The FTSE 100 was up 31.2 points at 5,997,7 at mid-day after breaching the 6,000 level early on, helped as well by the Bank of England decision to leave interest rates unchanged at 4.75% today. |
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Upbeat Retail Sales Offset Oil Rebound
Oct 05, 9:13 AM EDT |
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| The U.S. Labor Department said initial claims for state unemployment insurance fell 17,000 to 302,000 during the week ending Sept. 30. |
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| Stock market futures indicated a flat market opening, a day after the Dow Jones Industrials hit a record high. Strong retail September sales helped offset a rebound in crude-oil futures amid OPEC''s decision to reduce production. Wal-Mart said September sales rose at 1.3%, while total sales increased 12% to $31.21 billion. Target posted same-store sales increase of 6.7%, exceeding estimates of 5% growth. |
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Japan Leads Asia Higher
Oct 05, 7:31 AM EDT |
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| The Nikkei booked its highest close in nearly five months on Thursday, as investors snapped up shares of Canon Inc. |
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| The Nikkei Average in Japan finished sharply higher Thursday, leading a region-wide rise, as investors bought blue chips such as Toyota Motor Corp. and Canon Inc. after another record close for the U.S. markets. Interest-rate-sensitive stocks were also active, led by Hong Kong-listed HSBC Holdings. All the regional markets finished higher but for New Zealand, which ended flat. |
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Metals, Oil Boost Europe
Oct 05, 6:44 AM EDT |
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| European markets kept gaining on Thursday, with miners and oil stocks leading the advance as metals and crude prices advance. |
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| European stocks advanced in morning trade on Thursday, supported by deal speculation pushing shares of steelmaker Corus higher, a turnaround for oil and metals producers, and the second straight record high for the U.S. markets. Oil stocks gained ground from an overnight rally in crude prices. London FTSE 100 climbed 0.6%, Frankfurt Xetra Dax gained 0.6% and the CAC 40 in Paris added 0.6%. |
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Funds Weigh on Gold Strength
Oct 05, 5:15 AM EDT |
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| The combination of a strong dollar, weak crude oil and speculative selling sent gold futures lower on Wednesday. |
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| The futures had a softer tone early in the day, due to long liquidation, even when crude oil was trying to avoid more losses. Crude resumed its retreat, and sell stops were hit in gold as it broke that support level. Gold then remained under pressure for the rest of the day, even though November crude oil eventually turned positive. |
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