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Fed Minutes, Focused on Inflation
Nov 15, 4:20 PM EST |
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| U.S. Air approaches Delta creditors to buy the company for $8 billion. Fed minutes sugest a near term rate cut unlikely. Google shares neared $500. |
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| Fed minutes showed that officials remained concerned on fighting inflation and near term rates are unlikely to be cut. The Fed also debate showed that the housing market slow down is not showing any sign of spill over in consumer spending. Recent in decline in oil price may stem from the weakness in global demand than from the rising oil supply, according to the minutes. U.S. Air is prepared to offer $8 billion to creditors of Delta, when the company emerges from the bankruptcy. |
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European Markets Rise on Tech Stocks
Nov 15, 1:07 PM EST |
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| LSE dropped 5.7% on news that a consortium of banks will create a trading platform to rival the London-based exchange. |
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| European stock markets closed higher Wednesday, boosted by a tech-stock rally which offset a sharp drop in shares of exchange operators. The German DAX 30 rose 0.68%, boosted by Infineon Technologies, up 3.4%. The French CAC 40 climbed 0.64%, led by strong tech stocks. Shares of Alcatel gained 2%, while STMicroelectronics rose 3.2%. London FTSE 100 climbed 0.7%, with telecom stocks giving a strong boost. |
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Dow Rallies on Altria and Boeing
Nov 15, 12:04 PM EST |
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| Crude oil inventories rose 1.3 million barrels to 336.0 million barrels in the most recent week. Gasoline inventories dropped 3.7 million barrels. |
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| U.S. stocks extended Tuesday''s rally on easing concerns about the health of the economy and gains for blue-chips Altria and Boeing, up 1.7% and 1.2% respectively. US Airways climbed 11.7% after launching an $8 billion bid for Delta Air Line. Following the news, other stocks in the airline sector moved higher. Southwest Airlines Co. added 3.74%, American Airlines parent AMR Corp. rose 4.4%, while UAL Corp. climbed 6.8%. |
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Banks, Cement Stocks Boost Sensex
Nov 15, 10:39 AM EST |
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| A surge in bank and cement shares, strong performance from Bharti Airtel helped the benchmark index to a new record high. |
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| With high volatility Sensex advanced for another session led by a rally in banking stocks. Subsiding interest rates worries lifted the sector as well as 10-year bond prices rising to a six-month high. Stable cement prices bolstered cement stocks as well. Bharti Airtel surged to an all-time high, buoying market sentiment still further. Software stocks led the decline, pharma stocks ended mixed. ICICI Bank led the gainers while on the opposite end was Hindustan Lever, leading the decliners. |
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Airlines Surge at Opening
Nov 15, 10:13 AM EST |
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| Light, sweet crude was up 22 cents at $58.50 a barrel. The dollar was mixed vs. other major currencies. Gold prices fell. |
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| Stocks opened modestly higher, with investors eyeing an $8 billion acquisition bid in the airline sector and awaiting minutes from the Federal Reserve''s meeting last month. Significant strength emerged in the airline sector after US Airways offered to acquire Delta Air Lines for $8 billion in cash and stock. Shares of U.S. Airways climbed 8%. AirTran surged 19% and JetBlue rose 9%, turning in two of the sector''s best performances. |
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FTSE Higher on Vodafone Upgrade
Nov 15, 9:39 AM EST |
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| The London market advanced on Wednesday as analysts revised forecasts for Vodafone, while Kingfisher dropped. |
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| Deutsche Bank has turned buyer on mobile company Vodafone from its previous hold stance following the first half figures released yesterday. Kingfisher is out of favour with brokers after they noted that its shares are fast approaching their respective price targets. Cadbury Schweppes slipped back as Goldman Sachs reduced the confectionery maker to sell from neutral on a challenging landscape for the next six months. The FTSE 100 was 21 points, or 0.4%, higher by mid-day. |
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Sales Boost Tyco Profit
Nov 15, 9:09 AM EST |
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| Dow component Altria Group rose 1.7% in pre-open trading after Goldman Sachs upgraded the tobacco company to buy from neutral. |
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| U.S. stock futures indicated a flat start of Wednesday session, awaiting the release of minutes of the last FOMC meeting as well as crude inventories data. In earnings news, Tyco International reported Q4 profit increase on higher sales and a gain from special items. Net income jumped to $1.27 billion, or 62 cents per share, up from $917 million or 44 cents per share last year. Airline stocks are seen in the spotlight after U.S. Airways made an $8 billion offer for Delta Air Lines. |
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U.S. Airways Offers $8 B for Delta
Nov 15, 8:24 AM EST |
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| U.S. Airways Group Inc. announced Wednesday that it had offered $8 billion to buy Delta Air Lines in a cash-and-stock deal. |
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| US Airways said the offer is a 25% premium over the current trading price of Delta''s pre-petition unsecured claims as of Tuesday, and a 40% premium over the average trading price for Delta unsecured claims over the last 30 days. US Airways said it would be financially supported by Citigroup Inc. |
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HK Rallies, Japan Dips
Nov 15, 7:37 AM EST |
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| Asian markets closed mostly higher on Wednesday, with Hong Kong ending at an all-time high. |
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| The Hang Seng Index finished at a record high buoyed by increases in China-related stocks and property shares. Gains in technology issues supported other regional indexes to end in positive territory, but could not counter declines in construction, steel and consumer-finance stocks in Japan. Technology shares also helped South Korean shares extend recent advances, while Singapore property stocks lifted the benchmark index. Australia and New Zealand slipped and Malaysia closed flat. |
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Tech Stocks Lead Europe Higher
Nov 15, 6:43 AM EST |
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| European markets were stronger on Wednesday after US markets surged overnight as worries over US interest rates hikes abated. |
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| Techs and telecoms led the way higher after the US tech markets strong performance due to a tame inflation report. Strong gains from technology shares such as chip maker Infineon Technologies countered some weakness from stock exchange operators Euronext, Deutsche Boerse and the London Stock Exchange. By mid morning, the FTSE 100 in London climbed 0.5%, Frankfurt Xetra Dax was up 0.5%, and the CAC 40 in Paris added 0.4%. |
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