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U.S. Inflation Data Help Europe
Nov 16, 1:03 PM EST |
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| Infineon Technologies dropped 2.3% after it said its quarterly results were weighed down by charges for the carve-out of memory-chip unit Qimonda. |
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| European stock markets finished mostly higher on Thursday, reflecting strong auto stocks and well-received U.S. inflation data. However, disappointing financial results from chipmaker Infineon Technologies, bank BNP Paribas and publisher Reed Elsevier limited the upward trend. London FTSE 100 climbed 0.4%, the German DAX 30 rose 0.2%, while the French CAC 40 edged down 0.1%. |
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Applied Materials Misses Estimate
Nov 16, 11:52 AM EST |
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| Applied Materials fell 4.8% after the maker of semiconductor manufacturing equipment reported a weaker-than-expected Q3 profit. |
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| Sears Holdings said that Q3 profits more than tripled, boosted by $101 million in investment income and cost-cutting. Earnings jumped to $1.27 per share, up from 35 cents per share a year earlier, beating analyst expectations of 98 cents. However, company’s sales continued to decline. Revenues dropped to $11.9 billion from $12.2 billion. Same-store sales fell 4.8% at Sears stores. Company’s shares dropped 4.6% in morning trading. |
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Cement Stocks Lead India Above 13,500
Nov 16, 10:47 AM EST |
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| The Sensex finished with a slight gain for the sixth straight time on back of banking and cement stocks. |
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| The benchmark index managed to finish in posititve in a highly volatile session. Once again cement stocks boosted the market led by Gujarat Ambuja Cement on two block trades, helping to boost the turnover above Rs 16,000 crore on two exchanges. The market-breadth remained negative as small-caps and mid-caps are still showing weakness. HDFC Bank led the advancers today, cement stock ACC surged. Infosys led the decliners while pharma and auto stocks also plunged. |
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$26 B Acquisition Bid for Clear Channel
Nov 16, 10:15 AM EST |
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| Stocks opened higher on news of tame inflation in October due to falling gas prices. and a couple of multibillion-dollar merger deals. |
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| Clear Channel Communications Inc., the largest U.S. radio-station owner, agreed to be acquired by an investor group led by private-equity firms Thomas H. Lee Partners and Bain Capital Partners for $18.7 billion in cash. The deal includes about $8 billion in debt. Reader''s Digest rose 8% after agreeing to be acquired for about $1.61 billion by an investment consortium. |
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London Edges Higher
Nov 16, 9:45 AM EST |
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| London markets gained on Thursday after strong interims from National Grid and buoyed by US inflation numbers. |
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| National Grid was the leading advancer, as the energy network operator announced higher profits and plans to demerge its mobile phone mast business. London has gained also as weaker than expected US inflation numbers gave US markets an early boost, while Vedanta Resources has erased some of its heavy losses. By mid-day, the FTSE 100 index was up 8.5 points, or 0.1%. |
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Core Inflation at 9-Month Low
Nov 16, 9:38 AM EST |
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| Initial jobless claims fell to 308,000 from the previous week's upwardly revised figure of 310,000. Economists had expected claims to rise to 310,000. |
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| Bonds were actively traded early Thursday, as government data showed the lowest core consumer inflation reading since February. The U.S. Labor Department reported that its consumer price index dropped by 0.5% in October, matching the decline of the previous month. Core CPI, which excludes food and energy sectors, edged up by 0.1%. This followed 3 consecutive months of 0.2% increases. |
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Dell Postpones Q3 Profit
Nov 16, 8:56 AM EST |
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| Crude oil futures added 27 cents to $59.03 a barrel. Gold futures rose $1.20 an ounce to $625. The dollar fell slightly vs. the euro and the yen. |
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| U.S. stock futures traded little changed Thursday morning, with investors awaiting consumer inflation data release. Quarterly earnings reports are expected from Hewlett-Packard, Sears Holdings, Starbucks, and Gap Inc. Dell Inc. postponed its quarterly financial report as the SEC stepped up its probe into the accounting practices of the company. |
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Japan Declines on Rate Worries, HK Zooms
Nov 16, 7:32 AM EST |
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| The Nikkei ended lower Thursday on worries over a likely US rate hike, while HK hit another record. |
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| Japanese stocks closed lower Thursday, swinging from earlier gains on concerns over the timing of future interest-rate hikes, while the leading share index in Hong Kong rose to a record close for the second straight time. Elsewhere around the region, markets closed mixed. Australian leading index fell on weakness in mining shares, while Singapore finished at another record. |
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Flat Start for European Trade
Nov 16, 6:52 AM EST |
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| European markets traded flat on Thursday as losses for financial stocks countered gains for carmakers. |
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| As well as financials, investors looked to U.S. inflation data later in the session and eyeing badly received updates from chipmaker Infineon Technologies and publisher Reed Elsevier. Carmakers led the advance in early trade. Volkswagen shares surged on speculations of likely offer from rival Porsche. By mid morning, London FTSE 100 gained 0.1%, Frankfurt Xetra Dax was marginally lower, and the CAC 40 in Paris fell 0.1%. |
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Gold Ends Lower, Silver Higher
Nov 16, 5:25 AM EST |
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| Gold and silver finished mixed Wednesday at the NYME after tracking the dollar throughout the session. |
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| An early report of better-than-expected manufacturing data in New York State, gave the dollar a boost, but weighed on the precious metals. Overall, silver has been outperforming gold. Silver is getting support from non-obvious sources and it seems likely that if gold prices move higher on the back of a weaker U.S. dollar expected, then silver will move higher and probably continue to outperform gold. |
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