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Nasdaq Down 2.2%, S&P Down 1.4%
Nov 27, 4:49 PM EST |
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| Dollar fell against Euro in international trading. Gold rose to eleven-week high and silver up 50% year to date. Ford will borrow $18 billion. |
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| Market averages closed lower on worries on holiday sales, economic growth, falling dollar and rising oil price. Wal-Mart fell 3% on weaker sales during Thanksgiving Weekend draggig with it other discount retailers. Deep discounts in electronics drove consumers to stores. Ford Motor Company to borrow as much as $18 billion to pay for lay-offs and plant closures. Ford stock falls more than 4%. Silver and Gold trade near record levels. Google drops 4% on specualtion and critical comments in media. |
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Steep European Decline
Nov 27, 1:27 PM EST |
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| Dollar-sensitive stocks droopped, with Siemens falling 2.9%, SAP slipping 1.7%, and DaimlerChrysler, down 2.8%. |
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| European stock markets closed steeply lower Monday, largely due to the continuously weakening dollar which hurt exporter-oriented issues. However, German drugmaker Bayer helped limit the downbeat trend, rising 2.2% on better-than-forecast results. The German DAX 30 tumbled 1.8%, the French CAC 40 slipped 1.5%, while London FTSE 100 dropped 1.2%. |
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Dow and Nasdaq Plunge
Nov 27, 11:56 AM EST |
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| Ford Motor fell more than 2% after it announced plans to raise $18 billion in debt financing to fund its restructuring plan. |
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| U.S. market averages sharply dropped, as a disappointing sales forecast from Wal-Mart along with a rise in crude oil prices raised concerns about consumers'' holiday spending. Further downward pressure came from the continuously falling dollar, as it weakened demand for U.S. investments. The Nasdaq was pressured by 2% decline in Google shares, while a drop of 2% for Dow component Ford Motor weighed on the blue-chip index. |
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Sensex Gains 0.5%
Nov 27, 10:39 AM EST |
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| The Sensex continued its upward trend, setting a new record high, supported by strong cement and banking shares. |
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| The benchmark index advanced in a firm trading session with positive market-breadth, aided also by the strong finish of Asian markets and short covering in derivatives before the expiry of November derivatives. Cement, banking, energy and IT stocks surged, while pharma and oil stocks slipped. ACC, Gujarat Ambuja and NTPC soared, while Dr Reddy led the decliners. India announced on Monday 3.2 million tonnes of imported wheat had so far arrived at its ports vs. the contracted 5.5 million tonnes. |
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Google Slips 2% on Comments
Nov 27, 10:16 AM EST |
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| Google shares slipped 2% after a Barron's article over the weekend said the stock had an 'exceedingly rich valuation'. |
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| U.S. stocks reopened lower after the Thanksgiving holiday, dragged down by concerns about the strength of the retail sector, following a same-store sales decline at Wal-Mart Stores Inc. The 0.1% drop also raised worries about the strength of consumer spending during the holiday season. The stock lost 1.5% in early trading. At the same time, early reports showed 6% higher retail sales on Black Friday, almost $9 billion more than last year. |
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London Dips
Nov 27, 9:41 AM EST |
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| The FTSE 100 fell to a six-week low with BAE Systems leading the decliners in early trading on Monday in London. |
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| Early gains were quickly swept away this morning as BAE Systems tumbled on talk that a big Saudi order may be scrapped, while weak energy issues cancelled housebuilding M&A gains. On the plus side, Tour operator MyTravel has confirmed that it is in talks to acquire package holiday business of rival First Choice, sending both companies higher. By mid-day, the FTSE 100 was down 26.9 points, or 0.5%, to 6,095.6, its lowest level since early October. |
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Wal-Mart Same-Store Sales Fall
Nov 27, 9:20 AM EST |
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| Crude oil gained 41 cents to $59.65 amid cut production concerns. Gold advanced. The dollar continued to decline vs. the euro. |
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| U.S. stock market futures declined on Monday on concerns about a weak retail environment after a disappointing sales forecast from Wal-Mart Stores Inc. Shares of the world''s biggest retailer dropped 0.7% before the bell, as November same-store sales fell 0.1%. Shares of discount retailer Target fell 2.5%, while department stores J.C. Penney and Sears Holdings slipped about 1.5%. |
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Wal-Mart Expands in India
Nov 27, 8:33 AM EST |
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| U.S. retail giant Wal-Mart is planning to open stores in India. |
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| Wal-Mart tied up with India''s business conglomerate Bharti Enterprises Ltd. to set up hundreds of stores across the country. However, the financial terms of the deal were not revealed. A memorandum of understanding for a joint venture and a franchise agreement had been signed. On saturday Wal-Mart Stores said that U.S. same-store sales in November fell 0.1% from a year ago, the first monthly same-store sales drop since 1996. |
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Banks Boost Tokyo, HK Ends Lower
Nov 27, 7:35 AM EST |
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| Asian stocks finished mostly higher on Monday, with Japan advancing on banks and retailers. |
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| Most Asian markets ended higher Monday, with Tokyo stocks lifted by banks and retailers, and Taiwanese shares rising to a six-year high. Shares in Hong Kong, however, finished slightly lower. Tokyo erased early losses to end higher as gains in Mitsubishi UFJ Financial and Inpex Holdings countered weakness in leading exporters after the yen hovered near multi-month highs against the U.S. dollar. |
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Flat Start for Europe
Nov 27, 6:33 AM EST |
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| European stock markets made a weak start to the new trading week on Monday due to ongoing concerns about the impact of a weaker dollar. |
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| Worries flourish over the influence of the slipping dollar on companies which generate a high proportion of their earnings in the US. Dollar-sensitive stocks such as software company SAP countered gains from some commodity based stocks and upbeat results from drugmaker Bayer. The U.K. FTSE 100 index lost 0.04%, while the German Xetra Dax traded 19 points or 0.2% lower and the French CAC 40 lost 15 points or 0.3 %. |
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