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Oil at Two-Month High
Nov 30, 4:11 PM EST |
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| Rising oil price lifted energy stocks. pfizer raised its profit outlook. Home builders gained on 'improved outlook' and broker comments. |
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| Personal income rose 0.4% and spending rose 0.2% in October according to Department of Commerce. Government report showed that new home prices rose at the slowest pace in the last eight years lifting the 10-year bonds to 4.46%. Two-month high oil price lifted energy stocks and positive comments on earnings and new drugs from Pfizer supported a broad advance in pharmaceutical stocks. Home builder stocks gained on positive comments from a broker. |
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European Shares Suffer Dollar Weakness
Nov 30, 1:05 PM EST |
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| Home improvement retailer Kingfisher lost 2.1% on weaker sales, and Danone Group, fell 1.9% after recent strength. |
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| European stock markets finished in the negative territory Thursday, pressured by weak U.S. manufacturing data which added to the continuous weakness of the dollar.The weaker U.S. currency hurt exporter issues like automakers and technology stocks. Car maker Volkswagen slipped 3.8%, while electronics conglomerate Philips Electronics lost 0.9%. The French CAC 40 led decliners, falling 1%, followed by the German DAX 30, down 0.9%, and London FTSE 100, down 0.6%. |
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Chicago PMI Weighs Market Down
Nov 30, 11:48 AM EST |
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| Pfizer Inc. rose 2% to $27.62 after raising its full-year profit outlook. Wal-Mart dropped 1.6% after forecasting flat December same-store sales. |
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| U.S. stocks declined as an unexpected contraction in Midwest business activity raised concerns about the outlook for corporate profits. The Chicago purchasing managers'' index fell to 49.9 in November from 53.5 in October, below expectations of increase to 55.0. Shares of defense stocks moved lower. Dow component Boeing Co. dropped 1.4% to $87.65, while chemical maker DuPont Co. slipped 1.9% to $47. |
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Sensex Up 0.6%, India GDP, 9.2%
Nov 30, 10:42 AM EST |
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| The Sensex finished with a gain today lifted by strong economic growth and rollover of November derivatives. |
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| The expiry of the November futures contracts failed to weigh down on the market sentiment. The benchmark index ended with a spurt in the final hour of a volatile trade, buoyed by better-than-expected domestic economic growth. Private banks and IT stocks led the advancers. HDFC Bank, Dr Reddy’s Lab and TCS led the gainers, while Tata Steel led the decliners. Oil and refinery stocks dipped after the government announced a reduction of petrol and diesel prices. |
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Consumer Spending Rebounds
Nov 30, 10:15 AM EST |
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| Energy stocks advanced for a second day as crude oil rose 0.7% to $62.86 a barrel. Exxon shares gave the biggest lift to the S&P 500, rising 1%. |
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| Stocks were flat at opening after retailers posted mixed sales results for November and consumer spending rebounded, showing its biggest increase in three months in October. Blue-chip stocks edged higher, helped by same-store sales from retailers including solid numbers from Target Corp. and disappointing data from J.C. Penney Co. Wal-Mart weighed as it projected flat sales in December after reporting o.1% decline in November same-store sales. |
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FTSE Rebounds
Nov 30, 9:32 AM EST |
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| The FTSE 100 recovered from an earlier dip on bid talk and on better-than expected performance of mid-cap QinetiQ. |
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| Wolverhampton & Dudley picked up today as the market digested yet more rumours of bid activity among the mid-caps. Defence and security group QinetiQ was the best performing mid-cap stocks today after its first half results came in better than expected. Energy stocks were also in demand as crude futures rose to a two-month high. Kingfisher, unsettled by the costs of its store refurbishment programme, led the decliners. The FTSE 100 in London was up 16.2 points, or 0.3%. |
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Target, Limited Push Futures Higher
Nov 30, 9:26 AM EST |
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| TiVo Inc. fell 5% as the maker of digital video recorders posted a narrower Q3 loss of 12 cents a share, up from a loss of 17 cents last year. |
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| U.S. stock futures gained, supported by better-than-expected November sales for Target and Limited Brands. The Commerce Department reported that consumer spending rebounded in October after two lackluster months, increasing by 0.2%. Spending was bolstered by solid growth in incomes, which rose by 0.4%, reflecting solid employment growth. According to another economic report, the number of initial jobless claims posted an unexpectedly large increase last week, rising by 34,000 to 357,000. |
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November Same-Store Sales Disappoint
Nov 30, 8:36 AM EST |
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| The U.S. largest retailers posted mostly disappointing sales results in November, reflecting sluggish sales in the first half of the month. |
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| Wal-Mart Stores, Costco Wholesale Club and J.C. Penney posted weaker-than-expected numbers. Wal-Mart said its November same-store sales fell 0.1%, slightly below the flat numbers that analysts had been expecting. The world''s biggest retailer projected flat to 1% higher comparable store sales in December. Costco Wholesale reported same-store sales rise of 5%, slightly down from the anticipated 5.7% increase. Limited Brands reported same-store sales jump of 12%, exceeding estimates of 7.8%. |
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Asia Led Higher by China, HK
Nov 30, 7:37 AM EST |
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| Asian markets ended higher on Thursday, following gains on US markets with China and HK leading the advance. |
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| Asian stocks finished higher Thursday, following gains on US markets, as benchmark index in China hit a five-year high and as Hong Kong shares were buoyed by new initial public offerings. In Japan, stocks gained ground amid optimism about the economic prospects of the nation, with banks and car makers leading the way. In South Korea, technology and brokerage stocks led gains and in China, gains in steel firms helped push the benchmark stock index. |
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European Stocks Rise
Nov 30, 7:22 AM EST |
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| European shares traded higher for the second morning in a row on Thursday, as oil prices held near three-week highs. |
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| European stocks rose for a second day, led by BP and Royal Dutch Shell and pushed higher by commodity producers, after metal prices gained. BHP Billiton and Rio Tinto Plc advanced. Benchmarks swung between gains and losses before reports today on U.S. jobless claims and personal spending. The U.K. FTSE 100 index advanced 0.3%, the German DAX Xetra 30 index climbed 0.2%, and the French CAC-40 index rose 0.1%. |
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