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Europe Gains on Stronger Dollar
Dec 13, 12:57 PM EST |
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| Spanish retailer Inditex climbed 4.7% in Madrid on strong earnings results. |
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| European stocks advanced Wednesday, boosted by retail stocks, stronger U.S. dollar, and gains on Wall Street. Dollar-sensitive export stocks posted gains, as the greenback rose 0.4% to $1.3219 vs. the euro. The German DAX 30 advanced 0.7%, with automaker Volkswagen and chip maker Infineon Technologies, up 1.9% each. The French CAC 40 rose 0.9%, helped by 1.7% rise for Airline Air France-KLM. The U.K. FTSE 100 ended up 0.6%, helped by online gambling companies PartyGaming and SportingBet. |
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IPG Photonics Surges 50% on IPO
Dec 13, 11:54 AM EST |
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| Best Buy and Circuit City Stores fell 1.3% each as both stocks were downgraded by Prudential Securities on concerns about lower retail prices. |
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| Market retreated from an early rally on strong retail data, as a disappointing oil inventory report sent oil prices sharply higher. Light sweet crude rose 58 cents to $61.60 after the U.S. government reported that crude supplies fell by 4.3 million barrels last week. IPOs were boosted by the early bullish sentiment. IPG Photonics surged 50% after it offered 9 million shares at $16.50 each, yielding proceeds of $149 million. The stock opened at $25 a share. |
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Volatile Recovery in India
Dec 13, 10:54 AM EST |
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| Intense buying in telecom, cement and banking stocks helped the Sensex to regain some lost territory. Mittal to acquire Kazakhanstan oil for $980 mln. |
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| Trading was extremely volatile on Wednesday as the benchmark index swung almost 400 points from low to high. Investors were covering short positions today and taking new long positions that helped the market rebound. Reliance Communications was the leading advancers, Bharti Airtel also surged. Reliance Industries ended the session with a significant gain. Banks pulled off after the recent steep decline. ONGC and Tata Steel led the decline. |
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Wal-Mart Gains on Strong Retail Sales
Dec 13, 10:25 AM EST |
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| Crude oil fell 10 cents to $60.92 a barrel. The dollar rallied after the retail sales data. Gold declined. |
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| Stock markets opened higher, as better-than-expected retail sales in November, eased concerns about the extent of a slowdown in the economy. Sales rose 1%, much higher than the 0.2% gain expected by economists. Dow component Wal-Mart was among the biggest blue-chip gainers, adding 1%. Merger talks between airlines UAL and Continental Airlines also helped boost the sentiment. |
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Tate Leads FTSE Higher
Dec 13, 9:47 AM EST |
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| The FTSE 100 stocks advanced on Wednesday in spite of the weakness in the large-cap banking stocks. |
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| UK market was on the advance through the morning as Tate & Lyle surged, while some upbeat miners countered the losses in banking shares. Broker comments from JP Morgan put Alliance & Leicester back although the group announced forecast profits for this year would top forecasts of analysts. In mid-day trade the FTSE 100 was 17 points, or 0.4%, higher at 6,184.4 having opened the session lower. |
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Continental, UAL Rise on Deal Talk
Dec 13, 9:16 AM EST |
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| Cooper fell 6% in pre-open after the company reported Q4 results below its estimates and cut its forecast for 2007 revenue. |
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| U.S. stock market futures posted solid gains, boosted by strong retail sales and deal talk in the airline sector. Seasonally adjusted retail sales rose 1% in November, well above economist estimate. UAL Corp. and Continental Airlines were reportedly in talks about a possible merger that would create the largest U.S. domestic carrier. Continental shares rose 4.9% and UAL shares gained 5%. Apple shares advanced 1.4% to $87.36 after Morgan Stanley raised its stock price target. |
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Japan Keeps Gaining, HK Declines
Dec 13, 7:32 AM EST |
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| Asian markets ended mixed on Wednesday, as Japan advanced on weaker yen, while HK plunged on Chinese telecoms. |
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| Asian stocks finished mixed Wednesday, with Japanese Nikkei benchmark index gaining for a third consecutive session on the slipping yen and weaker oil prices that benefitted exporters, while Hong Kong market plunged due to Chinese telecommunications companies. South Korea ended higher supported by gains in Shinhan Financial Group. Taiwan dipped on late-session bargain-hunting from fund managers while Australia finished higher on CSL and Toll Brothers. |
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European Stocks Advance on Banks
Dec 13, 6:36 AM EST |
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| European shares edged higher on Wednesday, after the U.S. Federal Reserve kept interest rates unchanged overnight as anticipated. |
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| European stocks advanced slightly on Wednesday owing to strong results from the banking sector, while retail stocks did not fail to outperform in the run up to Christmas. Investors eyed news from companies such as Spanish retailer Inditex. The company announced that its net income for the first nine months of 2006 rose 22%. By mid morning, FTSE 100 in London was up 0.1%, Frankfurt Xetra Dax was flat, and the CAC 40 in Paris was 0.1% higher. |
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Gold, Silver Edge Lower
Dec 13, 5:16 AM EST |
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| Gold and silver prices retreated Tuesday but as a whole did not change much as the market was keen on the outcome of a meeting of the FOMC. |
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| The precious metals trading finished before the decision on interest rates so traders refrained from giving direction to the markets in either direction in front of the Fed meeting on Tuesday afternoon. Some weakness in gold was witnessed when the dollar started to edge up after a surprise reduction of the U.S. trade deficit. The gap stood at $58.87 billion in October, compared with $64.26 billion in September. |
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