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Gold Down $12, Oil Up
Dec 15, 4:27 PM EST |
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| Inflation report put buyers in charge. Large cap rallied lifting small cap stocks as well. Gold dropped to $620 but oil rose to $63.43. |
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| Benign November inflation data on Consumer Price index and core CPI sparked a wave of buying in the morning. The reported CPI and core CPI nearly unchanged supported a broad buying in financials, industrial and consumer durable sector. Gold fell $12 on inflation report but oil managed to rise. European markets closed higher on feversih takeover activities. Brazil continued to gain but Mexico settled after closing for eight records in nine days. |
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Takeovers and Mergers Drive Europe Higher
Dec 15, 1:51 PM EST |
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| A day of mergers and takeovers kept averges higher across the European region. Rise in Energy prices lifted Norway. Japan Tobacco to buy Gallagher. |
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| European shares closed higher for the day and for the week on takeover rumors, restructuring news and higher energy and metals prices. Takeove rumors lifted stocks of ABN AMRO and Rentokil. France Telecom reiterated its plan to cut 17,000 staff in France by the year 2008. Austrian Bank BAWAG was sold to private equity group and media report suggested that Ahold food services may be sold for $6 billion. Tenaris gained 13% on takeover rumors. Nestle gained on the deal to buy Novartis nutrition. |
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Market Sustains Rally
Dec 15, 11:50 AM EST |
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| Immunicon Corp. surged 38% to $3.65 after the company received clearance for a breast cancer test it makes from the FDA. |
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| Tame inflation in November and industrial production rise for the first time in two months boosted market averages, with the Dow hitting a record high after consumer price data signalled that the U.S. economy is maintaining growth and inflation is in check. Positive sentiment was also generated by a batch of strong earnings reports in the tech sector. |
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India 0.9% Higher, Inflation Lower
Dec 15, 10:44 AM EST |
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| The benchmark index gained Friday on buying from foreign investors. Tata and Fiat venture of 4,000 crore rupees to produce cars, trucks, etc. |
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| The Sensex closed Friday with a gain for the third day in a row. Heavy interest in Reliance Communicatons and metal stocks supported the upward trend in the market. Banks rallied after weekly inflation data. Tata Steel led the advancers followed by Grasim, SBI and Infosys. NTPC and Wipro led the decliners. Tata Motors and Fiat will invest over Rs 4,000 crore in a joint venture. |
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Adobe Climbs 5% on Revenue
Dec 15, 10:15 AM EST |
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| Crude oil was up 17 cents to $62.68 a barrel. The dollar dropped 0.1% against the euro and 0.2% against the yen.Gold was slightly lower. |
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| U.S. stocks extended rally on tame inflation in November and industrial production increase. The report showed that industrial production rose 0.2% in November, the first increase in two months, amid increased output by automobile makers. Among tech stocks, Adobe Systems rose 5% after it posted Q4 earnings in line with estimates, while revenue was above expectations. |
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Oil Supports London Stocks
Dec 15, 9:32 AM EST |
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| The FTSE advanced in mid-afternoon trading on Friday on strong oil market and BAE shares. |
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| London market hit a new five year high on Friday afternoon, as upbeat crude prices lifted oil stocks and shares in BAE Systems advanced supported by reports of the failure of an inquiry into allegations of corruption within key Saudi arms contracts. Tobacco stocks were in the limelight in the wake of the agreement by Gallaher to be acquired by Japanese Tobacco in a long-awaited deal. In mid-afternoon, the FTSE 100 benchmark index traded 0.5% higher to 6,261.6. |
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Futures Gain on Tame CPI
Dec 15, 9:05 AM EST |
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| Apple said in a filing with the SEC that it is unable to file its 10-K form because of its ongoing stock option investigation. |
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| Stock futures advanced Friday, lifted by tame report on consumer inflation which helped ease concerns of further interest-rate spikes. The Labor Department reported that consumer prices were flat in November, even better than the increase of 0.2% analysts had been expecting. Prices fell in the three consecutive months because of sharply lower gasoline and other energy costs. |
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Japan Tobacco to Acquire Gallaher for $19 B
Dec 15, 7:59 AM EST |
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| Japan Tobacco Inc. is considering acquisition of Britain's Gallaher Group PLC in a deal worth 2.25 trillion yen ($19.1 billion). |
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| The purchase would also boost Japan Tobacco''s share of the European tobacco market to 23% from 10%. JT''s global market share would increase by 3.1% to about 11%. If the transaction completes, this will be the largest-ever corporate acquisition by a Japanese company. The takeover bid exceeds Softbank Corp.''s buyout of Vodafone Group PLC''s Japanese mobile-phone operations for $15.6 billion. |
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Japan Boosts Asia on Tankan Survey
Dec 15, 7:32 AM EST |
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| Japan led the regional rally Friday, buoyed by strong figures from the tankan survey of business sentiment. |
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| The all-important tankan survey in the past three months in Japan buoyed investors in Japan which led Friday Asian stocks higher. The survey of business sentiment showed that both large and small business were upbeat about business conditions. Hong Kong shares were boosted after the strong close in New York overnight, while In South Korea, stocks ended slightly higher led by Posco and Kookmin Bank. All the other major indexes also advanced on Friday. |
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Europe Higher on M&A
Dec 15, 6:46 AM EST |
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| European stocks advanced to a new high on Friday on a subdued day for corporate news as the rally in shares keeps momentum on M&A activity. |
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| The market reaction to Eurozone inflation data was not worthy of notice as the upward revision of headline CPI was 1.9%, slightly lower than the targeted 2% of ECB. German companies have been upping prices in advance of the rise in VAT in January. Investors expected takeovers and earnings growth to continue to buoy markets. The FTSE 100 opened 0.3% higher, while the German Xetra Dax added 0.4% and the French CAC 40 rose 0.5%. |
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