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Europe Ends Flat
Dec 28, 1:02 PM EST |
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| Siemens rose 1% after the conglomerate together with IBM won a 10-year IT contract from the German military worth 7.1 billion euros. |
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| European stocks ended flat on Thursday, reflecting an increase in the price of oil which countered positive data on U.S. economic growth. The German DAX 30 closed unchanged at 6,611.81, reversing from a five-year high reached earlier in the session. Among other regional markets, the French CAC 40 and London FTSE 100 lost 0.1% each. |
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Rate Worries Weigh on Wall Street
Dec 28, 11:58 AM EST |
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| Apple fell 2% on the reports that company's CEO was handed 7.5 million stock options in 2001without the required authorization. |
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| U.S. stocks failed to continue the recent rally and kept trading in the negative, despite stronger-than-anticipated economic reports. On the one hand, the upbeat data provided support to the equities, but on the other, stoked concerns about faster-than-expected economic growth that could lead the Fed to stay on hold on rates in 2007. |
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India Pauses, Rupee Trades Higher
Dec 28, 11:05 AM EST |
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| The Sensex in India retreated from gains over the last few days as capital goods and IT stocks faced selling. Cipla led the decline. |
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| The market opened firm but succumbed to high volatility in the afternoon trading. Auto, metal and oil and gas stocks gained with Hero Honda, HDFC Bank and ITC leading the way. Telecoms were in focus over bid speculation for Hutch Essar. Banks kept their winning streak on hopes of improving profitability after several lending rates hikes. The market fall at the end of the trade was mainly on expiry of year-end derivatives. Cipla, SBI, Dr Reddy led the decliners. |
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Upbeat Data Lift Market
Dec 28, 10:03 AM EST |
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| Light sweet crude rose 24 cents to $60.58. The dollar was mixed vs. other major currencies. Gold prices continued to rally. |
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| Stocks opened little changed on cautiousness ahead of key economic data but pared losses following the release of stronger-than expected reports. December consumer confidence rose to 109.0 from an upwardly revised 105.3 in November, despite expectations of a decline to 102.0. November existing home sales rose 0.6% to a seasonally annual rate of 6.28 million units from an unrevised 6.24 million unit rate in October. Economists had expected a decrease to a 6.15 million unit rate. |
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London Edges Lower on Bid Competition
Dec 28, 9:35 AM EST |
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| Bid expectations fail to counter profit takers as the benchmark index in London posts slight losses. Vodafone drops on bidding war. |
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| Vodafone dipped on reports that it may have to compete for bid target Hutchison-Essar, the Indian mobile phone operator. HSBC Holdings followed an advance in financial companies and in metal stocks, BHP Billiton and Anglo American Plc, increased as prices rose. Imperial Chemicals Industries Plc, the U.K.''s largest specialty chemical maker, also climbed on takeover speculation. The benchmark FTSE 100 Index lost 9.7, or 0.2%, to 6,235.50 in early trade. |
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Market to Open Lower on Profit Taking
Dec 28, 9:05 AM EST |
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| Initial jobless claims rose to 317,000 from the previous week's revised figure of 316,000, down from the expected increase to 320,000. |
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| Following two days of solid post-Christmas gains, U.S. stock market looked poised for lower opening Thursday. Stock futures pointed to the downside, with profit taking expected as well as volatile trading session for Apple Computer on concerns over its stock-option granting practices. |
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IBM and Siemens Win $9.3 B Military Project
Dec 28, 8:01 AM EST |
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| International Business Machines and Siemens won a 10-year 7.1-billion-euro ($9.3 B) contract from the German military to modernize its technology. |
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| A new company, called BWI Informationstechnik GmbH, is being set up for the project. IBM and Siemens together will hold 50.1% of it, while the German federal government will hold the remaining 49.9%. The project is designed to bring data centers, software and applications, PCs, telephones and voice and data networks up to the latest standard. |
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Asia Rallies, Japan Ends Flat
Dec 28, 7:34 AM EST |
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| Japanese benchmark index closed almost flat as advances in Nippon Steel were countered by falls in Canon and other exporters. |
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| Asian shares kept their winning streak Thursday pacing gains on US markets, as Japan moved slightly higher and Hong Kong finished at another record high. In Tokyo, traders took profits after a five-week rally in the leading index and before a holiday-shortened trading session ahead of New Year celebrations. In Australia, New Zealand, Singapore, and Indonesia, indexes closed at records. |
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Europe Flat, Real Estate Shines
Dec 28, 6:37 AM EST |
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| European stocks were almost flat on Thursday, despite the strong overnight close on US markets, as oil offset gains in real estate. |
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| Earlier, European markets edged higher with investors capitalizing on the year-end optimism coming out of US markets and also responding to an optimistic comment from a top executive at software giant SAP. However, a poor performance from oil stocks erased the gains, leaving stocks nearly flat. By mid morning, the FTSE 100 in London was flat, Frankfurt Xetra Dax edged slightly higher and the CAC 40 in Paris was down 0.1%. |
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Gold, Silver Climb, Platinum Dips
Dec 28, 5:18 AM EST |
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| Gold and silver prices finished higher Wednesday, supported by a weakness in the dollar. |
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| Rumors of the possibility of U.S. interest rate reductions next year led to selling of the dollar and to a profit in the gold market. Gold is believed to remain within the wide $618-$630 range in the short term as volatility is likely to continue due to the thin holiday market conditions. Silver will remain volatile within a wide $12.29-$13 an ounce range for the short-term. While gold and silver advanced, platinum and palladium declined in light trading. |
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