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Europe Gains on Tobacco, Banks
Dec 07, 1:26 PM EST |
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| British bank Barclays added 3% on takeover speculation. Of peers, Deutsche Bank shares climbed 1% and Lloyds TSB shares rose 1.3%. |
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| European stocks finished in the green on Thursday, bolstered by rallying tobacco stocks and comments by ECB Jean-Claude Trichet that prompted interest rates might be further increased early next year. The tobacco sector moved notably higher, as Gallaher Group shares soared 21.6% after it said it had received an offer approach. The U.K. FTSE 100 climbed 0.7%, followed by the French CAC 40, up 0.7%, and the German DAX 30, up 0.5%. |
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Energy, Tech Stocks Hurt Sentiment
Dec 07, 11:51 AM EST |
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| Stock market averages retreated from earlier gains, suffering weakness in energy, consumer discretionary and technology stocks. |
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| Dow component Exxon Mobile was one of the average''s weaker components and was down 1.2%. Technology stocks dropped and blue-chip stocks pared gains, with shares of BlackBerry maker Research In Motion down 3.7% after brokerage downgrades. Shares of Home Depot slipped 1.1%. Yesterday the home improvement retailer said it had found almost 20 years of option grant backdating. |
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Sensex in India Flirts 14,000
Dec 07, 10:53 AM EST |
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| The benchmark index in India sustained its upward trend and finished yet again with another record high. |
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| Sensex was in positive territory in much of the session, crossing the 14,000 level. It retreated slightly at the end of the trade, but closed slightly up. Two large-caps with great weightage on BSE, Reliance Industries and Infosys, showed divergent trends. Hindalco led the advancers while Hero Honda led the decliners. Airbus said it planned to invest about $1B in India in the next 10 years. J.P. Morgan Chase & Co. said that it had invested $60 million in a Mumbai luxury residential property. |
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Stocks Open Higher on Jobs Data
Dec 07, 10:21 AM EST |
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| Light sweet crude fell 42 cents to $61.77a barrel. The dollar was mixed vs. other major currencies. Gold prices fell. |
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| Stock markets opened higher, bolstered by a bigger-than-expected drop in jobless claims, easing concern about weakness in the job market ahead of November employment report tomorrow. Shares of drug maker Eli Lilly dropped nearly 1% after its 2007 earnings forecast fell short of estimates. |
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Eli Lilly Outlook Disappoints
Dec 07, 9:14 AM EST |
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| Eli Lilly rose 0.7% after the drug maker said it is likely to meet its 2006 growth forecast. It also projected slower profit growth in 2007. |
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| U.S. stock market futures were lackluster in early trading ahead of November unemployment report due out on Friday, expected to provide clues about the strength of the U.S. economy. The Labor Department reported that jobless claims fell to 324,000 from the previous week''s revised figure of 358,000, slightly better than expected. In corporate news, Fannie Mae said it overstated earnings by a much lower figure than expected. |
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News Corp. Regains Liberty's $11B Stake
Dec 07, 8:40 AM EST |
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| News Corp. is reportedly close to a deal with its second-biggest shareholder Liberty Media to buy back Liberty's $11 B stake in the media company. |
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| In return, Liberty would receive News Corp.''s 39% stake in the satellite-TV firm DirecTV Group, as well as cash and other assets. The deal will return Liberty to a leading position in the media sector and strengthen News Corp. Chairman Rupert Murdoch''s control of his company. |
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Japan Higher, HK and South Korea Lower
Dec 07, 7:34 AM EST |
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| Asian stocks ended mostly lower on Thursday with HK and South Korea leading the decline. |
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| Japan bucked the downtrend, closing up on merger-and-acquisition news. Asian markets ended broadly mostly lower Thursday, with Hong Kong and South Korea finishing lower. Hong Kong stocks fell sharply after a share sale by an institutional holder in China Mobile led investors to question whether the market has much short-term upside. South Korean shares fell, dragged down by exporters. In Taiwan, shares fell slightly, while the Australian benchmark index edged lower. |
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Europe Rises on Tobacco
Dec 07, 6:36 AM EST |
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| European markets were higher in early trading Thursday as tobacco shares were upbeat on bid offers. |
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| European tobacco stocks were given a boost by bid activity on Thursday which helped stock markets edge higher as investors awaited interest rate decisions from both the European Central Bank and the Bank of England. Gallaher Group, boosted the sector after receiving a bid approach from Japan Tobacco. In early trade, the FTSE 100 London climbed 0.4%, Frankfurt Xetra Dax added 0.2%, and the CAC 40 in Paris was fractionally higher. |
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Gold Keeps Losing Streak
Dec 07, 5:16 AM EST |
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| Gold and silver futures continued to decline on Wednesday due to profit-taking and strengthening of the dollar. |
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| More profit-taking sent gold and silver prices further down on Wednesday, in a situation that can be described as a correction rather than a reversal of the uptrend that had been in place. More profit-taking was witnessed in gold. It was inspired by a bounce in the dollar, which had given the market another excuse to take profits from what had been a long-running rally. |
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