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Late Rally Trims Losses
Dec 01, 4:01 PM EST |
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| November sales at GM rose 6.1%, at Toyota surged 16% and Chrysler group gained 2.9%. Ford sales tumbled and dropped to the fourth place. |
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| Market averages opened on a positive tone but came under heavys selling pressure after the release of manufacturing and construction activity reports. A survey of manufacturing activity reported shriking base and construction was reported 1% lower according to Commerce Department. Market averages tumbled quickly close to 1% and recovered in the last fifteen minutes of trading. GM, Toyota and Chrysler reported rising November month sales but Ford sales tumbled 9.6% to the fourth spot. |
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European Markets Closed Lower
Dec 01, 1:20 PM EST |
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| Rise in euro against dollar and yen and concerns about American economy dragged European exchanges lower. France, Spain and Germany led the decline. |
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| European markets closed lower across the region led by France, Spain and Germany. A survey on Euro-wide manufacturing from Royal Bank of Scotland showed widening manufacturing activity in the region and unemployment dropped to a five-year low to 7.7%. Healthy economic activity report pushed the euro to a 20-month high against dollar and record high against yen. Mining stocks led the advance in the UK and airline stocks rose in the region on Alitalia planning to sell controlling stake. |
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Weak Dollar Agianst Euro and Pound
Dec 01, 12:19 PM EST |
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| Dollar trades at a tw-year low and near record low against euro, 14-year low against pound and yen drops to a record low against euro. |
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| Twin deficits of budget and trade deficits are finally dragging the dollar to a record low against world currencies. softening economy and slowing manufacturing and construction activites only added to the latest slide. The U.S. likely to report record annual trade deficit of more than $800 billion and current account deficit of higher than 5.8% of GDP in the year 2006. Lower dollar pushed stocks lower in the mid-day trading. |
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Sensex Up 1%, Inflation Surges 5.45%
Dec 01, 11:23 AM EST |
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| The Sensex in India at new record, moving closer to the psychologically important 14,000 level. Ranbaxy and Bajaj led the gainers. |
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| Private banks, auto stocks and a surge in Reliance Industries helped the rally on the market. The smooth rollover of November derivatives and the better-than-expected GDP also aided the positive mood in the market. The market-breadth today was strong with a notable uptrend for small-cap and mid-cap shares. Ranbaxy Laboratories, Bajaj Auto and Tata Motors led the rally. Hindalco led the decliners, TCS, and Gujarat Ambuja fell sharply. Inflation surged to 5.45%, a 18-month high. |
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Slower Construction and Manufacturing
Dec 01, 10:28 AM EST |
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| October month construction activity fell 1% and survey of manufacturing showed slowing actiity level. Market averages turned negative. |
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| Market averages turned negative on construction and manufacturing repots. October construction activity fell 1% led by 1.9% decline in home building activities. Manufacturing survey reported slowing construction on automakers halting production to cut inventory. On these reports, Nasdaq lost 1% and S&p 500 and Dow lost 0.4%. Home builders, construcion materials and equipmment companies lost between 1% and 3%. Dollar is trading higher against yen but lower against euro. European markets are up. |
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FTSE Higher on Miners
Dec 01, 9:47 AM EST |
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| London stocks were higher by mid-morning on Friday, supported by gains in the mining sector. |
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| Mining stocks were strong after gold broke through resistance at $640. Also, Goldman Sachs gave Xstrata a helping hand as it kept its buy advice on the shares and lifted its price target. The broker also raised its price targets on Anglo American, BHP Billiton and Rio Tinto, thus aiding the market. Morgan Stanley has repeated its overweight advice on power supplier International Power and hiked its price target. The FTSE 100 advanced 31.7 points or 0.5% in mid-morning exchanges. |
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Japan Rises, HK Dips
Dec 01, 7:43 AM EST |
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| Asian markets closed broadly higher, as Tokyo stocks were boosted by positive economic data, while HK plunged. |
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| In Japan, sentiment was upbeat as that the core consumer price index rose 0.1% in October from a year earlier, marking a fifth-straight month of gains. In Hong Kong, shares declined, weighed down by losses by China Mobile and property issues. The Shanghai Composite Index edged up on the strength of the yuan. Taiwan shares rose slightly to reach a new six-year high on strength in construction and land issues. Australian share market dropped, with finance stocks under pressure. |
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Europe Gains on EDF
Dec 01, 6:34 AM EST |
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| European stocks advanced in early trading Friday buoyed by court ruling on power supplier EDF. |
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| European markets were higher on Friday, led by French power supplier EDF, after a court criticised government energy tariff controls. EDF gained after a French constitutional court said on Thursday that government controls on prices charged by energy suppliers were incompatible with European Union targets for opening up energy markets to competition. In mid-morning trade, London FTSE 100 climbed 0.5%, Frankfurt Xetra Dax gained 0.6%, and the CAC 40 in Paris added 0.5%. |
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Gold, Silver Surge
Dec 01, 5:22 AM EST |
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| Gold and silver futures advanced due to bouncing back oil prices and weakening US dollar. |
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| Gold and silver prices soared to multi-month highs Thursday, as funds bought into the market on rebounding oil prices and a softening U.S. dollar. There was a little help from the crude market. Firmness from the crude will continue to leak into the other commodity markets, particularly gold. Platinum, palladium and copper also rose, as well as crude oil futures which topped $63 a barrel and finished at their highest level in more than 2 months. |
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