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Commodities Lead Europe Up
Nov 01, 1:10 PM EST |
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| Resource stocks like Rio Tinto and BHP Billiton climbed 2.5% each on the back of record-high zinc price. |
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| European stock markets finished Wednesday session higher largely on gains in the mining sector. Resource stocks like Rio Tinto and BHP Billiton climbed 2.5% on the back of record-high zink price. The gold sector also showed considerable strength. Shares of oil giants BP and Total also contributed to the upward move. London FTSE 100 rose 0.33%. The German DAX 30 added 0.3%. The French CAC 40 closed up 0.41%. |
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Market Falls on Economic Growth Worries
Nov 01, 11:40 AM EST |
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| Crude oil inventories rose 2 million barrels in the week ended October 27, while gasoline stockpiles declined 2.8 million barrels. |
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| U.S. stocks erased earlier gains on the heels of disappointing economic data which added to concerns about the slowing U.S. economy. The data showed an unexpected slowdown in the pace of growth in the manufacturing sector and an unexpected drop in construction spending. Garmin Ltd. turned into the biggest decliner on the Nasdaq, falling 14%, on disappointing sales. |
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Reliance Leads Sensex Rally
Nov 01, 10:30 AM EST |
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| The market recovered from the slip yesterday due to strong performances from large-caps, oil stocks and shares in cellular services providers. |
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| The Sensex recovered from an early plunge Wednesday, as trading was gripped by high volatility and surged in the afternoon session. Reliance Industries led the comeback, helping the benchmark index close at an all-time high, above the 13,000 level. The rally was range-bound as some small-cap and mid-cap stocks declined. Reliance Industries surged on the back of bullish reports. Bharti Airtel and Reliance Communications also rallied. HDFC and ONGC led the decliners. |
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MasterCard up 15% on Strong Profit
Nov 01, 10:08 AM EST |
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| ADP-Macroeconomic Advisers expects a 128,000 increase in private-sector jobs when the Labor Department reports payroll figures Friday. |
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| Better-than-expected earnings from MasterCard and an upbeat forecast for private-sector employment in October pushed stock higher at opening. MasterCard reported 82% profit jump in Q3 to $1.42 a share from 79 cents last year, due to an improved revenue and a higher number of purchases worldwide. Deal talks about a combination of pharmacy benefits manager Caremark Rx and drugstore chain CVS Corp. also contributed to the upside move. |
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FTSE Advances on Miners
Nov 01, 9:37 AM EST |
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| Miners pushed Footsie higher in morning trading as heavy buying supported by rising metal prices sent share prices climbing. |
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| The FTSE advanced by lunchtime on Wednesday, helped by a strong showing across the mining sector and a positive reaction to the plans of Cairn Energy to float its Indian business. A rebound in gold, copper and silver prices pushed Xstrata higher with Anglo American, Lonmin and BHP Billiton also moving ahead. The FTSE 100 in London extended its early gains to trade 22 points, or 0.4%, higher. |
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Time Warner Profit Climbs
Nov 01, 9:04 AM EST |
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| Crude-oil futures fell 38 cents to $58.35 a barrel ahead of data. The dollar gained ground vs. the yem. Gold futures climbed $6 to $612.80 an ounce. |
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| U.S. stock market futures turned higher after a survey report showed that the U.S. economy added about 128,000 private-sector jobs in October. Automakers are also expected to report higher October U.S. sales compared to the same month a year ago. Time Warner posted sharply higher Q3 earnings of 57 cents a share, up from 18 cents last year. Revenues rose 7% to $10.9 billion. However, profit and revenue came in slightly below estimates. Time Warner held to its 2006 outlook. |
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Donnelley to Acquire Banta for $1.3 B
Nov 01, 8:03 AM EST |
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| R.R. Donnelley & Sons Co. announced late Tuesday it will acquire Banta Corp. in a deal worth $1.3 billion. |
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| The cash deal is valued at about $1.3 billion, or $36.50 per share after a special dividend of $16.00 per share already declared by Banta. The offer represents a premium of 18.6% over Banta''s closing share price Tuesday on the Nymex of $44.28. The transaction is expected to complete in Q1 of 2007. |
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South Korea, Singapore Push Asia Higher
Nov 01, 7:32 AM EST |
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| Asian markets finished mostly higher Wednesday, led by South Korea and Singapore, while Nikkei Average slipped. |
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| In Japan, investors boosted shares of Mitsubishi UFJ, the large-cap financial firm, despite weakness of exporters Honda Motor and Sony Corp. due to the extended gains from the yen against the dollar. South Korea and Australia both rose, while Weighted Price Index in Taiwan fell. Shares listed in Singapore advanced, with the benchmark Straits Times Index gaining. The China Enterprises Index, trading in shares listed in Hong Kong also added. |
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Gold Declines on Profit-Taking
Nov 01, 5:12 AM EST |
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| Gold and silver prices moved lower Tuesday, din spite of a falling dollar and weak U.S. economic data. |
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| The precious metals had surged earlier in the day, as a softening dollar and slowing economy usually boost gold, which is regarded as a hedge against inflation. Profit-taking, the countdown to elections, and catch-up with oil prices, which fell more than $2 on Monday, took the wind out of sails of the precious metal. |
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