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Oil Rises 4%, Second Day Surge
Jun 06, 5:26 PM EDT |
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| Crude oil traded near its peak price as dollar falls in international trading and Chevron employees in Nigeria threaten a strike. |
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| U.S. stocks traded lower in the morning trading as oil surged more than 4% in London and in New York trading. Chevron oil operations in Nigeria are looking to strike if higher pay demands are not met. Weak dollar also contributed to the rise in oil price. And, a steady rise in demand from the U.S. and accelerating demand from Asia has kept crude oil demand higher in the first five months of the year. |
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U.S. Stocks Surge on Retail Sales, Oil Up $5
Jun 05, 5:05 PM EDT |
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| From technology, energy to retail sector, stocks gained ground. Crude oil jumped $5.43 a barrel and natural gas and gasoline gained more than 4%. |
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| U.S. stocks surged after same store sales data showed healthy gains at large retailers. Wal-Mart and Costco reported higher than expected sales gain in May lifting stocks across various industries. A sharp rise in crude oil price of more than $5 per barrel lifted stocks energy complex companies. The ECB and Bank of England left interest rates unchanged and issued tougher outlook on inflation. Brazil, Argentina and India surged more than 2.5%. |
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Insurance Claims of Rmb 233 million
Jun 05, 4:00 PM EDT |
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| Chinese insurance companies have received 222,000 insuranc claims from the recent earth quake. |
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| Stocks in Hong Kong rose as a retreat in oil prices relieved pressures on oil refiners. Recovering telecommunications stocks also positively impacted investor sentiment. However, price controls for coal producers affected mainland stocks. In Hong Kong trading Hang Seng Index rose 0.55% or 132.04 at 24,255.29 and in Shanghai CSI 300 Index fell 0.98% or 34.78 at 3,512.14. |
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Financials Struggle in Japan
Jun 05, 3:40 PM EDT |
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| Nitto Boseki Co. led advancers in the Nikkei 225 index shares with a rise of 7.66% followed by increases in Yokohama Rubber of 6.99%. |
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| Japan stock indexes declined after Lehman Brothers cuts its rating for the financial services sector in the wake of rising credit costs. Falling crude oil and metal prices widened losses. In Tokyo trading Nikkei 225 fell 0.65% or 94.45 to 14,341.12, and the broader Topix Index dropped 0.4% or 6.02 at 1,424.45. |
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Sensex Rebounds
Jun 05, 2:47 PM EDT |
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| Sensex index recovered after a three-day sell-off. Trading volume on two stock exchanges surged to 20,000 crore rupees. |
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| Indian shares recovered after losses of three days in a row of selling. The 30-share BSE Sensex gained 1.6% or 254.93 15,769.72. On the National Stocks Exchange, the S&P CNX Nifty surged 2% or 91.35 to 4,676.95. Infosys jumped 5.9% to 1,979.70 rupees on the media reports that the firm is looking for acquisitions in Europe. Reliance Communications rose 1.3% to 547.15 rupees on news reports that the firm and South Africa''s MTN. |
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ECB Rates Unchanged, Credit Agricole Discount
Jun 05, 4:38 PM EDT |
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| Credit Agricole prices its offering of 6 billion euros at a discount of 37% to 10.60 euros per share. |
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| Jean Trichet said on Thursday the ECB may raise interest rates next month to combat inflation. German manufacturing orders in April declined 1.8% from a month earlier, but orders during the first four months rose 15%. French unemployment rate dropped to its lowest level in a decade, reaching 7.5% in the first quarter. The CAC 40 share index fell 0.1% and the DAX 30-share index declined 0.4%. Credit Agricole prices its stock at a discount. Credit Agricole prices its offering of 6 billion euros. |
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BOE, ECB Leave Rates Unchanged
Jun 05, 4:37 PM EDT |
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| The Bank of England left its key rate unchanged at 5% and the ECB left rates at 4%. Euro and pound gained against dollar. |
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| The Bank of England and the European Central Bank left the rates unchanged at 5% and 4% respectively. The rising inflation in the region has left central bankers worried. Unlike the Fed in the U.S., central bankers in Europe are more focused on inflation. Separately, retailer Wm Morrison reported 7% rise in sales in the first quarter but home prices fell in May. Stocks in London trading rose with the FTSE 100 index gaining 0.4%. |
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Verizon Buys Alltel; TPG, Goldman Gain $1.9 B
Jun 05, 10:45 AM EDT |
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| Private equity buyout firms expect to make at least $1.9 billion in less thirteen months on the sale of Alltel to Verizon Wireless. |
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| Verizon Wireless agreed to acquire Alltel Corporation, a rural telecom operator with 13 million customers. Verizon will pay $5.9 billion in cash and $22.2 billion of estimated debt. TPG and Goldman Sachs controlled fund have agreed to sell the company that they purchased for $24.2 billion less than thirteen months ago with only $4 billion in equity. |
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Telecom Worries Drag HK Indexes
Jun 04, 8:42 PM EDT |
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| Inflation worries in the short tem and lower earnings at the recently proposed merged telecom companies dragged indexes lower. |
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| Hong stocks fell after investors worried that recent proposal to merge telecom companies may reduce earnings in the short term. Analysts wonder that the three-way deal among China Unicom, China Netcom and China Telecom may reduce earnings on higher operating costs in the short term. The Hang Seng Index fell 1.04% or 252.51 to 24,123.25 and in Shanghai trading CSI 300 Index fell 1.86% or 67.20 to 3,546.92. |
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Tokyo Stocks Rebound; Automakers Rise
Jun 04, 7:43 PM EDT |
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| Fast Retailing revised higher its operating profit for the year target to 83 billion yen from 80.1 billion yen. |
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| Stocks in Tokyo gained ground after yen fell and metals and crude oil prices fell. Nikkei 225 rose 1.59% or 226.4 at 14,435.57, while the broader Topix Index increased 1.6% or 23.03 at 1.430.47. Capital spending declined for the fourth straight quarter by 5.3% in the three months ending March. The decline was smaller than estimated by economists. |
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