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Nasdaq Leads with 11.9% Rise
Sep 28, 8:22 PM EDT |
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| Tech stock recovery in the third quarter helped Nasdaq to surge in the quarter. For the year, Dow closed up 11.5% and S&P ended 7.7% higher. |
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| On the last day of the third quarter stocks closed lower. For the quarter Nasdaq led the three popular indexes with a rise 3.8% and for the year with a gain of 11.9%. European indexes closed lower. Crude oil crossed $83 a barrel and gold surged $10 to close above $750 per ounce. Copper traded at elevated level. |
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Ninth Record Close in India
Sep 28, 12:57 PM EDT |
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| India continue to surge on steady fund flows, decline in inflation, and earnings expectations. Citigroup, Merrill Lynch acquires a stake in MCX. |
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| Sensex in Mumbai trading closed up 0.8% to 17,219, despite broader market decline. Of the total stocks traded on BSE, 1,392 fell, 1,362 gained, 58 were unchaged. Wholesale inflation has been on the decline according to government data. Strong fund flows, expectations of healthly profit increase, and steady participation from retail investors have taken index to a new high for two weeks in a row. Banks rose sharply. ICICI Bank jumped to a record on raising $2 billion. For the week Senex up 4.4%. |
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U.S. Consumer Spending Rises, Dollar Drops
Sep 28, 11:42 AM EDT |
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| Economic indicators suggested a steady spending from consumers lifting mood in the morning trading in New York. |
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| Consumer spending rose 0.6% and personal income added 0.3% in August according to the Commerce Department. Consumers showed resilience in the aftermath of credit market turmoil. Construction spending fell 0.2% from July and 1.7% from a year ago. Chicago purchase index rose to 54.2. The strenght in the consumer spending surprised the market in the early trading but indexes dropped. Unemployment in Japan rose in August and retail sales fell in Germany. Euro at yet another record to dollar. |
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Orange Netherlands Sold for 1.3 B Euros
Sep 28, 10:12 AM EDT |
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| Deutsche Telekom of Germany agreed to purchase Orange Netherlands for $1.33 billion euros and jumped to a market leader with 4.5 million subscribers. |
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| Deutsche Telekom agreed to purchase Orange Netherlands from France Telecom for 1.33 billion euros in cash. After the acquistion the T-Mobile unit in the Netherlands will jump to market leader from its fourth ranking with 4.5 million subscribers. The acquisition is expected to generate savings of 1.1 billion euros. Vodafone will be second in the market. European stocks on the last day of trading were fractionally lower after a volatile quarter. |
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Oil Rallies, U.S. Indexes Edge to Peaks
Sep 27, 5:43 PM EDT |
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| New Home sales in the U.S. in the August month. UK home prices in August edged up. Chinese telecom stocks surge. |
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| U.S. markets advanced on lower than expected claims for unemployment, share buybacks, and rising energy prices. Second quarter U.S. GDP growth rate was revised lower to 3.8% from 4%. Unemployment claims fell 15,000 at the end of the last week, but new homes sales fell by 8.3% in August. Energy and mining stocks rallied in the U.S. European indexes closed higher led by a rise in UK, France, and Germany. Brazil, India, Hong Kong, and Singapore closed at a record high. |
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Home Prices, British Air Order Lift UK
Sep 27, 3:22 PM EDT |
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| Financial stocks lead FTSE 100 index in London higher. UK index led other European markets. |
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| London stocks closed higher 0.8% to close at 6,486.40 by financial stocks. Of the FTSE 100 stocks, 73 closed higher. UK home prices rose in September by 0.7% according to a report from Nationwide Building Society. Home prices added 9% from a year ago to 184,723 pounds. Northern Rock is in talks with J C Flowers, private equity group for a possible asset sale. British Air splits an order for 36 planes between Airbus and Boeing. |
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Sensex Rallies Again
Sep 27, 12:36 PM EDT |
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| Stocks in Mumbai rallied for the fourth day in a row ahead of derivatives expiration. Mining and IT stocks led the advance. |
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| Sensex in Mumbai, India closed at a record high for the fourth day in a row. Industrials, financials, and IT companies led the advance. Of the 30 stocks i Sensex, 21 closed higher. East India Hotels have severed their ties with Hilton Hotels for its marketing and cobranding parnership. Tata Sons acquires a stake in Praj Industries. Rajesh Exports soars ahead of stock split. Bharat Heavy receives 750 crore rupees power plant order from the Steel Authority of India. |
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Financials Surge in Tokyo
Sep 27, 10:56 AM EDT |
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| Stocks in Tokyo rise led by a rise in financial stocks. The Bank of Japan board member suggested that interest rate may be raised. |
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| In Tokyo trading, Nikkei gained 2.4% to 16,832.22. The sharp rise in financial stocks helped the index. Three largest banks and real estate companies rallied as investors hoped that troubled U.S. credit market may stabilize in the near future. The talks of investment in Bear Stearns helped as well. Exporters gained as the BoJ board member suggested that the U.S. credit market trouble are not likely to hurt exports from Japan.
Resona Holdings led the gainers in the Nikkei index. |
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Records in Australian Dollar and Stocks
Sep 27, 9:22 AM EDT |
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| Stocks and Australian dollars closed at a record high on the strength in mining companies and weakness in the U.S. dollar. |
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| ASX 200 index gained 0.9% to close at 6,538.10 on a sharp rise in energy and metals mining companies. Mining companies rallied ahead of iron ore price negotiations. BHP Biliton, Rio Tinto, and Fortescue jumped with expectations that iron ore price may be raised by more than 30%. Australian dollar reached a two decade high against the U.S. dollar. Carry traders are exploiting yield differential between the U.S. and Australian short term government bonds. |
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GM Leads U.S. Stocks, Sallie Mae Deal in Trouble
Sep 26, 6:11 PM EDT |
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| General Motors led the gainers in Dow and S&P 500 indexes after a deal with its labor union. Home builders led the decline in index stocks. |
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| Stocks in New York trading closed higher afer General Motors and its labor union agreed on preliminary details of healthcare fund. GM is likely to seed the fund with cash and securities worth more than $30 billion and potentially remove the liability of future expenses from its books. In economic news August durable spending fell 4.9%. Tech and financial stocks rallied in New York and Europe. Asian markets closed higher. Oil recovered and gold and copper fell. India closed record high. |
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