China, Chile and Mexico Lead World Markets
Mar 30, 5:37 PM EDT |
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| World Markets registered mild gains. China, Chile, Australia and Singpore led global markets gain. India and Venezuela led the decliners. |
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| World markets registered healthy gains in the first forty five days of the quarter and then encountered significant headwinds. Most country indexes lost all the gains of the quarter during the last thirty days. Commodities and mining driven countries dominated world markets. Shanghai led the world markets with nearly 43% plus gains followed by Chile, Mexico, Australia and Singapore. Sweden and Norway led European bourses. Venezuela and India ranked at the bottom with losses. |
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Nasdaq Up 0.3%, Dow Down 0.9%, S&P Up 0.2%
Mar 30, 4:19 PM EDT |
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| Dow Industrail Average lost 0.9% and Nasdaq rose 0.3% at the end of the first quarter. European markets reported their worst gains in 4 years. |
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| U.S. stocks fell dragging the Dow Jones Industrial Average to its first quarterly loss since June 2005, on concern new duties on Chinese imports may provoke a trade war. Commerce Department said February personal income and consumption increased at a seasonally adjusted rate of 0.6%compared to January. Take-Two shares declined 3%. PMC-Sierra rose 13% after the company said it would cut 175 jobs. Vodafone Group declined 4%. |
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Checkpoint Rises, Global Payment Declines
Mar 30, 2:49 PM EDT |
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| Global Payments and Checkpoint Systems enjoy higher quarterly profit. All American Semiconductor drops on lowered estimates. |
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| Market averages turned negative after trading higher in the morning. Stocks fell as the Commerce Department said it was slapping duties on imports of coated paper from China, raising concerns that Beijing may retaliate and the dispute could hurt U.S. exporters. Of the large cap stocks, Boeing lost 0.9%. International Paper gained 1.4% and Bowater added 1.8%, while Smurfit-Stone rose 0.7%. European markers delivered worst performance in first quarter in four years. |
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European Markets: Worst Gains in 4 Yrs
Mar 30, 1:59 PM EDT |
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| European markets closed mixed with a negative bias on rumors related to Iran and U.S. military actions originating in Baharin. |
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| European markets opened higher but only eight of the eighteen markets closed higher. Germany and Spain led the gainers in the region. Merger related news also dominated trading but Iraq and Iran related worries led to a caution. Alliance Boots received a revised offer and Iberian airline received an offer from TPG at 3.6 euros. Citigroup expressed a desire to purchase a bank in Germany and vodafone dropped 4.5% on margin pressures. European markets gained little at the end of the first quarter. |
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U.S. Stocks Struggle, Construction Spending Up
Mar 30, 12:50 PM EDT |
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| Market averages tunred negative at mid-day trading after three hours of trading in NY. European market closed lower but Asia closed up. |
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| Market averages closed lower after three hours of trading in New York. Much awaited report on corn planting revealted larger than expected rise in corn planting this season depressing corn and soybean prices. The government expects record corn planting since 1944 driven by etahnol based demand. Construction spending rose 0.3% in February driven government projects. Global Payment fell 11% on lowered earnings. European markets closed mixed with a negative bias but Asian mrkets closed higher. |
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Record Corn Planting by U.S. Farmers
Mar 30, 11:03 AM EDT |
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| U.S. government report forecasts a record crop planting by farmers in the coming weeks. Record corn planting is likely to lower soybean production. |
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| Ethanol demand is driving farmers to corn in record numbers across the country. According to the government report farmers are likely to increase by 15% corn planting acres, largest since 1944. Soybean production will suffer and is likely to put more pressure on food prices in the coming months. Corn prices fell 5% and soybean dropped 2% on the release of the report. |
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Personal Spending and Income Gained
Mar 30, 9:51 AM EDT |
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| Personal spending and income gained more than what economists were looking for. |
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| February report on personal spending and income suggested that consumer alive and ready to spend. Personal spending and income rose at 0.6% and after adjusting for inflation gained 0.2% only. Inflation took a big bite out of the consumer purchasing power. |
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London Gives Up Gains
Mar 30, 9:40 AM EDT |
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| The London benchmark index retreated in morning session Friday as Vodafone and Resolution dragged the FTSE down. |
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| The FTSE 100 gave up gains by the end of morning trade on Friday, pulled lower by weakness in Vodafone and life fund manager Resolution and on worries over mounting tensions between Britain and Iran. M&A activity managed to stem even steeper losses. Home improvements retailer Kingfisher led the market gainers. The FTSE extended its early losses to move 26.4 points, or 0.4% to 6,298.1 |
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Japan Gains, HK Falls
Mar 30, 9:11 AM EDT |
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| Asian stocks closed mostly higher Friday, as the Nikkei 225 benchmark made gains after positive inflation data. |
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| Asian markets ended mostly higher Friday with Japan Nikkei leading the advance on an upbeat note on inflation data, while Hong Kong declined as investors await fresh earnings news. The Australian market surged to its highest level in four weeks on end-of-quarter buying together with bullish offshore leads, bid speculation on media stocks and a takeover bid for Alinta. |
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Sensex Gains 0,7%, Inflation Below Forecasts
Mar 30, 8:07 AM EDT |
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| The Sensex in India advanced Friday on strong auto and pharma stocks as well as lower-than-expected inflation. Dr Reddy’s led gainers. |
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| The Sensex opened with a positive bias Friday, but trading was subdued in the morning session. The benchmark index surged in the latter part of trade as the crucial weekly inflation data turned out better than expected. Building up positions ahead of the fourth-quarter earnings results also aided the rally. NTPC and Dr Reddy’s led the advancers, while Wipro and TCS led the decliners. The wholesale price index did not increase, compared with last week’s. |
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