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Oil Stocks Pressure Europe
Jul 17, 7:01 AM EDT |
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| European stocks dropped after oil companies were downgraded and lower copper prices pushed mining shares down.. |
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| European markets declined modestly on Tuesday morning as a wave of earnings releases is eagerly awaited by investors, and as broker advice to sell four leading oil producers weighed on the sector. The subprime mortgage problem is also hurting banks. Deutsche Bank AG and Allianz led banks lower, while of dollar-sensitive stocks, Siemens slipped. All three major markets were lower with the U.K. FTSE 100 index off 0.4%, the German DAX index slipping 0.6% and the French CAC-40 index losing 0.3%. |
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Gold Inches Down, Oil Surges
Jul 17, 5:33 AM EDT |
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| Gold edged lower Monday as dealers are keeping an eye on the slump of the dollar against the euro. Oil surged. |
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| Gold declined slightly on Monday below a five-week high on technical sales, as the market was closely watching the descent of the dollar against the euro. Investors were wary ahead of Ben Bernanke’s testimony to the U.S. Congress on Wednesday and Thursday that might affect the dollar. After wobbling in early trading, crude oil futures ended the session at an 11-month high. Forecasts for cooler, wetter weather in the Midwest this week sparked a sharp pullback in agriculture prices. |
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Merger Talks Lift U.S., European Stocks
Jul 16, 4:34 PM EDT |
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| Ahead of busy eearnings season, averages in New York traded sideways. Shanghai fell 2.4%. Spain led the European markets. Copper managed to closed up. |
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| Mild gains in Dow stocks failed to lift other large caps and technology stocks on the first day of trading. Traders voiced optimism for the second quarter earnings as the season enters the busy period. Mattel reported 15% rise in earnings but Eaton earnings fell. Both stocks jumped 3%. European markets edged higher on takeover news. RBS raised cash portion of the ABN Amro offer to 93%. Asian stocks closed lower. Korean steelmaker Posco reported strong earnings. Brazil felll 0.5%. |
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Takeover News Lift Banks in Europe
Jul 16, 3:03 PM EDT |
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| European markets gained ion takeover news, Mining stocks declined. RBS raised its cash portion of the offer for ABN Amro. |
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| European markets closed higher across the region, but a fraction. RBS raised its cash portion of the offer for ABN Amro for 11% higher offer than from Barclays. Spain led the region with a gain of 0.6%. Germany traded at a intra-day high. U.K. fell after largest platinum miner reported that the production will decline 14% this year. Lonmin declined 7%. |
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Terex, Manitowoc Lead NY Stocks
Jul 16, 11:00 AM EDT |
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| Construction industry equipment stocks lead mild rally in New York. Germany his intra-day record high and Brazil near record level. |
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| Averages in New York retained positive bias after 90 minutes in trading. IHOP jumps 10% on the takeover of Applebees. Dollar remains weak in international trading. Oil and gold edge up a fraction. Construction industry equipment stocks rallied on beter than expected earnings. Terex and Manitowoc lead the sector. European markets trade mixed but Germany hits record high. Brazil trades near record level. |
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Copper, Oil Gains; New York Awaits Earnings
Jul 16, 10:14 AM EDT |
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| Averages in New York traded higher ahead of the earnings season. Dollar fell to record low against euro. Copper gains 1% in London. |
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| Markets in New York traded higher on takeover news, falling dollar, rising crue oil prices and the start of earnings season. Applebees has agreed to be acquired by IHOP for $2.1 billion. McDonalds expects second quarter loss to be 60 cents. Euro traded at record high in Europe at mid-day trading. Korean steelmaker Posco, reported better than expected earnings. Ford is considering to sell Vovlo. Copper gains 1% in London trading. |
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Lonmin Pulls FTSE Lower
Jul 16, 9:40 AM EDT |
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| UK stocks turned lower at mid-day Monday as losses in the mining sector overshadowed strength among the banks. |
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| London fell for the first time in three days, led by Lonmin after the mining company announced it will delay the sale of as much as 90,000 ounces of platinum. Barclays led the advancers after Royal Bank of Scotland improved its offer for ABN Amro. In broker news, Royal Dutch Shell fell Monday as HSBC cut its rating on the stock. The benchmark FTSE 100 Index lost 0.3% at mid-day in London. |
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Asia Falls Dragged by IT Stocks
Jul 16, 8:49 AM EDT |
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| Asian markets declined Monday as technology shares, mining stocks and financials weighed on the region. |
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| Asian stocks finished mostly lower Monday with Hong Kong dropping from a record high and Australian market declining weighed down by mining firms BHP Billiton and Rio Tinto. Japanese markets were closed for a national holiday. In South Korea, the index dipped as banking stocks were hit by the slump in the U.S. mortgage market. Worries of another policy tightening weighed on stocks in China. |
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Reliance Energy in India Surges
Jul 16, 8:07 AM EDT |
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| The Sensex in India ended with a modest gain Monday in volatile trading with Reliance Energy leading the gainers. |
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| The market exhibited a range-bound trading Monday and finished with a slight gain for the third straight session. Banking, real estate and cement stocks advanced, while IT and pharma shares declined. Reliance Energy and Bajaj Auto were the top performers, ACC led cement stocks higher. Wipro, Satyam, and Ranbaxy led the decliners. Jaiprakash Associates hired Barclays Capital to sell $400 million of convertible bonds to boost cement production. |
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Europe Buoyed By Financials
Jul 16, 6:33 AM EDT |
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| European stocks rose on Monday supported by merger activities in the financial sector involving ABN Amro and Royal Bank of Scotland. |
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| European markets rose on Monday led by financial stocks as Royal Bank of Scotland Group impoved its 71.1 billion-euro offer for the Dutch lender ABN Amro, trying to outbid Barclays. BT increased on broker comment, while Dutch company Philips retreated after its second-quarter net income and sales just missed analyst forecasts. Around the regions, the U.K. FTSE 100 index rose less than 0.1%, the German DAX 30 index climbed 0.1% while the French CAC-40 index gained 0.1%. |
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