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Showing posts with label ADVFN III World Daily Markets Bulletin - Thursday. Show all posts
Showing posts with label ADVFN III World Daily Markets Bulletin - Thursday. Show all posts

Aug 16, 2012

ADVFN III World Daily Markets Bulletin - Thursday, August 16 2012 -


ADVFN III World Daily Markets Bulletin
Daily world financial news

Thursday, 16 August 2012

US Market Reports
Stocks Extending Sideways Trend Seen For Past Week

Extending the sideways move seen over the past week, stocks are turning in another lackluster performance in early trading on Thursday. The major averages continue to linger near the unchanged after closing mixed in five of the past six sessions.

The major averages are currently turning in another mixed performance, with the Dow down 8.78 points or 0.1 percent at 13,156.00, while the Nasdaq is up 4.70 points or 0.2 percent at 3,035.63. The S&P 500 is unchanged at 1,405.53.

The choppy trading on Wall Street comes on the heels of the release of another mixed batch of U.S. economic data, which has added to recent uncertainty about the near-term outlook for the markets.

While the Commerce Department released a report showing a bigger than expected decrease in housing starts in the month of July, the report also showed a substantial increase in building permits, which are seen as an indicator of future housing activity.

The report showed that housing starts fell 1.1 percent to an annual rate of 746,000 in July from the revised June estimate of 754,000. Economists had expected housing starts to dip to 750,000 from the 760,000 originally reported for the previous month.

At the same time, the Commerce Department said building permits surged up by 6.8 percent to an annual rate of 812,000 in July from the revised June rate of 760,000. Building permits had been expected to climb to 766,000.

A separate report from the Labor Department showed that initial jobless claims came in slightly higher than anticipated in the week ended August 11th, although the less volatile four-week moving average fell to its lowest level in over four months.

A mixed reaction to quarterly results from Cisco Systems (CSCO) and Wal-Mart (WMT) is also contributing to the lackluster performance on Wall Street.

Shares of Cisco have moved sharply higher in early trading after the networking giant reported better than expected fourth quarter adjusted earnings. The company also announced a 75 percent increase in its quarterly dividend to $0.14 per share.

Meanwhile, retail giant Wal-Mart has come under pressure after reporting second quarter earnings that exceeded analyst estimates but on weaker than expected revenues. Looking ahead, the company raised its full-year earnings guidance.

Most of the major sectors are showing only modest moves, although networking stocks are seeing considerable strength on the heels of Cisco's quarterly results. The NYSE Arca Networking Index is up by 2.2 percent after reaching its bets intraday level in over a month.

Electronic storage, steel, and oil service stocks are also seeing some strength in early trading, while weakness is visible among telecom, biotechnology, and retail stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday. Japan's Nikkei 225 Index surged up by 1.9 percent, while Hong Kong's Hang Seng Index ended the day down by 0.5 percent.

The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.3 percent, the French CAC 40 Index and the German DAX Index are both up by 0.2 percent.

In the bond market, treasuries have moved slightly higher following recent weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 1.798 percent.

Canadian Market Report
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TSX Poised For Flat Open

Toronto stocks edged up at open amid marginal buying across a variety of sectors, with the S&P/TSX Composite Index adding 22.24 points or 0.19 percent to 11,927.68.

Fertilizer makers Agrium Inc. and Potash Corp. added around 1 percent each. In the oil patch, Pacific Rubiales Energy, Vermilion Energy and Baytex Energy Corp. were up about 1 percent each.

In the gold space, Agnico-Eagle Mines, Detour Gold and Allied Nevada Gold moved up nearly 1 percent each.

Biotechnology company Medicago Inc. and the Infectious Disease Research Institute announced that they have been cleared by the U.S. FDA to initiate a Phase 1 clinical trial for an H5N1 Avian Influenza Virus-Like Particles vaccine candidate. The stock was up 1 percent.

Meanwhile, international pharmaceutical company Valeant Pharmaceutical lost over 1 percent. Danier Leather Inc. shed about 5 percent after reporting a wider fourth quarter net loss.

The price of crude oil edged up Thursday morning amid a steady dollar. Possible tensions in Middle-East and a dip in crude oil inventories supported prices. Crude for September added $0.42 to $94.75 a barrel.

The price of gold was little changed Thursday morning as the U.S. dollar was trading firm amid weekly jobless claims data. A report from the World Gold Council Thursday revealed gold demand declined in the second quarter as investment and jewelery demand softened in India and China. Gold demand fell 7 percent from a year ago to 990 tonnes in the second quarter. The decline was partly due to the comparison with exceptional demand last year, and also reflects the challenging global economic climate.

Gold for December inched up $0.30 to $1,606.90 an ounce.

In corporate news from Canada, biotechnology company Medicago Inc. and the Infectious Disease Research Institute (IDRI) a Seattle-based non-profit research organization announce that they have been cleared by the U.S. FDA to initiate a Phase 1 clinical trial for an H5N1 Avian Influenza Virus-Like Particles vaccine candidate.

Precious metals company Dynasty Metals & Mining Inc. reported a narrower second-quarter loss of $1.01 million compared to $1.47 million recorded in the last year.

According to media reports, gold miner Barrick Gold Corp. is exploring a sale of its 74 percent stake in its subsidiary African Barrick Gold plc.

Retailer Sears Holdings Corp. (SHLD) reported a narrower second-quarter net loss of $132 million or $1.25 per share compared to last year's loss of $146 million or $1.37 per share. Analysts were expecting the company to report loss of $0.86 per share for the quarter.

In economic news, Statistics Canada said non-residents reduced their holdings of Canadian securities by $7.9 billion in June, following two straight months of acquisitions totaling $36.3 billion. Meanwhile, Canadian investors added $3.9 billion of foreign securities to their portfolio, mainly US government bonds.

Separately, the agency said manufacturing sales fell 0.4 percent to $48.9 billion in June, reflecting a 10.6 percent drop in sales of petroleum and coal products. Excluding petroleum and coal products, sales rose 1.1 percent. In June, 12 of 21 industries reported sales increases, representing approximately 60 percent of Canadian manufacturing, it added.
European Market Report
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European Markets Mostly Lower

The European markets are mostly lower in afternoon trading Thursday, after a mixed bag of economic data out of the U.S. in the previous session reduced hopes of further monitory easing.

China's Premier Wen Jiabao said the economy is still under pressure, despite some positive signs in some sectors, the official Xinhua News Agency reported Wednesday.

During a two-day inspection tour to Zhejiang Province, Jiabao said the foundation for stable economic growth is still fragile and the economic hardships may continue for some more time.

Eurozone annual inflation remained stable at 2.4 percent in July, final data from Eurostat showed. The rate also matched flash estimate. On a monthly basis, consumer prices were down 0.5 percent in July.

U.K. retail sales grew 0.3 percent in July from a month ago, data from the Office for National Statistics showed. Economists had forecast a slight 0.1 percent drop after rising 0.8 percent in June.

The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.01 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.22 percent.

The German DAX, which has been swinging between gains and losses, is up 0.10 percent. The French CAC 40 is falling 0.10 percent and Switzerland's SMI is dropping 0.32 percent. The UK's FTSE 100 is losing 0.15 percent.

In Frankfurt, Deutsche Boerse is falling around 1 percent. Siemens is losing 0.7 percent. RWE and EON are moderately lower.

Barclays initiated KWS Saat with "Underweight" rating. The stock is losing 1.3 percent. Brenntag is losing around 1 percent after Berenberg reduced its rating on the stock.

Barclays initiated K+S with "Overweight" rating. The stock is up 0.4 percent. Merck is climbing 2.6 percent and Metro is adding 1.8 percent.

In Paris, Airbus maker EADS and drugmaker Sanofi are falling around 0.9 percent each. France Telekom is down 0.7 percent.

Vallourec is advancing 2.9 percent. Veolia Environnement and Lafarge are each gaining 2.8 percent. Renault is adding 1.7 percent and Peugeot is advancing 1.6 percent.

In London, ARM Holdings is losing 1.2 percent and Carnival is losing 1.7 percent. BG Group is down 1.3 percent. BP is modestly lower and Royal Dutch Shell is falling moderately. CRH is down 1 percent. JPMorgan cut its rating on the stock.

Among miners, Kazakhmys is gaining 1.8 percent and Vedanta is rising 1.6 percent. Fresnillo is adding 1.3 percent and Randgold Resources is gaining 1.1 percent. Evraz is gaining 1.7 percent.

Lloyds Banking is adding 1.9 percent and Royal Bank of Scotland Group is rising 1.5 percent.

Zurich Insurance is gaining 0.3 percent in Zurich. The firm reported a 19 percent drop in its second-quarter profit, but the decline was not as bad as analysts had expected.

Asia Market Reports
Asian Stocks Mixed Ahead Of US Data
Asian stocks turned in a mixed performance on Thursday as traders looked ahead to more economic data out of the United States for cues as to whether the Fed has room to ease policy further. The July housing starts report and the August Philadelphia Federal Reserve's manufacturing index will be released later today, which will provide some clues on the Fed's stance concerning QE3.

Investors are pinning hopes on action from the U.S. Federal Reserve next month after consumer price data released overnight came in flat for the third time in four months, as a small drop in energy costs offset price increases in food and other items. The Fed signaled more easing steps at its July meeting, saying it was ready to act if growth and hiring stays weak and inflation is in check.

Stocks rose broadly across Asia early in the session after Chinese Premier Wen Jiabao said easing inflation provides room to adjust monetary policy in the world's second-largest economy. With July data showing a further slowdown in domestic economic activity, dovish comments from Wen raised expectations that the People's Bank of China would either cut banks' reserve requirement ratio or lower benchmark interest rates to boost lending and spur growth.

However, markets gave up some early gains late in the session following a mostly negative European session and a weaker euro after global growth engine China warned its trade outlook was worsening.

Tokyo stocks rallied, with the Nikkei average climbing 1.9 percent to a six-week high above the 9,000 mark, as the yen weakened and stronger-than-expected U.S. retail sales and industrial production data spurred a surge in demand for blue-chip exporters and high-tech shares. The broader Topix index gained 1.6 percent.

Toyota Motor, Mazda Motor, Canon and Komatsu all closed up about 3 percent each, while Sony climbed 4 percent. Hitachi soared 5.6 percent, boosted by a weighting increase in the indices, while Tokio Marine Holdings and Mitsui Fudoson rose over 3 percent each. Central Japan Railway lost 1.8 percent and Shikoku Electric slid 0.6 percent following weighing changes expected to take effect after the August 31 market close.

China's Shanghai Composite index fell 0.3 percent, reflecting concerns about slowing domestic growth after a commerce ministry spokesman said export conditions will likely worsen in the second half. China attracted $7.58 billion of foreign direct investment in July, down 8.7 percent year-over-year and sharply lower than $12.0 billion in June, data released by the Ministry of Commerce showed.

Hong Kong's Hang Seng index fell half a percent, extending losses for a second straight session, as Chinese FDI figures pointed to worsening trade outlook for the second half of 2012.

Australian shares rose notably, with shares of Wesfarmers hitting a 15-month high after the conglomerate reported an 11 percent rise in annual profit, led by strong earnings performance from its supermarket chain Coles. Wesfarmer climbed 3.8 percent, while Myer, Woolworths and Harvey Norman rose between 0.6 percent and 1.5 percent. Both the benchmark S&P/ASX 200 and the broader All Ordinaries index rose about 1.1 percent each.

AMP jumped 4.8 percent to 3-1/2 month high after the fund manager posted an 8 percent rise in first-half underlying net profit despite weaker investment markets. Banks NAB, ANZ, Commonwealth and Westpac gained 1-2 percent. Resources stocks had a mixed outing, with BHP Billiton edging up 0.8 percent, while Rio Tinto slipped 0.6 percent after it called for a "pragmatic" approach to capital spending on African projects. Fortescue Metals retreated 1.9 percent, but gold miner Newcrest rose half a percent.

Property group Dexus fell 2.5 percent after posting a 67 percent slump in full-year profit. Brambles recovered early losses to end 0.8 percent higher after the firm posted a 21 percent rise in annual profit and said it expects continued revenue growth in the year ahead.

Seoul shares ended almost unchanged, with the benchmark Kospi average rising just 0.05 percent as investors moved to the sidelines awaiting further clues as to the likelihood of additional stimulus measures from major central banks. Foreign investors extended their buying streak for 8th consecutive session, purchasing shares worth 353.1 billion won on a net basis, helping keep underlying mood positive to some extent.

Shares of Hanwha Corp tumbled 2.6 percent after a South Korean court jailed the head of the conglomerate on charges of breach of trust. E-Mart fell 3.4 percent after Moody's Investor Service warned its performance will remain sluggish over the next 12-18 months.

New Zealand shares lost ground, with Goodman Fielder leading the decliners after the company played down media reports that it has received a takeover offer from the world's largest palm oil processor, Wilmar International. Shares of the Australian food ingredients manufacturer slumped 4.1 percent, dragging the benchmark NZX-50 index down about 0.4 percent.

Telecom, the largest listed company on the exchange, fell 2.8 percent, Fletcher Building, the nation's largest construction company, slid 0.9 percent and online auction site Trade Me declined half a percent, while children's clothing chain Pumpkin Patch soared 13.2 percent after upgrading its earnings outlook.

SkyCity rose 2.8 percent after the casino and hotels operator reported an 8 percent rise in annual profit, meeting guidance. Carpet maker Cavalier rallied 3 percent as it launched a new backing material made of recycled wool carpets which it claims is a world first.

Elsewhere, India's benchmark Sensex was last trading down 0.4 percent and Malaysia's KLSE Composite slid 0.2 percent, while Indonesia's Jakarta Composite index rose half a percent, Singapore's Straits Times index edged up marginally and the Taiwan Weighted average added 0.3 percent.

Commodities
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Crude Steady Near 3-month High

The price of crude oil was little changed Thursday morning amid a steady dollar as traders await cues from today's economic data. Possible tensions in Middle-East and a dip in crude oil inventories supported prices.

Light Sweet Crude Oil (WTI) futures for September delivery, inched down $0.07 to $94.26 a barrel. Yesterday, oil extended gains for a second session to hit a three-month high after a weekly report from the Energy Information Administration showed U.S. crude stockpiles to have declined last week. Oil prices were also supported by some mixed macroeconomic data from the U.S., notwithstanding a strong dollar.

Wednesday during trading hours, the EIA revealed U.S. crude oil inventories shed 3.70 million barrels and gasoline stocks were down 2.4 million barrels in the weekended August 10.

This morning, the U.S. dollar was steady around its two-week high versus the euro and the Swiss franc, while trading flat against sterling. The buck was ticking higher versus the yen.

In economic news, euro zone annual inflation remained stable at 2.4 percent in July, final data from Eurostat showed Thursday. The rate also matched flash estimate. On a monthly basis, consumer prices were down 0.5 percent in July. The central bank aims to retain inflation rates below, but close to, 2 percent over the medium term.

Meanwhile, data from the Office for National Statistics showed that U.K. retail sales grew 0.3 percent in July from a month ago. Economists had forecast a slight 0.1 percent drop after rising 0.8 percent in June. On a yearly basis, sales volume advanced 2.8 percent year-on-year. The increase was better than the 2.6 percent growth logged in June and the consensus forecast of 1.4 percent.

Traders will look to the weekly jobless claims report from the U.S. Labor Department, due out at 8.30 a.m ET. Economists expect claims to edge up to 365,000 from 361,000 in the previous week

Simultaneously, the Commerce Department will release its report on housing starts and building permits. Economists estimate housing starts for July to come in at 750,000, while building permits are expected to have increased to 766,000. In June, housing starts and building permits came in at 760,000 and 755,000, respectively.




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