Site Map

https://www.seoquake.com/sitemap-seoquake.xml https://www.seoquake.com/blog/sitemap.xml
Showing posts with label ADVFN World Daily Markets Bulletin - Thursday. Show all posts
Showing posts with label ADVFN World Daily Markets Bulletin - Thursday. Show all posts

Jul 26, 2012

ADVFN World Daily Markets Bulletin - Thursday, July 26 2012


ADVFN III World Daily Markets Bulletin
Daily world financial news

Thursday, 26 July 2012

US Market Reports
Stocks Rally At The Open On Draghi Comments

Stocks moved sharply higher at the start of trading on Thursday, benefiting from a positive reaction to the latest news out of Europe. The major averages all showed strong moves to the upside after ending the previous session mixed.

The major averages have pulled back off their highs for the young session but are currently holding on to strong gains. The Dow is up 215.24 points or 1.7 percent at 12,891.29, the Nasdaq is up 44.01 points or 1.5 percent at 2,898.25 and the S&P 500 is up 20.69 points or 1.6 percent at 1,358.58.

The initial rally was largely due to comments by European Central Bank President Mario Draghi, who promised to do what is needed to support to beleaguered eurozone.

"Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," Draghi said at an investment conference in London. "And believe me, it will be enough."

Draghi's remarks generated optimism about the possibility of more action to ease the debt crises in Italy and Spain at the next ECB monetary policy meeting next Thursday.

Relatively upbeat U.S. economic data also generated some buying interest, with a report from the Labor Department showing a much bigger than expected drop in weekly jobless claims.

Most of the major sectors have moved to the upside in early trading, reflecting broad based buying interest. Electronic storage stocks are posting particularly strong gains, driving the NYSE Arca Disk Drive Index up by 5 percent.

Western Digital is leading the storage sector higher, surging up by 21.1 percent after reporting much stronger than expected fourth quarter earnings.

Telecom stocks have also moved sharply higher, with Sprint Nextel (S:Quote) posting a standout gain after reporting second quarter sales growth that exceeded analyst estimates.

Oil service, semiconductor, housing, and biotechnology stocks are also posting notable gains in early trading, while airline stocks are bucking the uptrend.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday. Japan's Nikkei 225 Index advanced by 0.9 percent, while China's Shanghai Composite Index fell by 0.5 percent.

Meanwhile, the major European markets have shown strong moves to the upside on the day. The French CAC 40 Index has surged up by 3 percent, while the German DAX Index and the U.K.'s FTSE 100 Index are jumping 2 percent and 1.4 percent, respectively.

In the bond market, treasuries have moved modestly lower amid the rally by stocks. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.8 basis points at 1.424 percent.


Canadian Market Report
To view the charts please add newsdesk@advfn.com to your contact list
CADUSDOilGoldAllbanc
Enable images to view CADUSD chart Enable images to view Oil chart Enable images to view Gold chart Enable images to view Allbanc chart
Please click on the images to view our interactive charts
TSX Jumps At Open Thursday

Bay Street stocks rallied at open Thursday as commodities moved up after worries over the euro zone debt situation eased following ECB governor Mario Draghi's comments. The S&P/TSX Composite Index was up $66.17 points or 0.58 percent to 11,558.68.

The Diversified Materials Index surged over 2 percent, with Inmet Mining, Teck Resources and First Quantum Minerals adding around 2 percent each. In the oil patch, Cenovus Energy, MEG Energy and Imperial Oil gathered around 2 percent each.

Among gold plays, Agnico-Eagle Mines Ltd. soared 7 percent even after reporting a lower second-quarter net income.

Meanwhile, Barrick Gold dived 8 percent after reporting a dip in its second-quarter net earnings. NovaGold Resources plummeted 27 percent. Fertilizer maker Potash Corp. lost close to 4 percent after posting lower second-quarter net income.

The price of crude oil was extending gains Thursday morning as the euro surged higher following ECB governor Mario Draghi's comments. Crude for September moved up $1.33 to $90.30 a barrel.

The price of gold was firm around its four-week high Thursday morning as the U.S. dollar was struggling to sustain recent gains versus a basket of currencies. Gold for August gained $5.20 to $1,613.30 an ounce.

In corporate news from Canada, Potash Corp. posted lower second-quarter net income of $522 million or $0.60 per share, versus $840 million or $0.96 per share last year. Analysts were expecting the company to report earnings of $1.02 per share for the quarter. Looking ahead to the third quarter, net income per share is estimated to be in the range of $0.70 - $0.90, lower than consensus projections of earnings of $0.95 per share.

Barrick Gold said its second-quarter net earnings slid to $0.75 billion or $0.75 per share, from $1.16 billion or $1.16 per share in the prior-year quarter. Adjusted net earnings were $0.78 billion or $0.78 per share, lower than $1.12 billion or $1.12 per share a year ago. Analysts were expecting the company to report earnings of $0.95 per share for the quarter.

Agnico-Eagle Mines Ltd. reported a lower second-quarter net income of $43.3 million or $0.25 per share compared to $68.8 million or $0.40 per share in the same quarter last year. Adjusted net income for the latest-quarter was $68.9 million or $0.40 per share. Analysts were expecting the gold miner to report earnings of $0.31 per share

Energy services company Mullen Group Ltd. reported a much lower second-quarter net income of C$7.4 million or C$0.09 per share compared to C$12.3 million or C$0.15 per share last year. Adjusted net income for the quarter was C$18.5 million or C$0.23 per share compared to C$15.0 million or C$0.19 per share last year. Analysts were expecting the company to report earnings of C$0.22 per share for the quarter.

Chemical products company Methanex Corp. reported improved second quarter net income of $52.24 million or $0.50 per share compared with $40.53 million or $0.43 per share for the second quarter of 2011. Adjusted net income for the quarter was $44 million or $0.47 per share compared to $39 million or $0.41 per share in the same quarter last year. Analysts were expecting the company to report earnings of $0.58 per share for the quarter.




US Market Reports
Stocks Rally At The Open On Draghi Comments

Stocks moved sharply higher at the start of trading on Thursday, benefiting from a positive reaction to the latest news out of Europe. The major averages all showed strong moves to the upside after ending the previous session mixed.

The major averages have pulled back off their highs for the young session but are currently holding on to strong gains. The Dow is up 215.24 points or 1.7 percent at 12,891.29, the Nasdaq is up 44.01 points or 1.5 percent at 2,898.25 and the S&P 500 is up 20.69 points or 1.6 percent at 1,358.58.

The initial rally was largely due to comments by European Central Bank President Mario Draghi, who promised to do what is needed to support to beleaguered eurozone.

"Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," Draghi said at an investment conference in London. "And believe me, it will be enough."

Draghi's remarks generated optimism about the possibility of more action to ease the debt crises in Italy and Spain at the next ECB monetary policy meeting next Thursday.

Relatively upbeat U.S. economic data also generated some buying interest, with a report from the Labor Department showing a much bigger than expected drop in weekly jobless claims.

Most of the major sectors have moved to the upside in early trading, reflecting broad based buying interest. Electronic storage stocks are posting particularly strong gains, driving the NYSE Arca Disk Drive Index up by 5 percent.

Western Digital is leading the storage sector higher, surging up by 21.1 percent after reporting much stronger than expected fourth quarter earnings.

Telecom stocks have also moved sharply higher, with Sprint Nextel (S:Quote) posting a standout gain after reporting second quarter sales growth that exceeded analyst estimates.

Oil service, semiconductor, housing, and biotechnology stocks are also posting notable gains in early trading, while airline stocks are bucking the uptrend.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday. Japan's Nikkei 225 Index advanced by 0.9 percent, while China's Shanghai Composite Index fell by 0.5 percent.

Meanwhile, the major European markets have shown strong moves to the upside on the day. The French CAC 40 Index has surged up by 3 percent, while the German DAX Index and the U.K.'s FTSE 100 Index are jumping 2 percent and 1.4 percent, respectively.

In the bond market, treasuries have moved modestly lower amid the rally by stocks. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.8 basis points at 1.424 percent.


Canadian Market Report
To view the charts please add newsdesk@advfn.com to your contact list
CADUSDOilGoldAllbanc
Enable images to view CADUSD chart Enable images to view Oil chart Enable images to view Gold chart Enable images to view Allbanc chart
Please click on the images to view our interactive charts
TSX Jumps At Open Thursday

Bay Street stocks rallied at open Thursday as commodities moved up after worries over the euro zone debt situation eased following ECB governor Mario Draghi's comments. The S&P/TSX Composite Index was up $66.17 points or 0.58 percent to 11,558.68.

The Diversified Materials Index surged over 2 percent, with Inmet Mining, Teck Resources and First Quantum Minerals adding around 2 percent each. In the oil patch, Cenovus Energy, MEG Energy and Imperial Oil gathered around 2 percent each.

Among gold plays, Agnico-Eagle Mines Ltd. soared 7 percent even after reporting a lower second-quarter net income.

Meanwhile, Barrick Gold dived 8 percent after reporting a dip in its second-quarter net earnings. NovaGold Resources plummeted 27 percent. Fertilizer maker Potash Corp. lost close to 4 percent after posting lower second-quarter net income.

The price of crude oil was extending gains Thursday morning as the euro surged higher following ECB governor Mario Draghi's comments. Crude for September moved up $1.33 to $90.30 a barrel.

The price of gold was firm around its four-week high Thursday morning as the U.S. dollar was struggling to sustain recent gains versus a basket of currencies. Gold for August gained $5.20 to $1,613.30 an ounce.

In corporate news from Canada, Potash Corp. posted lower second-quarter net income of $522 million or $0.60 per share, versus $840 million or $0.96 per share last year. Analysts were expecting the company to report earnings of $1.02 per share for the quarter. Looking ahead to the third quarter, net income per share is estimated to be in the range of $0.70 - $0.90, lower than consensus projections of earnings of $0.95 per share.

Barrick Gold said its second-quarter net earnings slid to $0.75 billion or $0.75 per share, from $1.16 billion or $1.16 per share in the prior-year quarter. Adjusted net earnings were $0.78 billion or $0.78 per share, lower than $1.12 billion or $1.12 per share a year ago. Analysts were expecting the company to report earnings of $0.95 per share for the quarter.

Agnico-Eagle Mines Ltd. reported a lower second-quarter net income of $43.3 million or $0.25 per share compared to $68.8 million or $0.40 per share in the same quarter last year. Adjusted net income for the latest-quarter was $68.9 million or $0.40 per share. Analysts were expecting the gold miner to report earnings of $0.31 per share

Energy services company Mullen Group Ltd. reported a much lower second-quarter net income of C$7.4 million or C$0.09 per share compared to C$12.3 million or C$0.15 per share last year. Adjusted net income for the quarter was C$18.5 million or C$0.23 per share compared to C$15.0 million or C$0.19 per share last year. Analysts were expecting the company to report earnings of C$0.22 per share for the quarter.

Chemical products company Methanex Corp. reported improved second quarter net income of $52.24 million or $0.50 per share compared with $40.53 million or $0.43 per share for the second quarter of 2011. Adjusted net income for the quarter was $44 million or $0.47 per share compared to $39 million or $0.41 per share in the same quarter last year. Analysts were expecting the company to report earnings of $0.58 per share for the quarter.

Trade Free for 60 Days at ETRADE Securities
Click here

European Market Report
To view the charts please add newsdesk@advfn.com to your contact list
FTSE 100EuronextDax perfCAC 40
Enable images to view FTSE 100 chart Enable images to view Euronext chart Enable images to view Dax perf chart Enable images to view CAC 40 chart
Please click on the images to view our interactive charts
European Stocks Rise After Draghi's Comments

European stocks are trading mostly higher on Thursday after ECB governor Mario Draghi said the central bank will do whatever is needed to preserve the euro. The euro surged higher against the dollar and commodities pared early losses, while the Dow futures indicate a higher opening on Wall Street ahead of data due on weekly jobless claims, durable goods orders and pending home sales.

The Euro Stoxx 50 index of eurozone bluechip stocks is gaining 1.2 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is moving up 0.8 percent. Around Europe, the German DAX is rising 0.3 percent, France's CAC 40 is gaining 1.3 percent, the U.K.'s FTSE 100 is up half a percent and Switzerland's SMI is adding 0.9 percent.

France Telecom is gaining 2.4 percent in Paris after it reported a smaller-than-estimated decline in revenue for the first half of 2012. Lloyds Banking Group is up 0.6 percent as it posted a narrower first-half statutory loss attributable to equity shareholders of 641 million pounds compared with last year's loss of 2.28 billion pounds.

Shares of Unilever Plc are climbing 4.7 percent in Amsterdam after the company posted first-half pre-tax profit of 3.27 billion euros versus 3.23 billion euros last year.

Volkswagen is tumbling 2.5 percent after the German auto giant reported slowing earnings growth. Shares of Siemens are moving down 2.9 percent. The industrial conglomerate said the deteriorating environment has made it more difficult to achieve its full year earnings guidance, as its industrial short-cycle businesses continued to suffer from customer reluctance to spend. The company also had scrapped its initial public offering plan for the lighting unit Osram.

Shares of Telefonica are down 3.3 percent in Madrid after the Spanish telecom giant canceled its dividend for this year and announced plans to cut 5,000 jobs. Anglo-Swedish drug maker AstraZeneca is down 1.6 percent after it reported a 24 percent fall in second-quarter net profit compared to a year ago.

Alcatel-Lucent, S. A. is plunging 8.3 percent as the telecom equipment maker announced plans to reduce global headcount by about 5,000 after posting a loss for the second quarter. Royal Dutch Shell is tumbling over 3 percent on dismal earnings.

In economic releases, German consumer confidence is set to rise modestly in August despite the growing tensions surrounding thee eurozone's economic prospects, a key survey revealed. Market research group GfK said its consumer confidence index for August rose to 5.9 from 5.8 in July. Economists expected the index to remain at the July level.

Separately, the latest report from the statistical office Istat showed that retail sales in Italy declined less than expected in May, with sales declining 0.2 percent month-over-month in the month. The rate of decline was marginally weaker than the 0.3 percent fall expected by economists.

Asia Market Reports
Asian Stocks Mixed As Debt Worries Linger

Asian stocks turned in a mixed performance on Thursday as positive sentiment generated from comments by a European policymaker on banking license for the ESM was offset by Moody's rating action on German banks. Moody's downgraded the outlook for 17 German banks and warned on probable downgrades, adding to worries about the eurozone's future.

Disappointing new home sales data out of the U.S. and independent rating agency Egan-Jones's downgrade of Italy's sovereign rating into junk status strengthened expectations concerning central bank stimulus, but markets failed to hold onto the early gains.

Commodities eased and the euro turned weaker against the dollar after an early move as data showed Italian retail sales dropped in May. Investors also shifted their focus to the U.S. weekly jobless claims and durable good orders data due later in the day, as a further deterioration in the economic situation in the U.S. could increase bullish bets that the Federal Reserve is prepared to take additional steps to spur growth and hiring in the world's largest economy.

Japanese shares rebounded from a seven-week low, as investors picked up stocks that announced better-than-expected April-June earnings results. The Nikkei average rose 0.9 percent after falling 1.4 percent the day before, while the broader Topix index ended 1.2 percent higher. Brokerages and banks were among the prominent gainers. China-related Fanuc climbed 5.3 percent and Hitachi Construction Machinery soared 6.2 percent.

Capital-starved Olympus jumped 9.6 percent after medical-equipment provider Terumo Corp. proposed to invest Y50 billion in the company. Nomura Holdings rallied 5.7 percent following news that its CEO will quit, claiming responsibility for leaks on insider information to the clients of its brokerage unit. Rival Daiwa Securities Group advanced 4.7 percent. Canon plunged 7.8 percent as the camera and office equipment maker cut its full-year profit forecast, citing a firmer yen and expectations for weaker growth.

Australian stocks rose as a fall in the nation's inflation rate to a 13-year low opened the door for the central bank to cut interest rates in August. Treasurer Wayne Swan told reporters in Canberra yesterday that the combination of a contractionary federal budget and low inflation gives the Reserve Bank of Australia "maximum flexibility" to lower interest rates further. The benchmark S&P/ASX 200 index rose 0.6 percent and the broader All Ordinaries index ended half a percent higher.

Miners ended mixed, with BHP Billiton rising 0.4 percent, while Rio Tinto lost a percent and Fortescue fell 2.7 percent. Newcrest Mining added a percent despite posting a 15 percent fall in annual gold output. Among the big four banks, ANZ and NAB ended little changed with a positive bias, wile Westpac rose 0.7 percent and ANZ gained a percent.

Qantas Airways jumped almost 10 percent after the airline said it was in talks with a number of ailines, including Dubai's flagship carrier Emirates, for potential alliances. Caltex shares rose 1.4 percent on news that it will shut down its Kurnell refinery in Sydney that will see at least 330 job cuts.

Seoul shares rose on bargain hunting by institutional investors after recent losses. The benchmark Kospi average fluctuated in a narrow range before ending up 13 points or 0.7 percent at 1,782. Hyundai Motor, South Korea's largest automaker, rose 1.6 percent, as it posted a 10 percent rise in second-quarter net profit, matching expectations.

LG Chem, the country's largest chemicals maker, rallied 3.6 percent and chipmaker Samsung Electronics added 1.2 percent, while LG Electronics soared 6.6 percent on robust earnings. In the financial sector, KB Financial Group closed up 2.4 percent after its board decided not to bid for 56.97 percent stakes in Woori Finance Holdings.

In economic news, South Korea's economy expanded 0.4 percent in the second quarter of 2012 compared to the previous three months, according to advance estimates by the Bank of Korea. That was slightly below expectations for an increase of 0.5 percent following the 0.9 percent gain in the first quarter.

New Zealand shares rose notably after the New Zealand Reserve Bank left interest rates at a record low, saying it is watching the region for any signs of deterioration amid market fears over the eurozone financial crisis. The benchmark NZX-50 index rose 0.8 percent.

Among the prominent gainers, Fletcher Building, the nation's largest construction company, rose 2.3 percent, Telecom, the biggest company on the exchange, edged up 0.2 percent and cloud-based accounting firm Xero soared over 5 percent. The Wellington-based company told shareholders at their annual meeting that it now has 100,000 paying customers, up from 45,000 last year. Gold miner OceanaGold rallied 2.9 percent after providing an update on the Philippine government's reform of the mining sector.

Elsewhere, China's Shanghai Composite index fell about half a percent, India's benchmark Sensex was down 1.3 percent and the Taiwan Weighted average slid 0.1 percent, while Hong Kong's Hang Seng index edged up marginally, Singapore's Straits Times index rose half a percent and Indonesia's Jakarta Composite index edged up 0.1 percent.

Commodities
To view the charts please add newsdesk@advfn.com to your contact list
USDCADUSDEURUSDGBPUSDJPY
Enable images to view USDCAD chart Enable images to view USDEUR chart Enable images to view USDGBP chart Enable images to view USDJPY chart
Please click on the images to view our interactive charts
Crude Up Near $90

The price of crude oil was extending gains Thursday morning as the euro surged higher following ECB governor Mario Draghi's comments.

Light Sweet Crude Oil (WTI) futures for September delivery, edged up $0.25 to $89.22 a barrel. Yesterday, oil settled higher on bargain buying with a weak dollar and some positive news emerging from the euro zone. Oil prices were down for most of the day after a report from the Energy Information Administration showed a significant increase in U.S. crude stockpile.

Wednesday during trading hours, the EIA said U.S. crude oil inventories moved up 2.70 million barrels and gasoline stocks surged 4.10 million barrels in the weekended July 20. Analysts expected crude oil inventories to ease 250,000 barrels and gasoline stocks to shed 750,000 barrels last week.

This morning, the U.S. dollar continued to level off from its 2-year high versus the euro, while hovering near a two-week high against sterling. The buck was lingering near a two-month low versus the yen and slipped near a weekly low against the Swiss franc.

The euro surged higher amid reports that European Central Bank governor Mario Draghi, in a speech at the Global Investment Conference, vowed that the central bank will do whatever is needed to preserve the euro.

In economic news from the euro zone, German consumer confidence is set to rise modestly in August despite the growing tensions surrounding the Eurozone's economic prospects, a survey by Market research group GfK revealed. GfK's consumer confidence index for August rose to 5.9 from 5.8 in July. Economists expected the index to remain at the July level.

Traders will look to the weekly jobless claims data from the U.S. Labor Department due out at 8.30 a.m. ET. Economists expect claims to edge down to 380,000 in the recent reporting week from 386,000 in the previous week.

Simultaneously, the Commerce Department is set to release its durable goods orders report. Economists expect a 0.6 percent increase in durable goods orders for June following a 1.3 percent increase in the previous months. Excluding transportation, orders may have risen 0.2 percent.

Later during the session, data on pending home sales, which is a leading indicator of housing market activity will be released by the National Association of Realtors. The index is expected to have risen 0.9 percent in June, slower than the 5.9 percent increase in the previous month.

Latest Post Published

The Crypto Today | Wednesday, May 18, 2022: