| Europe Market Update Archive: |
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Housing Starts, NYMEX IPO, Drop in Oil
Nov 17, 4:01 PM EST |
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| Housing starts in the U.S. drop 14.6% to a six-year low on softness in orders across the U.S. Oil and gold drop. |
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| Market averages traded listless for the most part of the day. Lower than expected start in new home construction failed to offset the fall in oil prices. Oil prices dropped in New York and European trading. Nymex IPO priced at $59 rose 120% on the first day of trading to close at $132. CSN of Brazil is expected to bid $8 billion for Corus Group in the UK. European markets fell across the region and Asian markets continued to climb during the week. |
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CSN Bids for Corus
Nov 17, 1:13 PM EST |
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| Brazil based CSN is likely to submit 4.4% higher bid for the UK based Corus Group in the coming days. The 475 p bid tops the current bid from Tata. |
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| European stocks closed lower on weakness in oil, metals and auto stocks. Markets across the region closed lower led by near 3% decline in Norway and 1% loss in the UK and Belgium. UK based Corus is set to receive a higher bid from Brazil based CSN, topping the current bid from Tata Steel from India. Corus stock closed higher the new bid price from CSN, indicating that a bidding war between CSN and Tata Steel is likely in the coming weeks. |
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Oil Stocks Pressure Europe
Nov 17, 6:32 AM EST |
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| European markets declined in early trading on Friday as oil large-caps powered downside pressure on stocks. |
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| European stocks fell after crude prices plunged to their lowest levels in nearly a year overnight on forecasts of a mild winter in the northern hemisphere. Hopes of a mild winter, together with indications that the US is well supplied with oil, made benchmark crude prices end lower overnight which pressed European oil stocks down. By mid morning, the FTSE 100 in London was 0.2% lower, Frankfurt Xetra Dax gained 0.1%, and the CAC 40 in Paris lost 0.4%. |
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CPI Drops, Clear Channel Buy Out, Techs Rise
Nov 16, 4:21 PM EST |
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| A sharp drop in oil price and benign rise in core consumer price inflation as mesaured by CPI supported a rally in tech, financial and retail stocks. |
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| Stocks rose to a new high for the fifth day in a row on 4.5% drop in oil price and 0.5% drop in CPI for the previous month supported a broad rally led by tech stocks. Two large private equity driven deals for the buy out of Clear Channel Communications and Readers Digest supported a steady rise in market averages. Big lots rose on earnings but Sears holdings, Applied Materials and Dell lost grounds. Hertz Global and KBR IPOs get lukewarm reception. Starbucks miss earnings released after close. |
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U.S. Inflation Data Help Europe
Nov 16, 1:03 PM EST |
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| Infineon Technologies dropped 2.3% after it said its quarterly results were weighed down by charges for the carve-out of memory-chip unit Qimonda. |
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| European stock markets finished mostly higher on Thursday, reflecting strong auto stocks and well-received U.S. inflation data. However, disappointing financial results from chipmaker Infineon Technologies, bank BNP Paribas and publisher Reed Elsevier limited the upward trend. London FTSE 100 climbed 0.4%, the German DAX 30 rose 0.2%, while the French CAC 40 edged down 0.1%. |
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Flat Start for European Trade
Nov 16, 6:52 AM EST |
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| European markets traded flat on Thursday as losses for financial stocks countered gains for carmakers. |
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| As well as financials, investors looked to U.S. inflation data later in the session and eyeing badly received updates from chipmaker Infineon Technologies and publisher Reed Elsevier. Carmakers led the advance in early trade. Volkswagen shares surged on speculations of likely offer from rival Porsche. By mid morning, London FTSE 100 gained 0.1%, Frankfurt Xetra Dax was marginally lower, and the CAC 40 in Paris fell 0.1%. |
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Fed Minutes, Focused on Inflation
Nov 15, 4:20 PM EST |
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| U.S. Air approaches Delta creditors to buy the company for $8 billion. Fed minutes sugest a near term rate cut unlikely. Google shares neared $500. |
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| Fed minutes showed that officials remained concerned on fighting inflation and near term rates are unlikely to be cut. The Fed also debate showed that the housing market slow down is not showing any sign of spill over in consumer spending. Recent in decline in oil price may stem from the weakness in global demand than from the rising oil supply, according to the minutes. U.S. Air is prepared to offer $8 billion to creditors of Delta, when the company emerges from the bankruptcy. |
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European Markets Rise on Tech Stocks
Nov 15, 1:07 PM EST |
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| LSE dropped 5.7% on news that a consortium of banks will create a trading platform to rival the London-based exchange. |
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| European stock markets closed higher Wednesday, boosted by a tech-stock rally which offset a sharp drop in shares of exchange operators. The German DAX 30 rose 0.68%, boosted by Infineon Technologies, up 3.4%. The French CAC 40 climbed 0.64%, led by strong tech stocks. Shares of Alcatel gained 2%, while STMicroelectronics rose 3.2%. London FTSE 100 climbed 0.7%, with telecom stocks giving a strong boost. |
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Tech Stocks Lead Europe Higher
Nov 15, 6:43 AM EST |
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| European markets were stronger on Wednesday after US markets surged overnight as worries over US interest rates hikes abated. |
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| Techs and telecoms led the way higher after the US tech markets strong performance due to a tame inflation report. Strong gains from technology shares such as chip maker Infineon Technologies countered some weakness from stock exchange operators Euronext, Deutsche Boerse and the London Stock Exchange. By mid morning, the FTSE 100 in London climbed 0.5%, Frankfurt Xetra Dax was up 0.5%, and the CAC 40 in Paris added 0.4%. |
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PPI and Retail Sales Drive Late Rally
Nov 14, 4:35 PM EST |
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| A more than expected drop in Producer Price Index and Retails sales rose excluding auto and gasoline sales supported a late hour rally in large caps. |
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| Nasdaq average rose to a five-year high and S&P 500 neared six-year high on the back of late hour rally. Higher than expected drop of 1.6% in PPI and retail sales, excluding auto and gasoline, gained 0.4% suggesting a steady consumer spending and sparking a late hour rally in the market. The comments from Fed President William Poole suggested that rate hike is not likely in the coming weeks. Retailers, pharmaceuticals and manufacturing related stocks rose. |
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