4:00PM NY – 10:00PM Germany
Bond Yields for 10-year closed at 4.627% and 30-year closed at 4.72%.
Crude Oil fell $1.01 to close at $58.58 per barrel, natural gas price rose 11 cents to close at $7.91 per mBTU.
Gold futures rose 30 cents to close at $626.10 per ounce, silver rose 2.5 cents to close at $12.91 and copper rose 0.7 cents to close at $3.08 per pound.
Asian markets closed lower led by 1.54% decline in Indonesia, 0.6% loss in Japan and 0.5% fall in Taiwan and Thailand. Honk Kong fell 0.12% after Henderson Land raied $710 million over the weekend. Australia lost 0.4%. India bucked the trend in the region and rose for the second day in three days to close up 0.87% higher to a new record.
European Markets closed higher led by 0.8% rise in France, 0.57% jump in Germany and 0.67% surge in Spain. Arcelor Mittal rose 1.1% after trading lower in the morning hours on the news that the company will not be able to sell Canadian unit Dofasco as holders of the foundation that holds the unit’s share will not dissolve the foundation.
Latin American Markets diverged in the trading. Mexico led the region with a gain of 1%, followed by 0.3% rise in Argentina however, Chile lost 0.2% and Brazil traded 0.3% lower. Canada was dragged 0.2% down on lower metals prices in gold, aluminum and nickel.
1:00PM European markets closed higher, led by telecoms.
European stock markets closed in the green territory Monday, helped by telecoms stocks and solid gains for Alstom. The German DAX 30 advanced 0.57%, boosted by 2.6% gain for Deutsche Telekom which also helped its peers Vodafone, France Telecom, and Telecom Italia to rise. The French CAC 40 rose 0.8%, led by engineering group Alstom with an advance of 8.5% after posting sharply higher first-half profit. The index was also supported by strength in the metals sector, as Arcelor Mittal gained 1.1%. London FTSE 100 added 0.23%, with gains limited by miners BHP Billiton, Rio Tinto and drug maker Novartis. It declined 1.2% after it said there will be a three-month extension of a U.S. Food and Drug Administration review for Galvus.
Crude oil prices sharply declined Monday. Crude oil December contract fell 76 cents to $58.85 a barrel.
The U.S. dollar gained ground against its rival currencies. The euro was quoted at $1.2810, down from $1.2847. The dollar bought 118.12 yen, up from 117.62. The British pound stood at $1.9020, up from $1.9113.
European gold prices declined. In London, gold traded at $622.80 per troy ounce, down from $628.50. In Zurich, the precious metal traded at $622.65 per ounce, down from $628.35. Silver closed at $12.82, up from $12.77.
11:30AM Stocks rallied. Dell, Intel, Merck led the indexes higher.
U.S. stocks extended earlier gains into a solid advance on speculations that key economic data, due out this week, will show strength in the economy with tame inflation. A positive economic view of a Fed official along with a decline in the price of oil further lifted sentiment.
Intel (
INTC: chart) was the leading gainer both on the Dow and the Nasdaq. Intel rallied 1.7% after Citigroup upgraded the chip sector. The semiconductor sector showed a significant strength, with National Semiconductor (
NSM: chart), up 1.3%, Maxim Integrated Products (
MXIM: chart), up 1%, and Novellus (
NVLS: chart), 2.3% also contributing to the advance.
A 1.2% gain for Merck & Co. (
MRK: chart) also contributed to the Dow's advance as the drug maker benefited from a regulatory setback for rival Novartis. The Nasdaq benefited from strong gains by some computer hardware, software, and internet stocks. Dell (
DELL: chart) climbed 1.85% after Deutsche Bank raised its price targets on the personal computer giant. Among other gainers, Tyson Foods (
TSN: chart) gained 4.6% after reporting a fiscal Q4 loss vs. a year-earlier profit, with lower revenue, in line with estimates.
Outside the tech sector, significant strength emerged among airline stocks on the back of weaker oil prices. At the same time, the price decrease contributed to some weakness among energy stocks. Similarly, gold stocks moved lower along with the price of gold. In late morning trading, the Dow Jones industrial average rose 55.15, or 0.46%, to 12,163.58. The Standard & Poor's 500 index was up 6.17, or 0.45%, to 1,387.07, and the Nasdaq composite index rose 16.58, or 0.69%, at 2,406.30. Bonds were weaker, with the yield on the benchmark 10-year Treasury note rising to 4.62% from 4.59% late Friday.
10:30AM Strong earnings and foreign fund inflows boost Sensex to new high.
The
Sensex on BSE finished 116.09 points, or 0.87%, higher to end at 13,399. The market-breadth remained strong. As 1474 shares advanced on BSE, 1080 declined and 72 stocks were unchanged. From the Sensex stocks, 22 advanced, while the rest declined. The turnover on BSE was Rs 3,925 crore, higher than Rs 4,568 crore on Friday. The turnover on NSE was Rs 6,744.13 crore, lower than Rs 8,232.44 crore on Friday.
Economic news
Wheat sowing in India has picked up sharply, the farm ministry said on Monday, with farmers planting a million hectares more in the first month of the new season than in the same period last year.
The government on Monday signed an agreement with the U.S. Federal Aviation Authority to help it develop and modernise its nascent but booming aviation sector.
Most active stocks
Shyam Telecom was the most active stock with a turnover of Rs 114.35 crore followed by Jaiprakash Associates, Hindustan Zinc, Reliance Communications.
