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US & World Daily Markets Financial Briefing
US & World Daily Markets Financial Briefing's columns :
07/23/2012US & World Daily Markets Financial Briefing 23-07-2012
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US & World Daily Markets Financial Briefing – US & World Daily Markets Financial Briefing
A daily summary of financial news from the markets in the U.S. and Asia. Includes European outlook,Forex and Commodities data. Click here to receive or daily bulletins. News provided by AFX/Associated Press.

US & World Daily Markets Financial Briefing 20-07-2012

07/20/2012
ADVFN World Daily Markets Bulletin
  ADVFN III World Daily Markets Bulletin  
Daily world financial news Supplied by advfn.com
 
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    Friday, 20 July 2012 10:33:30  
 
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US Market Reports

Stocks Partly Offsetting Recent Gains In Early Trading

Stocks have moved mostly lower in early trading on Friday, giving back some ground after trending higher in the past few sessions. The major averages have shown notable downward moves, partly offsetting their recent gains.

The major averages have seen some further downside in the past few minutes, hitting new lows for the session. The Dow is down 87.07 points or 0.7 percent at 12,856.29, the Nasdaq is down 17.14 points or 0.6 percent at 2,948.76 and the S&P 500 is down 8.82 points or 0.6 percent at 1,367.69.

Profit taking is contributing to the early weakness on Wall Street, as some traders cash in on the recent strength in the markets, which lifted the major averages back toward near-term resistance.

Continued uncertainty about the financial situation in Europe is also weighing on stocks, with eurozone finance ministers meeting today to approve a deal to lend up to 100 billion euros to help Spain recapitalize its ailing banking system.

Brokerage stocks are seeing significant weakness in early trading, dragging the NYSE Arca Broker/Dealer Index down by 1.6 percent. E*Trade (ETFC) is leading the sector lower after reporting disappointing second quarter results.

Steel, banking, and railroad stocks have also come under pressure, moving lower along with most of the major sectors. On the other hand, some oil service stocks are bucking the downtrend, with Baker Hughes (BHI) posting a standout gain.

Among individual stocks, Microsoft (MSFT) is up by 0.4 percent after reporting fourth quarter adjusted earnings of $0.73 per share, ahead of the $0.62 per share consensus estimate. Revenues, adjusted for deferred revenues, rose 7 percent to $18.60 billion, ahead of the consensus estimate.

Google is also trading higher after reporting second quarter adjusted earnings rose to $10.12 per share from $8.74 per share last year. Revenues, excluding traffic acquisition costs, totaled $8.36 billion, slightly shy of the $8.41 billion expected by analysts.

Diversified conglomerate General Electric (GE) released its second quarter results before the start of trading, reporting earnings that exceeded estimates but on slightly weaker than expected revenues. Shares of GE are up by 1.1 percent.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.4 percent, while Australia's All Ordinaries Index edged down by 0.1 percent.

The major European markets have also moved to the downside on the day. The U.K.'s FTSE 100 Index is down by 0.9 percent, the German DAX Index is down by 1.2 percent and the French CAC 40 Index is down by 1.7 percent.

In the bond market, treasuries have moved back to the upside after ending the previous session in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 1.477 percent.


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Canadian Market Report
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TSX Down At Open Friday

Toronto stocks dipped at open Friday amid marginal selling across a variety of sectors, with the S&P/TSX Composite Index losing 64.88 points or 0.56 percent to 11,600.82.

The Diversified Materials Index was down nearly 2 percent, with Teck Resources and First Quantum Minerals shedding over 2 percent each

In the oil patch, Suncor Energy, Cenovus Energy and Petrobakken Energy were down around 2 percent each.

Fertilizer makers Agrium Inc. and Potash Corp. were down about 1 percent each.

Meanwhile, broadband wireless access provider Redline Communications Group Inc. rose 10 percent after providing updates on second quarter order bookings.

Gold stocks were steady, with Seabridge Gold and Goldcorp. edging up nearly 1 percent each.

In the commodities market, the price of crude oil moved down Friday morning on profit taking after seven straight days of gains that pushed prices to a two-month high, as escalating fighting in Syria, the bombing of a bus carrying Israeli tourists in Bulgaria and disruptions in output in the North Sea escalated supply fears.

Crude for September delivery, the most actively traded contract lost $1.79 to $91.18 a barrel.

The price of gold eased Friday morning as the U.S. dollar was steady versus a basket of currencies. Gold for August slipped $5.50 to $1,574.90 an ounce.

In corporate news from Canada, desktop and mobile VoIP software products company CounterPath Corporation  reported a wider fourth quarter net loss of $1.2 million or $0.03 per share compared to the net loss of $0.8 million or $0.02 per share in the comparable quarter last year.


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European Market Report
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European Markets Weak As Fiscal Worries Mount

The European markets are declining modest to moderately on Friday, as sentiment in the region remained impacted by apprehension that peripheral nations are facing a dicey fiscal situation. The Asian markets ended mostly down and the U.S. futures indicate a weak open.

Eurozone finance ministers are expected to approve an agreement on the proposed financial assistance to Spain to recapitalize its troubled banks. The group will hold a conference call on Friday at Brussels to finalize the details of the 100 billion euros bailout deal for Spanish banks struck last month.

The Euro Stoxx 50 index of eurozone bluechip stocks is falling 1.02 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.59 percent.

The German DAX is losing 0.28 percent and the French CAC 40 is falling 0.70 percent. The UK's FTSE 100 is dropping 0.50 percent and Switzerland's SMI is sliding 0.29 percent.

In Frankfurt, RWE is falling 2.5 percent and peer EON is losing 1.2 percent. UBS cut RWE to "Sell" from "Neutral."

Leoni is losing 1.2 percent after the stock was downgraded at Kepler. Deutsche Wohnen is declining nearly 3 percent. Merrill Lynch reduced its rating on the stock.

In Paris, EDF is declining 3.7 percent, leading the losers on the index. Credit Agricole is retreating 1.8 percent. BNP Paribas and Societe Generale are moderately lower.

Publicis Groupe is climbing 3.6 percent. The advertising and communications firm said its consolidated revenue increased 15.5 percent in the second quarter. The firm confirmed that growth in its second half will be higher than in the first half.

EADS is gaining 3.4 percent. Goldman Sachs added the stock to ''Conviction Buy" list.

In London, Resolution is plunging nearly 10 percent. The firm canceled the 250 million pounds capital return originally targeted for the first half of 2012, saying it would be inappropriate.

Vodafone is losing 2.4 percent. The firm reported lower first-quarter revenues, hurt by challenging conditions, mainly in Spain and Italy, as well as the impact of cuts in mobile termination rates.

Goals Soccer Centres has agreed to be acquired by Goliath Bidco Ltd., a company controlled by Canada's Ontario Teachers' Pension Plan Board, for 144 pence per share in cash. The stock is surging over 8 percent.

Heineken is up 1.1 percent in Amsterdam. The Dutch brewer has offered to acquire its joint venture partner Fraser & Neave Ltd.'s stake in Singapore-based Asia Pacific Breweries Ltd. for $4.07 billion.

Sulzer is climbing 4.2 percent in Zurich. The pump maker reported a slight growth in profit for the first half of the year, but sales and order intake increased in double-digits.

Galenica is declining 3.9 percent reportedly on a broker downgrade.

Orkla is losing 3.7 percent in Oslo after reporting second-quarter results.

In economic news, Germany's producer price inflation eased more-than-expected in June to its lowest level in two years, the Federal Statistical Office said.


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Asia Market Reports

Asian Stocks Drop On Growth Worries

Asian stock markets fell broadly on Friday, as a strong performance on Wall Street overnight failed to enthuse investors. With a slew of weak U.S. economic data raising concerns over the health of the world's largest economy, investors avoided extending their long positions going into the weekend.

State media reports from China that Beijing has asked its local governments to maintain a firm grip on the real estate market to prevent property prices from rebounding also weighed on investor sentiment to some extent.

Crude prices fell from a nine-week high and copper lost a percent, while gold prices were modestly higher on speculation concerning additional stimulus measures from the U.S. Federal Reserve.

The euro fell against the dollar and yen ahead of a conference call of euro-zone finance ministers later in the day, where they are expected to formally approve Spain's bank bailout plan. Spanish 10-year government bond yields continue to trade close to the danger zone of 7 percent despite Germany approving the Spanish bank recapitalization plan.

Tokyo stocks fell sharply, with the Nikkei average hitting a three-week low, as dismal U.S. data and a relatively firmer yen prompted investors to dump shares before the weekend. The Nikkei average fell 1.43 percent to its lowest close since June 26, with major exporters like Canon and Toyota Motor bearing the brunt of the selling ahead of the upcoming corporate earnings season.

Canon fell 1.6 percent, Toyota Motor lost 1.8 percent,Sony retreated 2.2 percent, Panasonic declined 3.5 percent and NEC plunged 3.9 percent. Advantest, the world's biggest maker of memory-chip testers, tumbled 3.1 percent, weighed down by mounting concerns over a slowdown in the global semiconductor industry.

Financial stocks also lost ground on concerns over ethics in banking after regulators fined British banking group Barclays 290 million pounds for attempting to manipulate the London interbank offered rate and HSBC admitted massive shortcoming in its anti-money laundering operations. Mizuho Financial Group slumped 3.9 percent, while Mitsubishi UFJ Financial Group lost 3.4 percent.

Power stocks saw heavy selling, with Chubu Electric Power losing a whopping 5.8 percent as fresh concerns surfaced over nuclear reactor restarts. Toshiba bucked the downward to end 1.1 percent higher after its U.S. business partner SanDisk Corp., reported better-than-expected earnings for the second quarter.

Australian shares fell modestly as buying momentum waned following a 2 percent rally the day before sparked by steep gains in the energy sector. The benchmark S&P/ASX 200 slid 0.18 percent, while the broader All Ordinaries index eased 0.14 percent.

Resource stocks turned in a mixed performance, with BHP Billiton rising 0.8 percent and Rio Tinto gaining marginally, while smaller rival Fortescue plunged 5 percent after chairman Mark Vaile said he expects Nathan Tinkler to succeed in his effort to garner enough money to fund the takeover of the group.

The big four banks ended on a subdued note, losing between 0.4 percent and 1.4 percent. Westpac slid 0.4 percent following an announcement that its acting financial services boss Peter Hanlon would take on a new advisory role with the bank after stepping down from his current job next month. Shares of Fairfax Media ended 2.7 percent higher, a day after the company granted a board seat to Jack Cowin.

In economic news, import prices in Australia rose more than expected in the June quarter with the weak dollar pushing up prices of fuel and pharmaceutics, data released by the Australian Bureau of Statistics showed.

Seoul shares ended on a flat note, as concerns about a slowdown in the U.S. economy and Spain's financial troubles overshadowed gains in tech shares. The benchmark Kospi average ended a range-bound session down 0.03 points at 1,822.93. SK Hynix jumped 4.2 percent ahead of its earnings due out next week. Polysilicon maker OCI dropped a percent after China said it would begin investigating imported U.S. and South Korean solar-grade polysilicon.

New Zealand shares fell notably, ending the week on a subdued note as investors awaited more clues from the upcoming earnings season. The benchmark NZX-50 index slid 0.63 percent. Heavyweight Telecom lost a percent in volatile trading, exporter Fisher & Paykel Healthcare fell 1.5 percent, national carrier Air New Zealand retreated 2.2 percent and gold miner OceanaGold tumbled almost 5 percent despite higher gold prices on Thursday.

Shares of cloud-based accounting provider Xero led the gainers on the exchange, climbing 2.2 percent. The company announced after market hours that it bought Wellington-based developer Spotlight Workpapers for $800,000 in cash and scrip in an attempt to further strengthen its presence in the accounting software market, especially against incumbent suppliers. Cavalier, Freightways, New Zealand Refining and the Warehouse Group rose between 0.6 percent and 1.5 percent.

Elsewhere, China's Shanghai Composite index fell 0.74 percent, while Hong Kong's Hang Seng index rose 0.42 percent. India's benchmark Sensex was last trading down 0.54 percent, Indonesia's Jakarta Composite index was moving down 0.37 percent, Malaysia's KLSE Composite edged down 0.1 percent and Singapore's Straits Times index was down 0.37 percent, while the Taiwan Weighted average advanced 0.23 percent.


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Commodities
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Crude Slips On Profit Taking

The price of crude oil moved down Friday morning on profit taking after seven straight days of gains that pushed prices to a two-month high.

Light Sweet Crude Oil (WTI) futures for September delivery, the most actively traded contract, lost $1.13 to $91.84 a barrel. Yesterday, oil extended gains for a seventh session to end sharply higher on geopolitical issues as traders viewed the tension build-up in the Middle East between Iran and Israel, and in Syria, could possibly disrupt oil supplies from the region. Oil prices were also supported by a weakening dollar and lower U.S. crude stockpiles.

The price of gold was little changed Friday morning as the U.S. dollar was steady versus a basket of currencies.

Gold for August delivery, the most actively traded contract, edged up $0.50 to $1,580.90 an ounce. Yesterday, gold snapped its three-session losing streak as investors were on bargain buying with most commodities trading higher. The dollar also weakened against a basket of currencies, although it was trading a shade higher against the euro.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,257.05 tons from 1,266.11 tons.

This morning, the U.S. dollar was hovering around its 2-year high versus the euro and ticking higher against sterling. The buck was lingering around a monthly-low versus the yen and moving higher against the Swiss franc.

In economic news from the euro zone, producer price inflation in Germany slipped in June to its lowest level since May 2010, the Federal Statistical Office said. The producer price index rose 1.6 percent year-on-year in June from 2.1 percent in May. This was the lowest rate of inflation since May 2010, when it stood at 0.9 percent. Economists expected an increase of 1.8 percent in the producer price index.


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