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Overnight Market News – October 21, 2010

admin — Thu, 21 Oct 2010 13:37:58 +0000

China’s Economy Expands at 9.6% in Q03 2010, the Smallest Gain in a Year Despite Topping Economists’ Median Estimate of 9.5%, as Inflation Accelerated in September to the Fastest Pace in 23 Months
The US Federal Reserve Reports that the US Economy Continued to Grow at a Modest Pace in Recent Weeks with Growth Picking up in Several Districts
UK Retail Sales in September Unexpectedly Decline by 0.2% from August when it Fell 0.7%, as Consumers Bracing for the Government’s Budget Squeeze Curbed Spending on Items from Clothing to Gasoline
eBay Inc Beats Analyst Expectations with Q03 2010 Earnings of USD 0.40 a Share on an Adjusted Basis and Revenue of USD 2.25B, versus USD 0.38 a Share and USD 2.24B Respectively, in the Corresponding Period Last Year
Netflix, Inc Reports Q03 2010 Unadjusted Earnings per Share of USD 0.70 against 0.52 in the Comparative Quarter a Year Earlier, as Strong Demand for its Streaming Service Contributed to Subscriber Growth
Crude Oil Stands at USD 82.30 per Barrel
Ethanol Stands at USD 2.24 per Gallon
Natural Gas Stands at USD 3.52 per British Thermal Unit (Btu)
Gold Stands at USD 1,344.20 per Troy Ounce
Dow Jones Industrial Average Rises 129.35 Points (1.18%) to 11,107.97
London FTSE Index Rises 36.43 Points (0.64%) to 5,765.36
Japan Nikkei Index Falls 5.12 Points (-0.05%) to 9,376.48
Hong Kong Hang Seng Index Rises 92.98 Points (0.39%) to 23,649.48
Brazil Bovespa Index Rises 541.10 Points (0.77%) to 70,404.68

US Economy Records Third Quarter Growth

admin — Fri, 30 Oct 2009 16:29:25 +0000

After four consecutive quarters of decline, the US Economy returned to growth in the third quarter of 2009. Between July and September, Gross Domestic Product expanded at an annual rate of 3.5%, beating economists’ forecasts of 3.2%. The Government’s stimulative policies, like the Cash-For-Clunkers program and tax credits for first-time home buyers, seemingly helped to get the wheels of the economy turning again by shoring up durable goods purchases.

The news shook the Dow Jones Industrial Average out of Wednesday’s slump, sending it up nearly 200 points at yesterday’s close.

Overnight Market News – September 24, 2009

admin — Thu, 24 Sep 2009 15:39:38 +0000

US Federal Reserve Says Economy Improving, but Stresses Intention to Keep Key Interest Rates at Record Lows for Extended Period
Citigroup Inc to Consider Shrinking North American Retail Branch Network to Six Metropolitan Areas
Germany Lowers Planned Fourth Quarter Debt Sales by 22% on “Improved Funding Conditions”
Japan’s Largest Brokerage, Nomura Holdings Inc to Raise up to JPY 511.3B (USD 5.6B) Through Share Issue to Fund Expansion of Global Operations
Bed Bath & Beyond Inc Second Quarter Profit Rises 14% to USD 0.52 per Share on Increased Revenue and Reduced Costs
Swedish Retailer, H&M Beats Views with 4.1% Increase in Third Quarter Profit to USD 504mm Despite Weak August Sales
Crude Oil Stands at USD 68.97 per Barrel
Ethanol Stands at USD 1.75 per Gallon
Natural Gas Stands at USD 3.86 per British Thermal Unit (Btu)
Gold Stands at USD 1,013.00 per Troy Ounce
Dow Jones Industrial Average Falls 81.32 Points (-0.83%)
London FTSE Index Falls 17.98 Points (-0.35%)
Japan Nikkei Index Rises 173.68 Points (1.67%)
Hong Kong Hang Seng Index Falls 544.79 Points (-2.52%)
Brazil Bovespa Index Falls 997.20 Points (-1.62%)

Switzerland Displaces U.S. As World’s Most Competitive Economy

admin — Wed, 09 Sep 2009 13:57:02 +0000

The United States received an unfamiliar blow yesterday, as the World Economic Forum displaced it as the world’s most competitive economy, replacing it with Switzerland.

This is the first time that the US has lost the top spot since the index was created in 2004. The Forum cited the United States’ fragile financial markets as the reason for the ‘cut’, and at the same time commended Switzerland’s stable economy and knack for innovation. On a separate note, the USD dropped to its lowest level in 2009 against the Euro, as the global market rallied on economic recovery hopes.

Overnight Market News – August 27, 2009

admin — Thu, 27 Aug 2009 15:31:53 +0000

Economists Expect US Commerce Report to Show that the Economy Shrank at an Annualized Rate of 1.5% in Q02 2009 vs US Government’s Projection of a 1% Contraction
French Bank, Credit Agricole SA More than Doubles Second Quarter Net Income to EUR 201mm (USD 286mm) on Fewer Writedowns
Spirits-Maker, Diageo PLC Posts 7% Increase in Full-Year Net Profit to GBP 1.62B, Trims 2010 Earnings Guidance on Economic Concerns
China’s Biggest Bank by Assets, Bank of China Ltd Half-Year Profit Slips 2.5% to CNY 41.1B (USD 6B) on Reduced Margins
Toll Brothers Inc, the US’ Biggest Luxury Homebuilder, Widens Third Quarter Loss to USD 2.93 per Share from USD 0.18 a Year Ago on Hefty Taxation and Reduced Demand
Crude Oil Stands at USD 71.43 per Barrel
Ethanol Stands at USD 1.73 per Gallon
Natural Gas Stands at USD 2.91 per British Thermal Unit (Btu)
Gold Stands at USD 944.30 per Troy Ounce
Dow Jones Industrial Average Rises 4.23 Points (0.04%)
London FTSE Index Rises 1.51 Points (0.03%)
Japan Nikkei Index Falls 165.74 Points (-1.56%)
Hong Kong Hang Seng Index Falls 213.57 Points (-1.04%)
Brazil Bovespa Index Rises 344.26 Points (0.6%)

Overnight Market News – July 20, 2009

admin — Mon, 20 Jul 2009 14:46:17 +0000

CIT Group Inc to Announce Deal for USD 3B Rescue Financing from Bondholders to Avoid Bankruptcy
National Association for Business Economics’ (NABE) Quarterly Survey Indicates US Economy Appears to be Improving, but Downturn Not Over
UK Economy to Contract 4.5% in 2009, Worse than Government’s Forecast of 3.5% and the Biggest Decline in A Single Year According to Ernst & Young Item Club
Nissan Motor Co, Renault SA to Start Producing Lithium-Ion Batteries for Electric Cars at UK and Portugal Factories
Iceland Announces GBP 1.3B Plan to Boost Banking System, Gov’t to Fund 3 New Banks it Will Create from Failed Ones
Porsche Automobil Holding SE Expected to Accept Offer from Volkswagen AG to Buy Its Sports-Car Business for EUR 8B (USD 11.28B) Later This Week
Crude Oil Stands at USD 64.77 per Barrel
Ethanol Stands at USD 1.63 per Gallon
Natural Gas Stands at USD 3.74 per British Thermal Unit (Btu)
Gold Stands at USD 937.20 per Troy Ounce
Dow Jones Industrial Average Rises 32.12 Points (0.37%)
London FTSE Index Rises 65.59 Points (1.49%)
Japan Nikkei Index Rises 51.16 Points (0.55%)
Hong Kong Hang Seng Index Rises 696.71 Points (3.70%)
Brazil Bovespa Index Rises 154.29 Points (0.30%)

Financial News Summary – May 29, 2009

admin — Sat, 30 May 2009 06:16:05 +0000

- US Economy Shrinks at 5.7% Rate in First Quarter
- Euro Zone Annual Inflation Drops to Zero in May
- Time Warner to Spin Off AOL
- US Durable Goods Orders Up, Jobless Claims Down

Investors Worried About The U.S. Economy?

admin — Wed, 20 May 2009 23:23:05 +0000

Are investors worried about the U.S. economy? Not really it seems. Wall Street’s most widely-used gauge of investor confidence – the Chicago Board Options Exchange Volatility Index (VIX) is hinting that investors are less worried about the overall economy. The VIX is calculated from Standard & Poor’s 500 index option prices and is designed to track the market’s expectation of volatility over the next 30-day period. The index dipped below 30 yesterday – for the first time since September 19, 2008. During yesterday’s trading, the VIX touched a session low of 28.35, down 5.39% to 28.61 at the day’s end.

U.S. Economy Shrank At 6.3 Percent Pace – End of 2008

admin — Thu, 26 Mar 2009 12:47:55 +0000

WASHINGTON (AP) — The U.S. economy shrank at a 6.3 percent pace at the end of 2008, the worst showing in a quarter-century. The Commerce Department has reported today that the economy was sinking a bit faster than the 6.2% annualized drop for the October-December quarter that was estimated a month ago.

This news-feed.com business / finance news update courtesy of The Associated Press (AP), the essential global news network.