AmericasStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder..http://www.brecorder.com/markets/equity/americas.htmlMon, 04 May 2015 02:47:56 +0000SRA Framework 2.0en-gbUS stocks tumble; Nasdaq -1.6pchttp://www.brecorder.com/markets/equity/americas/240418-us-stocks-tumble;-nasdaq-16pc.htmlhttp://www.brecorder.com/markets/equity/americas/240418-us-stocks-tumble;-nasdaq-16pc.htmlimageNEW YORK: Wall Street stocks fell sharply Thursday as earnings from online listings company Yelp and others disappointed while US data showed only modest growth in consumer spending.

At the closing bell, the Dow Jones Industrial Average was at 17,841.25, down 194.28 points (1.08 percent).

The broad-based S&P 500 fell 21.35 (1.01 percent) to 2,084.50, while the tech-rich Nasdaq Composite Index slumped 82.22 (1.64 percent) to 4,941.42.

Yelp plummeted 23.7 percent after forecasting second-quarter sales of $131-$134 million, below Wall Street projections of $138.4 million. Analysts also rapped the company for a weak performance in attracting users.

Michael James, managing director of equity trading at Wedbush Securities, said government data showing consumer spending rose 0.4 percent in March was "a little underwhelming" after Wednesday's "terrible" report on first-quarter economic growth.

"As you've had continually worse economic numbers, that's only increased the concerns about an economic slowdown," he said.

Copyright AFP (Agence France-Presse), 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasThu, 30 Apr 2015 20:29:23 +0000
Shares fall on weak results, dollar pares losseshttp://www.brecorder.com/markets/equity/americas/240411-shares-fall-on-weak-results-dollar-pares-losses.htmlhttp://www.brecorder.com/markets/equity/americas/240411-shares-fall-on-weak-results-dollar-pares-losses.htmlimageNEW YORK: Stock markets worldwide stumbled for a second straight day on Thursday after more weak earnings reports, while the dollar trimmed losses after hitting fresh nine-week lows.

The latest batch of lackluster corporate results weighed down shares on Wall Street. Weak quarterly earnings from Celgene led a fall in US biotech stocks, while shares of Harman International Industries fell over 7 percent after the maker of audio systems cut its 2015 profit forecast.

Apple was the biggest drag on the Dow, S&P 500 and the Nasdaq indexes. The drop came after a Wall Street Journal report said supplies of the company's much-anticipated new Apple Watch were limited at the rollout of the product after a key component was found to be defective.

Technology stocks in Europe fell after Nokia reported a quarterly profit that was well below market forecasts, sending its stock tumbling 10 percent. The FTSEurofirst 300 index of top European shares posted its biggest weekly drop and its first monthly decline of the year.

"The market has gone pretty far in a pretty short period of time, European markets specifically," said Robert Stein, chief executive at Astor Investment Management in Chicago. "With some uncertainty ahead on economic data and Fed action, investors are taking profits."

The dollar index, which measures the greenback against a basket of six major currencies, sank to a fresh nine-week low of 94.399 and was on track for its worst monthly performance in four years.

The dollar index pared losses and the greenback rose against the yen, however, after data showed US jobless claims fell to a 15-year low last week and consumer spending rose in March.

The euro hit a nine-week high against the dollar of $1.12490 . After several months of dollar strength, the greenback has weakened of late, on reduced expectations for Federal Reserve interest-rate increases and a recent run of weak economic figures.

The Fed on Wednesday left rates unchanged, noting weak economic growth, though it termed the recent slowdown as largely "transitory."

The weaker dollar helped US crude oil prices hit fresh 2015 highs by making oil less expensive for holders of other currencies. Oil was on course for its best monthly gain in six years.

US crude was last up 86 cents at $59.44 per barrel after hitting a high of $59.63. Brent crude was last up 98 cents at $66.82 a barrel.

MSCI's all-country world equity index was last down 3.43 points or 0.78 percent, to 437.22

The Dow Jones industrial average was last down 98.32 points, or 0.55 percent, at 17,937.21. The S&P 500 was down 12.29 points, or 0.58 percent, at 2,094.56. The Nasdaq Composite was off 58.57 points, or 1.17 percent, at 4,965.07.

Europe's FTSEurofirst 300 index closed down 0.42 percent at 1,575.28.

Benchmark 10-year US Treasury yields extended Wednesday's gains to hit nearly seven-week highs of 2.11 percent after the strong US data, while German 10-year yields climbed to their highest since March 9 at 0.386 percent.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasThu, 30 Apr 2015 20:22:09 +0000
Quarterly results, resources lead broad TSX routhttp://www.brecorder.com/markets/equity/americas/240399-quarterly-results-resources-lead-broad-tsx-rout.htmlhttp://www.brecorder.com/markets/equity/americas/240399-quarterly-results-resources-lead-broad-tsx-rout.htmlimageTORONTO: Canada's main stock index fell on Thursday as investors, positioning their portfolios at the end of the month, appeared less than impressed by a slew of quarterly results.

Goldcorp Inc, the world's biggest gold producer by market value, saw its first-quarter profit fall due in part to lower margins on gold sales and a higher tax rate. It was the most influential decliner on the index, falling 5.37 percent to C$22.91.

Potash Corp, which missed quarterly forecasts and also cut its full-year profit outlook, declined 1.6 percent to C$39.17.

Suncor Energy Inc fell 1.22 percent to C$39.39 after it reported a quarterly loss on Wednesday due to lower crude prices and a foreign exchange loss.

BCE Inc, which reported a modest first-quarter adjust profit, dipped 0.83 percent to C$53.70.

At 10:54 a.m. EDT (1454 GMT), the Toronto Stock Exchange's S&P/TSX composite index slumped 131.07 points, or 0.85 percent, to 15,216.27.

"Pretty ugly today. Sour moods out in the markets," said Barry Schwartz, portfolio manager at Baskin Financial Services.

"We've had a pretty good start to the year for the Toronto market. It's beaten some of the other U.S. indices and it's having a pretty good month. End of the month can always be wacky and weird and people are positioning their portfolios," he said.

Declining issues outnumbered advancing ones on the TSX by 212 to 32, for a 6.63-to-1 ratio on the downside. Of the index's 10 main groups, all but healthcare were in retreat.

The hefty financials group was down 0.8 percent, with Royal Bank of Canada off 0.9 percent at C$80.22.

The materials group, home to mining and other resource companies, retreated 1.7 percent. Barrick Gold Corp declined 2.9 percent to C$15.75.

Gold futures fell 2.4 percent to $1,180.6. after upbeat U.S. jobless claims data boosted the U.S. dollar.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasThu, 30 Apr 2015 20:12:27 +0000
Wall St adds to losses after Fed statementhttp://www.brecorder.com/markets/equity/americas/240225-wall-st-adds-to-losses-after-fed-statement.htmlhttp://www.brecorder.com/markets/equity/americas/240225-wall-st-adds-to-losses-after-fed-statement.htmlimageNEW YORK: US stocks briefly added to losses on Wednesday following a Federal Reserve statement that pointed to weakness in the labor market and economy in a sign that the central bank is struggling to proceed with plans to raise interest rates this year.

At 2:15 p.m., the Dow Jones industrial average fell 83.95 points, or 0.46 percent, to 18,026.19, the S&P 500 lost 10.39 points, or 0.49 percent, to 2,104.37 and the Nasdaq Composite dropped 37.13 points, or 0.73 percent, to 5,018.29.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasWed, 29 Apr 2015 19:40:51 +0000
Gains in oil shares limit TSX's retreathttp://www.brecorder.com/markets/equity/americas/240216-gains-in-oil-shares-limit-tsxs-retreat.htmlhttp://www.brecorder.com/markets/equity/americas/240216-gains-in-oil-shares-limit-tsxs-retreat.htmlimageTORONTO: Canada's main stock index pared early-session losses on Wednesday, helped by a comeback in energy stocks on a jump in crude prices, but the index remained broadly lower.

Investors were cautious ahead of a U.S. Federal Reserve policy statement due on Wednesday afternoon that comes after data showed U.S. economic growth stalled in the first quarter, fortifying expectations that the Fed will be in no rush to hike interest rates.

"Unless they're sure that the economy is going to be all right, I think they'll just stay the course until the fall," said John Kinsey, a portfolio manager at Caldwell Securities.

Among the index's heavily weighted movers, business software company OpenText Corp fell 6 percent to C$62.63 after it reported disappointing quarterly results that were hurt by a soft Canadian dollar. The index's tech group was down 1.9 percent.

Other top decliners included two pipeline companies: Enbridge Inc fell 1.3 percent to C$63.95, and Transcanada Corp slid 1.3 percent to C$56.28.

The index's overall energy group climbed 0.8 percent, however, with Canadian Natural Resources up 0.6 percent at C$40.43, and Crescent Point Energy Corp rising 1.7 percent to C$32.04.

Oil prices climbed following news that U.S. crude stocks increased less than expected last week, while inventories at the oil hub in Cushing, Oklahoma, declined for the first time since November.

U.S. crude prices were up 2.7 percent at $58.62 a barrel, while Brent crude added 2.0 percent to $65.95.

At 11:32 a.m. EDT (1532 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 44.73 points, or 0.29 percent, at 15,301.34.

Of the index's 10 main groups, seven were in negative territory.

The heavily weighted financials sector, which includes Canada's top banks and insurers, was down 0.5 percent.

The materials group squeezed out a slight gain, helped by advances by gold miners. In the group, Goldcorp Inc climbed 0.9 percent to C$24.06.

"Gold stocks have really been trashed. The commodity seems to have bounced around a little bit. But ... maybe it's settled down and maybe the stocks will take hope from that," said Kinsey, adding that gold miners' quarterly results so far have been reasonably good.

Declining issues on the TSX index outnumbered advancing ones by 133 to 111, for a 1.20-to-1 ratio on the downside.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasWed, 29 Apr 2015 19:35:59 +0000
Shares fall on US GDP data, weak earnings; dollar slideshttp://www.brecorder.com/markets/equity/americas/240189-shares-fall-on-us-gdp-data-weak-earnings;-dollar-slides.htmlhttp://www.brecorder.com/markets/equity/americas/240189-shares-fall-on-us-gdp-data-weak-earnings;-dollar-slides.htmlimageNEW YORK: Stock markets worldwide slumped on Wednesday after a batch of weaker-than-expected corporate results and data showing US economic growth braked more sharply than expected in the first quarter, while the dollar plunged to a nine-week low.

Commerce Department data showed US gross domestic product expanded at an only 0.2 percent annual rate, marking the weakest reading in a year, leading to a lower open on Wall Street.

The data also hit European shares, which already suffered from weak corporate results from companies including Delhaize and Norsk Hydro. The FTSEurofirst 300 index of top regional shares was on track to close well over 1 percent lower for a second straight day.

"The mixed economic data has been a concern. The low-rate environment is a bubble in itself and it's like riding a balloon until the pin pops," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

A stronger euro also weighed on the region's stock markets, with the currency hitting an eight-week high against the US dollar at $1.10990. The dollar index, which measures the greenback against a basket of six major currencies, hit a roughly nine-week low of 94.872 after the GDP data.

Investors also awaited the statement from the Federal Reserve's latest two-day policy meeting, due at 2:00 p.m. EDT (1800 GMT), for clues on when interest rates are likely to be increased.

The Dow Jones industrial average was last down 49.78 points, or 0.27 percent, at 18,060.36. The S&P 500 was down 7.24 points, or 0.34 percent, at 2,107.52.

The Nasdaq Composite was down 19.71 points, or 0.39 percent, at 5,035.71.

MSCI's all-country world equity index, which tracks shares in 45 nations, was last down 1.61 points or 0.36 percent, at 441.02.

Europe's FTSEurofirst 300 index was last down 1.72 percent at 1,590.4.

Safe-haven US government bond yields and European bond yields spiked higher in a global bond sell-off as investors awaited the Fed statement. Benchmark 10-year Treasury yields reached their highest since March 16 at 2.08 percent.

German 10-year yields hit their highest since March 18 at 0.278 percent after threatening to fall below zero earlier this month.

"We breached the upper end of the trading range. People are looking to unload some longs," said Sean Murphy, a Treasuries trader at Societe Generale in New York, on the sell-off in Treasuries prices, which move inversely to yields.

Oil prices rose after news that King Salman of Saudi Arabia had altered the kingdom's line of royal succession in a reshuffle that also affected leadership of the national oil company, Saudi Aramco.

Brent crude was last up 69 cents at $65.33 a barrel. US crude was last up $1.05 at $58.11 per barrel. Spot gold prices fell $2.22 to $1,209.38 an ounce.

Copyright Reuters, 2015

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)AmericasWed, 29 Apr 2015 16:07:38 +0000
US stocks end higher; Twitter, Apple drag down Nasdaqhttp://www.brecorder.com/markets/equity/americas/240043-us-stocks-end-higher;-twitter-apple-drag-down-nasdaq.htmlhttp://www.brecorder.com/markets/equity/americas/240043-us-stocks-end-higher;-twitter-apple-drag-down-nasdaq.htmlimageNEW YORK: US stocks finished higher Thursday but an Apple selloff and the early release of what proved to be disappointing Twitter earnings drove the Nasdaq into the red.

At the closing bell the Dow Jones Industrial Average was up 72.17 points (0.40 percent) at 18,110.14.

The broader S&P 500 rose 5.85 (0.28 percent) to 2,114.77, while the tech-rich Nasdaq Composite gave up 4.82 (0.10 percent) at 5,055.42.

Apple sank 1.6 percent despite its strong earnings and increase to shareholder payouts, while Twitter plunged 18.2 percent after its poor earnings were inadvertently released before the market closed.

Copyright AFP (Agence France-Presse), 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasTue, 28 Apr 2015 20:26:13 +0000
US shares edge higher; oil pares gains after Iran ship seizurehttp://www.brecorder.com/markets/equity/americas/240040-us-shares-edge-higher;-oil-pares-gains-after-iran-ship-seizure.htmlhttp://www.brecorder.com/markets/equity/americas/240040-us-shares-edge-higher;-oil-pares-gains-after-iran-ship-seizure.htmlimageNEW YORK: US shares rebounded in afternoon trading on Tuesday, boosted by strong earnings from Merck and a dividend hike by IBM, while oil prices pared gains on expectations that U.S. crude stockpiles have reached record highs.

Merck shares jumped 5.2 percent after the U.S. drugmaker beat quarterly earnings estimates. IBM shares rose 1.8 percent, the biggest positive influence on the Dow, after the company hiked its quarterly dividend by 18 percent.

Data showing U.S. single-family home prices rose more than expected in February contributed to the afternoon rebound, although the data was released earlier in the session when some weak corporate results depressed U.S. shares.

"So far, the first quarter earnings have surpassed expectations and the housing numbers came in strong," said John Augustine, chief investment officer at Huntington Bank in Columbus, Ohio, which oversees more than $12.6 billion in assets. "So anytime you have any good economic data, the markets react positively."

Disappointing corporate earnings handed European shares their biggest daily decline in over a week, however, with paper maker UPM-Kymmene slipping after results while a new share issue hit Commerzbank.

Oil prices seesawed as traders weighed security scares in the Middle East and support from a weak dollar against expectations that U.S. crude stockpiles have reached record highs. Iranian forces boarded a Marshall Islands-flagged cargo ship in the Gulf on Tuesday, the Pentagon said, an event which spurred earlier gains in oil prices.

Brent crude was last down 8 cents at $64.75 a barrel. U.S. crude was last up 7 cents at $57.06 per barrel.

The start of the Federal Reserve's two-day policy meeting injected some caution into markets. Analysts expect recent soft U.S. data will nudge the U.S. central bank towards a dovish monetary policy.

The dollar index, which measures the greenback against a basket of major currencies, fell to an eight-week low of 96.011 after an unexpectedly weak U.S. consumer confidence report for April.

"The current period of dollar weakness appears to be gaining momentum and accordingly likely has further to run," said Camilla Sutton, chief currency strategist at Scotiabank in Toronto.

The Dow Jones industrial average was last up 50.58 points, or 0.28 percent, at 18,088.55. The S&P 500 was up 4.17 points, or 0.2 percent, at 2,113.09. The Nasdaq Composite was up 0.46 points, or 0.01 percent, at 5,060.71.

MSCI's all-country world stock index, which tracks shares in 45 nations, was last up 0.39 points or 0.09 percent, at 442.56.

Europe's broad FTSEurofirst 300 index closed down 1.49 percent at 1,618.26.

Safe-haven U.S. Treasury yields rose after the stronger-than-expected data on the U.S. housing sector. Benchmark 10-year U.S. Treasury notes were last down 17/32 in price to yield 1.98 percent, from a yield of 1.92 percent late Monday.

Spot gold prices rose $12.05 or 1.00 percent, to $1,213.60 an ounce.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasTue, 28 Apr 2015 19:38:38 +0000
Earnings weigh on shares, oil rises on Iran ship seizurehttp://www.brecorder.com/markets/equity/americas/240038-earnings-weigh-on-shares-oil-rises-on-iran-ship-seizure.htmlhttp://www.brecorder.com/markets/equity/americas/240038-earnings-weigh-on-shares-oil-rises-on-iran-ship-seizure.htmlimageNEW YORK: Disappointing corporate earnings handed European shares their biggest daily decline in over a week on Tuesday and left U.S. stocks little changed, while Iran's seizure of a cargo ship in the Gulf lifted oil prices.

In U.S. markets, shares of handbag and accessories maker Coach slumped 6.1 percent, while Ford Motor slipped 1 percent in premarket trading. Results from both companies fell short of estimates.

"Most of the big corporations are missing on revenue and eventually that's going to hurt the markets as valuations stay high," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

European shares tumbled following some weaker-than-expected corporate updates, with paper maker UPM-Kymmene slipping after results while a new share issue hit Commerzbank . The FTSEurofirst 300 gave back Monday's gains and was on track for its biggest one-day decline since April 17.

Oil prices rose. Iranian forces boarded a Marshall Islands-flagged cargo ship in the Gulf on Tuesday, the Pentagon said.

Brent crude was last up 26 cents at $65.09 a barrel. U.S. crude was last up 10 cents at $57.09 per barrel.

Investors also traded cautiously at the start of the Federal Reserve's two-day policy meeting. Analysts expect recent soft U.S. data will nudge the U.S. central bank towards a dovish monetary policy, while investors will scrutinise statements for hints about the timing of a rate hike.

The dollar index, which measures the greenback against a basket of major currencies, fell to an eight-week low of 96.011 after the Conference Board said its index of consumer attitudes fell to 95.2 from an upwardly revised 101.4 in March. Economists were looking for a reading of 102.5.

"The current period of dollar weakness appears to be gaining momentum and accordingly likely has further to run," said Camilla Sutton, chief currency strategist at Scotiabank in Toronto. "A test of another 1 percent in dollar weakness is likely in the near-term."

The Dow Jones industrial average was last up 28.36 points, or 0.16 percent, at 18,066.33. The S&P 500 was up 1.22 points, or 0.06 percent, at 2,110.14. The Nasdaq Composite was down 2.24 points, or 0.04 percent, at 5,058.01.

MSCI's all-country world stock index, which tracks shares in 45 nations, was down 0.21 points or 0.05 percent, to 441.96. Chinese shares eased off a new seven-year high, which also hurt the MSCI index's performance.

Europe's broad FTSEurofirst 300 index dropped 1.64 percent to 1,615.77.

Safe-haven U.S. Treasury yields rose after stronger-than-expected home price data in February from S&P/Case-Shiller signaled resilience in U.S. housing sector. Benchmark 10-year U.S. Treasury notes were last down 9/32 in price to yield 1.96 percent, from a yield of 1.92 percent late Monday.

Spot gold prices rose $10.25 or 0.85 percent, to $1,211.80 an ounce.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasTue, 28 Apr 2015 19:37:24 +0000
TSX falls broadly as investors sidelined by Fed meetinghttp://www.brecorder.com/markets/equity/americas/240029-tsx-falls-broadly-as-investors-sidelined-by-fed-meeting.htmlhttp://www.brecorder.com/markets/equity/americas/240029-tsx-falls-broadly-as-investors-sidelined-by-fed-meeting.htmlimageTORONTO: Canada's main stock index fell on Tuesday as investors shied away from making big bets as the U.S. Federal Reserve kicks off its two-day meeting on monetary policy.

A run of lukewarm U.S. economic data during the first quarter has pushed expectations of the Fed raising interest rates until the second half of 2015.

"(The market's) just trying to figure a timing on when we might see an uptick in interest rates," said Brian Pow, vice president of research and equity analyst at Acumen Capital Partners in Calgary.

"I think people are still counting on that liquidity in the marketplace and if that liquidity moves away and the rates go up, then people are going to have a different view of how they look at equities."

The most influential movers on the index included Enbridge Inc, which fell 1.29 percent to C$65.00, and Transcanada Corp, which declined 1.5 percent to C$57.22.

The overall energy group retreated 0.7 percent. The moves contrast with crude prices, which turned positive mid-morning on reports that Iran had seized a U.S. cargo vessel.

Pow noted that crude prices holding near 2015 highs was positive and that the market could see some recovery if prices could hold on to current levels.

At 11:05 a.m. EDT (1505 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 48.37 points, or 0.32 percent, to 15,295.71.

Of the index's 10 main groups, nine retreated into negative territory.

"We had a pretty run on a lot of names, so I think there's also profit taking - 'sell in May, go away,'" Pow said.

The heavily weighted banks and insurers group fell 0.2 percent.

Royal Bank of Canada fell 0.33 percent to C$80.41:2.

Materials, home to mining companies, were the lone gainers, rising 0.9 percent. It was helped in large part by higher bullion prices, which rose after weak U.S. data hurt the greenback. Gold futures rose 0.2 percent to $1,205.3.

Six of the top eight most influential gainers were gold mining firms. Barrick Gold Corp shares rose 2.6 percent to C$15.92, while Goldcorp Inc rose 2.0 percent to C$23.66. Agnico Eagle Mines Ltd rounded up the top three, advancing 3.9 percent to C$37.84.

Declining issues outnumbered advancing ones on the TSX for a 1.39-to-1 ratio on the downside.

Copyright Reuters, 2015

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imad_kueconomist@yahoo.com (Imaduddin)AmericasTue, 28 Apr 2015 19:32:09 +0000