Oct 10
19
DJIA gained 0.7% to 11,143.7, NASDAQ climbed 0.5% to 2,480.5, S&P 500 index closed 0.7% higher, at 1,184.7.
19th October 2010 International Report
Compiled by the LiveTradingFloor Trader team
DJIA gained 0.7% to 11,143.7. NASDAQ climbed 0.5% to 2,480.5. S&P 500 index closed 0.7% higher, at 1,184.7. FTSEurofirst 300 index added 0.3% to 1,088.4. German DAX Xetra 30 rose 0.4% to 6,516.6. French CAC-40 edged up 0.2% to settle at 3,834.5. US markets closed higher yesterday, amid upbeat quarterly earnings reports by US corporates and renewed speculation of an extra stimulus package by the Federal Reserve Bank after US industrial production dipped 0.2% in September. Banks, JPMorgan Chase and Citigroup, climbed 2.8% and 5.6% respectively, as the latter cut its provisions for bad loans after posting a profit for the third consecutive quarter, while Bank of America rose 3.0%, after it revealed its plans to resume foreclosures of loans. AGA Medical Holdings rallied 40.7%, after St. Jude Medical agreed for the acquisition of the company in a deal worth $1.3 billion. Quicksilver Resources surged 16.2%, after it stated that Quicksilver Energy and the Darden family might take the company private. Hasbro rose 3.8%, after it posted third quarter earnings that surpassed market estimates.
Other European markets finished higher yesterday, led by the gains in banking and airline stocks. Banks, Deutsche Bank, Société Générale and Credit Suisse, climbed between 1.6% and 2.4%, after Citigroup posted third-quarter net income of $2.17 billion which was higher than market expectations. Wire and cable manufacturing stocks, Draka and Nexans, rose 1.7% and 2.3% respectively, amid news that the latter is in talks to acquire the former. Airlines, Lufthansa and Air France-KLM, added 3.5% and 3.9% respectively, after Citigroup stated that underlying third-quarter earnings and net income of the former might increase four and five folds respectively, while it upgraded the latter to “Buy” from “Hold”. K+S edged up 1.2%, after Chief Executive Officer, Norbert Steiner, accepted that the company could become a takeover target and he would examine any offer.
Due for release today Current Account, German ZEW Economic Sentiment, ZEW Economic Sentiment, ECB President Trichet Speaks, Building Permits, Housing Starts, BOC Rate Statement, Overnight rate, FOMC Member Yellen Speaks, Fed Chairman Bernanke Speaks
19th October 2010 Australian Report
Compiled by the LiveTradingFloor Trader team
Gordon Nuttall has taken the stand to defend himself against allegations of corruption during his four-year stint in Queensland’s cabinet. It is alleged Mr Nuttall, who served in state cabinet between 2001 and 2005, arranged $3.6 million in government contracts for friend Brendan McKennariey, in exchange for a one-third slice of the profits. Mr Nuttall, 57, has pleaded not guilty to five counts of official corruption, not guilty to five alternate counts of receiving secret commissions, and not guilty to five counts of perjury, related to testimony he gave to the Crime and Misconduct Commission in 2008.
Due for release today Monetary Policy Meeting Minutes
