Feb 11
17
Asian and Australian Market Report 17th February 2011
Asian markets are trading mostly higher this morning, taking cues from strong overnight gains on the Wall Street. In Japan, exporters, Canon, Sony and Nintendo, paced gains, amid expectations of higher sales in US, as Federal Reserve raised its forecast for US economic growth. Honda Motor gained values, on news that the company might buy back ¥40 billion worth of its shares. In Hong Kong, oil producers, Cnooc, China Petroleum & Chemical, traded higher, as oil prices increased yesterday. Cosco Pacific traded in positive territory, after the company stated that its container-terminal throughput increased 21% in January. In South Korea, stocks paced declines, weighed by reports that North Korea was completing a second missile launch site, while financials stocks, KB Financial Group and Hana Financial Group, traded lower, after a South Korean regulator suspended operations of troubled mutual savings banks. Nikkei 225 index is trading 0.4% higher at 10849.8. Hang Seng index is trading marginally higher at 23,157.7, while the Kospi index is trading 1.0% lower at 1,970.1.
International Market Report 17th February 2011
US markets ended higher yesterday, with the S&P 500 index reclaiming its 32 month high level, as an unexpected rise in housing starts, strong earnings and takeover activities boosted market sentiments. Dell surged 11.9%, leading technology stocks higher, after the company reported higher-than-expected earnings. Oil producers and services, Halliburton, Marathon Oil and Chevron, gained between 0.3% and 4.3%, in line with a rise in crude oil prices. Genzyme rose 1.1%, after French drugmaker Sanofi-Aventis agreed to acquire the company for $20.1 billion in cash, while Family Dollar Stores surged 21.1%, after Trian Group offered to acquire the company for about $7.6 billion.. Banks, JPMorgan Chase, American Express and Bank of America, advanced between 0.5% and 2.4%, as risk appetite increased among investors. DJIA gained 0.5% or 61.5 points to 12,288.2. NASDAQ was up 0.8% or 21.1 points, at 2,825.6. S&P 500 index closed 0.6% higher, at 1,336.3.
Other European markets finished higher yesterday, led by gains in banking stocks on strong corporate earnings report. Société Générale led the banking stocks higher, surging 4.9%, after its fourth-quarter net profit quadrupled. Heineken rose 3.1%, after reporting strong full-year earnings, benefited by cost savings and the acquisition of a Latin American distributor. Sanofi-Aventis advanced 3.5%, after the company confirmed a deal to acquire US biotech firm, Genzyme. Eni SpA climbed 0.1%, after reporting better-than-expected net income. However, Deutsche Börse slipped 1.7%, after reporting a net loss of €61.2 million for the quarter to 31 December. FTSEurofirst 300 index rose 0.5% to 1,186.1. German DAX Xetra 30 gained 0.2% to 7,414.3. French CAC-40 added 1.0% to settle at 4,151.3.
