Feb 11
21
US stocks advanced on Friday, amid upbeat results from the corporate sector, shrugging off concerns over tightening of China’s monetary policy
International Market Report 21st February 2011
US stocks advanced on Friday, amid upbeat results from the corporate sector, shrugging off concerns over tightening of China’s monetary policy. Caterpillar added 2.4%, as it stated that worldwide demand for its retail machinery continued to be strong, with sales growing 49% in January. Oil sector stocks, Chevron and Exxon Mobil advanced 1.6% and 0.7%, respectively, amid higher oil prices for April contract. Intuit surged 7.3%, after it raised its full year profit guidance. American Public Education jumped 23.9%, supported by better-than-expected fourth quarter earnings. Other stocks, Sunpower, Brocade Communications Systems, Intuit and TechTarget rallied between 3.5% and 18.8%, after reporting earnings which surpassed market expectations. DJIA ended 0.6% higher to close at 12,391.3.NASDAQ was up 0.1%, at 2,834.0. S&P 500 index closed 0.2% higher, at 1,343.0.
Australian and Asian Market Report 21st February 2011
Asian markets are trading lower this morning, amid escalating worries in the Middle East and further monetary tightening steps taken by China on Friday. In Japan, exporters, Honda Motor and Tokyo Electron, paced declines, as yen appreciated against the dollar. Shares of TDK, Komatsu and Fanuc, traded lower, as investors speculated that their exposure to China would weigh on their sales. In Hong Kong, Agricultural Bank of China and Industrial & Commercial Bank of China, lost values, as risk appetite decreased among
investors. China Resources Land and Guangzhou R&F Properties traded in negative territory, after the Xinhua News Agency reported that Shanghai and Guangzhou would limit home purchases. In South Korea, Hyundai
Engineering & Construction traded lower, as the company gets about 38% of its revenue from the Middle East region. Nikkei 225 index is trading 0.1% lower, at 10,834.3. Hang Seng index is down 0.4% at 23,508.6, while the Kospi index is trading 0.5% lower at 2,002.2.
