Mar 11
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US stocks advanced yesterday, as improving economic outlook and bullish comments from Warren Buffett boosted investor confidence
International Market Report 1st March 2011
US stocks advanced yesterday, as improving economic outlook and bullish comments from Warren Buffett boosted investor confidence. Nationwide Health Properties surged 9.7%, after Ventas stated that it would acquire the former in a multi-million dollar deal to create the country’s biggest real-estate investment trust for health care. Walgreen gained 3.3%, after Morgan Stanley raised its share-price estimate, citing higher-than-expected sales stemming from flu trends. Berkshire Hathaway added 2.9%, after it reported a 43% rise in profits for the fourth quarter. Humana jumped 3.9%, as it raised its per-share profit forecast and after a broker upgraded its rating on the stock to “Buy” from “Hold”. DJIA closed 0.8% or 95.9 points higher, at 12,226.3. NASDAQ finished marginally higher at 2,782.3. S&P 500 index closed 0.6% higher, at 1,327.2.
Other European markets finished higher yesterday, as upbeat US economic data and positive comments from James Bullard, president of St. Louis Federal Reserve, boosted market sentiments. Among industrial stocks, Siemens advanced 3.6%, amid reports that it might soon list its Osram lighting business, while Vestas gained 3.6%, after the company reported that it would supply turbines for a German project. Technology stocks traded higher, with NXP Semiconductor rising 4.8%, after the company stated that it expanded its strategic licensing agreement for ARM’s microcontrollers. Among automakers, MAN gained 2.8%, as Equinet upgraded the stock to “Buy” from “Accumulate”, while Renault climbed 3.4%, on reports that the company and Daimler plan to cooperate on electric car production. FTSEurofirst 300 index gained 0.8% to close at 1,169.2. German DAX Xetra 30 added 1.2% to 7,272.3. French CAC-40 edged up 1.0% to 4,110.4.
Australian and Asian Market Report 1st March 2011
Asian markets are trading mostly higher this morning, taking cues from overnight gains on the Wall Street. In Japan, exporters, Honda Motor and Sony traded higher, as the yen weakened against the dollar. Among banks, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group paced gains, as risk appetite increased among investors, while Shinsei Bank gained values, after Credit Suisse Group upgraded the stock to “Outperform”. In Hong Kong, stocks fluctuated between gains and losses, after an economic report showed that China’s moves to curb inflation might be working. Developers, China Overseas Land and China Resources Land traded higher, after a report showed that manufacturing expanded at the slowest pace in six months, encouraging expectations of no further monetary tightening, while Aluminum Corp of China paced declines, after the company reported its earnings updates. Nikkei 225 index is trading 0.9% higher, at 10,723.3. Hang Seng index is up 0.1% at 23,353.0, while the South Korean markets are closed on account of a holiday.
