(Bloomberg) -- Mexican stocks had their first weekly decline since mid-March, led by retailer Wal-mart de Mexico SAB, as an unexpected interest rate increase by the central bank fanned concerns that profit growth is slowing.
The index of the most-traded stocks in Mexico City today rose 30.23, or 0.1 percent, to 29,372.93, paring its weekly loss to 1.5 percent. Brazil's Bovespa index was off 0.4 percent for the week, after rising 161.91, or 0.3 percent today to 49,229.60.
Read more at Bloomberg Emerging Markets News
Friday, April 27, 2007
U.S. can't alter "dolphin-safe" tuna rules
(Reuters) - The decision by the 9th U.S. Circuit Court of Appeals to back the standards is the latest in a long-running dispute on what tuna sold in the United States can be labeled "dolphin safe" -- a designation that means tuna is fished using practices that protect dolphins.
Previous such decisions have angered Mexican and South American fishing industries.
Read more at Reuters.com Business News
Previous such decisions have angered Mexican and South American fishing industries.
Read more at Reuters.com Business News
UPDATE 1-EU's Barroso: strong euro sign of strong economy
(Reuters) - NEW YORK, April 27 - A strong euro is a sign of a robust European economy and not a cause for concern, European Commission President Jose Manuel Barroso said on Friday.
"We don't consider the euro too strong," Barroso told reporters following a speech at the New York Stock Exchange, "A strong currency is a good thing, it's a signal of confidence in the European economy."
Read more at Reuters.com Bonds News
"We don't consider the euro too strong," Barroso told reporters following a speech at the New York Stock Exchange, "A strong currency is a good thing, it's a signal of confidence in the European economy."
Read more at Reuters.com Bonds News
Dollar Slides to Record Low Against Euro as Report Shows U.S. Growth Slows
(Bloomberg) -- The dollar dropped to an all-time low against the euro after the U.S. government reported the economy grew at its slowest pace in four years.
The dollar also weakened against most other major currencies, with a Federal Reserve index measuring dollar strength near the lowest level in its 36-year history. The U.S. currency pared its decline against the euro after the record low triggered buy orders.
Read more at Bloomberg Currencies News
The dollar also weakened against most other major currencies, with a Federal Reserve index measuring dollar strength near the lowest level in its 36-year history. The U.S. currency pared its decline against the euro after the record low triggered buy orders.
Read more at Bloomberg Currencies News
UPDATE 1-Peru miners say strike very likely despite talks
(Reuters) - LIMA, April 27 - Peru's largest miners union said on Friday a nationwide strike set for Monday looked increasingly inevitable, but it would meet again with government officials in the afternoon to try to reach a deal.
Luis Castillo, president of the National Federation of Metallurgic and Steel Miners, told Reuters: "The decision has been made. There is no turning back on the strike."
Read more at Reuters.com Bonds News
Luis Castillo, president of the National Federation of Metallurgic and Steel Miners, told Reuters: "The decision has been made. There is no turning back on the strike."
Read more at Reuters.com Bonds News
Platinum Ends Longest Weekly Rally Since May After Russia Resumes Exports
(Bloomberg) -- Platinum futures fell in New York, ending the longest weekly rally since May, after Russia allowed producers including OAO GMK Norilsk Nickel to resume exports. Palladium was little changed.
Norilsk, Russia's biggest platinum producer, was among companies that received new licenses to ship platinum, rhodium and other group metals, Interfax news agency reported April 25. Norilsk, also the world's biggest palladium producer, hadn't exported platinum-group metals since its license expired Jan. 1.
Read more at Bloomberg Commodities News
Norilsk, Russia's biggest platinum producer, was among companies that received new licenses to ship platinum, rhodium and other group metals, Interfax news agency reported April 25. Norilsk, also the world's biggest palladium producer, hadn't exported platinum-group metals since its license expired Jan. 1.
Read more at Bloomberg Commodities News
UPDATE 1-Chile's Falabella 1st qtr net profit up 20.2 pct
(Reuters) - The retailer, which also owns home improvement stores and is active in Argentina, Peru and Colombia as well as Chile, said its profit in the first three months of the year was 51.323 billion pesos , compared to 42.695 billion pesos in the same period a year earlier.
The median forecast of five analysts polled by Reuters was 50.963 billion pesos.
Read more at Reuters.com Market News
The median forecast of five analysts polled by Reuters was 50.963 billion pesos.
Read more at Reuters.com Market News
Empty U.S. homes "for sale" hits record: Census
(Reuters) - The number has been steadily climbing since the fourth quarter of 2004 when it was at 1.8 percent and indicates a housing market bloated with speculators, said William O'Donnell, head U.S. government bond strategist at UBS Securities LLC in Stamford, Connecticut.
"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."
Read more at Reuters.com Economic News
"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."
Read more at Reuters.com Economic News
Turkish Shares Slide as Opposition Party Boycotts Presidential Election
(Bloomberg) -- Turkey's main stock index dropped as Turkish lawmakers began voting for president and the country's opposition parties boycotted the ballot.
Turkiye Is Bankasi AS paced the decline. Turkiye Garanti Bankasi AS fell after Credit Suisse Group cut its recommendation on the stock.
Read more at Bloomberg Stocks News
Turkiye Is Bankasi AS paced the decline. Turkiye Garanti Bankasi AS fell after Credit Suisse Group cut its recommendation on the stock.
Read more at Bloomberg Stocks News
Cocoa Has Biggest Weekly Decline Since July as Ivory Coast Stockpiles Gain
(Bloomberg) -- Cocoa had its biggest weekly decline since July as stockpiles monitored by the Euronext.liffe exchange climbed and bean deliveries to ports in Ivory Coast, the world's biggest grower, increased.
Inventories rose 0.9 percent in the past two weeks, taking the increase this year to 57 percent, London's Euronext.liffe said on its Web site. Farmers in Ivory Coast delivered 1.1 percent more cocoa to the country's second port of San Pedro between the beginning of October and April 22 than they did in the same period last season, Reuters reported yesterday.
Read more at Bloomberg Commodities News
Inventories rose 0.9 percent in the past two weeks, taking the increase this year to 57 percent, London's Euronext.liffe said on its Web site. Farmers in Ivory Coast delivered 1.1 percent more cocoa to the country's second port of San Pedro between the beginning of October and April 22 than they did in the same period last season, Reuters reported yesterday.
Read more at Bloomberg Commodities News
FHLB plans to sell $3 bln 10-year bonds next week
(Reuters) - The joint lead managers on the sale are Deutsche Bank, Goldman Sachs and Lehman Brothers.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-India body approves Vodafone deal
(Reuters) - NEW DELHI, April 27 - India's foreign investment body approved Vodafone's , which had deferred a decision on three previous occasions.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Omnicare profit off, forecast cut; stock slumps
(Reuters) - Net profit fell to $43.0 million, or 35 cents per share, from $53.2 million, or 43 cents per share, a year earlier.
Excluding special items, earnings were 47 cents per share, far below analysts' average forecast of 65 cents as compiled by Reuters Estimates.
Read more at Reuters.com Hot Stocks News
Excluding special items, earnings were 47 cents per share, far below analysts' average forecast of 65 cents as compiled by Reuters Estimates.
Read more at Reuters.com Hot Stocks News
Mexico's Central Bank Unexpectedly Lifts Benchmark Rate to 7.25 Percent
(Bloomberg) -- The Bank of Mexico unexpectedly raised its overnight lending rate by a quarter percentage point to `reinforce' its commitment to fighting inflation that has remained at or above its target range this year.
Policy makers raised the benchmark rate to 7.25 percent, the first increase in almost two years. The increased surprised all 16 economists in a Bloomberg survey who predicted policy makers would keep the benchmark rate at 7 percent.
Read more at Bloomberg Emerging Markets News
Policy makers raised the benchmark rate to 7.25 percent, the first increase in almost two years. The increased surprised all 16 economists in a Bloomberg survey who predicted policy makers would keep the benchmark rate at 7 percent.
Read more at Bloomberg Emerging Markets News
Scottish & Newcastle, Carlsberg, ITV: Credit-Default Swap Market Movers
(Bloomberg) -- The risk of owning European corporate bonds rose, according to traders in the credit-default swaps market.
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 4,000 euros to 204,500 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 4,000 euros to 204,500 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
U.S. Stocks Pare Decline; Dow Average Rises to Record on Microsoft Rally
(Bloomberg) -- U.S. stocks pared a decline after consumer confidence topped economists' forecast in April and shares of Microsoft Corp., the largest software maker, rallied.
The Standard & Poor's 500 Index fell 1.51, or 0.1 percent, to 1492.74 as of 10:13 a.m. in New York after earlier dropping as much as 0.3 percent. The Dow Jones Industrial Average added 5.2 to 13,110.7, a record high. The Nasdaq Composite Index climbed 7.27, or 0.3 percent, to 2561.73.
Read more at Bloomberg Stocks News
The Standard & Poor's 500 Index fell 1.51, or 0.1 percent, to 1492.74 as of 10:13 a.m. in New York after earlier dropping as much as 0.3 percent. The Dow Jones Industrial Average added 5.2 to 13,110.7, a record high. The Nasdaq Composite Index climbed 7.27, or 0.3 percent, to 2561.73.
Read more at Bloomberg Stocks News
U.S. Stocks Fall as Economic Growth Slows, Inflation Gains; JetBlue Slides
(Bloomberg) -- U.S. stocks dropped after the economy grew in the first quarter at the slowest pace in four years while inflation rose, interrupting a rally that has lifted shares the most of any month since October 2003.
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
U.S. Treasuries Are Little Changed as Quarterly Growth Slowed Last Quarter
(Bloomberg) -- Treasuries were little changed after a government report showed the world's largest economy expanded at the slowest pace in four years during the first quarter and a measure of inflation watched by the Federal Reserve accelerated.
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Major U.S. stock markets exceeded multiyear highs yesterday, which may call into question whether the economy will stagnate, dealers said.
Read more at Bloomberg Bonds News
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Major U.S. stock markets exceeded multiyear highs yesterday, which may call into question whether the economy will stagnate, dealers said.
Read more at Bloomberg Bonds News
UPDATE 1-Goodyear posts loss, raises cost-cutting targets
(Reuters) - Goodyear posted a net loss of $174 million, or 96 cents per share, in the first quarter, compared with net income of $74 million, or 37 cents per share a year earlier.
Goodyear, which has listed its engineered products business as discontinued due to its planned sale announced in March, posted a loss of 61 cents per share from continuing operations in the quarter.
Read more at Reuters.com Market News
Goodyear, which has listed its engineered products business as discontinued due to its planned sale announced in March, posted a loss of 61 cents per share from continuing operations in the quarter.
Read more at Reuters.com Market News
UPDATE 1-Mexico's KOF 1st-quarter net rises 18 pct
(Reuters) - KOF, also known as Coca-Cola Femsa, said its January-March net profit was 1.145 billion pesos as revenue rose 9.2 percent to 15.020 billion pesos.
The company, which operates in nine countries across Latin America and is the second largest Coke bottler in the world, said operations outside Mexico generated more than 50 percent of revenue for the first time in its history.
Read more at Reuters.com Market News
The company, which operates in nine countries across Latin America and is the second largest Coke bottler in the world, said operations outside Mexico generated more than 50 percent of revenue for the first time in its history.
Read more at Reuters.com Market News
U.S. Stock-Index Futures Fall Before GDP Report; JetBlue, Airlines Slide
(Bloomberg) -- U.S. stock-index futures retreated on speculation a government report will show the economy grew in the first quarter at the slowest pace in more than a year.
JetBlue Airways Corp. led airlines lower after JPMorgan Chase & Co. downgraded the industry, arguing that overcapacity and a weakening economy will reduce profits. U.S. growth was hobbled in the first three months of 2007 by flagging investment in business equipment and home construction, economists said before the Commerce Department's report on gross domestic product.
Read more at Bloomberg Stocks News
JetBlue Airways Corp. led airlines lower after JPMorgan Chase & Co. downgraded the industry, arguing that overcapacity and a weakening economy will reduce profits. U.S. growth was hobbled in the first three months of 2007 by flagging investment in business equipment and home construction, economists said before the Commerce Department's report on gross domestic product.
Read more at Bloomberg Stocks News
Simon Property posts higher quarterly FFO
(Reuters) - Analysts had expected FFO of $1.30 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Moog
(Reuters) - This compares with the $21.5 million, or 53 cents a share, a year earlier. Net sales rose 19 percent to $384.9 million.
Analysts on average expected earnings of 56 cents a share, excluding exceptional items, on revenue of $357.5 million, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average expected earnings of 56 cents a share, excluding exceptional items, on revenue of $357.5 million, according to Reuters Estimates.
Read more at Reuters.com Market News
Canada's Dollar Rises as Statoil Agrees to Buy Canadian Oil Sands Company
(Bloomberg) -- Canada's dollar rose, approaching a seven-month high, after a Norwegian company purchased a local oil company.
The currency is headed for its straight sixth weekly gain after Statoil ASA, Norway's biggest oil company, agreed to buy North American Oil Sands Corp., an Alberta-based oil-sands developer, for $2 billion. Higher prices of commodities have made Canadian resource-based companies attractive.
Read more at Bloomberg Currencies News
The currency is headed for its straight sixth weekly gain after Statoil ASA, Norway's biggest oil company, agreed to buy North American Oil Sands Corp., an Alberta-based oil-sands developer, for $2 billion. Higher prices of commodities have made Canadian resource-based companies attractive.
Read more at Bloomberg Currencies News
UPDATE 1-Viad posts higher quarterly profit, cuts 2007 EPS view
(Reuters) - Viad lowered its 2007 earnings outlook due to the costs associated with the first quarter restructuring charge at Exhibitgroup and the full year effect of its first quarter share repurchases.
The company now expects 2007 earnings of $1.72 to $1.82 a share, down from its earlier view of $1.75 to $1.85 a share. Analysts expect earnings of $1.79 a share, before items.
Read more at Reuters.com Market News
The company now expects 2007 earnings of $1.72 to $1.82 a share, down from its earlier view of $1.75 to $1.85 a share. Analysts expect earnings of $1.79 a share, before items.
Read more at Reuters.com Market News
RSC Holdings almost doubles IPO to $575 mln
(Reuters) - The filing did not reveal how many shares the company plans to sell or the expected price of the shares.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Philippine Bonds Decline for Fourth Week as Deficit Widens; Peso Advances
(Bloomberg) -- Philippine three-year bonds fell for a fourth week on concern the government will miss its budget deficit target and be forced to raise borrowing. The peso rose for a fourth week.
Bonds slumped after the government reported its widest monthly deficit in March in more than a decade, bringing the first-quarter shortfall to 52 billion pesos ($1.1 billion) or four-fifths of its full-year estimate. Bonds also fell this week following an announcement that National Treasurer Omar Cruz would resign.
Read more at Bloomberg Bonds News
Bonds slumped after the government reported its widest monthly deficit in March in more than a decade, bringing the first-quarter shortfall to 52 billion pesos ($1.1 billion) or four-fifths of its full-year estimate. Bonds also fell this week following an announcement that National Treasurer Omar Cruz would resign.
Read more at Bloomberg Bonds News
Arcelor to announce buy-out terms at end of May
(Reuters) - Chairman Joseph Kinsch told Arcelor Mittal's shareholders meeting that the merger should be finalised by the summer.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
India's Sensex Index Falls, Led by Cipla, Reliance: World's Biggest Mover
(Bloomberg) -- Indian stocks fell for the first time in six days as investors judged recent gains to be excessive in relation to earnings potential.
Cipla Ltd., the nation's second-biggest drugmaker, plunged the most in a more than a decade after reporting a profit that missed analyst estimates, prompting Credit Suisse Group to lower its rating on the stock. Reliance Industries Ltd., which also reported earnings late yesterday, slumped following a rating cut at Deutsche Bank AG.
Read more at Bloomberg Stocks News
Cipla Ltd., the nation's second-biggest drugmaker, plunged the most in a more than a decade after reporting a profit that missed analyst estimates, prompting Credit Suisse Group to lower its rating on the stock. Reliance Industries Ltd., which also reported earnings late yesterday, slumped following a rating cut at Deutsche Bank AG.
Read more at Bloomberg Stocks News
German DAX Is Little Changed; Bayer Drops as Deutsche Postbank Shares Jump
(Bloomberg) -- German stocks including Bayer AG declined. Deutsche Post AG paced gaining shares on speculation TCI Fund Management LLP, a London-based hedge fund, is considering buying a stake in Europe's biggest postal service.
The DAX lost 2.66, or less than 0.1 percent, to 7384.36 as of 10:58 a.m. in Frankfurt. The gauge has added 0.6 percent so far this week. DAX futures expiring in June were unchanged. The HDAX Index of the country's 110 biggest companies declined less than 0.1 percent.
Read more at Bloomberg Stocks News
The DAX lost 2.66, or less than 0.1 percent, to 7384.36 as of 10:58 a.m. in Frankfurt. The gauge has added 0.6 percent so far this week. DAX futures expiring in June were unchanged. The HDAX Index of the country's 110 biggest companies declined less than 0.1 percent.
Read more at Bloomberg Stocks News
Gold Heads for Biggest Decline in Eight Weeks on Demand for U.S. Equities
(Bloomberg) -- Gold headed for the biggest decline in London in eight weeks amid speculation the dollar's drop has spurred demand for U.S. equities as an alternative investment. Silver also fell.
Gold, down 2.8 percent this week, had its biggest one-day decline since March 2 yesterday. The Dow Jones Industrial Average rose to a second straight record as the weaker dollar boosted the appeal of U.S. equities for foreign investors.
Read more at Bloomberg Commodities News
Gold, down 2.8 percent this week, had its biggest one-day decline since March 2 yesterday. The Dow Jones Industrial Average rose to a second straight record as the weaker dollar boosted the appeal of U.S. equities for foreign investors.
Read more at Bloomberg Commodities News
Lithuanian Economic Growth Accelerated to 7.1 Percent in First Quarter
(Bloomberg) -- Lithuania's economy grew a preliminary 7.1 percent in the first quarter, led by retail sales and constructions.
Growth accelerated from 6.9 percent in the fourth quarter, the Vilnius-based statistics office said in an e-mailed statement today. The figure exceeds a median estimate of 6.5 percent by five economists surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Growth accelerated from 6.9 percent in the fourth quarter, the Vilnius-based statistics office said in an e-mailed statement today. The figure exceeds a median estimate of 6.5 percent by five economists surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
GE Should Sell NBC, Money Units to Revive Stock, Citigroup Analysts Say
(Bloomberg) -- General Electric Co., the world's second-largest company, should sell units including its NBC television channel to revive the shares' performance, according to Citigroup Inc. analysts.
The company should also spin off its GE Money and real estate businesses and focus on infrastructure, a team of analysts at the largest U.S. bank wrote in a report today. The move could lift the stock by 26 percent from yesterday's closing price, to $45 a share, they said.
Read more at Bloomberg Stocks News
The company should also spin off its GE Money and real estate businesses and focus on infrastructure, a team of analysts at the largest U.S. bank wrote in a report today. The move could lift the stock by 26 percent from yesterday's closing price, to $45 a share, they said.
Read more at Bloomberg Stocks News
RBS group steps up pressure on ABN AMRO
(Reuters) - But their proposed offer was conditional on ABN scrapping its planned $21 billion sale of U.S. unit LaSalle Bank -- a key asset for suitor RBS -- to Bank of America.
The banks said on Friday that the conditions of that sale -- which include a "go-shop" clause allowing ABN until midnight on May 6 to seek higher bids for the U.S. unit -- prompted the formal notification to ABN's board late on Thursday.
Read more at Reuters.com Business News
The banks said on Friday that the conditions of that sale -- which include a "go-shop" clause allowing ABN until midnight on May 6 to seek higher bids for the U.S. unit -- prompted the formal notification to ABN's board late on Thursday.
Read more at Reuters.com Business News
UPDATE 1-Statoil to buy North American Oil Sands for $2 bln
(Reuters) - "It is estimated that the NAOSC leases hold approximately 2.2 billion barrels in recoverable reserves," Statoil ASA said in a statement.
"The board of directors of NAOSC has unanimously approved the offer," Statoil added.
Read more at Reuters.com Mergers News
"The board of directors of NAOSC has unanimously approved the offer," Statoil added.
Read more at Reuters.com Mergers News
Statoil to buy North American Oil Sands for $2 bln
(Reuters) - "The board of directors of NAOSC has unanimously approved the offer," Statoil said in a statement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Subscribe to:
Posts (Atom)