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| | US Market Reports |  | | Dow Jones | NASDAQ | NYSE | AMEX |  |  |  |  | | Please click on the images to view our interactive charts | | | Stocks have moved mostly lower in early trading on Friday, offsetting the notable gains posted in the previous session. The major averages have all moved to the downside and seem poised to close lower for yet another week. The major averages have seen some further downside in recent trading, falling to new lows for the young session. The Dow is down 102.44 points or 0.8 percent at 12,021.92, the Nasdaq is down 15.25 points or 0.6 percent at 2,669.62 and the S&P 500 is down 10.51 points or 0.8 percent at 1,278.49. The early weakness on Wall Street is partly due to concerns about the outlook for the global economy after China reported a narrower than expected trade surplus for May. The Chinese Customs Office reported a trade surplus of $13.05 billion for May, below the $19.8 billion surplus forecast by economists, as export growth slowed. After helping to lead the markets higher in the previous session, health insurance stocks have come under pressure on the day. The Morgan Stanley Healthcare Payor Index is down by 1.7 percent after surging up by 2.7 percent on Thursday. Gold, oil service, and healthcare provider stocks have also shown notable moves back to the downside after seeing considerable strength in the previous session. Most of the other major sectors have also moved lower. Among individual stocks, Diodes (DIOD) has come under pressure after it lowered its gross margin guidance for the second quarter. The company cited a mix shift due to softening demand and a slower than expected recovery from manpower shortages at its Chinese packaging facilities. Toyota (TM) is also trading lower after the auto giant said it expects sharply lower profits in its first-half and fiscal year 2012, reflecting the anticipated decline in vehicle sales due the ongoing impact of the earthquake in Japan. Meanwhile, National Semiconductor (NSM) is posting a modest gain after reporting fourth quarter earnings of $0.26 per share on sales that fell 6 percent to $374.1 million. Analysts had expected the company to earn $0.27 per share on sales of $365.1 million. In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday. Japan's benchmark Nikkei 225 Index advanced by 0.5 percent, while Hong Kong's Hang Seng Index fell by 0.8 percent. Meanwhile, the major European markets have all moved to the downside over the course of the trading day. The French CAC 40 Index has fallen by 1.3 percent, while the U.K.'s FTSE 100 Index and the German DAX Index are down by 0.5 percent and 0.4 percent, respectively. In the bond market, treasures are seeing moderate strength in morning trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 2.96 percent. |
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| | Canadian Market Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | TSX Looks To End Dismal Week On A Lackluster Note Canadian stocks may struggle to carry over positive momentum from the previous session on Friday amid renewed concerns about the global economy. The S&P /TSX composite index snapped a seven-day losing skid Thursday, rising 71.95 points or 0.55 percent to 13,255.74. However, Toronto's June swoon may resume today, with disappointing Chinese export growth figures suggesting global demand has fizzled out. Energy stocks may be in play as U.S. crude oil futures dipped back toward $100 a barrel on news that Saudi Arabia has offered more supplies to Asian refiners. In corporate news from Canada, lululemon athletica inc. (LULU,LLL.TO:) posted first quarter net income of $33.37 million or $0.46 per share versus $19.59 million or $0.27 per share last year. Analysts expected the company to report earnings of $0.38 per share. Centric Health Corp. (CHH.TO) Friday announced a first-quarter loss, reversing from the prior-year profit as a result of higher operating costs in acquired businesses. Research In Motion (RIM.TO) unveiled plans to launch the BlackBerry PlayBook tablet in an additional 16 markets around the world over the next 30 days. Taseko Mines Ltd. (TGB,TKO.TO) reported first quarter adjusted earnings were C$10.8 million or C$0.06 per share, up from C$7.3 million or C$0.04 per share in the first quarter of 2010. Revenues declined to C$58.80 million from C$75.51 million. Iamgold Corp. (IAG,IMG.TO) announced that it boosted its stake in Merrex Gold Inc. (MXI.V). Meanwhile, Canada's economy generated 22,000 jobs in May, in line with expectations, but well short of the increase seen in the previous month, official data showed Friday. Still, the unemployment rate dropped to 7.4. percent from 7.6 percent, as more Canadians gave up looking for work. This is lowest unemployment rates since the summer of 2008. |
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| | European Market Reports | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | European Markets Fall As Economic Worries Persist The European markets are modest to moderately lower in afternoon trading Friday, as global economic worries continued to linger amid a report on China's weaker-than-expected export growth. The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.36 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is dropping 0.34 percent. The German DAX is losing 0.12 percent and the French CAC 40 is retreating 0.72 percent. The UK's FTSE 100 is falling 0.26 percent and Switzerland's SMI is losing 0.33 percent. Among the DAX components, HeidelbergCement and chipmaker Infineon Technologies are losing about 1 percent each. HSBC raised its price target on Deutsche Boerse to 77 euros from 68 euros. The stock is, however, falling 0.2 percent. Commerzbank and Deutsche Bank are rising 1.7 percent and 1.4 percent, respectively. Automakers Volkswagen and BMW are moderately up, while Daimler is falling 0.9 percent. HSBC cut its price target on Daimler to 58 euros from 62 euros. Outside the main index, Kabel Deutschland is adding 1.7 percent after the cable operator's price target was increased to 48 euros from 42 euros at JPMorgan. Clothing and footwear firm Hugo Boss is up 1.5 percent in Frankfurt. Morgan Stanley initiated the stock with "Overweight" and a price target of 80 euros. France Telecom is losing 4.6 percent in Paris. Chipmaker STMicroelectronics is dropping 1.25 percent. Construction-related stocks Lafarge and Saint-Gobain are falling 1.2 percent each. Peugeot is falling 1.5 percent and Renault is sliding 0.75 percent. HSBC cut Peugeot to "Underweight" from "Neutral" and reduced the prce target to 26 euros from 35 euros. Steel maker ArcelorMittal is adding 1.5 percent. Grocery retailer Carrefour is gaining 1.4 percent. Lenders BNP Paribas, Societe Generale, Natixis and Credit Agricole are moderately higher. In London, Anglo American, Antofagasta, BHP Billiton and Rio Tinto are losing. AstraZeneca is declining 1.2 percent. Barclays cut its rating on the stock to "Underweight" from "Overweight." Specialty chemicals firm Akzo Nobel said its Chief Executive Officer Hans Wijers has decided to step down with effect from Annual General Meeting 2012. Ton Büchner, currently President and Chief Executive Officer of Switzerland-based Sulzer AG, has been appointed in his place. Akzo Nobel is down 0.1 percent in Amsterdam, while Sulzer is falling 5.7 percent in Zurich. Novartis is down 0.9 percent in Zurich. Barclays reduced its rating on the stock to "Underweight" from "Equal Weight." In economic news, German inflation eased for the first time in nine months in May, as the pace of increase in energy costs slowed, official figures revealed. Nonetheless, inflation continued to stay above the central bank's target. U.K. output price inflation slowed to 5.3 percent on a yearly basis in May from 5.5 percent in April, in line with economists' expectations. The index of industrial production dropped 1.7 percent month-on-month compared to an increase of 0.2 percent in March. Economists were expecting it to remain flat in April. Meanwhile, Britons' inflation expectations for the year ahead eased slightly in May, a survey by the Bank of England and GfK NOP showed. Consumers' one-year ahead inflation expectations slowed to 3.9 percent in May from 4 percent in February. Across Asia/Pacific, Australia's All Ordinaries gained 0.29 percent, China's Shanghai Composite Index rose 0.10 percent and Japan's Nikkei 225 added 0.50 percent. However, Hong Kong's Hang Seng dipped 0.84 percent. China's trade surplus increased in May, but the growth was far below economists' expectations as imports surged along with a cool off in export growth. Exports grew 19.4 percent year-on-year in May to $157.16 billion, but was weaker than the 20.4 percent growth forecast by economists. In the U.S., futures point to a lower open on Wall Street. In the previous session, the Dow rose 0.6 percent, the Nasdaq climbed 0.4 percent and the S&P 500 advanced 0.7 percent. In the commodity space, crude for July delivery is losing $1.08 to $100.85 per barrel, while gold is slipping $1.8 to $1540.9 a troy ounce. |
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| | Asia Market Reports | | | | Nikkei 225 | Hang Seng | Bse Sensex | S&P/ASX 20 |  |  |  |  | | Please click on the images to view our interactive charts | | | Indian Market Falls For Third Day On IIP Data The Indian market fell notably on Friday, extending losses for a third consecutive session, as persistent worries about potential interest rate hikes spooked investors, notwithstanding disappointing industrial output data for April. Weak cues from the other Asian and European markets on concerns about a slowing global economy following disappointing imports data from China and an unexpected rate hike in South Korea also dented sentiment. The BSE Sensex hit a two-week low in the afternoon before recouping some of its loss to end down 116 points or 0.63 percent at 18,269, while the broader Nifty index fell by 35 points or 0.64 percent to 5,486. Second-line stocks posted relatively modest losses and the market breadth remained fairly negative, with losing shares outpacing gaining ones by 1650 to 1197 shares. India's industrial output grew at 4.4 percent in April versus 7.3 percent in March as per old series. As per the new series, IIP growth for the month stood at 6.3 percent versus 13.1 percent in the previous month. With the mining and manufacturing sectors pulling down the overall growth, the April growth came below estimates as per the old series. Finance Minister Pranab Mukherjee described the decline in industrial growth rate as "disturbing" and said he would wait for longer-term IIP growth to ascertain the trend. Despite the slower-than-expected growth, the Reserve Bank of India is expected to hike its policy rates by at least 25 basis points at its upcoming June 16 credit policy meet, to tame stubbornly high inflation, which is the highest among major Asian economies. Meanwhile, straining ties between the DMK and the Congress due to the fallout of the 2G spectrum scam also prompted investors to move to the sidelines ahead of the weekend. As per media reports, DMK chief M Karunanidhi has called an emergency meeting of the party's high-level action committee today to decide on the party's alliance with the Congress. In terms of stock-specific moves, Maruti Suzuki gained a percent after recent losses, even as a strike by workers at its Manesar plant continued. Bharti Airtel shed 0.7 percent after it reportedly received investor approval to raise up to $1.2 billion via a bonds issue. Two-wheeler manufacturer Hero Honda fell 1.2 percent as the strike at Maruti's plant is threatening to spread across the auto belt of Haryana. Among the prominent decliners in the Sensex pack, NTPC, Reliance Industries, ICICI Bank, Tata Steel, Reliance Infrastructure, Larsen & Toubro, ITC and DLF ended down by 1-2 percent. Hindalco Industries, ONGC and TCS bucked the downward trend to end with modest gains. Glenmark pharmaceuticals rose 1.3 percent after it received final approval from the U.S. health regulator for its generic Mupirocin ointment. Shakti Pumps advanced 1.7 percent after it sought shareholder approval to raise funds via a preferential share issue to IFCI Venture. KEC International edged up half a percent on the back of a block deal on the BSE. Redington (India) closed half a percent higher after Huawei Device Company appointed the company as an authorized distributor for its smart phones and tablets in South India, East India and large format retails chain across India. Gujarat NRE Coke declined 1.3 percent after launching a FCCB issue. ITC shed 1.7 percent on going ex-dividend. Bajaj Finance fell 1.4 percent on fund raising reports. An early onset of monsoon weighed on cement stocks. ACC shed 0.7 percent, Ambuja Cements lost 1.5 percent, UltraTech fell 1.3 percent and J K Cement ended down 1.8 percent. Data released by commerce secretary Rahul Khullar at the market close revealed that India's exports grew by an impressive 56.9 percent to $25.9 billion year-on-year in May, while imports stood at $40.9 billion, the highest figure in the last four years, resulting in a trade deficit of $15 billion for the month. |
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| | Forex Top Story | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Dollar Extends Comeback Versus Euro The dollar was stronger versus its European rivals but struggled against other majors Friday morning, as traders assessed an eventful week on the economic front. Central bankers were in focus as disappointing economic reports and rising inflation raised still-unanswered questions about whether policy makers will be able to make meaningful interest rate hikes without derailing the fragile global recovery. Yesterday, European Central Bank President Jean-Claude Trichet preached strong vigilance against inflation but was reluctant to signal that a July rate hike would start a series of tightening measures. Earlier in the week, Federal Reserve Chairman Ben Bernanke refused to tip his hand on whether the Fed will tighten monetary policy, or go the opposite route by providing additional support measures. The dollar rose on Trichet's comments and extended its gains into this morning, improving to a weekly high of $1.4442. The dollar has gained more than two cents since hitting a monthly low near $1.47 earlier in the week. The German parliament has voted to approve Greek aid, and Athens has committed to fresh austerity measures, easing some concerns about the region's sovereign debt problems. The dollar surged higher to $1.6220 against the sterling, but leveled off to $1.63 approaching 7 am ET. British industrial output fell more than expected in April due to extra public holidays and supply chain disruptions caused by the Japanese earthquake and tsunami, official data showed Friday. The index of industrial production dropped 1.7 percent month-on-month compared to an increase of 0.2 percent in March, according to figures published by the Office for National Statistics. Economists were expecting output to remain flat in April. Meanwhile, a separate report showed that U.K. pipeline inflation slowed in May, suggesting easing price pressure. The dollar rose to CHF 0.8440 versus the Swiss franc, away from a recent record low of 0.8326. On the flip side, the dollar was pressured by its Canadian counterpart after a decent employment report from north of the border. The buck slipped to nearly three cents below par, as Canada's economy generated 22,000 jobs in May, in line with expectations, but well short of the increase seen in the previous month, official data showed Friday. Still, the unemployment rate dropped to 7.4. percent from 7.6 percent, as more Canadians gave up looking for work. This is lowest unemployment rates since the summer of 2008. The Labor Department will release its report on export and import prices for May at 8:30 am ET. In April, import prices rose 2.2 percent month-over-month compared to a 1.1 increase in export prices. The Treasury Budget, a monthly account of the surplus or deficit of the federal government, is due to be released at 2 PM ET. The budget is considered an indicator of budgetary trends and the thrust of fiscal policy. Economists expect a deficit of $140 billion for May. |
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