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| | US Market Reports |  | | Dow Jones | NASDAQ | NYSE | AMEX |  |  |  |  | | Please click on the images to view our interactive charts | | | After moving sharply lower in recent sessions, stocks moved back to the upside at the start of trading on Tuesday. The major averages all climbed into positive territory after ending the previous session at their worst closing levels in over two months. In the past few minutes, the major averages have pulled back well off their highs for the young session but are currently clinging to modest gains. The Dow is up 31.97 points or 0.3 percent at 12,121.93, the Nasdaq is up 3.15 points or 0.1 percent at 2,705.71 and the S&P 500 is up 3.49 points or 0.3 percent at 1,289.66. The initial strength in the market came as some traders looked to pick up stocks at reduced levels following the recent weakness. Buying interest has remained relatively subdued, however, as concerns about the economic outlook continue to weigh on the markets. Since there are no major economic reports scheduled to be released on the day, last week's much weaker than expected jobs report remains on traders' minds. Later in the trading day, Federal Reserve Chairman Ben Bernanke is scheduled to deliver a speech to the International Monetary Conference in Atlanta. However, with the Fed chief not due to speak until 3:45 pm ET, his remarks are not likely to have much impact on Tuesday's trading. A majority of the major sectors have moved to the upside in early trading, although most are showing only modest upward moves. Nonetheless, notable strength has emerged among banking stocks, with the KBW Bank Index up by 1.1 percent after ending the previous session at a six-month closing low. In corporate news, shares of packaging and building products manufacturer Temple-Inland (TIN) have surged up by more than 40 percent on news that rival International Paper (IP) has offered to acquire the company for $30.60 per share or approximately $3.3 billion in cash. While the offer represents a 46 percent premium to Temple-Inland's closing price on Monday, the company's board has rejected the unsolicited proposal, claiming that it grossly under-values Temple-Inland and is not in the best interest of its stockholders. Meanwhile, FuelCell Energy (FCEL) is trading lower after the fuel cell maker reported a second quarter adjusted loss of $0.10 per share on revenues that rose 72 percent to $28.6 million. Analysts had expected the company to report a loss of $0.12 per share on revenues of $27.92 million. In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. While Japan's benchmark Nikkei 225 Index advanced by 0.7 percent, Hong Kong's Hang Seng Index fell by 0.4 percent. Meanwhile, the major European markets are seeing modest strength on the day. The U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.1 percent, while the German DAX Index has advanced by 0.5 percent. In the bond market, treasuries are seeing modest weakness in morning trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.9 basis points at 3.031 percent. |
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| | Canadian Market Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | TSX May Struggle For Direction Amid Mixed Commodities Bay Street stocks may struggle for direction Tuesday morning amid mixed cues from the commodities and global equity markets. Traders might look for cues from the speech by U.S. Federal Reserve chairman Ben Bernanke, scheduled later in the day. However, bottom fishing after the main index fell sharply in the previous session may provide some support to stocks. U.S. stock futures were pointing to a marginally higher open. On Monday, the S&P/TSX Composite Index plummeted 199.75 points or 1.47 percent to 13,318.66. The price of crude oil was ticking lower Tuesday morning amid speculation that the OPEC would increase output in its tomorrow's meeting in Vienna. The Organization of Petroleum Exporting Countries are seen rising production limits at its Wednesday meeting by as much as 1.5 million barrels a day, which could put pressure on oil prices. Crude for July was down $0.53 to $98.48 a barrel. The price of gold was lingering below $1,550 amid a weak U.S. dollar that slipped to a record low versus the Swiss franc overnight. Gold for August was edging down $1.10 to $1,546.10 an ounce. In corporate news from Canada, petroleum and natural gas firm Midway Energy (MEL.TO) reported that its first-quarter funds from operations rose to C$9.07 million or C$0.12 per share from C$2.53 million or C$0.04 per share in the year ago quarter. However, net earnings declined to C$862,000 or C$0.01 per share from C$2.07 million or C$0.03 per share in the year ago quarter. Junior oil and gas firm Vero Energy (VRO.TO) slipped into the red in first quarter, reporting net loss of C$2.18 million or C$0.04 per share compared to net income of C$1.58 million or C$0.04 per share a year ago. Western Canada focused oil firm Crocotta Energy (CTA.TO) said it would divest certain non-core assets for $5.7 million. Gold miner Argonaut Gold (AR.TO) swung to profit in first quarter, reporting net income of $5.93 million or $0.07 per share compared to a loss of $2.16 million or $ 0.04 per share in the same quarter of last year. High-value diagnostics services provider DiagnoCure, Inc. (CUR.TO) reported a narrower second-quarter net loss of C$1.60 million or C$0.04 per share compared to C$2.20 million or C$0.05 per share in the year-ago quarter. News and analytics services provider Thomson Reuters (TRI.TO) announced that it would divest its Healthcare business, which provides data, analytics and performance benchmarking solutions and services to companies, government agencies and healthcare professionals. The Healthcare business in 2010 had revenues of approximately $450 million but the company said that it expects no material impact on its previously announced 2011 outlook. Sporting goods retailer Forzani Group (FGL.TO) reported a wider first quarter net loss of C$1.88 million or C$0.07 per share compared to C$402,000 or C$0.01 per share in the year-ago quarter. Nonetheless, excluding the incremental legal costs and stock-based compensation rule change costs, the company's loss per share would have been flat to the prior year. |
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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 Mostly Higher The major European markets are modest to moderately higher in afternoon trading Tuesday, ahead of Federal Reserve Chairman Ben Bernanke's speech on the U.S. economy later in the day. Better-than-expected economic data and some broker actions lifted overall sentiment. The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.44 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.22 percent. The German DAX is adding 0.56 percent, the French CAC 40 is rising 0.46 percent and the UK's FTSE 100 is gaining 0.16 percent. Switzerland's SMI is losing 0.12 percent. Among the DAX components, diversified utility EON is rising 2.4 percent and peer RWE is gaining 1.6 percent. UBS added EON to "Key Calls List." Meanwhile, Credit Suisse reduced its price targets for both stocks. HSBC removed Siemens from 'Europe Super Ten Portfolio List' while adding K+S to the list. Siemens is advancing 1.3 percent, while K+S is marginally down. Telefonica is falling 1 percent in Milan after HSBC removed the stock from its "Europe Super Ten Portfolio List." Nivea maker Beirsdorf is adding 0.4 percent. JPMorgan raised its rating on the stock to "Neutral" from "Underweight." ThyssenKrupp, Infineon Technologies and Allianz are notably higher. Deutsche Bank is gaining 1.3 percent, while Commerzbank is falling 0.2 percent. Carmakers Daimler and Volkswagen are moderately up. BMW is rising 0.2 percent. Lenders Credit Agricole, Societe Generale and Natixis are moderately higher in Paris, while BNP Paribas is up 0.2 percent. Credit Agricole reportedly received a broker upgrade. Air Liquide is up 0.3 percent. JPMorgan reduced its rating on the stock to "Neutral" from "Overweight" and cut the price target to 112 euros from 104.80 euros. Goldman Sachs reduced its price target on media firm Vivendi to 22.60 euros from 23.30 euros. The stock is rising 0.3 percent. In London, Resolution, which announced a share buyback, is adding 3.3 percent. Legal & General is gaining 1.6 percent and Standard Life is up 1.4 percent. Rio Tinto, Vedanta Resources, Xstrata are gaining between 1.65 percent and 1.1 percent. Lender Lloyds Banking Group is rising 1.5 percent. Royal Bank of Scotland is adding 0.5 percent. Tesco is falling 0.9 percent and Sainsbury is losing 0.7 percent. Retail sales in the U.K. declined in May after a temporary boost from spending during Easter holidays and Royal Wedding played out, the British Retail Consortium said. Credit Suisse is down 0.6 percent in Zurich. JPMorgan reduced its price target on the stock to 47 Swiss francs from 50 Swiss francs. Ahold is down 1.6 percent in Amsterdam. The supermarket chain said its margins in the Netherlands were impacted by increasing inflation. Clariant is down 3.2 percent in Zurich. The specialty chemicals firm raised its 2011 sales target and said it would resume dividend payment in the current fiscal. In other economic news, eurozone retail sales grew more than expected in April, data from Eurostat showed. Retail sales were up 0.9 percent month-on-month, offsetting 0.9 percent drop in March. Economists had expected a monthly growth of 0.3 percent. German factory orders increased 2.8 percent month-on-month in April, the Federal Ministry of Economy and Technology said. Economists had expected only 2 percent growth for April, following a 2.7 percent fall in March. Switzerland's consumer price inflation increased slightly in May, the Federal Statistical Office said. Annual inflation rose to 0.4 percent in May from 0.3 percent in April. Economists had expected it to remain unchanged at 0.3 percent. Across Asia/Pacific, Australia's All Ordinaries lost 0.16 percent and Hong Kong's Hang Seng slipped 0.29 percent. China's Shanghai Composite Index and Japan's Nikkei 225 gained 0.64 percent and 0.67 percent, respectively. In the U.S., futures point to a higher open on Wall Street. In the previous session, the Dow fell 0.5 percent, the Nasdaq dropped 1.1 percent and the S&P 500 slid 1.1 percent. In the commodity space, crude for July delivery is falling $0.35 to $98.66 per barrel and August gold is rising $3.3 to $1550.5 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 Extends Gains For Second Day The Indian market gained ground for the second consecutive day Tuesday, as the recent softening in global commodity prices eased inflation worries. Positive global cues also offered support to a certain extent. While the other Asian markets turned in a mixed performance on Tuesday, European stocks were broadly higher in early trading, rebounding from a ten-week low, after European Central Bank head Jean-Claude Trichet indicated his willingness to sanction bond rollovers to ease Greece's debt crisis. The U.S. stock index futures also pointed to a firm open on Wall Street after four days of losses, as investors eagerly looked forward to the Federal Reserve Chairman Ben Bernanke's speech on the U.S. economy later in the global day. Crude prices hovered near $99 a barrel in Asian trading ahead of a key OPEC meeting this week. The U.S. dollar fell broadly against its major counterparts after a string of disappointing U.S. economic indicators including Friday's weak jobs data reinforced expectations that the Federal Reserve will not raise interest rates in a hurry. The benchmark 30-share Sensex moved in the range of 18,351-18,546 before closing 76 points or 0.41 percent higher at 18,496, with 18 of its components advancing. Hindustan Unilever, Hero Honda Motor, Larsen & Toubro, Wipro, Bharti Airtel, Reliance Communication, NTPC, Tata Power, Bajaj Auto, ICICI Bank, BHEL and HDFC were the laggards. The broader Nifty index rose by 24 points or 0.44 percent to 5,556, while the BSE mid-cap and small-cap indexes added 0.77 percent and 0.65 percent, respectively. Sector-wise, realty, oil/gas, IT and healthcare stocks led the gainers, while capital goods and FMCG stocks edged lower, limiting the upside. Infrastructure firm Jaiprakash Associates led the gainers in the Sensex pack, rising 2.1 percent, while energy giant Reliance Industries rose 1.9 percent, drug maker Cipla gained 1.8 percent and steel maker Tata Steel added 1.4 percent. Infosys Technologies advanced 1.9 percent after the IT major partnered with Jordan-based The Housing Bank for Trade and Finance to provide core banking solution to power the bank's innovation and customer experience-led growth. Rival TCS rose a little over a percent, extending gains for the second session. Maruti Suzuki gained 1.1 percent even as the strike at its Manesar plant entered the fourth day. Property developer DLF and aluminum maker Hindalco rose about 0.8 percent each, copper producer Sterlite closed up 0.3 percent, state-run lender SBI edged up 0.2 percent and oil explorer ONGC closed up 0.1 percent. Volume toppers during the session were Sun TV Network, Unitech, Suzlon Energy, HDIL, Reliance Communication and Power Grid Corporation. Of the total 2,910 stocks traded on the BSE, 1,533 advanced and 1,256 declined, while 121 others closed unchanged. Stanchart IDRs climbed 3.8 percent on bargain hunting after plunging 18 percent a day before on a SEBI ruling that it need not convert its IDRs into the underlying shares. Adani Power rose 2.7 percent after it proposed to set up two solar photovoltaic cell projects in Gujarat and Rajasthan that would produce 140 megawatts in three years. Tata Global Beverages advanced 1.3 percent on the buzz that it may sell around 20 percent stake in its global operations to a strategic investor. Aptech added 1.8 percent amid reports that it may announce a strategic tie-up with the United Nations Information Centre. Ramky Infrastructure soared 5.3 percent on winning orders worth Rs 582 crore across industrial, water & waste water and building verticals. GMR Infrastructure closed up 1.4 percent after the company said it plans to grow its power business. Kingfisher Airlines rallied 3.1 percent on fund raising reports. Nirlon rose 1.4 percent after it received board approval to raise up to Rs.75 crore by issuing shares on a preferential basis. UTV Software fell 0.6 percent on profit taking after climbing 10 percent yesterday on the buzz that Walt Disney may hike stake in the company. |
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| | Forex Top Story | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Euro Steady As Focus Shifts To Central Bankers The euro was generally stronger versus other majors on Tuesday, clawing back from a record low against the Swiss franc amid indications that Greece will get additional time to make good on its debt obligations. Officials at the International Monetary Fund and European Central Bank have insisted a restructuring of Greek debt is off the table, but the markets are nervous that bond holders will eventually take a haircut. With Europe prepared to kick its can of sovereign debt problems down the road, focus has shifted to the struggling U.S. economy. Friday's dismal jobs report has raised talk of a double-dip recession and expectations that the Federal Reserve will keep interest rates at effectively zero through the year. Federal Reserve Chairman Ben Bernanke will speak to the International Monetary Conference in Atlanta at 3:45 pm ET. Meanwhile, the euro fetched $1.4665 versus the dollar, having touched a new monthly high of $1.4681 upon the release of this morning's euro zone retail sales data. Eurozone retail sales rebounded stronger than expected in April, erasing previous month's decline as strong consumer spending during the Easter break boosted sales. Retail sales grew 0.9 percent month-on-month in April, offsetting a revised 0.9 percent drop in March, data from Eurostat showed Tuesday. The euro improved to CHF 1.2245 versus the Swiss franc, up from last week's record low of 1.2051. Following Bernanke's speech this afternoon, attention may turn to the upcoming meeting of the European Central Bank. Policy makers are not expected to hike rates on Thursday, but may signal their intention to tighten at the July meeting, barring a significant slowdown in the region's economic activity. |
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