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| | US Market Reports |  | | Dow Jones | NASDAQ | NYSE | AMEX |  |  |  |  | | Please click on the images to view our interactive charts | | | With traders reluctant to make any significant moves ahead of Friday's monthly employment report, stocks are turning in a lackluster performance in early trading on Thursday after falling sharply in the previous session. The major averages are currently mixed, with the tech-heavy Nasdaq posting a modest gain. While the Nasdaq is up 6.79 points or 0.3 percent at 2,775.98, the Dow is down 17.90 points or 0.2 percent at 12,272.24 and the S&P 500 is down 0.78 points or 0.1 percent at 1,313.77. The choppy trading on Wall Street comes as traders have shrugged off a Labor Department report showing a modest decrease in initial jobless claims, as claims remain at an elevated level. The data has added to the uneasiness ahead of the more closely watched monthly report. The report showed that initial jobless claims fell to 422,000 from the previous week's revised figure of 428,000. Economists had been expecting jobless claims to edge down to 420,000 from the 424,000 originally reported for the previous week. A separate Labor Department said that labor productivity in the first quarter was upwardly revised to show an increase of 1.8 percent compared to the 1.6 percent increase that had been reported. Economists had expected the increase in productivity to be upwardly revised to 1.7 percent. Most of the major sectors are showing only modest moves in early trading, although notable strength has emerged among oil service. The Philadelphia Oil Service Index is up by 1.3 percent amid a modest increase by the price of crude oil. Transportation, networking, and biotechnology stocks have also moved to the upside, although buying interest remains subdued. On the other hand, retail and tobacco stocks have come under pressure. Among individual stocks, shares of Joy Global (JOYG) seeing early strength after the mining equipment maker reported second quarter earnings that rose to $1.52 per share, exceeding analyst estimates for earnings of $1.35 per share. Joy Global also reported better than expected revenues for the quarter and raised its full year earnings and revenue guidance. Meanwhile, Copart (CPRT) is posting a notable loss after reporting first quarter earnings of $0.71 per share, higher than $0.52 per share last year. The company also said its revenues rose 7.4 percent to $236.8 million. Analysts had expected earnings of $0.70 per share on revenues of $241.56 million. |
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| | Canadian Market Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | TSX May Edge Up At Open On Value Buying Bay Street stocks may edge up at open Thursday amid flat commodities prices and recent batch of corporate earnings reports that came in mostly encouraging. Also, value buying at lower levels as the main index fell sharply in the previous session on downbeat economic data from south of the border might help trader sentiment. U.S. stock futures were pointing to a marginally higher open amid weekly jobless claims data. On Wednesday, the S&P/TSX Composite Index plummeted 274.99 points or 1.99 percent to 13,527.88. The price of crude oil was flat as traders await cues from the official inventories data due out later during the session. Analysts expect crude oil inventories to dip by 1.90 million barrels, while gasoline stocks are seen adding 1.20 million barrels last week. Crude for July inched up $0.01 to $100.30 a barrel. The price of gold was little changed near $1,540 as the U.S. dollar turned weak after a slew of downbeat economic data. Gold for August edged down $2.70 to $1,540.50 an ounce. In corporate news from Bay Street, Canadian Western Bank (CWB.TO) said its second-quarter net income increased 17 percent to C$44.44 million or C$0.53 per share from C$37.88 million or C$0.48 per share last year. Gold miner Barrick Gold (ABX.TO) and its wholly-owned subsidiary, Barrick Canada Inc. said that about 729 million commons shares of Equinox Minerals (EQN.TO) have been deposited to the offer made by Barrick to acquire all the shares of Equinox at C$8.15 per share. Network and logistics technology solutions provider Descartes Systems (DSG.TO) reported higher first quarter net income of $2.15 million or $0.03 per share, compared to $0.19 million or breakeven per share last year. Analysts were expecting the company to report earnings of $0.12 per share for the quarter. Real estate developer Melcor Developments (MRD.TO) reported lower first quarter net income of C$3.94 million or C$0.13 per basic share compared to C$6.90 million or C$0.23 per basic share in the year ago quarter. Aerospace industry components supplier Magellan Aerospace (MAL.TO) reported nearly a two-fold jump in its first quarter net income at C$7.22 million or C$0.14 per share from C$3.79 million or C$0.07 per share in the prior year. Industrial wood products company Stella-Jones (SJ.TO) reported a much improved first quarter net of $8.5 million compared to $5.8 million a year ago. Asset management company Sprott Inc. (SII.TO) reported a 64 percent jump in its first quarter net income at $10.60 million or $0.07 per share, compared to $6.4 million or $0.04 per share a year ago. In economic news from south of the border, the U.S. Labor Department said that initial jobless claims fell to 422,000 from the previous week's revised figure of 428,000. Economists had been expecting jobless claims to edge down to 420,000 from the 424,000 originally reported for the previous week. |
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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 Greek Worries Deepen The European markets are moderately to notably lower in afternoon trading Thursday, as downgrading of Greek bond ratings by Moody's Investors Service unnerved global markets, amid fears of moderation in growth. Moody's Investors Service Wednesday downgraded Greece's local and foreign currency bond ratings deeper into junk status, citing heightened risk that the country will fail to stabilize its debt position without a debt restructuring. The Euro Stoxx 50 index of eurozone blue chippers is declining 0.75 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is dropping 0.82 percent. The German DAX is declining 1.02 percent and the French CAC 40 is losing 1.12 percent. The UK's FTSE 100 is dropping 0.73 percent. The Swiss market is closed for the Ascension Day holiday. Among the DAX components, chemicals firm Linde is losing 1.58 percent. Basf is down 1.35 percent and Bayer is slipping 0.8 percent. Airline Lufthansa is declining 1.5 percent. Sports goods giant Adidas is down 1.1 percent. Automakers Volkswagen and Daimler are notably lower. BMW is losing 0.8 percent. Goldman Sachs raised its price target on BMW to 120 euros from 107 euros. Technology firms Infineon Technologies and SAP are falling 1.5 percent and 1 percent, respectively. Deutsche Bank is down 0.7 percent, while Commerzbank is adding 1.75 percent. Lender Natixis is plunging about 6 percent in Paris. BNP Paribas and Credit Agricole are declining 0.8 percent and 0.4 percent, respectively. Societe Generale is flat. Peugeot and Renault are declining 4.5 percent and 1.8 percent, in that order. France Telecom is falling 0.7 percent. Goldman Sachs lowered its price target on the stock to 14 euros from 14.10 euros. Builders Bouygues and Vinci are losing 0.9 percent and 0.8 percent, respectively. In London, specialty chemicals firm Johnson Matthey is falling 2.7 percent. The company reported a higher profit for the year, as revenues increased 27 percent, and lifted its full-year dividend 18 percent. Miners Antofagasta, Rio Tinto, Xstrata and BHP Billiton are losing between 2.7 percent and 2.2 percent. Retailer Kingfisher is losing 2.4 percent after projecting a tough year for retailers. Lloyds Banking Group is dropping 1.15 percent and Standard Chartered is falling 0.6 percent. Serco Group is adding 2.9 percent. Outside the main index, WS Atkins is down 1.2 percent. The company announced the retirement of its Chief Executive Officer and Director Keith Clarke and named Uwe Krueger as Clarke's successor. ASOS is declining 10.2 percent in London after reporting a fall in reported profit for the year. Nokia is down 3.8 percent in Helsinki. Citigroup reduced its price target on the handset maker to 4.10 euros from 5.60 euros. In economic news, British construction sector activity showed a solid expansion in May, data from Markit Economics showed. The Markit/Chartered Institute of Purchasing & Supply Purchasing Managers' Index rose to 54 from 53.3 in April. The expected reading for May was 53.5. Across Asia/Pacific, most major markets ended firmly in the red. Australia's All Ordinaries lost 2.20 percent and China's Shanghai Composite Index retreated 1.40 percent. Hong Kong's Hang Seng and Japan's Nikkei 225 shed 1.58 percent and 1.69 percent. In the U.S., futures point to a slightly higher open on Wall Street. In the previous session, the Dow plunged 2.2 percent, the Nasdaq dropped 2.3 percent and the S&P 500 plummeted 2.3 percent. In the commodity space, crude is adding $0.10 to $100.39 per barrel and gold is rising $0.50 to $1543.70 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 Ends Off Day's Low The Indian market ended on a subdued note Thursday, in tandem with weak Asian and European peers, as a sell-off in U.S. stocks overnight amid grim economic data and the downgrade of Greece's local and foreign currency bond ratings deeper into junk status by Moody's sparked worries over the outlook for global growth this year. Wall Street suffered its worst session since August Wednesday, with the major averages ending down over 2 percent each, as downbeat reports on private-sector job growth and the manufacturing sector and news of major automakers reporting weak U.S. vehicle sales for May suggested the economic recovery is running out of steam. Data out of the U.S. showed manufacturing activity in May expanded at the weakest pace in more than a year and employers hired fewer workers than forecast, fueling concerns over the outlook for the global economy. The benchmark 30-share Sensex opened at 18,426 and fell to a low of 18,391 early in the session before cutting losses and ending down 115 points or 0.62 percent at 18,494. The broader Nifty index fell by 42 points or 0.74 percent to 5,550 and the BSE mid-cap and small-cap indexes closed down about 0.7 percent each. The market breadth on the BSE was fairly negative, with declining shares outpacing gaining ones by 1657 to 1149 shares. Banking, metal, realty and auto stocks led the declines, while FMCG stocks posted notable gains on defensive buying. Among the prominent decliners, ICICI Bank fell 3.1 percent and HDFC Bank ended down 1.3 percent on turning ex-dividend. In the auto pack, Maruti Suzuki, Mahindra & Mahindra and Tata Motors fell over 2 percent each. Copper producer Sterlite shed 2 percent, aluminum maker Hindalco lost 1.5 percent and steel maker Tata Steel slipped 1.3 percent, as base metal prices declined on the London Metal Exchange overnight. In the IT sector, Wipro lost 1.2 percent, TCS fell 0.9 percent and Infosys ended down 0.3 percent. On the other hand, Hindustan Unilever climbed 3.5 percent on the buzz that U.S.-based Procter & Gamble is likely to make a 38 billion pound bid for its European rival Unilever. Nestle India, ITC, Dabur India, Tata Global Beverages and Colgate Palmolive rose by 0.4-3.0 percent after the country's weather office reportedly said monsoon rains were 12 percent above normal in the week to June 1. A normal monsoon means higher farm out, which should help tame the spiraling food inflation. Among the other prominent gainers, two-wheeler manufacturer Bajaj Auto added 2.2 percent, power producers NTPC and Tata Power gained about 0.4 percent each, and state-run lender SBI ended up 0.1 percent. Energy giant Reliance Industries closed up half a percent ahead of its annual general meeting on Friday. Hero Honda Motors added half a percent after reporting a 15 percent rise in May vehicle sales. Likewise, Jaiprakash Associates closed half a percent higher after posing a modest 3 percent rise in cement shipments for May. Tata Teleservices (Maharashtra) soared 6.5 percent on reports that the Central Bureau of Investigation has found no illegality in granting 2G licenses to Tata Group. PBA Infrastructure jumped 8 percent after its joint venture bagged a Rs.425-crore road project State-run oil major HPCL rose half a percent and IOC gained 1.1 percent after crude prices fell for a second day on Thursday on a private inventory report showing a surprise gain in U.S. crude supplies. Sun TV Network plunged 28 percent to a 52-week low on reports of a CBI inquiry after the BJP alleged that the company, belonging to Maran's brother Kalanithi Maran, was an indirect beneficiary in the 2G spectrum allocation scam. Rival Raj Television Network climbed 6.6 percent on expectations that the company will benefit from growing woes of Sun TV. SpiceJet, another company controlled by the Maran family, slumped 16 percent. ADAG stocks lost ground. Reliance Infrastructure slumped 4.7 percent, Reliance Communication tumbled 4.1 percent, Reliance Capital lost 2.6 percent and Reliance MediaWorks plunged 6.2 percent. In economic news, India's annual food inflation rate for the week ended May 21 eased to 8.06 percent from 8.55 percent in the previous week, as prices of cereals, fruits and rice moderated, government data released today showed. The inflation remained in single digit for the tenth consecutive week. |
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| | Forex Top Story | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Euro Extends Gains Versus Dollar, Greece Rescue On Horizon The euro rallied to its highest levels in four weeks versus the dollar on Thursday, boosted by Greek concessions and reassuring comments from German leader Angela Merkel. Reports suggested Greece will offer faster privatizations and a new round of sweeping austerity measures in return for aid that will help it make ends meet through 2013. The European Central Bank, European Union, and International Monetary Fund are now in talks about a plan to provide further financial assistance to the debt-ridden nation. Yesterday, Moody's downgraded Greece's local and foreign currency bond ratings deeper into junk status, citing heightened risk that the country will fail to stabilize its debt position without a debt restructuring. While competitive gaps between Germany and nations struggling on the periphery of the euro zone do exist, German Chancellor Angela Merkel said Thursday that there is no currency problem in Europe and the euro currency is stable. European Central Bank President Jean-Claude Trichet on Thursday suggested setting up a finance ministry for the euro area. The euro rose to $1.4485 versus the dollar, edging back toward a 17-month high of $1.4939 set in early May. Recent U.S. data points showing continued weakness in housing and a big drop in manufacturing have economists concerned that first quarter weakness was no fluke. The single currency also extended its weekly gains versus the sterling, fighting back to GBP 0.8835. A month ago the euro hit a yearly peak above GBP 0.90. Early gains took the euro to CHF 1.2190 versus the Swiss franc, away from yesterday's record low of CHF 1.2050. In economic news from around the globe, U.S. initial jobless claims fell to 422,000 from the previous week's revised figure of 428,000. Economists had been expecting jobless claims to edge down to 420,000 from the 424,000 originally reported for the previous week. Japan's economic recovery is set to accelerate in the second half of the fiscal year ending March 2012, Bank of Japan policy board member Seiji Nakamura said Thursday. Private consumption is likely to recover and reconstruction demand to increase further, he added. A no-confidence motion moved by the Opposition against the Japanese government of Prime Minister Naoto Kan was defeated in the Parliament on Thursday. |
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