April 29, 2005
A study by the Bond Market Association was released on Thursday which found that while the level of transparency in European Union bond transactions is on the increase, there is still room for improvement before transparency reaches the current level of exchange-traded equities’ transactions’ transparency. The study comes in the wake of an increase in bonds investment in the retail market, where there have been some huge losses sustained ...
Bond Market Association reports on European market improvements
by Brian TurnerA study by the Bond Market Association was released on Thursday which found that while the level of transparency in European Union bond transactions is on the increase, there is still room for improvement before transparency reaches the current level of exchange-traded equities’ transactions’ transparency. The study comes in the wake of an increase in bonds investment in the retail market, where there have been some huge losses sustained ...
April 28, 2005
TeliaSonera, the dominant Nordic telecommunications provider, issued a disappointing quarterly earnings report on Tuesday, and on Thursday it was forced to cancel a planned €500m 15-year bond and to pay a much higher interest rate on shorter-term bonds in its first international bond issue since a 2003 merger. The company released a first quarter earnings report on Tuesday that fell short of expectations and came with a warning it ...
TeliaSonera cancels new €500m 15-year bond: forced to raise interest on previous issues
by Brian TurnerTeliaSonera, the dominant Nordic telecommunications provider, issued a disappointing quarterly earnings report on Tuesday, and on Thursday it was forced to cancel a planned €500m 15-year bond and to pay a much higher interest rate on shorter-term bonds in its first international bond issue since a 2003 merger. The company released a first quarter earnings report on Tuesday that fell short of expectations and came with a warning it ...
Mexico seeks sapi expansion of securities market
by Brian TurnerMexico is in the process of reforming its securities laws in order to get more companies to list on the stock market there as well as to give foreign investors more confidence in the Mexican stock market. The main change proposed is the creation of a new category, an “investment promotion group” or “sapi”. The sapi listing would be halfway to a full listing. Minority shareholders in ...
Taipei strong as Tokyo flat
by Brian TurnerAsian markets were mixed Thursday amid the release of a new round of quarterly earnings reports. In Hong Kong, the Hang Seng index was up 0.5 percent to 13,909.42. In Shanghai the composite index closed up 1.8 percent at 1,169.12. The Taipei market closed up as well, with a 1.1 percent gain, to close at 5,842.27, its best result in two weeks. Technology stocks were a major contributor to ...
April 27, 2005
In the European markets at midday on Wednesday, the FTSE Eurofirst 300 was down 1.1 percent to 1,061.62, while the Xetra Dax in Germany was off 1.4 percent to 4,173.95, and in Paris the CAC-40 fell 1.2 percent to 3,944.28. There were losses in most sectors, but a big factor in the decline were disappointing quarterly earnings reports in the telecommunications and technology sectors. Telenor, the top telecommunications operator ...
Eurofirst down on poor technology performance
by Brian TurnerIn the European markets at midday on Wednesday, the FTSE Eurofirst 300 was down 1.1 percent to 1,061.62, while the Xetra Dax in Germany was off 1.4 percent to 4,173.95, and in Paris the CAC-40 fell 1.2 percent to 3,944.28. There were losses in most sectors, but a big factor in the decline were disappointing quarterly earnings reports in the telecommunications and technology sectors. Telenor, the top telecommunications operator ...
Strong imports swell US oil inventories
by Brian TurnerCrude oil stockpiles rose by 5.5 million barrels last week to 324.4 million barrels, according to the U.S. Department of Energy’s weekly report. The rise in crude oil inventories was fueled by the import of 10.9 million barrels of crude oil per day, the third-highest weekly average in history. It was also a much larger increase in inventories than had been expected and the tenth time in ...
US and EU bonds up as Japanese bonds offer lower yields
by Brian TurnerYields on government bonds in the U.S. and eurozone were up on Tuesday, while yields stayed low in Japan. In the U.S., treasury bond prices were lower and yields higher as a surge in the sale of new homes seemed to make up for a weaker than expected consumer confidence index. The yield on 10-year treasury bonds went up 6 basis points to 4.29 percent early; however they ...
GM and GMAC: Fitch considers investment rating split
by Brian TurnerFitch Ratings is looking at separating the credit ratings of General Motors and its finance division GMAC. Fitch and other ratings services all currently rate General Motors BBB-, the lowest investment level, and assign it a negative outlook. While GMAC is also rated BBB- by S&P and Fitch, it is put at Baa2 by Moody’s While the S&P and Fitch ratings are the lowest investment grade rating, ...
April 26, 2005
Allied Domecq led gainers on the FTSE 100 in London at mid-day on Thursday. It’s shares were up 3.6 percent to 666p after its board recommended acceptance of a takeover bid by a group led by Pernod Ricard of France and Fortune Brands of the United States. Allied Domecq’s rivals were also generally higher, as SABMiller rose 1.2 percent and Scottish and Newcastle was up by 0.2 percent. ...
Allied Domecq leads on London
by Brian TurnerAllied Domecq led gainers on the FTSE 100 in London at mid-day on Thursday. It’s shares were up 3.6 percent to 666p after its board recommended acceptance of a takeover bid by a group led by Pernod Ricard of France and Fortune Brands of the United States. Allied Domecq’s rivals were also generally higher, as SABMiller rose 1.2 percent and Scottish and Newcastle was up by 0.2 percent. ...
April 25, 2005
Recent refinery problems in Kansas and Texas have caused concern, and resulting rises in crude oil prices. Refineries are already operating at near-capacity to meet current demand. Fears are that higher demand during the summer months might go unmet. This worry was only amplified by the news that a Louisiana refinery owned by Conoco-Phillips would be closed for another week after it failed to restart after being ...
Summer supply concerns oil markets
by Brian TurnerRecent refinery problems in Kansas and Texas have caused concern, and resulting rises in crude oil prices. Refineries are already operating at near-capacity to meet current demand. Fears are that higher demand during the summer months might go unmet. This worry was only amplified by the news that a Louisiana refinery owned by Conoco-Phillips would be closed for another week after it failed to restart after being ...
Oil futures still up while car makers down
by Brian TurnerIn the European markets at midday on Monday, stocks in oil companies were higher but most automobile manufacturers were lower. In the energy sector, OMV was up 1.9 percent, BP had advanced 1.5 percent, and Statoil rose 1.6 percent on news of higher crude oil prices that were a result of fears of a tight summer supply in the U.S. In the automobile manufacturing sector, Volvo fell 0.7 ...
Anticipation of quarterly reports encourages Tokyo
by Brian TurnerIn Japan on Monday, the pharmaceuticals sector was generally up, while the transport sector was down and technology stocks were mixed. Chugai Pharmaceutical, associated with Switzerland’s Roche, was up 1.9 percent as it reported good quarterly profits, mostly due to the sales of its flu drug Tamiflu. This news also helped rival companies as well, with Sankyo rising 2.2 percent and Takeda Pharmaceutical up 1.6 percent. In ...
Slow trading in London
by Brian TurnerAt midday in London Monday, trading was very slow, with only 1.1 bn shares traded. The markets advanced, but only fractionally. Media stocks were down with ITV leading the way, down 2.7 percent as rumors of a takeover evaporated. EMAP was down 1.1 percent, the Daily Mail and General Trust declined 1.7 percent, and Reuters fell 1.1 percent. Reuters’ loss had to do with disappointment with the selling ...
April 22, 2005
A positive first-quarter earnings report from Ericsson spurred the technology sector to advance in the European markets at midday on Friday. Ericsson was up 4.3 percent on the report that their first-quarter earnings were above expectations. Other technology stocks also advanced. Nokia rose 1.9 percent, STMicroelectronics was up 1.9 percent, ASML advanced by 1 percent, and Siemens was 1.3 percent ahead. These gains helped the FTSE ...
Ericsson spurs technology sector
by Brian TurnerA positive first-quarter earnings report from Ericsson spurred the technology sector to advance in the European markets at midday on Friday. Ericsson was up 4.3 percent on the report that their first-quarter earnings were above expectations. Other technology stocks also advanced. Nokia rose 1.9 percent, STMicroelectronics was up 1.9 percent, ASML advanced by 1 percent, and Siemens was 1.3 percent ahead. These gains helped the FTSE ...
Kodak reports big net losses
by Brian TurnerSales of digital products by Eastman Kodak were up by 23 percent in the first quarter of the year, but traditional film sales dropped 29 percent worldwide and 17 percent in the United States. This has led to layoffs and factory closings as Kodak makes the change from traditional to digital photographic technologies. This shift, as well as the high restructuring costs it entails, gave Kodak a net loss ...
Shire leads FTSE losers
by Brian TurnerShire Pharmaceuticals led the losers on the FTSE 100 at the end of morning trading in London on Friday as it fell 2.5 percent on mixed reaction to its announcement that it would acquire rival Trankaryotic Therapies. While Deutsche Bank analysts believe that the takeover could be an advantage for Shire, Credit Suisse First Boston downgraded it to “neutral” because TKT is currently in the loss column. Other ...
April 21, 2005
Asian markets were generally higher in Thursday trading after overcoming losses earlier in the day. In Hong Kong, the Hang Seng index was 0.7 percent higher, closing at 13,597.31, as retailers saw generally positive activity. Taipei was up by 0.5 percent, to finish the day at 5,721.99. In Seoul, the weighted index finished up 0.2 percent at 939.14 after a period of losses. Concerns about inflation ...
Tokyo loses while Asian markets recover
by Brian TurnerAsian markets were generally higher in Thursday trading after overcoming losses earlier in the day. In Hong Kong, the Hang Seng index was 0.7 percent higher, closing at 13,597.31, as retailers saw generally positive activity. Taipei was up by 0.5 percent, to finish the day at 5,721.99. In Seoul, the weighted index finished up 0.2 percent at 939.14 after a period of losses. Concerns about inflation ...
Oil falls in warning on lower US inventories
by Brian TurnerThe United States Department of Energy reported Wednesday that stockpiles of crude oil as well as gasoline had fallen by 1.8 million barrels since last week, an unexpected retreat after ten weeks of higher supplies. While the decrease was explained at least in part by lower imports and higher refinery runs, the report, working in concert with unfavorable reports out of some top oil companies and fears that high ...
Telecommunications brighten European markets
by Brian TurnerIn an up day in the European markets, Nokia advanced by 5.8 percent as they issued a first-quarter earnings report that was higher than expected. Even before this news was announced, other telecommunications companies were up in afternoon trading on Thursday. Ericsson rose 3.5 percent, Alcatel rose 1 percent after being down earlier in the day, France Telecom advanced 2.3 percent, and Telefonica was up 1.5 percent. ...
April 20, 2005
Asian markets were mixed Wednesday as oil prices and concerns about growth in China caused worries that were not allayed by Intel’s positive quarterly earnings report. In Shanghai, the composite index closed down 1.3 percent at 1,184.19. In Taipei the good news from Intel did not effect the technology sector; the weighted index closed 1 percent lower at 5,693.01. The composite index in Seoul rose 0.5 percent ...
Asia markets variable
by Brian TurnerAsian markets were mixed Wednesday as oil prices and concerns about growth in China caused worries that were not allayed by Intel’s positive quarterly earnings report. In Shanghai, the composite index closed down 1.3 percent at 1,184.19. In Taipei the good news from Intel did not effect the technology sector; the weighted index closed 1 percent lower at 5,693.01. The composite index in Seoul rose 0.5 percent ...
