April 29, 2005
Bond Market Association reports on European market improvements
Permalink: Bond Market Association reports on European market improvements by Brian Turner 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 ...
April 28, 2005
TeliaSonera cancels new €500m 15-year bond: forced to raise interest on previous issues
Permalink: TeliaSonera cancels new €500m 15-year bond: forced to raise interest on previous issues by Brian Turner 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 ...Mexico seeks sapi expansion of securities market
Permalink: Mexico seeks sapi expansion of securities market by Brian Turner Mexico 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 ...Taipei strong as Tokyo flat
Permalink: Taipei strong as Tokyo flat by Brian Turner Asian 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 ...
April 27, 2005
Eurofirst down on poor technology performance
Permalink: Eurofirst down on poor technology performance by Brian Turner 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 ...Strong imports swell US oil inventories
Permalink: Strong imports swell US oil inventories by Brian Turner Crude 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 ...US and EU bonds up as Japanese bonds offer lower yields
Permalink: US and EU bonds up as Japanese bonds offer lower yields by Brian Turner Yields 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 ...GM and GMAC: Fitch considers investment rating split
Permalink: GM and GMAC: Fitch considers investment rating split by Brian Turner Fitch 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 ...
April 26, 2005
Allied Domecq leads on London
Permalink: Allied Domecq leads on London by Brian Turner 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 ...
April 25, 2005
Summer supply concerns oil markets
Permalink: Summer supply concerns oil markets by Brian Turner 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 ...Oil futures still up while car makers down
Permalink: Oil futures still up while car makers down by Brian Turner In 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 ...Anticipation of quarterly reports encourages Tokyo
Permalink: Anticipation of quarterly reports encourages Tokyo by Brian Turner In 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 ...Slow trading in London
Permalink: Slow trading in London by Brian Turner At 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. ...
April 22, 2005
Ericsson spurs technology sector
Permalink: Ericsson spurs technology sector by Brian Turner 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 ...Kodak reports big net losses
Permalink: Kodak reports big net losses by Brian Turner Sales 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 ...Shire leads FTSE losers
Permalink: Shire leads FTSE losers by Brian Turner Shire 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” ...
April 21, 2005
Tokyo loses while Asian markets recover
Permalink: Tokyo loses while Asian markets recover by Brian Turner 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 ...Oil falls in warning on lower US inventories
Permalink: Oil falls in warning on lower US inventories by Brian Turner The 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 ...Telecommunications brighten European markets
Permalink: Telecommunications brighten European markets by Brian Turner In 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 ...
April 20, 2005