Quantcast
Channel: MBIA
Viewing all articles
Browse latest Browse all 5

NYSE Morning Update 06/12/2013

0
0

Ahead of the Bell: Dow futures are trading up 77 points and S&P futures are trading up 9  pointsdespite growing worries that global central banks might start trimming their stimulus programs. Recent encouraging economic data from the US has raised concerns that the Federal Reserve could roll back its asset purchase program.  The Bank of Japan's lack of action earlier in the week has also added to concerns that monetary policy around the globe is about to become tighter. Also, rising borrowing costs in Germany and Italy are creating uneasiness, a sign the euro zone crisis is about to get worse.



  •  On the economic calendar today, no major reports are due. The dollar is up against the euro and the British pound and down against the Japanese yen.  Gold is trading at $1,377. Crude oil is currently trading at $95 a barrel. 

  • Yesterday, stocks sold off after the Japanese Central Bank disappointed financial markets by holding steady its asset purchase program.

  • On CNBC today, Doug Cote, chief market strategist at ING Investment Management and Derek Young, president of Global Asset Allocation at Fidelity Investments, talked about the recent choppy markets.  Cote believes the Japanese central bank and the ECB are to blame for this recent volatility in the equity markets.  The Bank of Japan’s lack of action yesterday and the ECB’s inability to implement some of its policies is creating the uncertainty in equities.  However, long term, the US consumer is coming back which will fuel the growth at home.  He views financial markets as a tail of two tapes; the equity market which is forward looking with the improving economic data and the bond market which is forecasting lower yields because of a lack of growth in Europe.  He suggests that investor’s diversify in some emerging market assets and some in illiquid assets.  Young said investors are speculating whether the Federal Reserve will taper its stimulus program and that is what is causing the volatility, but he believes this is all healthy for the equity markets.  In the long run, the US equity market remains the best option for those saving for college and retirement.  

  • Have a great day!

Tuesdays Close


DJIA down 116.57 pts/-0.76%/ 15,122.02


S&P down 16.68 pts/-1.02%/ 1,626.13


Nasdaq down 36.82 pts/-1.06%/ 3,436.95


 


Wednesday’s Futures


Dow Futures up 77.27 pts/+0.50%


S&P Futures up 9.50 pts/+0.57%


Nasdaq Futures up 14.25 pts/+0.48%


 


Overseas Markets


FTSE +0.36%


CAC 40 +0.62%


NIKKEI 225 -0.21%


HANG SENG -1.20%


 


Overseas:  World stock markets are up today. European and Asian have recovered a little and snapped a two-day sell off on concerns over global central banks rolling back stimulus programs.


 


Economic Reports:  None for today.


 


Top Headlines:    



  • Apollo Tyres Ltd (NSE: ApolloTYRE) announced it is acquiring Cooper Tire & Rubber Company (CTB) in an all-cash transaction valued at approximately $2.5 billion or about $35.00 per share in cash.

  • Proxy advisory firm ISS has recommended shareholders vote for SoftBank Corp's revised offer for Sprint Nextel (S), after the Japanese carrier sweetened its offer from $20.1 billion to $21.6 billion.

  • MBIA Inc. (MBI) loses lawsuit after a judge ruled Partriarch Partners did not breach its contract by failing to get investment-grade securities.

  • News Corporation (NWS) shareholders approved its split.  The publishing group will inherit the News Corporation name, while the entertainment unit will be called 21st Century Fox.  

Commodities/Currency:


Gold:up $0.50 to $1,377.50
Oil:down 0.14 to $95.24

EUR/USD 1.3270 -0.0043
USD/JPY 96.4745 +0.3395
GBP/USD 1.5645 -0.0001


 


Volatility Index (VIX): As of the close of business Tuesday, June 11, the VIX is up 1.63 at 17.07.


Companies Reporting Quarterly Earnings:


 


Agilysys reports Q4 adj EPS 15c, vs. Est 6c and Q4 revenue $63.0M vs.$52.0M a year ago.


 


Today’s Opening and Closing Bells:


 


Gigamon, Inc. celebrating its IPO,CEO Paul Hooper will ring the opening bell.


 


Aberdeen Asset Management celebrating Anniversaries for 11 NYSE-listed Funds will ring the closing bell.


 


 


    


 


 


Paras Madho


Corporate Actions & Market Watch


NYSE Euronext | Global Corporate Client Group
11 Wall Street | New York NY 10005
P:  (212) 656-5404


pmadho@nyx.com


 


Exclusive Market Intelligence, Insight, and Network: www.NYSEConnect.com


 


 


 


 


Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


Viewing all articles
Browse latest Browse all 5

Latest Images

Trending Articles





Latest Images