Market-newsEvery morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.

Market Action

 

  • US:  Dow Futures: 13126.00 (0.13%), S&P 500 Futures: 1389.90 (-0.06%), NASDAQ Futures: 2693.00 (-0.04%)
  • Europe: CAC: 3577.33 (0.76%), DAX: 7086.15 (1.27%), FTSE: 5977.99 (0.37%).
  • Asia-Pacific:Australia: 4287.20 (0.90%),China: 2391.23 (-2.70%),Hong Kong: 21307.89 (-0.15%),India: 5463.90 (0.63%),Japan: 10050.52 (1.51%).
  • Metals: Gold: 1640.80 (-3.15%), Silver: 32.80 (-2.31%), Copper: 3.85 (-1.41%)
  • Energy: Crude Oil: 106.17 (-0.51%), Natural Gas: 2.26 (-1.91%)
  • Commodities: Corn: 6.58 (0.15%), Soya Bean: 13.51 (1.21%), Wheat: 6.45 (-0.19%)
  • Currency: EUR/USD: 1.3053 (-0.23%), GBP/USD: 1.5697 (-0.05%), USD/JPY: 82.5600 (0.72%)
  • 10 year US Treasury: 2.190% (0.067)

 

Market News Update

 

U.S. stock-index futures pause: U.S. stock futures were little changed as investors weighed the results of the Federal Reserve’s “stress tests” of the biggestU.S. banks. As of8:32 a.m. ET, Dow Jones Industrial Average futures rose 2 points, S&P 500 futures fell 0.75 points and NASDAQ 100 futures slipped 2 points.

Higher energy costs push import prices higher: The Labor Department said on Wednesday that import prices rose 0.4 percent, largely due to sharply higher petroleum costs, as food prices posted their largest decline in three years.

U.S. fourth quarter current account deficit widens: The fourth quarter current-account deficit in the U.S jumped to $124.1 billion. The gap is the biggest in three years and is higher than analyst estimates.

Demand for U.S. home purchases rose last week: The Mortgage Bankers Association  said that mortgage purchase demand rose last week, the third consecutive weekly rise.

European markets rise: European markets surged to the highest level since July last year, after the U.S. Federal Reserve upgraded the outlook for the economy, and a successful auction of Italian bonds. The blue-chip Euro Stoxx 50 index rose 1.1 percent to 2,584.11 points.

 

Asia markets end higher: Asian markets ended higher on Wednesday with the benchmark Nikkei climbing 1.5 percent. The rise in the Asian markets was the result of overnight gains in Wall Street after the Fed upgraded its U.S. economic outlook.

 

Company News Update

 

  • Apple Inc. (AAPL) jumped 1.1 percent in early morning trading after a report revealed that Samsung Electronics Co. will supply the screen for the company’s new iPad.
  • After failing to meet some standards in the tests set by the Federal Reserve, Citigroup Inc. (C) fell 3.2 percent inNew York trading.
  • The trial between Oracle Corp (ORCL) and Google Inc (GOOG), over claims that Google violated Oracle’s intellectual property rights relating to the Java programming language has been set for April 16, 2012.
  • The largest U.S.health insurer by market value, UnitedHealth Group Inc (UNH.N), has entered into an alliance with Dubai based Al Sagr National Insurance Co (ASNC.DU).
  • Watsco Inc (WSO) has agreed to acquire 60 percent of Carrier’s heating, ventilation and air-conditioning distribution network in Canada. United Technologies Corp.’s (UTX) UTC Climate will hold the remaining 40 percent.
  • Bellevue, Washington, based Clearwire Corp. (CLWR), which is majority owned by Sprint Nextel Corp. (S), won a contract to supply Leap Wireless International Inc.’s (LEAP) Cricket brand with LTE network services,
  • Legal & General (LGEN) was the biggest gainer on the FTSE 100 after the insurer reported better-than-expected earnings and boosted its dividend by 35%.
  • Germany’s largest utility, EON AG (EOAN), rallied 6.5 percent as earnings exceeded analysts’ estimates.
  • Takashi Okuda has been named as the new president of Sharp Corp. (6753), which forecast a record annual loss amid economic slowdown, slumping prices for its Aquos TVs and a tax charge.
  • China’s biggest Internet company by revenue, Tencent Holdings Ltd. (700), said fourth-quarter profit rose 15 percent after boosting sales of online games and social- networking services.
  • Cathay Pacific Airways Ltd. (293) was the second-biggest loser in the Hang Seng Index after suffering a 63 percent fall in second-half profit.

 

Economic Calendar for Wednesday, March 14, 2012:

 

07:00 A.M. ET:    MBA Purchase Applications

08:30 A.M. ET:    Current Account Balance

08:30 A.M. ET:    Import and Export Prices

09:00 A.M. ET:    Ben Bernanke Speaks

10:30 A.M. ET:    EIA Petroleum Status Report

01:00 P.M. ET:    30-Yr Bond Auction