Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.
Canyon Profits On Covid Crisis Refinancings
Canyon Partners' Canyon Balanced Funds returned -0.91% in October, net of fees and expenses, bringing the year-to-date return to -13.01%. However, according to a copy of the firm's investor correspondence, which ValueWalk has been able to review, the fund quickly bounced back in November, adding 7.3% for the month. Net of fees, the letter reported, Read More
- US: Dow Futures: 12915.00 (0.58%), S&P 500 Futures: 1363.80 (0.81%), NASDAQ Futures: 2625.50 (0.64%)
- Europe: CAC: 3452.53 (1.74%), DAX: 6787.00 (1.71%), FTSE: 5862.62 (1.21%).
- Asia-Pacific: Australia: 4171.00 (0.66%), China: 2420.28 (1.05%), Hong Kong: 20900.73 (1.31%), India: 5220.45 (-0.04%), Japan: 9768.96 (1.97%).
- Metals: Gold: 1699.10 (0.90%), Silver: 33.98 (1.19%), Copper: 3.80 (0.92%)
- Energy: Crude Oil: 106.66 (0.47%), Natural Gas: 2.31 (0.17%)
- Commodities: Corn: 6.42 (0.59%), Soya Bean: 13.31 (0.36%), Wheat: 6.45 (1.02%)
- Currency: EUR/USD: 1.3251 (0.78%), GBP/USD: 1.5790 (0.30%), USD/JPY: 81.5300 (0.54%)
- 10 year US Treasury: 1.991% (0.016)
Market News Update
Futures trim gains on jobless data: U.S. stocks pointed toward a higher open Thursday, as investors await further developments in Greece ahead of a crucial debt swap and mixed data on the job market. The Dow Jones industrial average (INDU), S&P 500 (SPX) and NASDAQ (COMP) futures were up about 0.8%. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET. http://money.cnn.com/2012/03/08/markets/premarkets/index.htm
Jobless claims move higher: New U.S. claims for unemployment benefits unexpectedly rose last week, a government report showed on Thursday, but not enough to change perceptions that the labor market was strengthening. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 362,000, the Labor Department said. The prior week’s figure was revised up to 354,000 from the previously reported 351,000.
European stocks advance: European stocks climbed the most in a month as the deadline on Greece’s debt swap approached and the U.S. prepared to release jobless-claims figures. Asian shares and U.S. index futures also advanced. The Stoxx Europe 600 Index (SXXP) advanced 1.4 percent to 263.66 at 12:29 p.m. in London, the biggest increase since Feb. 3.
ECB keeps key interest rate at one percent: The European Central Bank held its main interest rate at 1.0 percent on Thursday, pausing to assess signs the euro zone economic outlook is stabilizing and to weigh up potential inflation risks posed by a recent spike in oil prices.
Asian markets snap three day losing streak: Asian stocks rose, with the regional benchmark index snapping a three-day losing streak, after Japan’s economy shrank less than the government initially estimated, U.S. employers increased hiring and more investors joined a Greek debt swap. The MSCI Asia Pacific Index (TPX) added 1.4 percent to 126.11 as of 7:42 p.m. in Tokyo, with five stocks rising for each that fell. Nine out of 10 industry groups in the measure advanced. http://www.bloomberg.com/news/2012-03-08/asian-stocks-snap-three-day-loss-streak-on-u-s-jobs-data-greek-debt-swap.html
Crude oil rises: U.S. crude was up 78 cents at $106.94 a barrel on Thursday, on expectation that Greece would win enough creditor support to avoid a messy default on its debt, and after Iran’s Supreme Leader Ayatollah Khamenei said talks of sanctions against Iran were ‘delusional’.
Euro gains on Greek optimism: The euro climbed on Thursday as optimism grew that Greece would secure enough private sector take-up for a critical bond swap which boosted demand for riskier assets, but uncertainty over specifics of the deal undermined the rally. The euro was recently trading at $1.324, compared with $1.3149 late Wednesday in New York. http://online.wsj.com/article/SB10001424052970204603004577269061075876358.html?mod=WSJ_Markets_MIDDLETopStories
Company News Update
- Shares of AIG (AIG) fell 2% in premarket trading, a day after the Treasury Department said it was selling $6 billion worth of its AIG stock at a profit. But AIG still owes some $42 billion and it’s unclear when that will be repaid.
- Facebook Inc. (FB), the operator of the world’s most popular social-networking website, received an $8 billion package of financing and named 25 new underwriters ahead of its initial public offering.
- AT&T Inc. (T) is in talks to sell a majority stake in its Yellow Pages unit to Cerberus Capital Management LP in a transaction that values the entire business at about $1.5 billion, said two people familiar with the matter.
- McDonald’s (MCD) reported a smaller-than-expected rise in February sales at established restaurants across the globe, weighed down by weakness in Europe as well as Asia/Pacific, the Middle East, and Africa and its shares fell more than 2 percent.
- Toyota Motor (TM) said on Wednesday it is recalling more than 681,000 cars and trucks in the U.S. market to address potential problems. The Japanese automaker said it will recall about 495,000 Tacoma pickup trucks from model years 2005 to 2009 to replace a part in the steering wheel. It is also recalling about 70,500 Camry mid-sized cars and 116,000 Venza crossover vehicles from model years 2009 to 2011 to replace a stop lamp switch.
- Apple (AAPL) unveiled the third version of its wildly popular iPad at a presentation in San Francisco on Wednesday. Apple shares closed flat for the day.
- Canadian Imperial Bank of Commerce’s (CM.TO) first-quarter profit rose 9 percent, helped by growth across its segments, and the company said it plans a potential sale of its broker mortgage unit, FirstLine.
- Carrefour SA (CA), the world’s second- largest retailer, cut its dividend by more than 50 percent and said it would “significantly scale down” superstore conversions as annual profit declined.
- Bayerische Motoren Werke AG (BMW)’s fourth-quarter earnings fell 12 percent as the world’s largest maker of luxury vehicles spent more on new models.
- Anheuser-Busch InBev NV (ABI), the world’s biggest brewer, reported fourth-quarter earnings that beat analysts’ estimates aided by an improvement in sales of its flagship Budweiser brand.
- Air France-KLM Group (AF), Europe’s biggest airline, reported a full-year loss as a sluggish economy and high fuel costs crimped earnings and said results for the current six months will show a further deterioration.
Economic Calendar for Thursday, March 08, 2012:
07:30 A.M. ET: Challenger Job-Cut Report
08:30 A.M. ET: Jobless Claims
10:00 A.M. ET: Quarterly Services Survey
10:30 A.M. ET: EIA Natural Gas Report
04:30 P.M. ET: Fed Balance Sheet
04:30 P.M. ET: Money Supply