Morning Market News Update – 12 March 2012

Morning Market News Update – 12 March 2012
<a href="">AnandKZ</a> / Pixabay

Morning Market News Update - 12 March 2012Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.

Market Action


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  • US:  Dow: 12925.84 (0.03%), S&P 500: 1367.88 (-0.22%), NASDAQ: 2979.05 (-0.31%)
  • Europe: CAC: 3473.97 (-0.39%), DAX: 6875.77 (-0.06%), FTSE: 5875.28 (-0.21%).
  • Asia-Pacific:Australia: 4196.70 (-0.36%),China: 2434.86 (-0.19%),Hong Kong: 21134.18 (0.23%),India: 5359.55 (0.49%),Japan: 9889.96 (-0.40%).
  • Metals: Gold: 1698.60 (-0.75%), Silver: 33.70 (-1.48%), Copper: 3.83 (-0.67%)
  • Energy: Crude Oil: 105.49 (-1.78%), Natural Gas: 2.27 (-2.37%)
  • Commodities: Corn: 6.45 (0.04%), Soya Bean: 13.36 (-0.09%), Wheat: 6.41 (-0.27%)
  • Currency: EUR/USD: 1.3108 (-0.11%), GBP/USD: 1.5609 (-0.41%), USD/JPY: 82.2600 (-0.25%)
  • 10 year US Treasury: 2.002% (-0.026)


Market News Update


U.S. stocks little changed on Monday: Ahead of the Federal Reserve meeting later this week,U.S. markets had a modest opening on Monday. The Dow Jones Industrial Average rose 1.6 points, or 0.02%, the S&P 500 dipped 0.9 point, or 0.08%, and the Nasdaq Composite slid 1.9 points, or 0.06%.


European markets dip: Breaking a three-day rally, European stocks retreated after a report showed that China’s exports grew at a slower pace than forecast. The Stoxx 600 fell 0.3 percent to 264.69 at 12:10 p.m. in London. UK’s FTSE 100 index was down 0.1 percent, Germany’s DAX index was flat and France’s CAC 40 was down 0.2 percent.


Asian markets end down: Weighed by concerns of an economic slowdown in China, Asian markets ended lower on Monday. The benchmark Nikkei slipped 0.4 percent to 9,889.86, while the Hang Seng Index was down 0.3 percent.


Oil declines on fears of Chinese economic slowdown: Weak economic data from the world’s second-largest user of oil, led to the oil trading lower for the first time in four days. Crude for April delivery fell $1.35, or 1.3 percent, to $106.05 a barrel at 9:16 a.m. on the New York Mercantile Exchange.


Gold retreats: Gold slipped on Monday as the U.S. dollar rallied to the highest in more than a month. U.S. April gold fell $6.00 to $1,705.50 per ounce. Gold has risen more than 9 percent from the start of this year.

Company News Update


  • Bank of America (BAC) shares were down in morning trading, after it said on Friday that t would significantly slash mortgage balances for as many as 200,000 borrowers.
  • PepsiCo. (PEP), in a major management shake-up, has brought in Brian Cornell, as CEO of PepsiCo Americas Foods. Cornell replaces John Compton, who will oversee global operations, and has been appointed as the president of PepsiCo. Shares of PepsiCo. were trading higher.
  • In her first annual letter to share-holders, International Business Machines Corp. (IBM) Chief Executive Officer, Virginia Rometty said the company is “well on track” to achieving its 2015 growth targets.
  • Chief Executive Officer of CBS Corp. (CBS), Les Moonves has said that, on the back of increased political advertising revenue, the profit for the company is expected to rise by $180 million this year.
  • The Sunday Telegraph has reported that commodities trader Glencore International Plc (GLCNF) has made a 3.5 billion-pound ($5.49 billion) bid for Canada’s largest grain handler, Viterra Inc. (VT).
  • Visteon Corp. (VC.N), the U.S. auto parts supplier, will sell its automotive lighting business to India-based Varroc Group for $92 million.
  • Automotive News Europe has reported that Bayerische Motoren Werke AG (BMW) will be hiring about 4,000 workers this year. The stock gained 1 percent to 71.18 euros.
  • Veolia Environnement SA (VIE), the world’s biggest water utility, has been raised to over-weight by Morgan Stanley.
  • According to a report in the Irish Times newspaper, U.S.airline JetBlue (JBLU.O), is in talks to buy a possible stake in the Irish carrier, Aer Lingus (AERL.I). The Irish government which owns 25 percent stake in the airlines is reportedly looking for buyers.
  • French airport operator, Aeroports de Paris (ADP: FP), will be buying a 38 percent stake in Turkish counterpart TAV Havalimanlari Holding AS for $874 million.
  • Japanese maker of synthetic fibers and industrial chemicals, Asahi Kasei Corp. (3407), has agreed to buy US medical equipment maker Zoll Medical Corp. (NASDAQ:ZOLL) for about $2.2 billion. The Tokyo-based company has been looking to expand its health care business in the U.S. and Asia.
  • The largest Chinese property developer by revenue, China Vanke Co (0000002), reported a 32 percent rise in profit in 2011. Several measures by the Chinese government to curb the housing sector has not been able to affect the company’s profitability, as it sold more small and medium-sized homes that are less influenced by government curbs.
  • People’s Insurance Company of China Group (PICC), one ofChina’s largest insurers, in a bid to raise funds to bolster its balance sheet, is planning to complete to complete a dual-listing inShanghai andHong Kong this year.


Economic Calendar for Monday, March 12, 2012:


11:00 A.M. ET:    4-Week Bill Announcement

11:30 A.M. ET:    3-Month Bill Auction

11:30 A.M. ET:    6-Month Bill Auction

01:00 P.M. ET:     3-Yr Note Auction

02:00 P.M. ET:    Treasury Budget (February)


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