Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.
Canyon Distressed Opportunity Fund likes the backdrop for credit
The Canyon Distressed Opportunity Fund III held its final closing on Jan. 1 with total commitments of $1.46 billion, calling half of its capital commitments so far. Canyon has about $26 billion in assets under management now. Q4 2020 hedge fund letters, conferences and more Positive backdrop for credit funds In their fourth-quarter letter to Read More
- US: Dow Futures: 12955.00 (0.45%), S&P 500 Futures: 1375.50 (0.64%), NASDAQ Futures: 2661.25 (0.54%)
- Europe: CAC: 3527.77 (1.07%), DAX: 6967.30 (0.95%), FTSE: 5945.24 (0.88%).
- Asia-Pacific:Australia: 4247.60 (1.21%),China: 2455.79 (0.85%),Hong Kong: 21339.70 (0.96%),India: 5429.50 (1.31%),Japan: 9899.08 (0.09%).
- Metals: Gold: 1695.40 (-0.26%), Silver: 33.54 (0.37%), Copper: 3.88 (1.24%)
- Energy: Crude Oil: 106.86 (0.49%), Natural Gas: 2.28 (0.57%)
- Commodities: Corn: 6.62 (2.53%), Soya Bean: 13.45 (-0.30%), Wheat: 6.55 (1.17%)
- Currency: EUR/USD: 1.3116 (-0.2897%), GBP/USD: 1.5656 (0.0949%), USD/JPY: 82.6707 (0.5329%)
- 10 year US Treasury: 2.047% (0.014)
Market News Update
U.S. markets poised to open higher: Ahead of the crucial FOMC Rate Decision today, stock index futures pointed to a higher open on Wall Street. The Dow Jones Industrial average, S&P 500, and NASDAQ futures were all up about 0.4%. The Federal Reserve is expected to maintain status quo, at a time when interest rates are already close to zero.
European markets advance: European markets surged after a report showed German investor confidence increased more than forecast in March. The closely-watched ZEW index jumped to a one-year high in March as strong employment situation inGermany boosted investor confidence. The Stoxx Europe 600 (SXXP) Index gained 1.1 percent to 267.72 at10:14 a.m. inLondon.
Asian stocks end higher: Asian stock markets rallied on Tuesday with banks and commodity linked stocks being the major movers. Japan’s Nikkei share average gave up an earlier increase above the key 10,000 mark after the nation’s central bank choose not to further loosen its monetary policy. The jump in Asian equities came afterU.S. stocks yesterday extended gains into a fourth session.
Oil rebounds: Amid signs that U.S. and Chinese economies are strengthening, oil rebounded from the lowest price in almost a week. Futures gained as much as 0.7 percent in New York. Brent crude for April settlement on the London-based ICE Futures Europe exchange was up 0.4 percent, at $125.81.
Company News Update
- Technology giants Yahoo (YHOO) and Facebook are headed for a messy legal tangle after Yahoo filed a lawsuit against Facebook in aSan Jose,California federal court, over patent infringements that include methods and systems for advertising on the Web.
- Chipmaker Intel (INTC) is working on an ambitious plan to develop an Internet-based TV service for consumers that would offer TV channels in a bundle over the Internet.
- More than 1.9 million Ford (F) vehicles could be affected after Federal safety regulators started investigating accelerator malfunctions in Ford Taurus and Mercury Sable. The scope of the probe has expanded and the number of cars affected would be much larger than the previously estimated 360,000 cars.
- Clothing retailer Urban Outfitters Inc (URBN) posted a lower-than-expected quarterly profit which can be attributed to the steep discounts the company offered to drive sales, hurting margins.
- The World Trade Organization said on Monday that Boeing (BA) received unfair subsidies worth billions of dollars, that include approximately $2.6 billion in assistance from space agency NASA, to compete with Europe’s Airbus.
- U.K.’s biggest insurer by market value, Prudential Plc (PRU) reported a rise of 7 percent in full-year profit. The company, which generates 45 percent of its revenue fromAsia, rose 2.3 percent to 744.5 pence inLondon trading today.
- Volkswagen AG (VOW) owned Porsche SE (PAH3)’s car making unit saw its annual profit rise 22 percent on demand for theCayenne sport-utility vehicle.
- French online newspaper LaTribune.fr reported that the Renault-Nissan alliance is close to buying a majority stake in Russian automaker AvtoVAZ (AVAZ.MM).
- Blackstone Group LP (BX.N) and France’s PAI Partners, the two private equity owners of U.K.-based United Biscuits (UBIS) have appointed Credit Suisse (CSGN) to split the food company’s salty snack business from its other operations. The move follows a similar attempt by the two firms in 2010 to sell the company.
- Italy’s largest lender UniCredit SpA (UCG) was raised to outperform from neutral by Exane BNP Paribas. The stock jumped 1.5 percent to 3.96 euros.,
- Munich Re (MUV2), the German reinsurer rose in trading today after the company announced that it expected its net profit to more than tripled this year.
- HSBC (HSBA), in an effort to focus on fast growing Asian markets, is mulling over plans to close down or sell seven Asian retail businesses that includeBangladesh, Brunei Darussalam,Macau,New Zealand,Pakistan, thePhilippines andSri Lanka.
- India’s largest biotechnology company, Biocon Ltd. (BIOS), fell the most in almost three years after an insulin distribution agreement with Pfizer Inc. (PFE) ended.
- Anticipating that a strong Australian dollar will help offset higher fuel costs, Qantas Airways Ltd. (QAN) has been raised to “outperform” from “neutral,” by Macquarie Group Ltd. The stock gained 4.5 percent to A$1.73 inSydney trading.
Economic Calendar for Tuesday, March 13, 2012:
07:30 A.M. ET: NFIB Small Business Optimism Index
07:45 A.M. ET: ICSC-Goldman Store Sales
08:30 A.M. ET: Retail Sales (February)
08:30 A.M. ET: Retail Sales ex-auto (February)
08:55 A.M. ET: Redbook
10:00 A.M. ET: Business Inventories (January)
10:00 A.M. ET: IBD/TIPP Economic Optimism (March)
02:15 P.M. ET: FOMC Rate Decision