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Last Updated: Mar 3rd, 2010 - 11:29:35
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NEW YORK - Wal Street stocks moved slightly higher on more corporate takeover activity signalling a US economic recovery and receding fears about the Greek debt crisis.
CF Industries made another offer for fertiliser maker Terra Industries, which last month agreed to be sold to Norway's Yara for $US4.1 billion.
Technology stocks got a boost from Qualcomm Inc, which boosted its dividend by 12 per cent. The maker of wireless chips and other mobile technology also said it would buy back $US3 billion ($A3.33 billion) in stock.
The Dow Jones Industrial Average gained 2.19 points, or 0.02 per cent, to 10,405.98.
The broader S&P 500 index was up 2.6 points, or 0.23 per cent, to 1,118.31 and the Nasdaq added 7.22 points, or 0.32 per cent, to 2,280.79.
LONDON - European stock markets closed higher on growing optimism that a solution will be found to Greece's debt problems and as Wall Street extended gains, dealers said.
News that Athens will announce a fresh series of measures on Wednesday to curb its public deficit and debt supported sentiment, suggesting that the EU will back Greece to find a way out of a crisis threatening the eurozone's credibility.
A solid lead from New York, where investors welcomed a recent spurt of takeover activity, helped European markets in the afternoon after they started well from earlier gains in Asian markets.
In London, the banks recovered after losses on Monday led by global banking giant HSBC after its disappointing 2009 results.
The main FTSE 100 index closed up 78.12 points, or 1.45 per cent, at 5,484.06 points.
FRANKFURT - Germany's DAX rose 63.05 points, or 1.1 per cent, to 5,776.56 points.
PARIS - The CAC 40 index gained 42.38 points, or 1.12 per cent, to 3,811.92 points.
TOKYO - Japanese stocks rose on better-than-expected jobless figures, but overall gains were modest amid caution over Greece's debt problems and renewed concern over a US economic recovery following a mixed bag of indicators on Monday. The benchmark Nikkei 225 stock index added 49.78 points, or 0.5 per cent, to 10,221.84.
HONG KONG - Hong Kong shares ended lower on Tuesday as sentiment was hit by disappointing earnings results from banking giant HSBC.
HSBC shares lost seven per cent after it said on Monday its net profit for 2009 was $US5.83 billion, up from $US5.73 billion in 2008 but below the expected $US6.4 billion because of rising charges for bad debt.
The benchmark Hang Seng Index gave up 150.82 points, or 0.72 per cent, to 20,906.11 points.
WELLINGTON - The New Zealand share market opened higher on Wednesday, with the benchmark NZSX50 index up 4.36 points to 3,187.6 at 0823 AEDT.
The market posted its fifth straight gain on Tuesday, with the NZSX50 up 0.6 per cent, amid further positive company results, despite Telecom's continued drag on the market.
In early trading on Wednesday, the NZ market was 5.1 points higher, by 0.2 per cent, at 3,188.4.
SYDNEY - The Australian sharemarket is expected to open modestly higher on Wednesday with Wall Street boosted by corporate takeover activity.
At 0824 AEDT on the Sydney Futures Exchange, the March share price index contract was 24 points higher at 4,727.
In economic news on Wednesday, the Australian Bureau of Statistics releases national accounts for the December quarter.
The Australian Industry Group and the Commonwealth Bank release their Australian Performance of Services Index for February.
The Australian Office of Financial Management will conduct a tender of $500 million April, 2020, bonds.
On Tuesday, the Australian share market inched higher to its strongest finish in five trading days after an anticipated increase in the cash rate by the Reserve Bank of Australia.
The benchmark S&P/ASX200 index was up 15.4 points, or 0.33 per cent, at 4,701.9 points, while the broader All Ordinaries index firmed 15 points, or 0.32 per cent, to 4,709.9 points.
NYMEX
Oil prices rose close to $US81 a barrel, climbing at a time of the year when crude and gasoline prices typically move higher.
The commodity also became more attractive as the US dollar fell against the euro.
Benchmark crude for April delivery rose 98 cents to $US79.68 a barrel on the New York Mercantile Exchange. It went as high as $80.95 earlier in the day.
Oil prices have been drifting between $70 and $80 a barrel for most of the last eight months as crude demand remains weak in the US and other industrial countries coming out of the Great Recession.
Prices often move higher in March as US refiners switch to producing more expensive blends of gasoline to meet tougher pollution standards in effect for the spring and summer driving season between April and September.
In London, Brent crude was up $US1.29 to settle at $US78.18 on the ICE futures exchange.
COMEX
Gold hit its highest level since the middle of January, as investors increasingly see gold as an alternative to making currency bets.
April gold rose $US19.10 to $US1,137.40 an ounce.
Silver for May delivery jumped 59.5 cents, or 3.6 per cent, to $US17.064 an ounce. Copper rose 6.15 cents to $US3.4115 a pound.
Copper rose even after initial concerns dissipated that supply would be disrupted in Chilean mines and plants following a major earthquake there.
Platinum and palladium led metals higher following upbeat reports on auto sales.
Platinum for April delivery rose $US32.00, or 2.1 per cent, to $US1,576.00 an ounce and March palladium climbed $US6.95 to $443.45 an ounce.
© Copyright 2004 by Merlea Investments
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