Slower GDP Growth Drags U.S. Stocks
U.S. stocks decline after GDP expanded at a slower pace 2.4% in the second quarter from the revised 3.7% rate in the first quarter. Bullard warns U.S. at risk for Japanese-style deflation. The IMF says massive policy response aids U.S economic recovery...
Corn Products to Buy National Starch
Corn Products agrees to acquire National Starch from AkzoNobel for $1.3 billion in cash. The transaction is projected to generate cost synergies of at least $50 million.
Greek Default Talks; Euro Falls
European indexes dropped as fears of Greek default take hold. S&P lowered Greek bond ratings by three levels to junk and Portugal debt by two notches to A-. Deutsche Bank Profits Soared 48%. Daimler AG swung to a quarterly net profit on sales rise of 13%
Australian PPI Rises, Dollar Fall
Australian dollar traded lower after investors fear debt worries of Greece may spread to Portugal, Spain and Ireland. Producer prices in three months to March increased 1% but declined 0.1% from the quarter a year ago.
Tokyo Stocks Surge; Toyota, Canon Up
Stocks in Japan surged tracking gains in the U.S. Toyota Motor estimated operating profit in the current year and after the close Canon Inc reported first quarter net surged three-fold. The camera and office equipment maker lifted full-year outlook.
Deals Drive Stocks Up; Treasury Sells Citi Stake
U.S. and world stocks traded higher after positive earnings. The dollar advanced against the euro as investors fear Greek debt restructuring may be needed as early next year. U.S. Treasury plan to sell 1.5 billion shares in Citigroup. Dollar Thrifty agreed to be acquired by Hertz.
Tokyo Stocks Surge; Toyota, Cannon Up
Stocks in Japan surged tracking gains in the U.S. Toyota Motor estimated operating profit in the current year and after the close Cannon Inc reported first quarter net surged three-fold. The camera and office equipment maker lifted full-year outlook.
Australia Rate Hikes Pay Pause
The Reserve Bank of Australia Governor Glenn Stevens comments suggested that the recent hikes in interest may be passed. Woodside Petroleum first quarter revenues surges 43%. Lihir Gold said its gold production declined 26%.
Japan Exports Surge; Toyota Rating Lowered
A surge in exports in March lifted trade surplus in Japan for the month and for the year. The surplus for the fiscal year rose to 5.2 trillion yen from a deficit of 64.8 billion yen last year. Hitachi Ltd quarterly sales surged 42%. Rating agency lowered its view on Toyota debt with a negative...
Sydney: Coles, Newcrest, Caltex, OneSteel
Stocks in Australia closed lower as interest rates are expected remain high. Newcrest Mining quarterly gold production declines. Coles food and liquor sales in fiscal third quarter ending in March rose 3.9%.
Chimakers Lead Gainers in Tokyo
The benchmark indexes in Tokyo closed higher on the rising expectations of earnings and positive assessment of the regional economies. Ahead of the busy earnings season from next week, the indexes closed at six week high. Elpida Memory posts first profit in three years.
UK Unemployment Falls; IMF Lowered Outlook
Stocks in U.K. traded lower with jittery investors withdrawing on commodity prices. The gross domestic product for U.K. estimated to rise 1.3% in 2010, according to the International Monetary Fund. Autonomy Corp. plc posts record revenue and profit. The Game Group CEO steps down as profits slump.
