Bonds ETFs Soar As Economic Data Weakens Equities Tuesday, August 31, 3:45 PM ET, by Market News Video Staff Over the last several months, a slew of disappointing economic data has caused investors to ...
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By Market News Video Staff, Thursday, April 21, 9:35 AM ET
By: Max Blythe
Yesterday’s reported corporate earnings helped propel Asian markets upwards. In particular, Apple’s (NASDAQ:AAPL) extremely bullish 1Q 2011 results buoyed the Asian tech sector, with Apple suppliers Toshiba and Elpida Memory advancing 1.9% and 3.6%, respectively. Korea’s tech-heavy Kopsi index gained 1.3% after Samsung, another Apple partner, advanced 1.3%. In China, the banking sector enjoyed gains across the board despite recent monetary tightening by Chinese authorities. --> Asia ETFs
In Europe, major indexes are also trading in the green, helped along by a better-than-expected earnings report from Nokia. The Finnish handset maker reported a 1.4% drop in net income after losing ground to rivals Research in Motion (RIMM) and Apple in the lucrative smartphone market. Despite the dip in profit, Nokia (NYSE:NOK) remains the world’s largest mobile phone producer. In the UK, retail sales rose 0.2%, beating out analysts’ estimates. BP filed a suit against partners Transocean and Halliburton over the Deepwater Horizon explosion and subsequent oil spill in the Gulf of Mexico which cost the embattled British oil major roughly USD 40 billion and claimed 11 lives. On the news, BP (NYSE:BP) stock rose 0.3%. --> Europe ETFs
Crude oil touched USD 112 a barrel in New York earlier today after yesterday’s 3.2% price hike on a larger-than-expected drop in US oil inventories on Wednesday. Continued fighting in Libyan port cities as well as electoral unrest in Nigeria will likely conspire to keep oil prices higher. --> Energy ETFs
The euro hit a 16-month high against the greenback and is currently trading at around USD 1.46. A strong earnings season might exacerbate a weaker dollar as yield-seeking investors are tempted to shift from Treasury securities to international equity.
US unemployment claims are to be released at 8:30 EST.
In corporate news, AMD (AMD), Blackrock, General Electric (NYSE:GE), Goodrich, Honeywell, McDonald's, Nucor, Philip Morris International, Morgan Stanley (NYSE:MS), Schlumberger (SLB), Southwest Airlines (LUV), Verizon Communications (VZ) and Xerox (XRX) will release earnings today.
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