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TSX Flat At Open Friday
Toronto stocks
were little changed at open Friday amid selling in metals stocks, with
the S&P/TSX Composite Index easing 0.41 points to 11,810.98.
The Diversified Materials Index
was down nearly 1 percent, with First Quantum Minerals shedding nearly 2
percent. Teck Resources and Inmet Mining were down about 1 percent
each.
In the oil patch, Niko Resources dived over 9 percent. Vermilion Energy and Tourmaline Oil
surrendered around 1 percent each. Among gold plays Agnico-Eagle Mines,
Barrick Gold and Goldcorp. were down around 1 percent each.
Progressive Waste Solutions Ltd. eased 0.25 percent .after announcing the acquisition of Choice Environmental Services, Inc for $123.25 million
Meanwhile, Swisher Hygiene, the parent company of Choice Environmental Services, Inc, soared 35 percent.
The price of crude oil
was moving higher Friday morning even as traders fret over demand
growth amid global economic concerns and the US fiscal cliff, which
would lead to tax hikes and spending cuts of about $600 billion will
kick in early next year if the Congress fails to avert them. Crude for
January rose $1.00 to $86.87 a barrel.
The price of gold was
little changed Friday morning as downbeat euro zone macroeconomic data
hurt the euro and stocks. Gold for December eased $0.20 to $1,713.60 an
ounce.
In corporate news from Canada, non-hazardous solid waste collection and landfill disposal services provider Progressive Waste Solutions Ltd.
said that it has acquired, through its wholly owned subsidiary Waste
Services of Florida, Inc., Choice Environmental Services, Inc for cash
consideration of $123.25 million
International pharmaceutical company Valeant Pharmaceuticals International, Inc. announced that it obtained FTC clearance for the proposed acquisition of Medicis Pharmaceutical Corp.
Oil and gas firm Long Run Exploration said
it would divest certain non-core assets including Plato / Dodsland /
Lucky Hills areas of Saskatchewan, for approximately $180 million.
In economic news, Statistics Canada
said foreign investment in Canadian securities gained to $13.9 billion
in September, largely due to the strength of purchases of government
bonds and corporate equities. Meanwhile, Canadian investment in foreign
securities reached a six-month high of $6.0 billion, led by the
acquisition of US equities.
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European Markets Fall Ahead Of U.S. Budget Talks
The European markets continue
to languish in negative territory, as economic worries once again
dampened risk appetite, ahead of the U.S. budget talks beginning today.
Investor focus has turned to the budget discussions between President Barack Obama
and Congressional leaders amid fears that the U.S. may fall back into
recession if a deal is not reached to avoid the fiscal cliff.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.70 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.44 percent.
The German DAX is dropping 0.8 percent and the French CAC 40 is falling 0.5 percent. The FTSE 100 index is losing 0.5 percent and Switzerland's SMI is sliding 0.6 percent.
In Frankfurt, Henkel is
declining 4.4 percent. The detergent maker reported higher quarterly
profit, but said it expects the volatility and uncertainties in its
markets to persist.
Commerzbank and Deutsche Bank are declining 3.8 percent and 2.3 percent, respectively. Bucking the trend, SAP is gaining 1.2 percent. JPMorgan raised Bayer to "Overweight" from "Neutral.'' The stock is moderately higher.
In Paris, Alcatel Lucent is declining 3.3 percent and STMicroelectronics is falling 2.2 percent. Insurer Axa is dropping 1.6 percent.
Credit Agricole is losing 1.5 percent, while Societe Generale and BNP Paribas are falling around 1 percent each. However, carmaker Renault is advancing 1.7 percent and tire manufacturer Michelin is gaining around 1 percent.
In London, Melrose is
declining over 13 percent. The manufacturing buy-out specialist said
revenue trends have slowed and sales outlook for 2013 has become more
uncertain.
Evraz is falling 2.7 percent. Eurasian Natural Resources and Rio Tinto are dropping 2.3 percent and 2.1 percent, respectively.
BP
is down 0.9 percent. The oil giant agreed to pay about $4.5 billion to
the U.S. government to settle criminal and securities claims over the
2010 Deepwater Horizon accident in the Gulf of Mexico that claimed 11
lives and led to a massive oil spill.
Serco Group is climbing 2.9 percent after issuing an interim management statement. IMI is gaining around 2 percent and Next is advancing 1 percent.
Zurich Insurance is losing 1.3 percent after a broker downgrade. Boskalis, which raised earnings outlook, is gaining 5.8 percent in Amsterdam.
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Asian Stocks Mixed Before US Budget Talks
Asian stocks
steadied on Friday following recent steep losses, with speculation that
the Bank of Japan will boost monetary stimulus underpinning sentiment.
Investors eagerly awaited budget talks in Washington to see if the two
sides would move closer to a compromise over deficit reduction amid
speculation the U.S. could fall into recession if no deal is reached.
Japanese shares rallied sharply for a second consecutive session on renewed hopes the Bank of Japan will engage in more aggressive monetary easing. The Nikkei average climbed 2.2 percent following the previous session's 1.9 percent rally, while the broader Topix index
jumped 1.9 percent. Trading volume totaled 2.58 billion shares,
surpassing the two billion mark for the second consecutive session after
recent low participation levels.
Prime Minister Yoshihiko Noda
has dissolved the Lower House of Japan's Parliament today, paving the
way for a general election in December that will likely end the ruling
Democrats' three years in power. Shinzo Abe, the leader of the
opposing Liberal Democratic Party and favorite for the win, has already
called for "unlimited easing" by the Bank of Japan to lift the nation
out of deflation. Also, political analysts expect the LDP to be more
assertive in dealing with China.
In stock-specific action,
export-oriented stocks outperformed for the second straight day, as the
yen steadied after falling to a six-and-a-half month low against the
dollar yesterday. Canon and Nikon jumped 6-7 percent, automakers Toyota Motor and Honda Motor
climbed 3-5 percent, tech shares like TDK and Advantest soared 5-7
percent on short covering, machinery maker Fanuc rallied 3.8 percent and
brokerage Nomura jumped 5 percent. Kirin Holdings lost 2.2 percent on
saying it would offer to buy Fraser & Neave's food and beverage
business for S$2.7 billion.
China's Shanghai Composite
index fell 0.8 percent, extending losses for a fifth consecutive session
on policy uncertainty after China's ruling Communist Party unveiled a
line-up of broadly older and conservative leadership, disappointing
those who had been pressing for reforms to tackle severe challenges like
social unrest, environmental degradation and corruption. Hong Kong's
Hang Seng index rose 0.2 percent, rebounding from a big loss in the
previous session.
Australian shares ended a tad lower, dragged
down by banks on uncertainty about the U.S. fiscal cliff and weak
European GDP data. The benchmark S&P/ASX 200 hit a seven-week low early in the session before ending down 0.3 percent at 4,337, while the broader All Ordinaries index slipped 0.2 percent. Among the major banks, ANZ, Commonwealth and Westpac fell between 0.7 percent and 1.6 percent, while NAB eased marginally.
In the resource sector, BHP Billiton
fell 0.6 percent but Rio Tinto edged up marginally amid signs China's
economic growth is bottoming out. Gold miner Newcrest added 1.1 percent
as gold prices held steady. Whitehaven Coal retreated 1.8 per cent to a
record low after it announced a series of cost cutting measures to
offset the decline in global coal prices. Retailer Wesfarmers and blood
products maker CSL both rose about half a percent each on defensive
buying.
Seoul shares fell notably on renewed foreign
selling amid deepening concerns over U.S. fiscal woes and the Eurozone's
return to recession for the second time in four years. The benchmark Kospi
average slid half a percent. Foreign investors remained net sellers for
the seventh straight session, offloading shares worth a net 136.5
billion Korean won over the period, data showed. Heavyweight Samsung Electronics fell 1.8 percent, extending recent declines, while automaker Hyundai Motor added 1.9 percent on bargain hunting. Shares of its affiliate Kia Motors soared 6 percent.
New
Zealand shares edged down marginally on concerns about the health of
the global economy and violence in the Middle East after Israeli
warplanes pounded Gaza. The benchmark NZX-50 index slipped 3 points or 0.08 percent to 3,948. Cavalier led the decliners on the exchange, falling 12 percent after the carpet maker cut its full-year earnings guidance.
Kathmandu
Holdings led the gainers, rising 7 percent after the clothing and
equipment retailer announced better than expected sales figures for the
first quarter. Diligent Board Services, which posted strong revenue
growth for the three months to September, ended up 4.7 percent, while
shares of cloud accounting software pioneer Xero fell 1.7 percent.
Elsewhere, India's benchmark Sensex was moving up 0.1 percent, Indonesia's Jakarta Composite index added 0.4 percent and Singapore's Straits Times index was little changed, while Malaysia's KLSE Composite and the Taiwan Weighted average edged down about 0.2 percent each.
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Crude Dips On Demand Concerns
The pride of crude oil was moving lower Friday morning as traders fret over demand growth amid global economic concerns and the US fiscal cliff.
The
US "fiscal cliff" that would lead to tax hikes and spending cuts of
about $600 billion will kick in early next year if the Congress fails to
avert them.
Light Sweet Crude Oil (WTI) futures for
January delivery, the most actively traded contract, shed $0.22 to
$85.65 a barrel. Yesterday, oil settled lower on demand growth concerns
after an Energy Information Administration weekly oil report showed an
increase in U.S. crude stockpiles for the last week. Investors also
weighed a slew of macroeconomic data out of the U.S. and Europe fueling
further fears of global economic growth slowdown.
Thursday during trading hours, the EIA said U.S. commercial crude oil inventories
increased by 1.10 million barrels, while gasoline stocks shed 0.40
million barrels in the weekended November 09. Analysts were expecting
crude oil inventories to gain by 1.50 million barrels last week
This morning, the U.S. dollar
was steady around its 2-month high versus the euro and sterling. The
buck was hovering around its 7-month high versus the yen, while ticking
higher against the Swiss franc.
In economic news, the euro zone
trade surplus increased to EUR 9.8 billion in September, Eurostat
reported. The surplus totaled EUR 5.2 billion in August and EUR 1.7
billion in September 2011. On a seasonally adjusted basis, exports
dropped 1.1 percent in September month-on-month, partially offsetting a
3.3 percent rise in August. Likewise, imports slipped 2.7 percent after
increasing 2.3 percent.
Meanwhile, the euro area current
account surplus declined to EUR 0.8 billion in September from EUR 10.9
billion in August, the European Central Bank said.
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