Microsoft Inc. MSFT +0.79% shares rose 1.1% to $37.25 following a report that Satya Nadella, the company’s enterprise and cloud chief, will be named as chief executive. Yahoo Inc. YHOO -0.09% shares were off by 0.9% at $34.98 after the search company took to its Tumblr blog to announce that hackers had tried to break into an undisclosed number of email accounts through a coordinated effort. Click Here To Register For Free Trial Services
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Shares of Amazon AMZN -4.47% — at one point in the after-hours session down as 12% — declined 4.7% at $389 on heavy volume. The company reported fourth-quarter earnings of 51 cents a share on revenue of $25.59 billion. Analysts polled by FactSet expected 74 cents a share on revenue of $26.05 billion. Click Here To Register For Free Trial Services
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Wall Street finished Tuesday’s session with the best gains in two weeks. The S&P 500 closed up 0.6% to 1,792.50, and the Dow industrials DJIA -1.19% ended the session up 0.5% to 15,928.56, breaking a five-day skid. Turkey is the tree — U.S. growth slowing is the new forest. New-home
sales and new orders were nasty slowdowns,” said McCullough.
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The U.S. currency USDJPY +0.37% bounced up to 103.27 yen from ¥102.83. The dollar in recent sessions had dropped against its Japanese counterpart but found some relief Tuesday after Turkey’s central bank raised its overnight lending rate to 12% from 7.75%. The move was made in an emergency meeting of policy makers in the wake of an accelerating slide in Turkey’s lira against the dollar. Click Here To Register For Free Trial Services
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Ahead of the statement, the euro EURUSD -0.04% was little changed at $1.3658 versus $1.3662 late Tuesday in North America. The pound GBPUSD +0.03% was on par with late Tuesday’s level of $1.6578.
The Australian dollar AUDUSD +0.29% advanced to 88.07 U.S. cents from 87.73 U.S. cents. Click Here To Register For Free Trial Services
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Elsewhere in metals trading, platinum for April delivery PLJ4 +0.18% rose $2.70, or 0.2%, to $1,412.10 an ounce, while March palladium PAH4 +0.06% was up 40 cents, or 0.1%, at $716.90 an ounce. High-grade copper for March delivery HGH4 +0.31% added a penny to $3.26 a pound.
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Standard & Poor's Ratings Services on Tuesday lowered Ukraine's long-term foreign currency sovereign rating to CCC+ from B- and its short-term rating to C from B. "The downgrade reflects our view that the significant escalation of the political turmoil in Ukraine makes the expected financial support package from Russia less certain should the government of President Yanukovych fall," said S&P in a statement. Ratings in the CCC category are generally viewed as poor quality with likelihood of default. The outlook on the ratings is negative. Click Here To Register For Free Trial Services
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Natural-gas futures on Tuesday recouped much of what they lost a day earlier, as severe cold weather and expectations for more ahead raised concerns over U.S. supplies of the heating fuel. Oil futures, meanwhile, rallied too ahead of the week's updates on U.S. petroleum supplies. February natural gas NGG14 -1.53% added 19 cents, or 3.8%, to settle at $5.03 per million British thermal units after losing 6.5% on Monday. March crude CLH4 -0.11% finished up $1.69, or 1.8%, at $97.41 a barrel. Click Here To Register For Free Trial Services
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Crude futures on the New York Mercantile Exchange also gained, outperforming the rise in Brent crude as traders waited for weekly petroleum-supply data that is expected to show a steep drawdown in distillate inventories. As of the week ended Jan. 17, working gas in storage totalled 2.423 trillion cubic feet, according to the U.S. Energy Information Administration, down about 13% from the five-year average. Click Here To Register For Free Trial Services
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Yahoo Inc. YHOO -2.43% will report after the U.S. market close Tuesday. European stocks broke a three-day losing streak, while Asia closed with mostly mild losses. Crude-oil and natural-gas prices were higher, while gold was moving south. The dollar pared gains against the yen USDJPY +0.30% after the durable goods data disappointed. Click Here To Register For Free Trial Services
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The pressure on technology stocks was attributed to Apple AAPL +0.41% , which posted disappointing iPhone sales in its fiscal second-quarter report after Monday’s close. Shares followed up a 7.6% after-hours drop with a continuing decline of 7.5% in premarket trading. Click Here To Register For Free Trial Services
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THE Straits Times Index dropped 33.56 points, or 1.09 per cent, to 3042.43.
The FTSE ST Mid Cap Index lost 0.80 per cent while the FTSE ST Small Cap Index fell 1.25 per cent.
Among the top actives, SingTel declined 0.57 per cent, DBS lost 0.60 per cent, Keppel Corp was down 1.50 per cent, UOB dropped 0.45 per cent and GLP lost 1.04 per cent.
Of the outperforming sectors, the FTSE ST Basic Materials Index added 0.67 per cent.
Of the two biggest stocks, Midas Holdings fell 1.05 per cent and Geo Energy Resources dropped 1.54 per cent. Click Here To Register For Free Trial Services
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February natural gas NGG14 +1.75% lost 33.5 cents, or 6.5%, to settle at $4.847 per million British thermal units on the New York Mercantile Exchange, after earlier spiking past $5.40 in electronic trading. That price marked the highest level since February 2010, according to FactSet data tracking the closing levels for most-active contracts. On Friday, prices settled at their highest since June 2010.
March natural gas NGH14 +1.61% , which is among the most-active contracts, closed down 32 cents, or 6.5%, at $4.674 per million Btus. Click Here To Register For Free Trial Services
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The Australian dollar AUDUSD +0.41% fetched 87.87 U.S. cents, up from 87.38 U.S. cents on Monday. Most economists hadn’t anticipated any change in the policy repurchases rate, according to Reuters. The dollar USDINR -0.79% rose to 63.19 rupee from 62.97 rupees just after the central bank’s decision, but it soon pulled back to trade at 62.95 rupees.
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The British pound GBPUSD +0.20% rose to $1.6606 from $1.6580 late Monday in North America. In other action among currency majors, the dollar USDJPY +0.09% rose to 102.68 Japanese yen from ¥102.58 late Monday in North America. The euro EURUSD +0.10% , meanwhile, edged up to $1.3679 from Click Here To Register For Free Trial Services
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In electronic trading, gold futures for February delivery GCG4 -0.29% shed $6.40, or 0.5%, to $1,256.90 an ounce. March silver SIH4 +0.06% held steady at $19.79 an ounce. Gold on Monday finally ran out of gas, logging its first decline in three sessions, but still managed to finish above the day’s lows thanks to a still-struggling U.S. stock market. Click Here To Register For Free Trial Services
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Investors were unsure about how Monday’s session will go. On Friday, the Dow Jones Industrial Average DJIA -0.26% lost 2%, or 318 points, in its worst one-day percentage fall since June 20. For the week, a 3.5% loss marked the worst decline since Nov. 25, 2011. The S&P 500 index SPX -0.49% shed 2.6% on the week, and the Nasdaq Composite Index COMP -1.08% dropped 1.7%. Click Here To Register For Free Trial Services
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Elsewhere in metals trading, March palladium PAH4 +0.23% rose $1.15, or 0.2%, to $735.95 an ounce while platinum for April delivery PLJ4 +0.48% moved up $3.50 an ounce, or 0.2%, to $1,432.10. March high-grade copper HGH4 +0.08% lost a penny to $3.27 a pound.
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The dollar USDJPY +0.21% hit a low of ¥101.73 during Asian trading hours, according to FactSet data, a pullback from ¥102.24 late Friday in North America. The dollar later reversed course, buying ¥102.43. Following last week’s 1% gain for the euro versus the dollar, the euro EURUSD +0.03% extended its advance Monday, trading at $1.3683 compared with $1.3676 late Friday. The British pound GBPUSD +0.05% , meanwhile, was on par with Friday’s level around $1.6502. The pound last week temporarily broke above the $1.66 mark for the first time since May 2011. Click Here To Register For Free Trial Services
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Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, is set to extend exclusive talks to acquire Hong Kong’s Wing Hang Bank by as much as four weeks as it needs more time to secure regulatory approval, sources said on Friday.
A deal would represent OCBC’s biggest acquisition to date, giving it a much sought after gateway to China and helping it bridge the gap with bigger rival DBS Group Holdings , which operates Hong Kong’s fifth-biggest bank.
The two banks had given themselves one month to reach an agreement and that deadline was set to expire on Jan. 31.
A source with direct knowledge of the matter said that there had not been sufficient time to obtain regulatory approval due to the Lunar New Year holidays in Hong Kong.
An OCBC spokeswoman in Singapore declined to comment. Officials for Wing Hang were not immediately available to comment.
People familiar with the deal said this month that OCBC was offering nearly twice the Hong Kong lender’s book value or around US$5.3 billion ($6.8 billion), which has raised concerns about the likely need to tap shareholders for funds.
OCBC said this month it was in exclusive talks to buy Wing Hang in a deal that would first see it buy a 45% stake from the founding Fung family and BNY International Financing Corp before making a general offer for the remaining shares. Click Here To Register For Free Trial Services
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