Latest News In Stock Market Investment Research – April 03, 2009

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Euro-zone composite index rises to 38.3 in March

3 Apr 2009 at 1:17am

LONDON (MarketWatch) — Activity in the 16-nation euro-zone’s manufacturing and services sectors continued to contract sharply in March, but the pace of the decline slowed after record contractions in February, according to the Markit euro-zone composite output index for March. The final composite output index, based on monthly surveys of purchasing managers, rose to 38.3 in March, up from 36.2 in February and exceeding a preliminary forecast for a rise to 37.6. A reading of less than 50 indicates a contraction in activity, while a reading of more than 50 signals expansion. The final Markit March euro-zone services index rose from 39.2 in February to 40.9 in March, exceeding the preliminary estimate of 40.1.

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Halifax says U.K. house prices fell 1.9% in March

3 Apr 2009 at 1:14am

LONDON (MarketWatch) — Halifax, a division of Lloyds Banking Group said Friday that U.K. house prices fell 1.9% in March, after declining 2.3% in February. The group said its House Price Index shows the average price has fallen to around 157,000 pounds, a level last seen in May 2004. Halifax said there are “some very tentative signs that activity may be beginning to stabilize,” including an increase in the number of mortgage approved to finance house purchases. But it added that conditions are likely to remain tough for the remained of 2009, due to increasing unemployment, low consumer confidence and the limited availability of mortgage finance. A different reading from U.K. building society Nationwide on Thursday indicated U.K. house prices rose 0.9% in March.

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Credit Suisse upgrades European auto sector to overweight

3 Apr 2009 at 12:41am

MADRID (MarketWatch) — Credit Suisse on Friday upgraded the European auto sector to overweight from benchmark, saying demand expectations may be too pessimistic, and demand may be troughing out. They said the auto sector is also cheap on a valuation standpoint, and that the industry will also use the current downturn for more structural changes in order to become more efficient. Risks to Credit Suisse’s view include potential bankruptcy of U.S. auto companies and knock-on effects to suppliers and demand. Preferred auto plays for Credit Suisse include BMW , Volvo and PSA Peugeot .

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France Telecom cut, Deutsche Telekom upped at Cazenove

3 Apr 2009 at 12:39am

LONDON (MarketWatch) — France Telecom was cut to underperform from in-line while Deutsche Telekom was upgraded to in-line from underperform by Cazenove. The broker sees challenges facing France Telecom’s French operations, such as an upcoming 31% reduction in the fee charged to mobile operators to connect to its network, while on Deutsche Telekom the broker sees valuation appeal from its secure dividends.

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GlaxoSmithKline upped to outperform by Cazenove

3 Apr 2009 at 12:33am

LONDON (MarketWatch) — GlaxoSmithKline was upgraded to outperform from in-line by Cazenove, with the broker seeing an attractive risk profile at an attractive valuation. The broker also said there’s upside from its pipeline, citing the drug Avodart for prostate cancer prevention which could add 500 million pounds onto the broker’s 2013 sales forecasts and lift earnings by around 5%.

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Novo Nordisk shares slump on FDA committee’s split

3 Apr 2009 at 12:21am

LONDON (MarketWatch) — Shares of Novo Nordisk slumped 11% in Copenhagen after the U.S. Food and Drug Administration’s Endocrinologic and Metabolic Drugs Advisory Committee was split over C-Cell tumor data in the diabetes drug liraglutide. The timing of U.S. launch of liraglutide will be determined after completion of the FDA’s review of the application.

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European shares pull back in early trading

3 Apr 2009 at 12:08am

LONDON (MarketWatch) — European shares pulled back on Friday, giving back some of the previous session’s sharp gains, with key U.S. jobs data due later in the session. Banks were once again the main driver of market direction in Europe, with HSBC Holdings shares down 3.7% and BNP Paribas shares down 2.4%. Mineral extractors were also weak as metal futures softened, with Rio Tinto shares down 2.9% and Xstrata shares down 1.5%. The U.K. FTSE 100 index fell 0.7% to 4,098.02, the German DAX 30 index slipped 1% to 4,337.35 and the French CAC-40 index declined 0.9% to 2,964.68.

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RBS would have made profit without ABN, will cut more jobs

2 Apr 2009 at 11:38pm

LONDON (MarketWatch) — Royal Bank of Scotland Chairman Philip Hampton said Friday that the bank will cut more jobs this year, but it doesn’t yet know how many positions will go. In an extract from a speech published ahead of the bank’s annual meeting, Hampton said the acquisition of parts of ABN Amro was the key decision that led to RBS’ problems and that the bank would have made an operating profit before goodwill impairments if it wasn’t for the acquisition. Hampton also reaffirmed that the bank is taking legal advice over whether the pension deal given to former CEO Fred Goodwin can be altered, but said it’s not in the best interests of the bank for the debate to go on and on. Hampton added that current CEO Stephen Hester, at his own insistence, has a clause in his contract ensuring he will receive no reward if he leaves the company “for reasons of failure.”

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British Land sells London office space to Abbey

2 Apr 2009 at 11:29pm

LONDON (MarketWatch) — Property developer British Land said Friday that it has sold 2-3 Triton Square, Regent’s Place, London, to Abbey for 115 million pounds, reflecting a net initial yield of 7.2%. The 200,000 square foot office accommodation was developed by British Land in 2002 and is let to Abbey on a lease expiring in 2022.

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Givaudan first-quarter sales decline 7.3%

2 Apr 2009 at 11:24pm

LONDON (MarketWatch) — Swiss perfume maker Givaudan said Friday that first-quarter sales declined 7.3% to 976.1 million Swiss francs. Strong destocking throughout the supply chain, starting in the fourth quarter of 2008, was the main driver of the decline, the firm noted. In 2009, Givaudan is confident that it will outgrow the underlying market, although it’s difficult to reliably forecast market growth. The firm is confident it will achieve its savings target of 200 million francs by 2010 and reach its pre-acquisition EBITDA margin level of 22.7%.

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Nippon Steel to post $106 million securities loss in Q4

2 Apr 2009 at 10:42pm

HONG KONG (MarketWatch) — Nippon Steel Corp. said it will post a loss of 10.4 billion yen ($106 million) on its securities holdings in the January to March quarter, according to media reports Friday. The Japanese steelmaker expects valuation losses to amount to 68.4 billion yen during the financial year ended March 31, Reuters reported. Nippon Steel stock rose 3.9% in Tokyo afternoon trading.

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Najib Razak sworn in as Malaysia Prime Minister: reports

2 Apr 2009 at 7:29pm

HONG KONG (MarketWatch) — Najib Razak was sworn in as Malaysia’s new prime minister Friday, according to reports. Najib replaces Abdullah Ahmad Badawi, who resigned Thursday as part of a transition after the United Malays National Organization lost in last year’s general elections. Najib faces an opposition which accuses him of corruption and links to a murder case, according to the Associated Press. He has denied the allegations, it added.

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Asian stocks extend rally; exporters, financials lift Tokyo

2 Apr 2009 at 5:37pm

HONG KONG (MarketWatch) — Asian markets stretched their gains Friday, with Japanese stocks rising for a third straight session as exporters and financials rose on a weakened yen and overnight Wall Street gains. The Nikkei 225 Average added 1.4% to 8,843.11 and the broader Topix rose 1.5% to 839.04. Australia’s S&P/ASX 200 climbed 1.7%, South Korea’s Kospi gained 0.9% and New Zealand’s NZX 50 advanced 1.1%. The regionwide advance came after G20 leaders announced a major boost to International Monetary Fund lending power and the Financial Accounting Standards Board loosened mark-to-market accounting rules in the U.S.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

House OKs $3.55 trillion budget resolution for fiscal 2010

2 Apr 2009 at 4:18pm

WASHINGTON (MarketWatch) — House lawmakers approved a $3.55 trillion budget resolution Thursday, handing President Barack Obama a victory on his spending priorities for fiscal 2010. Members voted 233 to 196 to approve the plan, a non-binding resolution that Democrats say will lay the groundwork for Obama’s priorities in education, energy and healthcare while cutting the deficit in half by 2013. Democrats are expected to push through a similar version in the Senate as early as Thursday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

House rejects Republicans’ alternate fiscal 2010 budget

2 Apr 2009 at 4:05pm

WASHINGTON (MarketWatch) — The House voted on Thursday to reject a Republican-proposed budget for fiscal 2010. By a vote of 293 to 137, lawmakers shot down a measure that would have frozen most non-defense spending for five years, permanently extended tax relief enacted in 2001 and 2003, and overhauled Medicare for people 54 and younger. The House will soon vote on a $3.55 trillion budget proposed by Democrats, which is expected to pass.

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April 03 2009 12:49 am | Stock Market News

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