| 作者 |
 Chinese government stimulus hopes provide lift to stock mark |
 |
ferncrest
[博客]
[个人文集]
头衔: 海归少将
声望: 教授
性别: 
加入时间: 2005/09/14
文章: 6484
来自: 地球
海归分: 293622
|
|
|
作者：ferncrest 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Malcolm Morrison, The Canadian Press
TORONTO - High hopes for the Chinese economy drove stock markets higher at midmorning Wednesday, despite disappointing earnings from retailing giant Costco Corp. and an indicator of huge U.S. job losses last month.
Toronto's S&P/TSX composite index was off early highs as financials again deteriorated but was still ahead 108.7 points to 7,740.3. The upward swing followed three days of losses that carved more than 500 points from the main index, sending it down to 2003 levels. The TSX Venture Exchange added 3.94 points to 828.01.
New York's Dow Jones industrial average tried to snap a five-session losing streak, up 40.9 points to 6,767. The blue-chip index was back at 1997 levels after insurer American International Group shocked markets Monday with a US$62-billion quarterly loss.
The Nasdaq composite index was up 13.3 points to 1,334.31 while the S&P 500 was ahead five points to 701.35 after closing Tuesday at a 1996 low.
The Canadian dollar rose 0.42 of a cent to 77.87 cents US.
China's national legislature, the National People's Congress, convenes its annual session Thursday, with the agenda expected to focus on a four trillion yuan or US$586-billion stimulus package and other measures to counter a deep slump that has cost millions of workers their jobs.
Also helping sentiment were figures suggesting Chinese manufacturing, while contracting again in February, did so at a slower rate than in the previous month.
The government-sanctioned China Federation of Logistics and Purchasing reported Wednesday that its monthly survey of purchasing managers for more than 700 manufacturers - a key indicator - rose to 49 in February from 45.3 in January on a 100-point index where numbers below 50 show activity contracting.
"Output and new orders picked up (including export orders), and the inventory destocking process may be nearing an end. This supports our view that China is stabilizing," investment bank Merrill Lynch said in a client note.
Costco Wholesale said its fiscal second-quarter profit fell 27 per cent to US$239.7 million, partly on lower non-food sales and some deeper discounting, while results were further hurt by the stronger dollar. Its shares inched up 13 cents to $40.82.
And two days before the U.S. non-farms payroll report for February is released, the ADP Employment Report indicated that 697,000 jobs were lost in February. The consensus estimate called for 630,000 job losses.
Economists are looking for the Friday report to show job losses of 640,000 jobs last month.
Later in the day, traders will take in the U.S. Federal Reserve's latest beige book, the central bank's regional assessment of the economy.
Meanwhile, Treasury Secretary Timothy Geithner will testify on Capitol Hill for a second day on the president's budget proposal.
The TSX was supported by sharp rises in commodity stocks as investors hope for increased Chinese demand for oil and metals.
The base metals sector ran ahead 5.4 per cent with Teck Cominco Ltd. (TSX: TCK-B.TO) up 31 cents to $4.08 while Equinox Minerals (TSX: EQN.TO) climbed 10 cents to $1.53.
The TSX energy sector gained 4.7 per cent as the April crude contract in New York rose $2.85 to US$44.50 a barrel. EnCana Corp. (TSX: ECA.TO) gained $2.22 to $49.60 and Suncor Inc. (TSX: SU.TO) advanced $1.44 to $26.45.
The TSX financial sector, which has dropped seven per cent this week in the wake of the AIG loss, was down another 0.25 per cent Wednesday. Shares in Sun Life Financial were down $1.45 to $15.99 following reports that U.S. Hartford Financial Services Group Inc. is in talks to sell most of its life insurance unit to the Canadian insurer.
Bank of Montreal (TSX: BMO.TO) climbed 41 cents to $28.05.
Laurentian Bank (TSX: LB.TO) reported that first-quarter net earnings rose to $25 million from $19.1 million a year ago. Its shares were down 41 cents to $29.94 as it also said its return on equity rose to 10 per cent.
U.S. Bancorp said Wednesday its board of directors approved a plan to slash its quarterly dividend on common stock by 88 per cent to five cents because of "uncertainty in the financial markets and a weakening economy."
Agnico-Eagle Mines Ltd. (TSX: AEM.TO), a Toronto-based gold producer, says it has raised its estimate of gold reserves by eight per cent to a record 18.1 million ounces after the company spent $72 million on exploration last year. Its shares were off 63 cents to $61.66.
The news from China drove overseas markets higher with Japan's Nikkei stock average up 0.9 per cent, while Hong Kong's Hang Seng index gained 2.5 per cent.
Britain's FTSE 100 was up 2.4 per cent, Germany's DAX index jumped 3.3 per cent, and France's CAC-40 was up three per cent.
作者：ferncrest 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 Chinese government stimulus hopes provide lift to stock mark -- ferncrest - (4853 Byte) 2009-3-05 周四, 00:20 (1217 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
