Posted by
admin on February 24, 2012 |
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The European stocks went down for a second day and commodities declined after the region’s services and manufacturing output suddenly shrank. U.S. equity-index futures declined, while German bonds increased.
The Stoxx Europe 600 Index lost 0.8 percent at 6:15 a.m. in New York. Futures on the Standard & Poor’s 500 Index slipped 0.2 percent. Copper retreated 0.6 percent. The German 10-year bund yield decreased four basis points to 1.94 percent, breaking a four-day climb. The dollar appreciated 0.6 percent to 80.18 yen, while the pound declined against 15 of its 16 main peers.
A measure of euro-area services and manufacturing production dropped to 49.7, London-based Markit Economics said, below the 50.5 forecast by economists in a Bloomberg survey. China’s manufacturing may shrink for a fourth month, according to data from HSBC Holdings Plc and Market. U.S. sales of previously owned homes probably rose last month to the highest level since May 2010.
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Posted by
admin on February 23, 2012 |
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FedEx Corp. (FDX) may try to leap into the bidding for TNT Express NV (TNTE) after the board of Europe’s second- largest package-delivery company discarded a $6.43 billion offer from United Parcel Service Inc. (UPS), investors and analysts said.
FedEx is the most understandable potential TNT suitor besides UPS, said Katrina Dudley, a portfolio manager at Mutual Series, a Franklin Templeton Investments unit whose funds own TNT stock. “It is a once-in-a lifetime chance for one of the players to create what I see as a strong global parcel franchise.”
TNT (TNTE) turned down UPS’s initial offer of 9 Euros a share while saying Feb. 17 that talks continue. That leaves an opening for FedEx, operator of the world’s biggest cargo airline, to swoop in to keep Hoofddorp, Netherlands-based TNT out of UPS’s hands, said Kevin Sterling, an analyst at BB&T Capital Markets. The prize would be expansion in Europe, where Deutsche Post AG (DPW)’s DHL leads in express deliveries.
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Posted by
admin on February 21, 2012 |
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The European economy shrank less than economists estimate in the fourth quarter as a better-than- predicted performance in Germany and France helped mitigate the region’s first reduction since 2009.
Gross domestic product in the 17-nation euro area fell 0.3 percent from the prior three months, the first drop since the second quarter of 2009, the European Union’s statistics office in Luxembourg said today. Economists had forecast a drop of 0.4 percent, the median of 42 estimates in a Bloomberg News survey shows. In Germany, Europe’s largest economy, GDP dropped less than economists anticipated in the fourth quarter, while France’s economy surprisingly stretched in that period.
German companies have boosted output and spending over the past year to meet export demand, helping soften the impact of tougher budget cuts from Spain to Ireland. While Moody’s Investors Service cut the ratings of six of the region’s member states on Feb. 13, saying policy makers haven’t done enough to reinstate investor confidence, the economy is showing some signs of stabilization. Euro-region economic sentiment improved in January and services output expanded.
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