Stocks mixed as earnings failed to ease worries on growth

in Business-news

Wal-Mart posted a 3.6 percent rise in second-quarter net income while Home Depot reported 7% increase in its net income in the second quarter.

 

Although the world\'s largest retailer and the No. 1 U.S. home-improvement retailer reported stronger earnings, such earnings did not succeed in easing concerns about China’s slowdown and other countries’.

 

U.S. industrial production grew 1.1 percent in July. This was a robust figure and positive news from the world’s biggest economy. This country is struggling to keep its recovery unchanged amid high unemployment.

 

Integrated producer of fertilizer, Potash Corp (TSX: POT, NYSE: POT) said it had rejected a $38.6 billion takeover bid from BHP Billiton, the world\'s largest mining company. This takeover approach was still in spotlight.

 

The global stock market had its ups and downs. Some markets gained benefits from a rise in U.S. industrial output. However, sentiment was still around as evidences showed that U.S. recovery is stumbling.

 

Britain\'s FTSE 100 was off 0.5 percent at 5,323.35; France\'s CAC-40 lost 0.2 percent at 3,658.02; and Germany\'s DAX was lower at 6,204.36. The Shanghai Composite Index ended down 0.2 percent to 2,666.30 and Hong Kong\'s Hang Seng declined to 21,022.73. Stocks in Taiwan and Singapore markets also fell.

 

On the other hand, in Japan, Nikkei 225 stock average advanced 78.86 points to 9,240.54, Australia\'s S&P/ASX 200 was little changed at 4,474.90, and South Korea\'s Kospi gained 0.4 percent to 1,761.99. Markets in Thailand, India, Indonesia, Malaysia, and New Zealand also gained.

 

In front of oil prices, the September crude futures slipped 70 cents to $75.07 a barrel in electronic trading on Globex. The dollar fell by 0.4% to 85.25 Japanese yen. The euro advanced 0.2% at $1.2892.

 

U.S. stock futures were broadly flat. Future on the Dow Jones Industrial Average advanced to 10,363 and S&P 500 futures gained 0.20 points at 1,089.30. However, Nasdaq 100 futures declined 1 point to 1,838.50. In the previous trading, U.S. stock rallied, stopping a row of five sessions falling.

 

Besides Wal-Mart and Home Depot, Target Corp was due to report earnings. It is expected that the company will post a profit of 92 cents a share in the second quarter. In addition, Deere & Co (NYSE: DE) is expected to earn fiscal third-quarter profit of $1.20 a share.

 

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Emma Murphy has 398 articles online and 4 fans

Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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Stocks mixed as earnings failed to ease worries on growth

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This article was published on 2010/08/19