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News : International Last Updated: Apr 24, 2009 - 5:31:05 PM


Market News Afternoon: Stocks rally strongly across Europe; Nokia shares surge almost 14%
By Finfacts Team
Jan 24, 2008 - 5:16:00 PM

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Nokia President and CEO Olli-Pekka Kallasvuo speaking at Nokia's Capital Markets Day in Amsterdam on Dec 04, 2007

US stocks moved slightly higher in New York Thursday as poor housing data was counterbalance by a fall in initial jobless claims. The market continued to be supported by nws of talks to rescue two big bond insurers.

The Dow Jones Industrial Average, which had recovered strongly on Wednesday to close up almost 300 points was up 59 points, or 0.5%, at 12327.  The S&P 500 was up 0.6%, or 8 points, at 1346. The Nasdaq Composite Index was up 1.28%, or 30 points, at 2346.

Giant telco AT&T  reported taht fourth-quarter net income rose 62%, boosted  by profits at its wireless business, but subscriber-growth slowed sharply in its broadband and video segments. AT&T shares slipped 2.3%.

Nokia, the world's top mobile phone maker, rose 13.6% on the Frankfurt exchange, after it reported a stronger-than-forecast 44% profit rise, boosted by emerging markets and sales of high-margin multimedia devices.

Initial jobless claims decreased by 1,000 to 301,000 in the week ended Jan. 19, from a revised 302,000 a week earlier, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, fell to a three-month low of 314,750, from 328,750 the prior week.

The National Association of Realtors reported that US sales of second-hand single-family homes fell 13% in 2007 - the most since 1982 - and prices dropped for the first time in at least four decades.

Live US Market Indices

The Wall Street Journal reports that top House lawmakers reached an agreement on legislation to jumpstart the economy, but the details were already causing friction, especially on the Democratic side of the aisle.

Congressional aides said House Speaker Nancy Pelosi and House Minority Leader John Boehner had reached an "agreement in principle" in meetings late last night on a bill to provide roughly $100 billion in tax rebates to a broad group of workers and about $40 billion in tax breaks for business.

The Journal says that the details still were being vetted with lawmakers, and Democrats and their allies already were raising concerns that the agreement doesn't include added spending on unemployment benefits or food stamps.

The rebates would be at least $300 for anyone who earned at least $3,000 in 2007, with $300 bonuses per children. People who owe income taxes would receive gradually more, up to $600 for individuals and $1,200 for couples. The rebates would be available to those below a certain income cap, likely $75,000 adjusted gross income for individuals and $150,000 for families.

 

NOKIA IN THE FOURTH QUARTER 2007 AND FULL YEAR 2007

EUR million Q4/2007 Q4/2006* Change (%) 2007 2006 Change (%)
Net sales 15 717 11 701 34 51 058 41 121 24
  Mobile Phones 7 438 7 076 5 25 083 24 769 1
  Multimedia 3 026 2 136 42 10 538 7 877 34
  Enterprise Solutions 670 305 120 2 070 1 031 101
  Nokia Siemens Networks 4 583 2 184   13 393 7 453  
Operating profit 2 492 1 519 64 7 985 5 488 46
  Mobile Phones 1 858 1 257 48 5 434 4 100 33
  Multimedia 670 326 106 2 230 1 319 69
  Enterprise Solutions 118 -64   267 -258  
  Nokia Siemens Networks *** 0 129   -1 308 808  
  Group Common Functions -154 -129   1 362 -481  
Operating margin (%) 15.9 13.0   15.6 13.3  
  Mobile Phones (%) 25.0 17.8   21.7 16.6  
  Multimedia (%) 22.1 15.3   21.2 16.7  
  Enterprise Solutions (%) 17.6 -21.0   12.9 -25.0  
  Nokia Siemens Networks (%) *** 0 5.9   -9.8 10.8  
Net profit 1 835 1 273 44 7 205 4 306 67
EPS, EUR            
  Basic*** 0.48 0.32 50 1.85 1.06 75
  Diluted*** 0.47 0.32 47 1.83 1.05 74
Report            

The big news in Europe Thursday was on the announcement by France's second biggest listed bank that Societe Generale said that a fraudulent traded had incurred losses of €4.9 billion on stock index futures. The bank  plans to raise €5.5 billion from investors after the trading loss and subprime-related writedowns depleted capital.

European stocks surged the most since 2003 as talks to bail out bond insurers, rising profits at Nokia and China's economic growth boosted hopes that equity markets will weather a downturn in the US.

Swiss bank UBS and insurer French Axa rose more than 7% and the Dow Jones Stoxx 600 Index surged 5.2%, its biggest gain since March 2003

National benchmarks rose in all of the 18 Western European markets; France's CAC 40 surged 5.9%; the UK's FTSE 100 rallied 4.6% and Germany's DAX jumped 6%.

In Dublin, the ISEQ Index jumped 4.99%.

National benchmarks -  Europe

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Currencies

The euro is trading at $1.4736 and at £0.7469.

For live currency updates, check the right-hand column of the Finfacts home page

Commodities

 Crude oil for March delivery is trading on the New York Mercantile Exchange (Nymex) at $88.12 per barrel - up $1.13 overnight. 

 

 


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