NEW YORK, June 30 (Reuters) - U.S.-listed shares of foreign companies fell on Tuesday as investors cooled expectations about an economic recovery after data showed a surprisomg slide in consumer confidence, even as ADRs closed their best quarter in almost a decade.
The Conference Board's measure of U.S. consumer confidence slid in June after a sharp rise in May, and hurt recovery expectations as consumer spending accounts for two-thirds of the U.S. economy.
The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR fell 1.1 percent, while the Dow Jones industrial average .DJI down 1 percent and the U.S. benchmark S&P 500 index .SPX off 0.9 percent.
For the second quarter, the ADR index jumped 24.6 percent, its best quarterly performance since the 28.3 percent rise during the fourth quarter of 1999.
The Bank of New York Mellon index of leading Asian ADRs .BKAS lost 1.2 percent. Bellwether China Mobile Ltd (CHL.N) and PetroChina Co (PTR.N) slid, with China Mobile's ADRs down 2.3 percent at $50.08 and PetroChina's U.S.-listed stock down 3.1 percent at $110.48.
The Bank of New York Mellon index of leading European ADRs .BKEUR fell 1 percent, with ADRs of Deutsche bank (DB.N), down 2.6 percent at $61, among the top drags. The FTSEurofirst 300 .FTEU3 index of top shares fell 1.1 percent, weighed down by banks and energy companies.
The bank's index of Latin American ADRs .BKLA shed 0.9 percent in the session, with Peruvian miner Buenaventura (BVN.N) among the biggest losers, down 4.1 percent at $24.03.
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Monday, September 28, 2009
Monday, September 14, 2009
ANALYSIS-Tepid recovery seen for Canada's housing market
TORONTO, July 1 (Reuters) - The worst of Canada's housing market woes appear to be past but the sector's rebound will be tenuous as a rise in mortgage rates and high unemployment limit the recovery in prices and sales.
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Property experts say first-time buyers and Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year, when the worst leg of the global financial crisis battered consumer confidence.
'We should be less fearful than we were six months ago, but I don't think we should be exuberant yet. The resale markets in Canada are very strong. May numbers were pretty good, and June numbers will be even better,' said Will Dunning, an economic consultant who specializes in the housing market.
'But by July and into the fall there will be an offset of considerably slower activity. I don't think it's likely to go off a cliff. It'll depend on what happens in employment and the broader economy, and how that affects confidence.'
Recent data suggests Canada's residential property market, which weathered the financial crisis much better than its hard-hit U.S. counterpart, has been thawing for several months.
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The latest Canadian Real Estate Association data shows May resale home prices rose 0.4 percent to C$319,757 ($275,653), topping the previous record set a year earlier. It was the first year-over-year increase since May last year. And sales activity climbed for a fourth straight month.
The industry group, which represents more than 97,000 real estate brokers and agents, also cut its forecast for a drop in home prices this year and said it expected sales activity to trend higher.
Meanwhile, Canada Mortgage and Housing Corp., the national housing agency, forecast in its second-quarter outlook that new home construction is expected to decline to 141,900 units in 2009 but rebound next year.
Still, no one predicts the residential property market is headed back to the heady times seen between 2002 and 2007, when prices surged and outpaced income growth. In some cities, such as Vancouver, British Columbia, and Calgary, Alberta, home prices doubled and are now going through a sharp correction.
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Property experts say first-time buyers and Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year, when the worst leg of the global financial crisis battered consumer confidence.
'We should be less fearful than we were six months ago, but I don't think we should be exuberant yet. The resale markets in Canada are very strong. May numbers were pretty good, and June numbers will be even better,' said Will Dunning, an economic consultant who specializes in the housing market.
'But by July and into the fall there will be an offset of considerably slower activity. I don't think it's likely to go off a cliff. It'll depend on what happens in employment and the broader economy, and how that affects confidence.'
Recent data suggests Canada's residential property market, which weathered the financial crisis much better than its hard-hit U.S. counterpart, has been thawing for several months.
Rate This Story
Your Rating
Overall Rating
Reader Comments
Comment On This Story
The latest Canadian Real Estate Association data shows May resale home prices rose 0.4 percent to C$319,757 ($275,653), topping the previous record set a year earlier. It was the first year-over-year increase since May last year. And sales activity climbed for a fourth straight month.
The industry group, which represents more than 97,000 real estate brokers and agents, also cut its forecast for a drop in home prices this year and said it expected sales activity to trend higher.
Meanwhile, Canada Mortgage and Housing Corp., the national housing agency, forecast in its second-quarter outlook that new home construction is expected to decline to 141,900 units in 2009 but rebound next year.
Still, no one predicts the residential property market is headed back to the heady times seen between 2002 and 2007, when prices surged and outpaced income growth. In some cities, such as Vancouver, British Columbia, and Calgary, Alberta, home prices doubled and are now going through a sharp correction.
Source
Tuesday, September 1, 2009
Brazil stocks, real close up on global data
SAO PAULO, July 1 (Reuters) - Brazilian stocks rose on Wednesday but ended well off the day's highs as data from major economies gave mixed signals on a possible global recovery while heavyweight Petrobras slumped along with oil prices.
The benchmark Bovespa index .BVSP closed up 0.15 percent at 51,543.78 as investors retrenched from a morning rush that had added as much as 1.6 percent.
Data from major economies shed little light on the sustainability of a possible economic recovery, with investors balancing weakness in the U.S. labor market with incipient signs of improvement in the global manufacturing sector.
Despite deeper-than-expected payroll cuts by U.S. private employers, manufacturing data from the United States, euro zone and China provided investors with some relief, boosting global stock markets. U.S. manufacturing contracted more slowly in June and euro zone manufacturing contracted less than expected that same month. Manufacturing in China, an important engine of the global economy, notched another month of growth.
Brazil's currency, the real BRBY, climbed 1.68 percent to 1.93 reais to the dollar as hopes for a global recovery increased appetite for risk. The currency also benefited from news that Brazil's trade surplus widened more than expected in June to its widest level since December 2006. See [ID:nN01502493].
At the stock market, Vale (VALE5.SA), the world's largest iron-ore producer, rose 0.90 percent to 30.12 reais as copper prices rose. A rally in metal prices also boosted shares in some steelmarkers, with Usiminas (USIM5.SA) up 2.62 percent at 42.7 reais and Gerdau (GGBR4.SA) 0.44 percent higher at 20.59 reais.
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The benchmark Bovespa index .BVSP closed up 0.15 percent at 51,543.78 as investors retrenched from a morning rush that had added as much as 1.6 percent.
Data from major economies shed little light on the sustainability of a possible economic recovery, with investors balancing weakness in the U.S. labor market with incipient signs of improvement in the global manufacturing sector.
Despite deeper-than-expected payroll cuts by U.S. private employers, manufacturing data from the United States, euro zone and China provided investors with some relief, boosting global stock markets. U.S. manufacturing contracted more slowly in June and euro zone manufacturing contracted less than expected that same month. Manufacturing in China, an important engine of the global economy, notched another month of growth.
Brazil's currency, the real BRBY, climbed 1.68 percent to 1.93 reais to the dollar as hopes for a global recovery increased appetite for risk. The currency also benefited from news that Brazil's trade surplus widened more than expected in June to its widest level since December 2006. See [ID:nN01502493].
At the stock market, Vale (VALE5.SA), the world's largest iron-ore producer, rose 0.90 percent to 30.12 reais as copper prices rose. A rally in metal prices also boosted shares in some steelmarkers, with Usiminas (USIM5.SA) up 2.62 percent at 42.7 reais and Gerdau (GGBR4.SA) 0.44 percent higher at 20.59 reais.
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