BEIJING, Oct 21- China's daily crude steel runs rose 1.3 percent in September to the highest level in three months, data from the country's statistics agency showed, suggesting mills were still close to full capacity despite weak demand and a steep slump in prices. China produced 67.54 million tonnes of crude steel in September, down 2 percent from the previous...» Read More
ArcelorMittal, the world's largest steelmaker, reported a net profit of $2.72 billion for the second quarter as it sold more steel at higher prices to offset higher costs.
Stocks are ready to spring higher on the opening as economic data, earnings and some merger news gets investor attention this morning. GM's better-than-expected earnings report is adding a positive tone.
Alcan, the target of a $38.1 billion takeover by Rio Tinto, said Tuesday its quarterly profit fell 2.5%, largely on costs stemming from a stronger Canadian dollar.
Futures are perking up this morning and are setting stocks up for a firmer opening. Traders are turning their attention to earnings and some percolating merger news, and there's a calm on Wall Street after Friday's late day, mad dash down-hill ride for stocks.
Credit worries and bad news from home builders trumped any positives from the stream of earnings being reported this morning. Wall Street is set up for a steep drop on the opening and the talk in the market focuses on whether the takeover boom is ending.
Strong earnings news is helping push credit market fears back into the shadows this morning, and stocks are poised to spring higher at the opening. Some Asian markets sold off after yesterday's bad day on Wall Street and Europe is mostly lower.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
Norwegian oil and gas company Norsk Hydro on Tuesday reported a 2% rise in second-quarter net profit, boosted mainly by high aluminum and oil prices, and said its merger with oil giant Statoil is on track.
Transocean, the world's largest offshore driller, said Monday it would buy GlobalSantaFe for about $17 billion in a no-premium deal, adding a fleet of shallow-water drilling rigs to its deepwater equipment.The deal includes stock, as well as pay-out to shareholders of both companies totaling $15 billion.
A swirl of merger activity and blow-away earnings from Dow component Merck are positives for stocks ahead of the opening. European markets are mostly higher and Asia was mixed overnight.
Miner BHP Billiton will not launch a $45 billion bid for U.S. aluminum giant Alcoa, The Australian newspaper reported on Friday, citing unnamed sources.
Stocks are setting a positive tone ahead of the opening even as oil continues its move up. Merger news, real and rumored, dominates the Monday morning headlines.
South Korea's POSCO reported a 55% jump in second-quarter net profit on Monday on high prices and strong demand for steel.
U.S. stocks are ready to rise at the open after equities markets worldwide set records of their own on the back of Wall Street's big rally.
Rio Tinto's chief executive said Friday the $38.1 billion the mining giant is offering to buy Alcan is not too much, citing skyrocketing demand for metals in China and India.
Chemicals maker Huntsman agreed to a $6.5 billion buyout offer from an affiliate of Apollo Management on Thursday, terminating an earlier deal to sell itself at a lower price to a Dutch company.
An explosive bid for Canada's Alcan is giving a positive psychological lift to stocks as traders watch a flood of monthly sales reports from retailers.
Alcan, which is fending off a hostile $28.8 billion bid from U.S. rival Alcoa, is closer to arranging a rival friendly deal and is expected to make an announcement this week, according to sources familiar with the situation.
Private equity corporate raiders who have so far sidestepped the mining sector despite widespread consolidation, could soon reset their sights, global accounting and consulting firm Ernst & Young said on Wednesday.
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