MANILA, Nov 27- Most base metals in Shanghai and London took a breather on Friday following recent sharp gains that have aluminum eyeing its second-best week this year and nickel also up sharply after an early-week rout that dragged prices to multi-year lows. A spike in Shanghai nickel in the past two days, amid talk of potential production cuts by Chinese...» Read More
U.S. stocks futures are slightly firmer ahead of the opening in a market still cranky about credit worries and pondering the Fed's next move. European stock markets are mixed after trading lower this morning, and Asian stocks were lower overnight.
Timber company Weyerhaeuser reported better-than-expected quarterly earnings on Friday, as strength in its packaging products business helped offset weak demand for wood products from U.S. home builders.
Miner Anglo American unveiled plans to sell Tarmac, its U.K.-based road building unit, as it met forecasts with a 22% rise in first-half earnings and announced a further $4 billion share buyback.
International Paper said on Thursday its second-quarter profit rose on improved pricing and stable volumes, but earnings fell short of market expectations and pulled the company's shares down 2.7%.
Global miner Rio Tinto first-half profit fell 6%, hurt by higher costs and unfavorable exchange rates despite selling its copper, iron ore, and other industrial commodities at sharply higher prices.
A selling wave in global stock markets is sweeping futures lower this morning as subprime and credit woes once more rise to the surface. A new disclosure about a third troubled hedge fund at Bear Stearns is rattling investors.
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.