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U.K.'s Brown Likely to Rule Out Adopting Euro This Year
June 8 (Bloomberg) -- U.K. Chancellor of the Exchequer Gordon Brown tomorrow is likely to rule out swapping the pound for the euro this year, though he may keep alive the option of joining in the next few years, investors said.
Britain, Sweden and Denmark alone in the 15-nation European Union declined to begin using the euro in time for its debut in 1999. Prime Minister Tony Blair's Labour government wants to adopt the currency once the economic case is clear.
With polls showing almost two-thirds of U.K. voters opposed to adopting the euro, investors say Brown is unlikely to recommend pushing ahead with monetary union before the next election, which must be called by mid-2006. Instead, he'll probably spell out ways to move Britain closer to joining.
``They'll say `no','' said Nigel Richardson, who helps manage the equivalent of $79 billion at Axa Investment Managers U.K. Ltd. ``The question is what he says about the timing of his future assessment. Is it off the agenda for the foreseeable future? Or will we be back on it in two years?''
The statement, due in a speech by Brown to parliament at 3:30 p.m. London time, will be as much a political statement of ambitions as an analysis of the costs and benefits of using the euro in Britain.
`Wheelbarrow' of Data
Brown will issue 18 separate studies, spanning more than 1,700 pages and weighing 7 kilograms, along with the Treasury's two-year assessment of the economics for joining and a plan for how the nation could swap the pound for the euro.
``We're bracing for a wheelbarrow load of data,'' said Keith Wade, chief economist at Schroders Plc, Europe's third-biggest pension fund, managing $170 billion. ``But the decision itself will boil down to a `no'.''
Blair has said using the euro is Britain's ``destiny'' and that it would be ``a shame'' not to share a currency with Britain's biggest trading partners. He has said he's concerned Britain will lose influence in the EU without the euro.
At the same time, most investors say the time isn't right to join. Britain's economy will grow about 1.9 percent this year, according to economists surveyed by the Treasury. That's almost double the pace they expect in the euro nations.
``The economies are not in synch,'' said Douglas Roberts, who helps manage $117 billion at Standard Life Investments Ltd. in Edinburgh. ``The euro area may well come right in time, but it's had tortuous early days.''
Reevaluation Pledge
Blair's Labour government ruled out using the euro during its first term in office when it came to power in 1997, then pledged to reevaluate the case two years into its second term, which began in 2001.
Brown set five economic tests that Britain and the euro nations would have to pass before the government would recommend entry.
Those tests gauge whether the euro would be good for jobs, investment and City of London financial institutions. In addition, they measure whether the economies are flexible enough to handle a single currency and performing closely enough to cope with a common interest rate.
Voters, lobby groups and companies are divided on whether Britain should join. Big manufacturers led by Ford Motor Co., Unilever NV and Siemens AG have urged Britain to join. Retailers such as Dixons Group Plc and Next Plc are opposed.
`Too Opposed'
The Confederation of British Industry, the nation's biggest business lobby group, is officially agnostic on the issue, saying its members are split. Last month, a survey by NOP Ltd. for Barclays Bank Plc showed 46 percent of voters would oppose the euro while 37 percent would vote in favor.
``Public opinion is too opposed to win a referendum,'' said Angus Sibley, who helps manage the equivalent of $9.6 billion at Carr Sheppards Crosthwaite Ltd. ``It makes no sense to move ahead with one now.''
Even so, Brown could announce a number of measures that would maintain the appearance of Britain wanting to be a part of the euro region, even if it's not pressing ahead now.
He may order the Bank of England to target the European measure of inflation, known as HICP, instead of the U.K. one, called RPIX. That would smooth the way for Britain to hand control over interest rate policy to the European Central Bank.
Also, the government could draw up legislation that would enable it to call a referendum. Or he could name the date for when the Treasury will reassess the economic case for joining.
``There's little doubt there will be a `not yet' verdict, so the focus will be on the steps required to get us into the euro,'' said Alan Castle, an economist at Lehman Brothers Holdings Inc. ``It probably will be more subtle than a date for potential entry.''
Last Updated: June 8, 2003 02:45 EDT
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U.K.'s Brown Likely to Rule Out Adopting Euro This Year
June 8 (Bloomberg) -- U.K. Chancellor of the Exchequer Gordon Brown tomorrow is likely to rule out swapping the pound for the euro this year, though he may keep alive the option of joining in the next few years, investors said.
Britain, Sweden and Denmark alone in the 15-nation European Union declined to begin using the euro in time for its debut in 1999. Prime Minister Tony Blair's Labour government wants to adopt the currency once the economic case is clear.
With polls showing almost two-thirds of U.K. voters opposed to adopting the euro, investors say Brown is unlikely to recommend pushing ahead with monetary union before the next election, which must be called by mid-2006. Instead, he'll probably spell out ways to move Britain closer to joining.
``They'll say `no','' said Nigel Richardson, who helps manage the equivalent of $79 billion at Axa Investment Managers U.K. Ltd. ``The question is what he says about the timing of his future assessment. Is it off the agenda for the foreseeable future? Or will we be back on it in two years?''
The statement, due in a speech by Brown to parliament at 3:30 p.m. London time, will be as much a political statement of ambitions as an analysis of the costs and benefits of using the euro in Britain.
`Wheelbarrow' of Data
Brown will issue 18 separate studies, spanning more than 1,700 pages and weighing 7 kilograms, along with the Treasury's two-year assessment of the economics for joining and a plan for how the nation could swap the pound for the euro.
``We're bracing for a wheelbarrow load of data,'' said Keith Wade, chief economist at Schroders Plc, Europe's third-biggest pension fund, managing $170 billion. ``But the decision itself will boil down to a `no'.''
Blair has said using the euro is Britain's ``destiny'' and that it would be ``a shame'' not to share a currency with Britain's biggest trading partners. He has said he's concerned Britain will lose influence in the EU without the euro.
At the same time, most investors say the time isn't right to join. Britain's economy will grow about 1.9 percent this year, according to economists surveyed by the Treasury. That's almost double the pace they expect in the euro nations.
``The economies are not in synch,'' said Douglas Roberts, who helps manage $117 billion at Standard Life Investments Ltd. in Edinburgh. ``The euro area may well come right in time, but it's had tortuous early days.''
Reevaluation Pledge
Blair's Labour government ruled out using the euro during its first term in office when it came to power in 1997, then pledged to reevaluate the case two years into its second term, which began in 2001.
Brown set five economic tests that Britain and the euro nations would have to pass before the government would recommend entry.
Those tests gauge whether the euro would be good for jobs, investment and City of London financial institutions. In addition, they measure whether the economies are flexible enough to handle a single currency and performing closely enough to cope with a common interest rate.
Voters, lobby groups and companies are divided on whether Britain should join. Big manufacturers led by Ford Motor Co., Unilever NV and Siemens AG have urged Britain to join. Retailers such as Dixons Group Plc and Next Plc are opposed.
`Too Opposed'
The Confederation of British Industry, the nation's biggest business lobby group, is officially agnostic on the issue, saying its members are split. Last month, a survey by NOP Ltd. for Barclays Bank Plc showed 46 percent of voters would oppose the euro while 37 percent would vote in favor.
``Public opinion is too opposed to win a referendum,'' said Angus Sibley, who helps manage the equivalent of $9.6 billion at Carr Sheppards Crosthwaite Ltd. ``It makes no sense to move ahead with one now.''
Even so, Brown could announce a number of measures that would maintain the appearance of Britain wanting to be a part of the euro region, even if it's not pressing ahead now.
He may order the Bank of England to target the European measure of inflation, known as HICP, instead of the U.K. one, called RPIX. That would smooth the way for Britain to hand control over interest rate policy to the European Central Bank.
Also, the government could draw up legislation that would enable it to call a referendum. Or he could name the date for when the Treasury will reassess the economic case for joining.
``There's little doubt there will be a `not yet' verdict, so the focus will be on the steps required to get us into the euro,'' said Alan Castle, an economist at Lehman Brothers Holdings Inc. ``It probably will be more subtle than a date for potential entry.''
Last Updated: June 8, 2003 02:45 EDT
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Dollar Gains on Week as Economy Sheds Fewer Jobs Than Forecast
June 7 (Bloomberg) -- The dollar rose for a second straight week against the euro, the first time that has happened since March, after a government report showed the U.S. economy shed fewer jobs last month than analysts projected.
The U.S. currency had been down for the week until Friday, when the Labor Department report helped drive the dollar up 1.27 percent against the euro, its biggest gain in two months. Traders pared bets the Federal Reserve will cut interest rates a half- percentage point this month and reduce the appeal of dollar- denominated deposits.
``Exchange rates are heavily influenced by relative interest rates and relative growth rates between countries,'' said Anthony Chan, who helps manage $150 billion as chief economist at Banc One Investment Advisors in Columbus, Ohio. ``This report provides strong support for the view that the U.S. economy may continue to gain on both of these fronts.''
On the week the dollar gained 0.75 percent to $1.1696 at 5:02 p.m. Friday in New York from $1.1784 a week earlier. The dollar pared a weekly loss against the yen after the labor report, leaving it down 0.5 percent from last Friday to 118.73 yen. It also got help from speculation the Bank of Japan sold yen for dollars yesterday to weaken its currency and increase sales for Japanese exporters.
``They were definitely in,'' Grant Wilson, a yen trader at Mellon Financial Corp. in Pittsburgh, said of the Bank of Japan. He said he sold dollars yesterday to Japanese banks in Tokyo, which he said he thought were buying on orders from the Bank of Japan. A Tokyo-based official at the Ministry of Finance, which sets Japan's foreign-exchange policy, declined to comment.
The U.S. economy lost 17,000 non-farm jobs last month, the Labor Department said. The number compares with the median forecast of economists in a Bloomberg News survey that payrolls would fall 30,000. The government also said no jobs were lost in April, revising an earlier report of 48,000 jobs lost.
Bets Pared
U.S. Treasury notes fell yesterday as traders reduced expectations Fed policy makers will cut their 1.25 percent target rate by a half-point at a meeting on June 24-25. Speculation the Fed would cut by a half-point mounted after the European Central Bank reduced its benchmark rate by that amount, to 2 percent, on Thursday.
Traders are still betting the Fed will lower the benchmark rate by a quarter-point later this month, based on the 1.00 percent closing yield on the July fed funds futures contract.
``The message about the economy is we're on the turn,'' said Ram Bhagavatula, New York-based chief economist for North America at Royal Bank of Scotland, the 12th-biggest trader in the $1.2 trillion-a-day foreign exchange market, according to Euromoney magazine. A 20 percent decline in the past 12 months against the euro means ``the dollar's oversold,'' he said.
The dollar gained against 14 of the 16 most frequently traded currencies yesterday as analysts including Bhagavatula said U.S. growth will likely outpace the expansion in the euro region, where the central bank cut interest rates yesterday.
U.S. Growth
Bhagavatula forecasts the U.S. economy will grow at a 4.1 percent clip in the second half of the year while the euro region will probably expand less than 2 percent. The dollar will rebound to $1.10-$1.12 per euro within six months, he said.
``A lot of people were looking for a bigger down number on jobs,'' said Michael Rosenberg, New York-based global head of foreign exchange research for Deutsche Bank AG, the third-biggest currency trader. ``People are maybe saying the economy may not be as weak as they were expecting. The knee-jerk reaction is to buy the dollar.''
Some analysts say the dollar will resume its slide. Goldman, Sachs & Co., the No. 5 currency trader, this week raised its forecast for the euro against the dollar and yen. The securities firm said it expects the euro to reach $1.24 in six months, compared with a previous forecast of $1.15. Goldman forecasts the euro will rise to 142.6 yen in six months, compared with a prior forecast of 132.3 yen. The euro traded at 138.80 yen yesterday.
``We're not out of the woods yet,'' said Don Alexander, a currency strategist at Citigroup Private Bank, with $166 billion in assets. ``I still look for further dollar weakness,'' with a decline to $1.20-$1.22 possible in the next few weeks, he said.
In a sign of foreign central bank buying of Treasuries, those banks' holdings of Treasury and agency securities in accounts at the Fed rose by a daily average of $5.6 billion in the week through Wednesday to $933.4 billion.
Japan's government sold a record amount of yen in May, dumping the equivalent of $33.5 billion, the Bank of Japan said last week.
Last Updated: June 7, 2003 10:30 EDT
June 7 (Bloomberg) -- The dollar rose for a second straight week against the euro, the first time that has happened since March, after a government report showed the U.S. economy shed fewer jobs last month than analysts projected.
The U.S. currency had been down for the week until Friday, when the Labor Department report helped drive the dollar up 1.27 percent against the euro, its biggest gain in two months. Traders pared bets the Federal Reserve will cut interest rates a half- percentage point this month and reduce the appeal of dollar- denominated deposits.
``Exchange rates are heavily influenced by relative interest rates and relative growth rates between countries,'' said Anthony Chan, who helps manage $150 billion as chief economist at Banc One Investment Advisors in Columbus, Ohio. ``This report provides strong support for the view that the U.S. economy may continue to gain on both of these fronts.''
On the week the dollar gained 0.75 percent to $1.1696 at 5:02 p.m. Friday in New York from $1.1784 a week earlier. The dollar pared a weekly loss against the yen after the labor report, leaving it down 0.5 percent from last Friday to 118.73 yen. It also got help from speculation the Bank of Japan sold yen for dollars yesterday to weaken its currency and increase sales for Japanese exporters.
``They were definitely in,'' Grant Wilson, a yen trader at Mellon Financial Corp. in Pittsburgh, said of the Bank of Japan. He said he sold dollars yesterday to Japanese banks in Tokyo, which he said he thought were buying on orders from the Bank of Japan. A Tokyo-based official at the Ministry of Finance, which sets Japan's foreign-exchange policy, declined to comment.
The U.S. economy lost 17,000 non-farm jobs last month, the Labor Department said. The number compares with the median forecast of economists in a Bloomberg News survey that payrolls would fall 30,000. The government also said no jobs were lost in April, revising an earlier report of 48,000 jobs lost.
Bets Pared
U.S. Treasury notes fell yesterday as traders reduced expectations Fed policy makers will cut their 1.25 percent target rate by a half-point at a meeting on June 24-25. Speculation the Fed would cut by a half-point mounted after the European Central Bank reduced its benchmark rate by that amount, to 2 percent, on Thursday.
Traders are still betting the Fed will lower the benchmark rate by a quarter-point later this month, based on the 1.00 percent closing yield on the July fed funds futures contract.
``The message about the economy is we're on the turn,'' said Ram Bhagavatula, New York-based chief economist for North America at Royal Bank of Scotland, the 12th-biggest trader in the $1.2 trillion-a-day foreign exchange market, according to Euromoney magazine. A 20 percent decline in the past 12 months against the euro means ``the dollar's oversold,'' he said.
The dollar gained against 14 of the 16 most frequently traded currencies yesterday as analysts including Bhagavatula said U.S. growth will likely outpace the expansion in the euro region, where the central bank cut interest rates yesterday.
U.S. Growth
Bhagavatula forecasts the U.S. economy will grow at a 4.1 percent clip in the second half of the year while the euro region will probably expand less than 2 percent. The dollar will rebound to $1.10-$1.12 per euro within six months, he said.
``A lot of people were looking for a bigger down number on jobs,'' said Michael Rosenberg, New York-based global head of foreign exchange research for Deutsche Bank AG, the third-biggest currency trader. ``People are maybe saying the economy may not be as weak as they were expecting. The knee-jerk reaction is to buy the dollar.''
Some analysts say the dollar will resume its slide. Goldman, Sachs & Co., the No. 5 currency trader, this week raised its forecast for the euro against the dollar and yen. The securities firm said it expects the euro to reach $1.24 in six months, compared with a previous forecast of $1.15. Goldman forecasts the euro will rise to 142.6 yen in six months, compared with a prior forecast of 132.3 yen. The euro traded at 138.80 yen yesterday.
``We're not out of the woods yet,'' said Don Alexander, a currency strategist at Citigroup Private Bank, with $166 billion in assets. ``I still look for further dollar weakness,'' with a decline to $1.20-$1.22 possible in the next few weeks, he said.
In a sign of foreign central bank buying of Treasuries, those banks' holdings of Treasury and agency securities in accounts at the Fed rose by a daily average of $5.6 billion in the week through Wednesday to $933.4 billion.
Japan's government sold a record amount of yen in May, dumping the equivalent of $33.5 billion, the Bank of Japan said last week.
Last Updated: June 7, 2003 10:30 EDT
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Dow Jones Stoxx 50, 600 Have Their Largest Weekly Gains in 11
June 7 (Bloomberg) -- The Dow Jones Stoxx 50 and Stoxx 600 indexes had their largest weekly gains in 11 amid optimism economic growth in the U.S. will boost the profits of Europe's exporters.
Royal Philips Electronics NV and Bayer AG paced the climb. Both get about 30 percent of their revenue from the U.S., Europe's largest export market.
The Stoxx 50 added 52.27, or 2.2 percent, to 2408.18 in London. The Stoxx 600 rose 2.3 percent to 204.41. Both benchmarks gained 4 percent this week, their biggest jumps since the five days ended March 21, and are at their highest since Jan. 16.
``We are fully invested, but if I had money I would buy shares,'' said Klaus Hagedorn, who manages $700 million at Metzler Investment GmbH in Frankfurt. ``We are on the launch pad of an economic recovery.''
The U.S. lost fewer jobs than economists expected in May, according to a Labor Department survey yesterday. A report Wednesday showed that U.S. services industries, the biggest part of the economy, expanded in May for a second straight month.
Speculation that consumers and businesses are boosting spending helped lift the U.S. Standard & Poor's 500 Index above 1000 points yesterday, the first time in almost a year.
The U.S. ``economy and marketplace are getting better, and shares could go significantly higher,'' said Mike Bayer, who manages $216 million of assets at Ceros Vermoegensverwaltung in Frankfurt. Bayer, who increased his holdings a couple of weeks ago, said he would buy more shares if ``more companies get optimistic.''
Dollar Gains
Benchmark indexes climbed in all of the 17 Western European markets this week. Germany's DAX Index has risen 4.9 percent, France's CAC 40 Index gained 3.4 percent and the U.K.'s FTSE 100 Index advanced 2.5 percent.
June futures on the Euro Stoxx 50 Index of companies based in the euro region yesterday added 2.6 percent to 2420. The index added 2.4 percent to 2421.92.
The dollar had its biggest gain against the euro in two months yesterday, rising to $1.1716 per euro from $1.1844 in New York the day before. A stronger dollar can increase the value of sales that European companies make in the U.S. and make their exports more competitive.
Philips, Europe's largest maker of consumer electronics, jumped 9.6 percent this week. Bayer, the region's third-biggest chemical company, added 8.4 percent.
Canary Wharf Group Plc, builder of a London office park whose tenants include Citigroup Inc., led Stoxx 600 gains this week, surging 46 percent to 263 pence. The company yesterday said it has been approached by several parties about a possible takeover bid.
SAP Surges
Corus Group Plc, Europe's third-biggest steelmaker, jumped 23 percent since last Friday to 19.59p. The company on Wednesday said its banks are closer to agreeing on a new credit line, which it needs to survive after losing 2 billion pounds ($3.3 billion) in four years.
SAP AG, the world's biggest maker of business-management software, surged 8.8 percent to 107.09 euros yesterday, extending its weekly gain to 11 percent.
Smaller rival Oracle Corp. said it will begin a cash tender offer to buy PeopleSoft Inc. for about $5.1 billion. Oracle Chief Executive Larry Ellison has said the software industry will consolidate, and that only Oracle and SAP will be left in the business-software market.
European drugmakers gained yesterday after two U.S. senators agreed on a bill that would expand prescription-drug coverage for Medicare patients, potentially boosting sales for pharmaceutical companies.
Medicare Plan
AstraZeneca Plc, Europe's second-largest drugmaker, climbed 4.8 percent to 2,694 pence yesterday, for a weekly rise of 8.9 percent. GlaxoSmithKline Plc, the No. 2 in the world, advanced 0.6 percent to 1,258p, extending its five-day gain to 4.4 percent.
Both get about half of their revenue from the U.S.
Yesterday's agreement is similar to a plan proposed by President George W. Bush, senators said. The Bush plan would offer seniors a discount card that would save them 15 percent at pharmacy counters. The discount amount was less than some investors expected, easing concern that pharmaceutical sales would be significantly hurt. The senators didn't give a specific discount figure.
The Stoxx telecommunications index has been the only one of 18 industry groups to drop this week, losing 0.2 percent. Analysts at Credit Suisse First Boston in a note Thursday questioned the outlook for the industry's profit growth, saying first-quarter gains were driven mainly by cost cuts.
France Telecom SA shed 3.9 percent this week. Its mobile- phone unit, Orange SA, dropped 10 percent. MMO2 Plc, the U.K.'s fourth-largest mobile phone company, slid 3.7 percent, and Vodafone Group Plc, the world's biggest wireless-service provider, fell 3 percent.
Matalan Plc, the largest U.K. discount clothing retailer, has led declines in the Stoxx 600 this week, sliding 14 percent. The company on Wednesday said sales growth stalled in recent months as it offered fewer price reductions.
June 7 (Bloomberg) -- The Dow Jones Stoxx 50 and Stoxx 600 indexes had their largest weekly gains in 11 amid optimism economic growth in the U.S. will boost the profits of Europe's exporters.
Royal Philips Electronics NV and Bayer AG paced the climb. Both get about 30 percent of their revenue from the U.S., Europe's largest export market.
The Stoxx 50 added 52.27, or 2.2 percent, to 2408.18 in London. The Stoxx 600 rose 2.3 percent to 204.41. Both benchmarks gained 4 percent this week, their biggest jumps since the five days ended March 21, and are at their highest since Jan. 16.
``We are fully invested, but if I had money I would buy shares,'' said Klaus Hagedorn, who manages $700 million at Metzler Investment GmbH in Frankfurt. ``We are on the launch pad of an economic recovery.''
The U.S. lost fewer jobs than economists expected in May, according to a Labor Department survey yesterday. A report Wednesday showed that U.S. services industries, the biggest part of the economy, expanded in May for a second straight month.
Speculation that consumers and businesses are boosting spending helped lift the U.S. Standard & Poor's 500 Index above 1000 points yesterday, the first time in almost a year.
The U.S. ``economy and marketplace are getting better, and shares could go significantly higher,'' said Mike Bayer, who manages $216 million of assets at Ceros Vermoegensverwaltung in Frankfurt. Bayer, who increased his holdings a couple of weeks ago, said he would buy more shares if ``more companies get optimistic.''
Dollar Gains
Benchmark indexes climbed in all of the 17 Western European markets this week. Germany's DAX Index has risen 4.9 percent, France's CAC 40 Index gained 3.4 percent and the U.K.'s FTSE 100 Index advanced 2.5 percent.
June futures on the Euro Stoxx 50 Index of companies based in the euro region yesterday added 2.6 percent to 2420. The index added 2.4 percent to 2421.92.
The dollar had its biggest gain against the euro in two months yesterday, rising to $1.1716 per euro from $1.1844 in New York the day before. A stronger dollar can increase the value of sales that European companies make in the U.S. and make their exports more competitive.
Philips, Europe's largest maker of consumer electronics, jumped 9.6 percent this week. Bayer, the region's third-biggest chemical company, added 8.4 percent.
Canary Wharf Group Plc, builder of a London office park whose tenants include Citigroup Inc., led Stoxx 600 gains this week, surging 46 percent to 263 pence. The company yesterday said it has been approached by several parties about a possible takeover bid.
SAP Surges
Corus Group Plc, Europe's third-biggest steelmaker, jumped 23 percent since last Friday to 19.59p. The company on Wednesday said its banks are closer to agreeing on a new credit line, which it needs to survive after losing 2 billion pounds ($3.3 billion) in four years.
SAP AG, the world's biggest maker of business-management software, surged 8.8 percent to 107.09 euros yesterday, extending its weekly gain to 11 percent.
Smaller rival Oracle Corp. said it will begin a cash tender offer to buy PeopleSoft Inc. for about $5.1 billion. Oracle Chief Executive Larry Ellison has said the software industry will consolidate, and that only Oracle and SAP will be left in the business-software market.
European drugmakers gained yesterday after two U.S. senators agreed on a bill that would expand prescription-drug coverage for Medicare patients, potentially boosting sales for pharmaceutical companies.
Medicare Plan
AstraZeneca Plc, Europe's second-largest drugmaker, climbed 4.8 percent to 2,694 pence yesterday, for a weekly rise of 8.9 percent. GlaxoSmithKline Plc, the No. 2 in the world, advanced 0.6 percent to 1,258p, extending its five-day gain to 4.4 percent.
Both get about half of their revenue from the U.S.
Yesterday's agreement is similar to a plan proposed by President George W. Bush, senators said. The Bush plan would offer seniors a discount card that would save them 15 percent at pharmacy counters. The discount amount was less than some investors expected, easing concern that pharmaceutical sales would be significantly hurt. The senators didn't give a specific discount figure.
The Stoxx telecommunications index has been the only one of 18 industry groups to drop this week, losing 0.2 percent. Analysts at Credit Suisse First Boston in a note Thursday questioned the outlook for the industry's profit growth, saying first-quarter gains were driven mainly by cost cuts.
France Telecom SA shed 3.9 percent this week. Its mobile- phone unit, Orange SA, dropped 10 percent. MMO2 Plc, the U.K.'s fourth-largest mobile phone company, slid 3.7 percent, and Vodafone Group Plc, the world's biggest wireless-service provider, fell 3 percent.
Matalan Plc, the largest U.K. discount clothing retailer, has led declines in the Stoxx 600 this week, sliding 14 percent. The company on Wednesday said sales growth stalled in recent months as it offered fewer price reductions.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
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NBC Wins Rights to 2010-12 Olympics for $2.2 Billion (Update5)
June 7 (Bloomberg) -- General Electric Co.'s NBC will remain the U.S. television home of the Olympics through 2012. The network, which has broadcast all except three Olympics since the Seoul Games in 1988, won the rights to the 2010 Winter Games and 2012 Summer Games for a record $2.2 billion.
The network beat Walt Disney Co.'s ABC and News Corp.'s Fox for the television and Internet rights to the two games after each network made presentations and submitted bids to the International Olympic Committee in Lausanne, Switzerland. The locations for the two Olympics haven't been announced.
The 2012 Summer Games will cost NBC about $1.18 billion, the first time U.S. rights for a single Olympics have surpassed $1 billion. The broadcast is an opportunity to profit from advertising and highlight a network's other programming, an ad executive said.
``It's very possible they can make money on these Olympics,'' said Bill Cella, chairman of the Magna Global USA division of Interpublic Group of Cos. ``The Olympics is really a platform for several things, one of which is highlighting your prime-time schedule and your cable networks to give them more visibility.''
NBC won rights to distribute coverage over the Internet and to hand-held electronic devices, also a first.
Business Plan
NBC Sports Chairman Dick Ebersol, whose network paid $3.5 billion for the rights to five Olympics between 2000 and 2008, led his network's presentation in Lausanne. The bid for the 2010 and 2012 games represents a 32.6 percent price increase from the 2006- 08 package.
``As a General Electric employee, you don't leave the building without a business plan,'' Ebersol said on a conference call from Lausanne. ``We will do better than break even on these games.''
GE will also pay between $160 million and $200 million to be part of the IOC's global sponsorship program for the two Games.
``The unparalleled combination of GE's support and NBC's multiple platforms will bring the power of the Olympic Games to a broader and even more diverse audience for years to come,'' NBC Chief Executive Robert Wright said in a statement.
In addition, NBC will pay $12 million in fees for the U.S. Olympic trials and another $10 million to develop a digital television library and archive system.
``The incumbent prevailed,'' said Rick Burton, director of the Warsaw Sports Marketing Center at the University of Oregon. ``A lot of credit is owed to Dick Ebersol for building and sustaining a relationship with the IOC.''
NBC is paying $1.5 billion for the 2006 Winter Games in Turin, Italy, and the 2008 Summer Games in Beijing, a bid that the IOC accepted without competition.
Transparency
IOC President Jacques Rogge, who replaced Juan Antonio Samaranch two years ago, said the IOC sought this time to have the U.S. networks' bids considered without favoritism.
``When I was elected, I said very clearly that I wanted these negotiations to be open, transparent and fair,'' Rogge said on the conference call.
Rogge refused to say if other bids were higher than NBC's, or to reveal how much ABC and Fox offered.
``We have examined the potential audience, promotion and the opportunity to use a variety of platforms,'' Rogge said. ``We also examined the financial offers. The two factors were combined.''
ABC hasn't broadcast an Olympics since the 1988 Winter Games in Calgary, Alberta. Fox has never broadcast the games.
``Fox submitted a bid to the IOC for the games of 2010 and 2012 which we believed was fiscally prudent,'' Fox Sports Chief Executive David Hill said in a statement. ``Our bid reflected a conservative view.''
Disney's networks also released a statement on their bid.
``We made an attractive offer and would have loved to have reached an agreement under the terms we proposed,'' ABC Sports and ESPN said. ``We wish the IOC and NBC well.''
Rights Fees
Ebersol said $2.2 billion was the maximum that NBC could bid and was the original figure it submitted. No counter-bidding was involved, he said.
NBC's winning bid came at a time when U.S. TV rights fees for sports are stagnant or declining. It also resulted from the first rights auction since the Olympics' worst management scandals --the 1999 case involving $1 million in improper gifts to IOC members from the leaders of the successful effort to bring the 2002 Winter Olympics to Salt Lake City, and this year's administrative problems at the U.S. Olympic Committee that brought a call for reform from the U.S. Congress.
``Given the state of the economy and the value of sports bidding generally, this shows that the Olympic brand is transcendent,'' said Jim Scherr, interim officer in charge of the U.S. Olympic Committee's day-to-day operations. ``We feel extremely positive about the appeal of the brand and the appeal of the games.''
Potential Hosts
Cities seeking to host the 2010 Winter Games include Salzburg, Austria; Vancouver, British Columbia; and Pyeongchang, South Korea. The winner will be announced by early July, the IOC said.
Bidders to host the 2012 Summer Games include New York, London, Paris, Madrid, Moscow and Leipzig, Germany. The site will be selected in 2005.
The cost to televise the Olympics has soared during the past four decades. The 1960 Winter Games in Squaw Valley, California, cost CBS $50,000, while the Summer Games that year in Rome cost the network $394,000.
By 1988, the price of the Winter Games in Calgary was $309 million, up from $91.5 million for Sarajevo in 1984. The 1996 Summer Games in Atlanta cost NBC $456 million.
The IOC wanted to select a U.S. rights holder before awarding the 2010 Winter Games, so the host city will know the size of its primary source of revenue.
Viacom Inc.'s CBS, which withdrew from the bidding process earlier this week, last covered the 1998 Winter Games in Nagano, Japan.
AOL Time Warner Inc., the world's biggest media company, dropped out of the bidding process last month because some of its television channels didn't meet IOC guidelines for network broadcasting.
Last Updated: June 7, 2003 01:40 EDT
June 7 (Bloomberg) -- General Electric Co.'s NBC will remain the U.S. television home of the Olympics through 2012. The network, which has broadcast all except three Olympics since the Seoul Games in 1988, won the rights to the 2010 Winter Games and 2012 Summer Games for a record $2.2 billion.
The network beat Walt Disney Co.'s ABC and News Corp.'s Fox for the television and Internet rights to the two games after each network made presentations and submitted bids to the International Olympic Committee in Lausanne, Switzerland. The locations for the two Olympics haven't been announced.
The 2012 Summer Games will cost NBC about $1.18 billion, the first time U.S. rights for a single Olympics have surpassed $1 billion. The broadcast is an opportunity to profit from advertising and highlight a network's other programming, an ad executive said.
``It's very possible they can make money on these Olympics,'' said Bill Cella, chairman of the Magna Global USA division of Interpublic Group of Cos. ``The Olympics is really a platform for several things, one of which is highlighting your prime-time schedule and your cable networks to give them more visibility.''
NBC won rights to distribute coverage over the Internet and to hand-held electronic devices, also a first.
Business Plan
NBC Sports Chairman Dick Ebersol, whose network paid $3.5 billion for the rights to five Olympics between 2000 and 2008, led his network's presentation in Lausanne. The bid for the 2010 and 2012 games represents a 32.6 percent price increase from the 2006- 08 package.
``As a General Electric employee, you don't leave the building without a business plan,'' Ebersol said on a conference call from Lausanne. ``We will do better than break even on these games.''
GE will also pay between $160 million and $200 million to be part of the IOC's global sponsorship program for the two Games.
``The unparalleled combination of GE's support and NBC's multiple platforms will bring the power of the Olympic Games to a broader and even more diverse audience for years to come,'' NBC Chief Executive Robert Wright said in a statement.
In addition, NBC will pay $12 million in fees for the U.S. Olympic trials and another $10 million to develop a digital television library and archive system.
``The incumbent prevailed,'' said Rick Burton, director of the Warsaw Sports Marketing Center at the University of Oregon. ``A lot of credit is owed to Dick Ebersol for building and sustaining a relationship with the IOC.''
NBC is paying $1.5 billion for the 2006 Winter Games in Turin, Italy, and the 2008 Summer Games in Beijing, a bid that the IOC accepted without competition.
Transparency
IOC President Jacques Rogge, who replaced Juan Antonio Samaranch two years ago, said the IOC sought this time to have the U.S. networks' bids considered without favoritism.
``When I was elected, I said very clearly that I wanted these negotiations to be open, transparent and fair,'' Rogge said on the conference call.
Rogge refused to say if other bids were higher than NBC's, or to reveal how much ABC and Fox offered.
``We have examined the potential audience, promotion and the opportunity to use a variety of platforms,'' Rogge said. ``We also examined the financial offers. The two factors were combined.''
ABC hasn't broadcast an Olympics since the 1988 Winter Games in Calgary, Alberta. Fox has never broadcast the games.
``Fox submitted a bid to the IOC for the games of 2010 and 2012 which we believed was fiscally prudent,'' Fox Sports Chief Executive David Hill said in a statement. ``Our bid reflected a conservative view.''
Disney's networks also released a statement on their bid.
``We made an attractive offer and would have loved to have reached an agreement under the terms we proposed,'' ABC Sports and ESPN said. ``We wish the IOC and NBC well.''
Rights Fees
Ebersol said $2.2 billion was the maximum that NBC could bid and was the original figure it submitted. No counter-bidding was involved, he said.
NBC's winning bid came at a time when U.S. TV rights fees for sports are stagnant or declining. It also resulted from the first rights auction since the Olympics' worst management scandals --the 1999 case involving $1 million in improper gifts to IOC members from the leaders of the successful effort to bring the 2002 Winter Olympics to Salt Lake City, and this year's administrative problems at the U.S. Olympic Committee that brought a call for reform from the U.S. Congress.
``Given the state of the economy and the value of sports bidding generally, this shows that the Olympic brand is transcendent,'' said Jim Scherr, interim officer in charge of the U.S. Olympic Committee's day-to-day operations. ``We feel extremely positive about the appeal of the brand and the appeal of the games.''
Potential Hosts
Cities seeking to host the 2010 Winter Games include Salzburg, Austria; Vancouver, British Columbia; and Pyeongchang, South Korea. The winner will be announced by early July, the IOC said.
Bidders to host the 2012 Summer Games include New York, London, Paris, Madrid, Moscow and Leipzig, Germany. The site will be selected in 2005.
The cost to televise the Olympics has soared during the past four decades. The 1960 Winter Games in Squaw Valley, California, cost CBS $50,000, while the Summer Games that year in Rome cost the network $394,000.
By 1988, the price of the Winter Games in Calgary was $309 million, up from $91.5 million for Sarajevo in 1984. The 1996 Summer Games in Atlanta cost NBC $456 million.
The IOC wanted to select a U.S. rights holder before awarding the 2010 Winter Games, so the host city will know the size of its primary source of revenue.
Viacom Inc.'s CBS, which withdrew from the bidding process earlier this week, last covered the 1998 Winter Games in Nagano, Japan.
AOL Time Warner Inc., the world's biggest media company, dropped out of the bidding process last month because some of its television channels didn't meet IOC guidelines for network broadcasting.
Last Updated: June 7, 2003 01:40 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
.S. Stocks Rise for Week After Economic Reports Boost Optimism
June 6 (Bloomberg) -- U.S. stocks rose for the week, lifting the Standard & Poor's 500 Index to its seventh advance in eight weeks, as reports on service industries and payrolls suggested an improving economy.
``The stock market is anticipating an acceleration of growth in both profits and the economy,'' said Stanley Nabi, who helps manage $53 billion for Credit Suisse Asset Management in New York.
McDonald's Corp. contributed to a gain in the Dow Jones Industrial Average, which closed above 9000 this week for the first time since Aug. 22. The world's No. 1 hamburger chain said sales in May had the biggest increase in four years.
For the week, the S&P 500 climbed 2.5 percent, the Dow average added 2.4 percent, and the Nasdaq Composite Index rose 2 percent.
Today, the S&P 500 slipped 2.38, or 0.2 percent, to 987.76, the Dow average rose 21.49, or 0.2 percent, to 9062.79 and the Nasdaq shed 18.59, or 1.1 percent, to 1627.42.
Indexes opened higher after a government report showed the economy lost fewer jobs than forecast in May and Oracle Corp. made an offer to buy rival PeopleSoft Inc. for $5.1 billion in cash. The S&P 500 climbed above 1000 for the first time since last June 28, before retreating and closing lower for the first time in six days.
`Pause'
``It would be normal to get some kind of pullback,'' said Rick Jandrain, chief investment officer at Banc One Investment Advisors, which manages $160 billion in Columbus, Ohio. ``At some point, we have to pause.''
Advancing and declining stocks were even on the New York Stock Exchange, while seven fell for every six that gained on the Nasdaq Stock Market. More than 1.8 billion shares traded on the Big Board, making it the busiest trading day since Nov. 21.
Payrolls fell by 17,000 last month, the Labor Department's survey showed, less than the decline of 30,000 that economists surveyed by Bloomberg News had forecast. April's payroll figure was revised to show no loss instead of a drop of 48,000. The May jobless rate, derived from a separate survey, climbed to 6.1 percent, as expected.
The report provided further evidence the economy may be recovering faster than some analysts had predicted. On Wednesday, a survey showed service industries expanded in May for the second straight month.
McDonald's Rallies
McDonald's rallied $1.78, or 9 percent, to $21.06. The restaurant said U.S sales rose 6.3 percent in May, driven by demand for Happy Meals and new items such as salads with Newman's Own dressings. For the week, the stock jumped 12 percent.
PeopleSoft, a maker of payroll processing and inventory tracking software, surged $2.71, or 18 percent, to $17.82 for the biggest gain in the S&P 500. Oracle made an unsolicited $16-a- share bid for the company, five days after PeopleSoft offered $1.7 billion to acquire smaller rival J.D. Edwards & Co.
``There's a lot of excess capacity in the industry,'' said Brian Slater, who helps manage $500 million for Condor Capital Management, which owns Oracle shares. ``I wouldn't be surprised to see more consolidation'' and a premium paid for possible takeover targets, Slater said.
J.D. Edwards added 41 cents to $13.20. Other business- software companies also rose. MatrixOne Inc. added 53 cents to $5.25. Novell Inc. advanced 25 cents to $3.77.
Oracle fell 27 cents to $13.09 on concern the company may have to increase its bid for PeopleSoft.
General Electric
General Electric Co., the largest company by market value, gained 52 cents to $30.30. Low interest rates and tax breaks for dividend income should boost electrical-equipment stocks that already are poised to benefit from economic recovery, Smith Barney analyst Jeffrey Sprague wrote in a note to clients.
Sprague raised his rating on the group to ``overweight'' from ``marketweight,'' increasing his 12-month price target for General Electric to $35 from $30.
3M Co. advanced 74 cents to $126.40 and American Standard Cos. rose $3.06 to $78.68 after Sprague upgraded them to ``outperform'' from ``inline.''
Wireless carriers dropped after they lost a bid to overturn a federal rule requiring them to spend billions of dollars to let users keep the same phone numbers when changing carriers.
AT&T Wireless Services Inc., the No. 3 U.S. operator, slipped 23 cents to $7.57. Nextel Communications Inc., the fifth biggest, fell 84 cents to $14.26.
Mobile-phone companies, which say the so-called number portability rule will cost the industry $1 billion to upgrade networks and $500 million a year, are lobbying Congress to postpone the deadline.
Anadarko
Anadarko Petroleum Corp. lost $2.94 to $44.46. The fifth- largest U.S. oil and natural-gas producer cut 2003 output targets amid production problems in the Gulf of Mexico, Qatar and Algeria. At least five analysts cut their rating on the stock.
Biogen Inc. dropped $2.73 to $46.41. The No. 4 U.S. biotechnology company said 2003 royalty revenue may be less than expected because income from Schering-Plough Corp.'s Intron hepatitis treatment fell.
Triquint Semiconductor Inc. tumbled $1.15, or 21 percent, to $4.26. The communications-chip maker said yesterday after exchanges closed that 2003 sales will fall short of its previous estimate.
Targeted Genetics Corp. surged $1.59, or 66 percent, to $4.00. The unprofitable developer of gene-therapy drugs plans to start human tests of an AIDS vaccine this year after seeing positive results in animal studies.
Futures, QQQs
S&P 500 futures expiring in June declined 2.90 to 987.80 on the Chicago Mercantile Exchange. Futures for the Nasdaq-100 Index shed 21.00 to 1213.00. The index, a benchmark for Nasdaq's largest companies, fell 18.61 to 1213.11.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, dropped 51 cents to $30.13. The S&P 500 shares known as Spiders lost 39 cents to $99.26.
The Russell 2000 Index of smaller stocks fell 2.75, or 0.6 percent, to 453.94. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, dropped 28.26, or 0.3 percent, to 9452.54. Based on changes in the Wilshire, the market value of U.S. stocks decreased by $33.9 billion.
June 6 (Bloomberg) -- U.S. stocks rose for the week, lifting the Standard & Poor's 500 Index to its seventh advance in eight weeks, as reports on service industries and payrolls suggested an improving economy.
``The stock market is anticipating an acceleration of growth in both profits and the economy,'' said Stanley Nabi, who helps manage $53 billion for Credit Suisse Asset Management in New York.
McDonald's Corp. contributed to a gain in the Dow Jones Industrial Average, which closed above 9000 this week for the first time since Aug. 22. The world's No. 1 hamburger chain said sales in May had the biggest increase in four years.
For the week, the S&P 500 climbed 2.5 percent, the Dow average added 2.4 percent, and the Nasdaq Composite Index rose 2 percent.
Today, the S&P 500 slipped 2.38, or 0.2 percent, to 987.76, the Dow average rose 21.49, or 0.2 percent, to 9062.79 and the Nasdaq shed 18.59, or 1.1 percent, to 1627.42.
Indexes opened higher after a government report showed the economy lost fewer jobs than forecast in May and Oracle Corp. made an offer to buy rival PeopleSoft Inc. for $5.1 billion in cash. The S&P 500 climbed above 1000 for the first time since last June 28, before retreating and closing lower for the first time in six days.
`Pause'
``It would be normal to get some kind of pullback,'' said Rick Jandrain, chief investment officer at Banc One Investment Advisors, which manages $160 billion in Columbus, Ohio. ``At some point, we have to pause.''
Advancing and declining stocks were even on the New York Stock Exchange, while seven fell for every six that gained on the Nasdaq Stock Market. More than 1.8 billion shares traded on the Big Board, making it the busiest trading day since Nov. 21.
Payrolls fell by 17,000 last month, the Labor Department's survey showed, less than the decline of 30,000 that economists surveyed by Bloomberg News had forecast. April's payroll figure was revised to show no loss instead of a drop of 48,000. The May jobless rate, derived from a separate survey, climbed to 6.1 percent, as expected.
The report provided further evidence the economy may be recovering faster than some analysts had predicted. On Wednesday, a survey showed service industries expanded in May for the second straight month.
McDonald's Rallies
McDonald's rallied $1.78, or 9 percent, to $21.06. The restaurant said U.S sales rose 6.3 percent in May, driven by demand for Happy Meals and new items such as salads with Newman's Own dressings. For the week, the stock jumped 12 percent.
PeopleSoft, a maker of payroll processing and inventory tracking software, surged $2.71, or 18 percent, to $17.82 for the biggest gain in the S&P 500. Oracle made an unsolicited $16-a- share bid for the company, five days after PeopleSoft offered $1.7 billion to acquire smaller rival J.D. Edwards & Co.
``There's a lot of excess capacity in the industry,'' said Brian Slater, who helps manage $500 million for Condor Capital Management, which owns Oracle shares. ``I wouldn't be surprised to see more consolidation'' and a premium paid for possible takeover targets, Slater said.
J.D. Edwards added 41 cents to $13.20. Other business- software companies also rose. MatrixOne Inc. added 53 cents to $5.25. Novell Inc. advanced 25 cents to $3.77.
Oracle fell 27 cents to $13.09 on concern the company may have to increase its bid for PeopleSoft.
General Electric
General Electric Co., the largest company by market value, gained 52 cents to $30.30. Low interest rates and tax breaks for dividend income should boost electrical-equipment stocks that already are poised to benefit from economic recovery, Smith Barney analyst Jeffrey Sprague wrote in a note to clients.
Sprague raised his rating on the group to ``overweight'' from ``marketweight,'' increasing his 12-month price target for General Electric to $35 from $30.
3M Co. advanced 74 cents to $126.40 and American Standard Cos. rose $3.06 to $78.68 after Sprague upgraded them to ``outperform'' from ``inline.''
Wireless carriers dropped after they lost a bid to overturn a federal rule requiring them to spend billions of dollars to let users keep the same phone numbers when changing carriers.
AT&T Wireless Services Inc., the No. 3 U.S. operator, slipped 23 cents to $7.57. Nextel Communications Inc., the fifth biggest, fell 84 cents to $14.26.
Mobile-phone companies, which say the so-called number portability rule will cost the industry $1 billion to upgrade networks and $500 million a year, are lobbying Congress to postpone the deadline.
Anadarko
Anadarko Petroleum Corp. lost $2.94 to $44.46. The fifth- largest U.S. oil and natural-gas producer cut 2003 output targets amid production problems in the Gulf of Mexico, Qatar and Algeria. At least five analysts cut their rating on the stock.
Biogen Inc. dropped $2.73 to $46.41. The No. 4 U.S. biotechnology company said 2003 royalty revenue may be less than expected because income from Schering-Plough Corp.'s Intron hepatitis treatment fell.
Triquint Semiconductor Inc. tumbled $1.15, or 21 percent, to $4.26. The communications-chip maker said yesterday after exchanges closed that 2003 sales will fall short of its previous estimate.
Targeted Genetics Corp. surged $1.59, or 66 percent, to $4.00. The unprofitable developer of gene-therapy drugs plans to start human tests of an AIDS vaccine this year after seeing positive results in animal studies.
Futures, QQQs
S&P 500 futures expiring in June declined 2.90 to 987.80 on the Chicago Mercantile Exchange. Futures for the Nasdaq-100 Index shed 21.00 to 1213.00. The index, a benchmark for Nasdaq's largest companies, fell 18.61 to 1213.11.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, dropped 51 cents to $30.13. The S&P 500 shares known as Spiders lost 39 cents to $99.26.
The Russell 2000 Index of smaller stocks fell 2.75, or 0.6 percent, to 453.94. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, dropped 28.26, or 0.3 percent, to 9452.54. Based on changes in the Wilshire, the market value of U.S. stocks decreased by $33.9 billion.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Notícias de Fim de Semana - 7 e 8 de Junho de 2003
Acções americanas sobem na semana com publicação de dados económicos
Sexta, 6 Jun 2003 21:23
As acções norte-americanas subiram pela sétima semana em oito, com a divulgação de dados a sugerirem uma retoma da maior economia do mundo. Na sessão de hoje, o Nasdaq cedeu 1,13%, enquanto o Dow Jones somou 0,24%.
O Nasdaq [Cot, Not, P.Target] terminou nos 1.627,42 pontos, tendo progredido 1,97% na semana. O Dow Jones [Cot, Not, P.Target] fixou-se nos 9.062,79 pontos, acumulando uma valorização semanal de 2,4%.
Os índices americanos subiram esta semana para máximos dos últimos 10 meses ou mais. Na sessão de hoje, o Standard & Poor's 500 superou os 1.000 pontos pela primeira vez desde 28 de Junho do ano passado, tendo encerrado nos 988,26 pontos, a perder 0,88%.
Durante a semana, o Governo americano apresentou dados económicos que revelaram a segunda subida consecutiva do sector dos serviços em Maio, e uma quebra abaixo do esperado no número de desempregados, permitindo aos investidores especular sobre uma retoma económica.
O «American Depositary Receipt» (ADR) da Portugal Telecom (PT) terminou nos 7,71 dólares (6,59 euros), enquanto em Lisboa, as acções da operadora de telecomunicações fecharam nos 6,64 euros. Cada ADR representa uma acção da PT [Cot, Not, P.Target].
O ADR da Electricidade de Portugal (EDP) fixou-se nos 22,42 dólares (19,16 euros), enquanto na praça nacional os títulos terminaram nos 1,93 euros. Cada ADR representa 10 acções da eléctrica [Cot, Not, P.Target].
por Ricardo Domingos
Sexta, 6 Jun 2003 21:23
As acções norte-americanas subiram pela sétima semana em oito, com a divulgação de dados a sugerirem uma retoma da maior economia do mundo. Na sessão de hoje, o Nasdaq cedeu 1,13%, enquanto o Dow Jones somou 0,24%.
O Nasdaq [Cot, Not, P.Target] terminou nos 1.627,42 pontos, tendo progredido 1,97% na semana. O Dow Jones [Cot, Not, P.Target] fixou-se nos 9.062,79 pontos, acumulando uma valorização semanal de 2,4%.
Os índices americanos subiram esta semana para máximos dos últimos 10 meses ou mais. Na sessão de hoje, o Standard & Poor's 500 superou os 1.000 pontos pela primeira vez desde 28 de Junho do ano passado, tendo encerrado nos 988,26 pontos, a perder 0,88%.
Durante a semana, o Governo americano apresentou dados económicos que revelaram a segunda subida consecutiva do sector dos serviços em Maio, e uma quebra abaixo do esperado no número de desempregados, permitindo aos investidores especular sobre uma retoma económica.
O «American Depositary Receipt» (ADR) da Portugal Telecom (PT) terminou nos 7,71 dólares (6,59 euros), enquanto em Lisboa, as acções da operadora de telecomunicações fecharam nos 6,64 euros. Cada ADR representa uma acção da PT [Cot, Not, P.Target].
O ADR da Electricidade de Portugal (EDP) fixou-se nos 22,42 dólares (19,16 euros), enquanto na praça nacional os títulos terminaram nos 1,93 euros. Cada ADR representa 10 acções da eléctrica [Cot, Not, P.Target].
por Ricardo Domingos
Editado pela última vez por TRSM em 9/6/2003 8:02, num total de 1 vez.
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- Localização: 4
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