closing
Nikkei 225 +50.13 +0.40% 14,269.61
Topix +8.38 +0.60% 1,404.25
FTSE +72.20 +1.15% 6,376.50
DAX +69.39 +0.97% 7,225.94
CAC +64.06 +1.26% 5,142.10
Dow +41.36 +0.32% 13,028.16
NASDAQ -12.76 -0.50% 2,516.09
S&P +1.28 +0.09% 1,426.63
10yr Note ; -0.1100 -0.029% 3.839%
NYMEX Crude Oil +0.76 +0.60% 127.05
Gold +5.90 +0.66% 905.80
Japanese stocks advanced to
the highest in four months after coal jumped to a 12-week high and
crude oil reached a record, boosting the earnings outlook for
energy-related companies.
Mitsubishi, Japan's largest trading company, climbed 4.9%, the highest since it was listed on the exchange in 1954. Smaller rival Mitsui, which gets more than half its profit from commodities, rose 3.6%, while Itochu Corp., which has stakes in iron-ore, alumina and coal mines, jumped 4.5%.
Mitsui Matsushima Co.,
which has stakes in Australian and Canadian coal mines, surged 19%, the
highest since July 1999. Operating profit will jump by almost fivefold
this year as coal prices are expected to remain high, Mitsui Matsushima
said on May 16. Inpex,
Japan's largest oil and gas explorer, gained 5.3%, the highest since it
was listed on the bourse in April 2006, while smaller rival Japan Petroleum Exploration Co.
added 4.5%. UBS AG boosted its 12-month price estimate for Inpex's
shares by a quarter and raised its rating on Japan Petroleum to ``buy''
from ``neutral.''
Nippon Steel Corp.,
the world's second-largest maker of the alloy, added 5%, the highest
since Jan. 25. It was the most actively traded company on the first
section of the Tokyo Stock Exchange, followed by Mitsui Matsushima.
European stocks rose for a fourth day
as higher oil and power prices lifted earnings prospects for energy
producers and utilities, while investors speculated takeovers will
increase.
E.ON, Germany's largest utility, gained 3.2%. RWE AG, the nation's second-biggest, rose 2.4%.
Enodis
advanced 2.4% after Manitowoc, the biggest ice-machine maker in the
U.S., raised its offer to buy the U.K. company to 1.08 billion pounds
($2.11 billion), trumping a rival offer from Illinois Tool Works Inc.
Bradford & Bingley Plc
led U.K. banks lower on concern the economic outlook may worsen. The
nation's biggest lender to landlords, which last week said it would
sell 300 million pounds ($585 million) to boost depleted capital,
tumbled 16%. HBOS Plc, Britain's biggest mortgage lender, slid 1.4%. Royal Bank of Scotland Group Plc, the U.K.'s second-biggest bank, sank 3.9%.
Infineon Technologies AG, Europe's second-biggest semiconductor maker, climbed 3%. ASML Holding NV, Europe's largest maker of semiconductor equipment, added 2.3%.
Novartis AG added
3.2%. The RAD001 experimental drug made by Switzerland's second-largest
drugmaker slowed progression of kidney cancer in a study, according to
documents released by an oncology group. British Airways Plc dropped 4.4%. Europe's third-largest carrier had its shares cut to ``sell'' from ``buy'' at Deutsche Bank AG.
US Blue chips rose Monday, with the S&P 500 narrowly testing a five-month high, thanks to a stronger-than-expected economic
indicators report. But tech selling kept the Nasdaq in the red, along
with record commodity prices.
Investors watched Microsoft and Yahoo.
On Sunday, Microsoft said it had approached Yahoo about teaming up on a
transaction. Microsoft said it hadn't resurrected full takeover bid for
Yahoo, but left that possibility open.
In other deal news, another troubled takeover effort could be revived. The Wall Street Journal reported that Electronic Arts (ERTS) is likely to again extend the deadline for its hostile tender offer to acquire videogame rival Take-Two Interactive Software (TTWO) after failing to get the support of a majority of the company's shareholders for a deal.
General Motors shares rose in
after-hours trading Friday after a local of the United Auto Workers
union ratified a deal to end a month-long strike at a plant that made
the popular Buick Enclave, Saturn Outlook and GMC Acadia. That Michigan
plant is set to reopen Monday.
Flash memory maker SanDisk
(SNDK) reportedly made bearish comments about its sales outlook at a JP
Morgan tech conference. The comments weighed on the shares of SanDisk
and other technology stocks. Amazon.com
shares jumped 7.6% after Goldman Sachs resumed coverage of the company
with a "buy" rating and boosted its six-month price target to $98 from
$75, according to reports.