After moving lower over the course of the two previous sessions, stocks may see some further downside in early trading on Wednesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 51 points.
Eurozone industrial production declined unexpectedly in January due to the ongoing contraction in energy output, reflecting the fragile nature of the economic recovery. Industrial output fell 0.2 percent month-on-month in January, which was the second consecutive drop, Eurostat said Wednesday. Economists had expected production to expand 0.5 percent, after a revised 0.4 percent fall in December.
Oil and natural gas exploration and production company Energy XXI (Bermuda) Limited Wednesday said it has signed a definitive merger agreement to acquire EPL Oil & Gas, Inc., a Texas-based peer, for total consideration of $2.3 billion, including the assumption of debt. Upon completion of the merger, Energy XXI expects to have an enterprise value of about $6 billion.
A new study by US space agency NASA shows Earth's climate is likely to experience roughly 20 percent more warming than estimated, despite the recent slowdown in the rate of global warming. The current estimates were largely based on surface temperature observations during the past 150 years. The new research by Drew Shindell, a climatologist at NASA's Goddard Institute for Space Studies in N
UK insurer Prudential Plc Wednesday reported a sharp fall in full-year 2013 profit, as total revenues declined with a drop in investment return. Earned premiums, however, increased from last year. Operating profit was up with strong Asia operations. The directors have also recommended a higher dividend.
Sentiment continues to remain subdued, as indicated by the U.S. index futures, which point to a modestly lower opening on Wednesday. Earlier in the global trading day, Asian stocks closed lower amid risk aversion, accentuated by some sore domestic economic data, while European stocks are also trading notably lower. With little catalysts to guide trading, stocks could be locked in their recent lack
Germany's commercial vehicles maker Maschinenfabrik Augsburg-Nürnberg or MAN SE Wednesday reported a sharp fall in operating profit for full year 2013, reflecting European debt crisis and related recession in the euro zone, which had an adverse impact on business activity. For 2014, MAN Group expects a significantly higher operating profit...
German utility E.ON AG (EONGY.PK) Wednesday reported a decline in profit for 2013, amid absence of earnings from divestments and the challenging market situation in fossil-fueled power generation. The company sees year-over-year drop in underlying net income, and slashed its dividend by 45 percent.
Deutsche Post DHL reported Wednesday a 43.5 percent rise in the fourth-quarter profit mainly on lower financial charges. Revenues, however, were hurt by negative currency impacts. The company also announced higher dividend. Looking ahead, the German courier giant expects earnings momentum to continue in 2014, and also confirmed guidance for fiscal 2015.
European stocks look set to open lower on Wednesday as concerns over Chinese growth and the standoff in Ukraine linger, keeping investors nervous. Commodities including crude and copper declined and emerging-market currencies weakened on concerns that China's economic recovery might be faltering.
European ministers gave consent to improve the mandate to tackle the menace of bank failure, yet much more remained to be agreed on the scheme to handle bad banks. Ministers need to decide on how much countries should help one another in managing a troubled bank. Members were open to reducing the mutualisation period of the EUR 55 billion Single Resolution Fund to 8 years from 10 years.
Men's Wearhouse said its loss for the fourth quarter widened from a year ago, due mainly to the harsh winter that kept shoppers indoors as well as weak margins. The clothing retailer's results for the quarter missed Wall Street estimates as well.
Credit card swipe machine maker VeriFone Systems Inc. said Tuesday after the markets closed that it swung to a first quarter loss, as higher costs and expenses more than offset a slight increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its adjusted revenue.
After initially showing a lack of direction, stocks moved mostly lower over the course of the trading day on Tuesday. The major averages added to the slim losses posted in the previous session, with the S&P 500 pulling back further off last Friday's record highs.
U.S. crude oil slipped for a second straight session to end sharply lower on Tuesday, ahead of the official weekly oil report, even as investors continue to mull over demand growth concerns after some Chinese trade data last week end showed the nation's economy to be slowing more than initially estimated.