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Overnight Briefing

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Equities in New York

Wed, Sep 3 2008, 06:33 GMT
by Jyske Bank Team

Jyske Bank


  • Coca-Cola to buy Chinese juice maker

  • Australia economic growth slows in 2nd quarter

  • Crude oil steady below USD 110

Today’s main events:

  • EUR Euro-Zone Retail sales

  • CAD Rate announcement from Bank of Canada

  • USD MBA Mortgage Applications

  • USD FED’s Beige Book


American Time Zone:

Equities in New York

U.S. stocks erased an earlier rally as a retreat in commodity producers’ overshadowed gains in airlines and automakers after Hurricane Gustav spared drilling platforms in the Gulf of Mexico, sending oil to a five-month low.

Alcoa Inc., Exxon Mobil Corp. and Chevron Corp. fell more than 2 % each. Coal producers Peabody Energy Corp. and Massey Energy Co. led all 39 energy companies in the Standard & Poor's 500 Index lower. EBay Inc. slumped 3.5 % as Stifel Nicolaus & Co. reduced its price estimate for the largest Internet auction site, while Apple Inc. tumbled after Thomas Weisel Partners cut profit estimates. Delta Air Lines Inc. climbed more than 14 % as crude slid below USD 110 a barrel.


Far East Time Zone:

Coca-Cola to buy Chinese juice maker

The Coca-Cola Company said on Wednesday it will offer to buy Chinese juice maker China Huiyuan Juice Group Ltd 1886 for a total of HKD 17.92 billion (USD 2.30 billion), in a deal that would expand its presence in China's fast-growing beverage industry.

The iconic U.S. company will pay HKD 12.20 for each Huiyuan share -- nearly triple the stock's closing price of HKD 4.14 on Friday.
Huiyuan shares were suspended on Monday.


Australia economic growth slows in 2nd quarter

Australia's economy grew at its slowest pace in over three years last quarter as weakness in consumption and housing overshadowed strength in business and public spending, reinforcing the case for further interest rate cuts.

Still, the income side of the economy was strong again as booming prices for Australia's resource exports fattened profits, business investment, wages and tax receipts.
2nd quarter GDP was 0.3 % seasonally adjusted (median forecast +0.4 %).


Crude oil steady below USD 110

U.S. crude oil futures steadied on Wednesday, after falling sharply on Tuesday when Hurricane Gustav's impact on the U.S. oil industry was seen limited and a resurgent dollar pressured the market.

Front-month U.S. crude for October delivery was up 1 cent, at USD 109.72 a barrel on the Globex electronic trading platform. On Tuesday, it settled lower by USD 5.75 at USD 109.71, or the lowest settlement since April 8th, when NYMEX settled at USD 108.50.

Published on  Wed, Sep 3 2008, 06:49 GMT


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