NETQUOTE MORNING MARKET REPORT (Oil, Silver and Copper are the May contracts on the New York Mercantile Exchange. Gold is the April contract.)
NEW YORK - US stocks closed flat on Tuesday as investors made last-minute portfolio adjustments as the end of the quarter approached. The mood in the market was upbeat after a report that consumer confidence grew more than expected in March, although sentiment was still well below historical levels that indicate a strong economy. A separate report showed home prices inched higher for the eighth consecutive month. End of quarter adjustments, known as window dressing or trades intended to boost returns on reports sent to shareholders, was expected to influence trade over the next two days. After opening in positive territory, the three main indices slid into the red then staged a late rally to finish essentially flat. Tuesday's volume was light also as many traders took the day off for Passover or in advance of Easter. When markets settled, the Dow Jones Industrial Average was up 11.56 points, or 0.11 per cent, at 10,907.42 points, rising for a fourth straight day. The broad-market Standard & Poor's 500 index finished up 0.05 point, or less than 0.1 per cent, at 1,173.27 points. The Nasdaq composite index ended up 6.33 points, or 0.26 per cent, at 2,410.69 points.
LONDON - A fresh bout of nerves over weak government finances pushed European stock markets lower on Tuesday, wiping out early gains after Greece sought more funds to help it repay debt. Greek bond yields continued to rise to more than twice the rate paid by Germany, Europe's powerhouse economy, disappointing those who hoped last week's EU-IMF contingency debt relief plan for Athens would take the pressure off. Positive US consumer confidence and house price data buoyed market confidence in early trade, but this was not enough to dispel concerns over Greece. In London, the benchmark FTSE 100 index closed down 38.34 points, or 0.67 per cent, at 5,672.32 points.
FRANKFURT - The DAX 30 closed down 14.4 points, or 0.23 per cent, at 6,142.45 points.
PARIS - The CAC 40 closed down 13.25 points, or 0.33 per cent, at 3,987.41 points.
TOKYO - Japanese shares ended higher on Tuesday on hopes that Japanese companies will book positive earnings reports in the coming weeks as currency trade was stable. The benchmark Nikkei closed up 110.67 points, or 1.01 per cent at 11,097.14 per cent, topping the 11,000 level for the first time since October 2008. The broader Topix finished up 13.45 points, or 1.39 per cent, at 979.58 points. The steel sector as well as pulp and paper sectors led the market, with wholesale traders also firm on higher commodity prices.
HONG KONG - Hong Kong stocks closed higher following a strong lead from Wall Street. The benchmark Hang Seng Index closed up 137.36 points, or 0.65 per cent, at 21,374.79. Turnover was $HK62.86 billion ($A8.83 billion). China shares closed higher as banks gained on bargain hunting while metal producers rallied amid expectations of increasing demand.
WELLINGTON - The New Zealand share market finished weaker, despite a solid gain for top stock Telecom and continued support for infrastructure investor Infratil. Profit-takers pushed the benchmark NZX-50 index down 1.5 points to 3,249.7 points, after the index climbed more than 10 points on Tuesday to its highest close for 10 weeks.
SYDNEY - The Australian stock market has received mostly positive leads from offshore markets, with Wall Street trading higher and copper and oil prices firmer, although gold and silver futures prices were weaker. At 0734 AEDT, on the Sydney Futures Exchange, the June share price index contract was one point lower at 4,925 points, on volume of 3,211 contracts. In economics news on Wednesday, the Australian Industry Group-PricewaterhouseCoopers performance of manufacturing index (PMI) is due. The Reserve Bank of Australia (RBA) releases its financial aggregates data for February. The Australian Bureau of Statistics is to publish February retail trade and building approvals data. In companies news, Ten Network Holdings Ltd publishes first half results, and insurer QBE holds its annual general meeting in Sydney. On Tuesday, the Australian share market closed higher after gains among the major miners. The benchmark S&P/ASX200 index ended up 19.5 points, or 0.4 per cent, at 4,916.8 points, while the broader All Ordinaries index finished up 19.6 points, or 0.4 per cent, at 4,926.8 points.
NYMEX
Oil prices edged higher on Tuesday after encouraging US consumer confidence data, as traders tracked news from a major energy summit in Cancun, Mexico. New York's main contract, light sweet crude oil for delivery in May, settled up 20 US cents at $US82.37 a barrel. The market moved higher after a closely watched survey revealed that US consumer confidence rebounded in March, reversing some of the pessimism seen the month before. The Conference Board, a business research firm, said on Tuesday that its consumer confidence index rose to 52.5 points in March from a revised 46.4 in February. In Mexico, meanwhile, the world's biggest energy forum opens later on Tuesday to urge oil producers and consumers to help prevent a repeat of the excessive price volatility witnessed during the global economic crisis. In London, Brent crude added 11 US cents to settle at $US81.28 on the ICE futures exchange.
COMEX
April gold futures fell $US5.80 to settle at $US1,104.50 per fine ounce. May silver fell 5.7 US cents to settle at $US17.330. May copper settled 2.8 US cents higher at $US3.5635 per pound.
INTERNATIONAL NEWS
LONDON - Bloomsbury Publishing PLC reported a 36 percent fall in net profit for 2009 - its first year without a new hardback or paperback Harry Potter release - but said that other best-sellers had given a boost to the start of trading this year.
LONDON - Britain escaped from a record recession in better shape than previously thought in the fourth quarter of 2009, revised data showed, but analysts agreed that the outlook remained weak.
BEIJING - Chinese automaker Zhejiang Geely Holding Group expects to spend hundreds of millions of dollars beyond the $US1.8 billion ($A1.96 billion) purchase price for Volvo Cars to make the Swedish car company profitable, Geely's chairman said.
BEIJING - Yahoo e-mail accounts belonging to foreign journalists appeared to have been hacked and Google's Chinese search engine was intermittently blocked because of an internal change on Tuesday, the latest troubles in China's heavily censored internet market.
CAIRO - The board of Dubai World property unit Nakheel, including its chairman, was replaced as the emirate pushed forward with restructuring its debt-saddled chief conglomerate in an attempt to salvage Dubai's reputation as a regional investment haven.
NEW YORK - Americans' confidence in the economy rebounded in March after a February plunge but remains relatively weak amid a tough job market, according to a private research group's monthly survey.
PARIS - Leading economic powers warned of lingering fragility in the world economy and urged fellow G20 countries to follow through on tough reforms to seal a recovery, in a letter made public on Tuesday.
BERLIN - The International Monetary Fund slashed its growth forecasts for Germany this year and in 2011, warning that a recovery in Europe's top economy would only be "moderate and fragile."
ATHENS - Markets drove up Greece's borrowing costs again despite last week's promise of a financial backstop from other eurozone countries, indicating the country's debt crisis is far from over.
WASHINGTON - Failing US financial institutions must face the credible threat of government closure if reforms are to succeed, a key adviser to US President Barack Obama said.
HANOI - Viet Nam and the United States have signed a pact described as a key foundation for development of peaceful atomic power in the communist country.
WELLINGTON - New Zealand employers remain cautious but fewer plan to cut staff amid an improvement in business confidence from recent lows, a survey says.
LONDON - Ireland's government will help banks raise nearly 22 billion euros ($A32.33 billion), much of it from taxpayers, to meet stiff new capital requirements under a plan to resolve the nation's banking crisis.
BORDEAUX - French vineyards launch the annual Bordeaux wine futures market this week, boasting a blockbuster vintage they hope will revive their flagging fortunes and lure wealthy Chinese buyers.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE ON WEDNESDAY:
AWB - AWB LTD - up 5.5 cents at 95 cents Rural services provider AWB has agreed to sell its AWB Geneva business to United States-based Gavilon LLC for an as-yet undisclosed sum and to form a joint-venture with Gavilon covering AWB's Australian commodity management business.
BHP - BHP BILLITON LTD - up $1.03 at $44.41 Two of the world's largest iron ore producers, BHP Billiton and Brazil's Vale, have reached agreement with Asian steel makers for shorter term iron ore contracts.
CSR - CSR LTD - down two cents at $1.67 The Asbestos Injuries Compensation Fund (AICF) told the Full Bench of the Federal Court that the court's earlier decision to dismiss CSR's application to put a demerger proposal to a shareholder vote was correct.
FMG - FORTESCUE METALS GROUP LTD - up 14 cents at $4.96 Fortescue Metals Group said it remained "very confident" about operating in China in the wake of the Stern Hu case, but a business group and a foreign trade expert are concerned about the Asian superpower's muddy legal system.
GBG - GINDALBIE METALS LTD - up eight cents at $1.18 Gindalbie Metals has sealed one of Australia's largest ever binding trade deals, a $US65 billion ($A70.8 billion) iron ore sales contract with its Chinese joint venture partner.
LLC - LEND LEASE GROUP - up eight cents at $8.80 Lend Lease says it has completed its fully underwritten $806 million equity raising.
NAB - NATIONAL AUSTRALIA BANK LTD - in trading halt, last traded at $27.70 AXA - AXA ASIA PACIFIC HOLDINGS LTD - in trading halt, last traded at $6.35 AMP - up seven cents at $6.38 National Australia Bank has announced the pricing component of its $13 billion-plus bid for AXA Asia Pacific Holdings three weeks ahead of a decision on the deal by the competition regulator.
QBE - QBE LTD - down 30 cents at $21.05 Insurer QBE holds its annual general meeting in Sydney on Wednesday.
RIO - RIO TINTO LTD - up 86 cents at $79.25 The corporate watchdog says it is monitoring developments in the Rio Tinto Stern Hu bribery case.
TEN - TEN NETWORK HOLDINGS LTD - up 0.5 cent at $1.855 Ten Network Holdings releases first half results on Wednesday. AAP jtc/pe 31-03 0741
