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World Markets - March 17, 2006
March 17, 2006
Europe
London - European stocks closed mixed yesterday as concerns that the European Central Bank is turning more hawkish offset gains by shares including Vodafone and BT based on renewed takeover talk.
MNSI reported European Central Bank sources saying the bank is aiming to raise interest rates to a neutral level as the economy strengthens and inflation risks persist.
Allianz's annual earnings almost doubled to come in just ahead of analyst estimates but concerns about its Dresdner banking business contributed to the stock's 1.6 percent decline. The shares have risen about 40 percent since the start of 2005.
The FTSE was boosted by mobile network operator Vodafone gaining as sources familiar with the deal said two US private equity firms were planning a $15 billion (R94.5 billion) rival bid for its Japanese arm.
Shares in BT rose 4 percent on renewed talk of a private equity bid for the British fixed-line telecoms operator, dealers said, while others cited buying ahead of options expiries on Friday. - Reuters
US
New York - US stocks extended their rally as strong earnings and tame inflation data lifted the Dow Jones industrial average.
A consumer price index report showed an increase of only 0.1 percent in February thanks to a moderation in energy costs. The core index excluding food and energy, also rose 0.1 percent.
On a less positive note, the nation's pace of constructing new homes slowed in February after soaring to a 12-year high in January, the commerce department estimated.
A separate report showed that new applications for state unemployment benefits rose by 5 000 to 309 000 last week.
Qualcomm rose $1.14 to $50.95 (R315) after a positive note from Merrill Lynch on the telecommunications equipment maker.
Altria Group rose 11c to $73.98 after the food and tobacco giant said it planned to record roughly $1 billion in tax benefits in the first quarter after an examination of tax returns from 1996 to 1999.
ConAgra slid $1.36 to $19.05 after the packaged foods giant cut its dividend by 34 percent. - AFP
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