Key benchmark indices gained for the fourth straight session of trade, with market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 23 April 2013. The barometer index, the S&P BSE Sensex settled at its highest level in almost six weeks. The 50-unit CNX Nifty attained over 6-week closing high. The Sensex jumped 227.49 points or 1.19%, off 28 points from the day's high and up 214.74 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Indian stocks gained for the fourth straight day today, 25 April 2013. The Sensex has risen 675.69 points or 3.61% in four trading days from its close of 18,731.16 on 17 April 2013. The Sensex has risen 571.08 points or 3.03% in this month so far (till 25 April 2013). The Sensex has declined 19.86 points or 0.1% in calendar 2013 so far (till 25 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 796.81 points or 3.94%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 3,657.87 points or 23.23%.
Coming back to today's trade, index heavyweight Reliance Industries (RIL) edged higher in choppy trade. Another index heavyweight and cigarette major ITC hit record high in volatile trade. Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations. Aviation stocks were in demand. Jet Airways (India) surged nearly 10% after United Arab Emirates-based Etihad Airways on Wednesday, 24 April 2013, agreed to pick up a 24% strategic stake in the Indian carrier at a huge premium to the ruling market price. Pharma shares gained on renewed buying, with Dr Reddy's Laboratories and Sun Pharmaceutical Industries hitting record high.
Bank stocks rose as slowing wholesale price inflation has raised expectations that the Reserve Bank of India will cut its key policy rate viz. the repo rate to boost economic growth. Axis Bank surged after strong Q4 results. IT stocks fell on weak economic data in the US, the biggest outsourcing market for the Indian IT firms. Hindustan Zinc surged on strong Q4 results. Telecom stocks gained.
The market was volatile as traders rolled over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The April 2013 F&O contracts expired today, 25 April 2013.
The market edged higher in early trade on higher Asian stocks. The market held firm in morning trade. The market extended gains to hit fresh intraday high in mid-morning trade. The market further extended gains to hit fresh intraday high in early afternoon trade. Key benchmark indices pared gains after hitting their highest level in nearly six weeks in afternoon trade. The market held firm in mid-afternoon trade. Immense volatility was witnessed during the last one hour or so of trade as key benchmark indices surged to hit fresh intraday high soon after paring gains.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 23 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 226.21 crore on Tuesday, 23 April 2013, as per provisional data from the stock exchanges. The stock market was closed on Wednesday, 24 April 2013, on account of Mahavir Jayanti.
The S&P BSE Sensex jumped 227.49 points or 1.19% to 19,406.85, its highest closing level since 15 March 2013. The index jumped 255.49 points at the day's high of 19,434.85 in late trade. The index rose 12.75 points at the day's low of 19,192.11 in opening trade.
The CNX Nifty was up 79.40 points or 1.36% to 5,916.30, its highest closing level since 11 March 2013. The index hit a high of 5,924.60 in intraday trade. The index hit a low of 5,853.30 in intraday trade.
The total turnover on BSE amounted to Rs 2446 crore, higher than Rs 1893.84 crore on Tuesday, 23 April 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,223 shares advanced and 1,160 shares declined. A total of 129 shares were unchanged.
The BSE Mid-Cap index rose 0.5% and the BSE Small-Cap index gained 0.09%. Both these indices underperformed the Sensex.
The BSE Auto index (up 2.79%), BSE HealthCare index (up 2.04%), BSE Oil & Gas index (up 1.43%), BSE Metal index (up 1.42%) and BSE Bankex (up 1.37%) outperformed the Sensex. The BSE IT index (down 1.65%) BSE Teck index (down 0.84%), BSE Realty index (down 0.64%), BSE Consumer Durables index (down 0.48%), BSE FMCG index (up 0.58%), BSE Capital Goods index (up 0.85%), BSE PSU index (up 1.02%), BSE Power index (up 1.17%), underperformed the Sensex.
Among the 30-share Sensex pack, 23 stocks gained while rest of them fell.
Index heavyweight Reliance Industries (RIL) rose 2.05% to Rs 820. The scrip hit high of Rs 826.85 and a low of Rs 806. The company's telecom arm -- Reliance Jio Infocomm -- and Bharti Airtel on Tuesday, 23 April 2013, signed an agreement for international data connectivity under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.
Earlier, at the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Shares of Bharti Airtel gained 1.75%. Among other telecom stocks, MTNL (up 0.24%), Tata Teleservices (Maharashtra) (up 0.36%), Reliance Communications (up 0.53%) and Idea Cellular (up 2.39%) gained.
Index heavyweight and cigarette major ITC rose 0.85% to Rs 320.10. The stock hit record high of Rs 323.85 in intraday trade today, 25 April 2013. The stock hit low of Rs 313.15 in intraday trade. West Bengal chief minister Mamata Banerjee on Wednesday, 24 April 2013, announced a 10% tax hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Asian Paints fell 0.08% to Rs 4645. The company after market hours today, 25 April 2013 said it has scheduled a board meeting on 9 May 2013 to consider sub-division of equity shares along with Q4 March 2013 and year ended 31 March 2013 (FY 2013) results and final dividend.
Jindal Steel & Power fell 0.55%. The company after market hours today, 25 April 2013, said its consolidated net profit after tax but before minority interest and share of profit/loss of associates declined 35% to Rs 752.75 crore on 3% rise in income from operations to Rs 5648.44 crore in Q4 March 2013 over Q4 March 2012.
Hindustan Zinc surged 4.52% on strong Q4 results. The company's net profit jumped 53% to Rs 2166 crore on 24% growth in revenue to Rs 3850 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results during market hours today, 25 April 2013.
Hindustan Zinc's net profit rose 25% to a record Rs 6899.48 crore on 11% growth in revenue to Rs 12526 crore in the year ended March 2013 over the year ended March 2012.
Mined metal production rose 16% to 260kt in Q4 March 2013 over Q4 March 2012. Mined metal production rose 5% to 870kt in the year ended March 2013 over the year ended March 2012, the company said in a statement.
The company said that higher revenue in Q4 March 2013 were driven by higher sales volume including zinc MIC sales of 61 kt and rupee depreciation. Revenue for the year ended March 2013 increased primarily on account of increased silver sales and rupee depreciation, partially offset by lower metal prices and zinc volumes, it added.
The zinc metal cost, without royalty, during the quarter was Rs 44900 per MT ($829), 8% higher in rupee terms and flat in dollar terms from a year ago. The cost for the year ended March 2013 was higher by 14% in rupee terms and flat in dollar terms at Rs 45500 per MT ($835), compared with the previous year. The increase was due to higher strip ratio at Rampura Agucha and lower acid credits, partially offset by lower power costs.
During the year, the company announced its next phase of growth plan, which will increase its mined metal production capacity to 1.2 mtpa. Rampura Agucha underground mine and Kayad mine produced development ore in the second half of the fiscal year ended March 2013 (FY13) and will start commercial production in fiscal year 2014 (FY 2014).
In FY 2013, there was a gross addition of 24.6 million tonnes to reserves and resources, prior to a depletion of 8.6 million tonnes. Total reserves and resources at 31 March 2013 were 348.3 million tonnes containing 35.1 million tonnes of zinc-lead metal and 910 million ounces of silver. The company said its mine life continues to be over 25 years.
The company said that mined metal production in FY 2014 is projected to increase by 15% to 1 mtpa. Integrated saleable silver production is projected to be about 360 tonnes in FY 2014.
As on 31 March 2013, the company had cash and cash equivalents of Rs 21479 crore.
Bank stocks rose as slowing wholesale price inflation has raised expectations that the the Reserve Bank of India will cut its key policy rate viz. the repo rate to boost economic growth. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI) rose 1.9%.
Among other PSU bank stocks, Canara Bank (up 0.73%), Union Bank of India (up 1.5%), Bank of Baroda (up 1.69%) and Punjab National Bank (up 0.61%) gained.
Axis Bank surged 4.17% on strong Q4 results. The bank's net profit rose 21.75% to Rs 1555.15 crore on 18.39% growth in total income to Rs 9054.72 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results on Wednesday, 24 April 2013. The bank's net interest income jumped 24.16% to Rs 2664.66 crore in Q4 March 2013 over Q4 March 2012. Other Income comprising fees, trading profit and miscellaneous income jumped 26.43% to Rs 2007.17 crore in Q4 March 2013 over Q4 March 2012, driven by fee income and trading profit. The bank's fee income jumped 22% to Rs 1618 crore. Trading income jumped 63% Rs 238 crore in Q4 March 2013 over Q4 March 2012.
Axis Bank said that its retail franchise continued to show strong growth in Q4 March 2013. CASA plus retail term deposits constituted 68% of the bank's total deposits as on 31 March 2013. Axis Bank said its quality remains stable with the ratio of net non-performing assets to net advances at 0.32% as on 31 March 2013, lower than 0.33% as on 31 December 2012.
Axis Bank said that the bank is well capitalised with equity capital of Rs 5537 crore raised in Q4 March 2013. The bank said that it is well positioned for growth with a healthy capital adequacy ratio (CAR) of 17%, and Tier-I CAR at 12.23% as on 31 March 2013.
ICICI Bank rose 0.82%. ICICI Bank announces Q4 results tomorrow, 26 April 2013.
HDFC Bank declined 0.07% to Rs 688.95, with the stock declining for the second straight day on profit booking after the private sector bank reported strong Q4 results during trading hours on Tuesday, 23 April 2013. The stock had witnessed pre-result rally. The stock jumped 12.68% to settle at Rs 699.25 on BSE on Monday, 22 April 2013, from a recent low of Rs 620.55 on 9 April 2013.
HDFC Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012.
The bank's asset quality remains healthy. The bank's ratio of net non-performing assets (NPA) to net advances stood at 0.2% as on 31 March 2013, unchanged from the level at end December 2012 and at end March 2012. The bank's ratio of gross NPA to gross advances stood at 0.97% as on 31 March 2013, compared with 1% as on 31 December 2012 and 1.02% as on 31 March 2012.
L&T Finance Holdings rose 0.19% after consolidated net profit rose 21.8% to Rs 171.40 crore on 32.52% growth in income from operations to Rs 1132.02 crore in Q4 March 2013 over Q4 March 2012. The company's consolidated net profit rose 60.16% to Rs 730.47 crore on 33.22% rise in total income to Rs 4006.45 crore in the year ended 31 March 2013 (FY 2013) over FY 2012. The company announced Q4 results during market hours today, 25 April 2013.
The company in its outlook said that the credible and stable signs of improvement in the business environment are yet to show up. The company expects that the various policy initiatives being undertaken by the government to revive the capex cycle will yield positive results by the second half of the FY 2014 fiscal. This is expected to result in better growth in disbursements enabling book growth. Margins are expected to be stable or witness a marginal improvement due to the likely improvement in the interest environment. Asset quality continues to be under stress and may show improvement in the second half of FY 2014, L&T Finance Holdings said.
Mahindra & Mahindra Financial Services surged 11.14% after strong Q4 results. The company's consolidated net profit rose 42.89% to Rs 346.36 crore on 33.35% growth in total income to Rs 1189.32 crore in Q4 March 2013 over Q4 March 2012. The net profit for Q4 March 2013 includes profit of Rs 30 crore arising from exceptional item on account of profit on stake sale of the company's subsidiary MIBL amounting to Rs 66 crore and additional general provision on standard assets amounting to Rs 36 crore on prudent basis from the current year. The company announced Q4 results after market hours on Tuesday, 23 April 2013.
Meanwhile, the board of Mahindra & Mahindra Financial Services approved increasing the borrowing limit from Rs 30000 crore to Rs 38000 crore, in order to further expand its business and to meet its increased financial needs. The proposal is subject to shareholders' approval through postal ballot process.
Pharma shares gained on renewed buying. Cipla (up 2.5%), Glenmark Pharma (up 0.22%), Ranbaxy Laboratories (up 0.39%), Lupin (up 0.81%) and Wockhardt (up 3%) rose.
Dr Reddy's Laboratories gained 4.11% to Rs 1,981.09. The stock hit record high of Rs 1,999.40 in intraday trade today, 25 April 2013.
Sun Pharmaceutical Industries gained 2.9% to Rs 978. The stock scaled a record high of Rs 980.30 in intraday trade today, 25 April 2013.
Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.
Tata Motors jumped 4.14%. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) on 10 April 2013 said its global sales rose 16% to a record 53,772 units in March 2013 over March 2012. JLR's global sales rose 17% to a record 115,504 units in Q1 March 2013 over Q1 March 2012.
Small-car maker Maruti Suzuki India rose 3.2% ahead of its Q4 results tomorrow, 26 April 2013.
Mahindra & Mahindra (M&M) gained 2.38%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
The Minister of Heavy Industries & Public Enterprises has requested the Ministry of Finance either to withdraw the additional 3% excise duty imposed on SUVs in the current Union Budget or to exempt all such vehicles classified as SUV that have an assessable value up to Rs 10 lakh. Giving this information in written reply to a question in the Rajya Sabha on Tuesday, 23 April 2013, the Minister of Heavy Industries & Public Enterprises Mr. Praful Patel said that the auto industry in the country is going through difficult times and the notification issued by the Finance Ministry for the levy of additional 3% excise duty will further impact the industry and will also discourage the consumers as the commonly used vehicles in rural and semi-urban area have come under this additional 3% excise duty.
Shares of two-wheeler makers gained. Hero MotoCorp gained 2.48% ahead of its Q4 results tomorrow, 26 April 2013. Bajaj Auto rose 2.26%. PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT) on 15 April 2013 because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
IT stocks fell on weak economic data in the US, the biggest outsourcing market for the Indian IT firms. Wipro declined 1.95%. Wipro issued weak revenue outlook at the time of announcement of Q4 March 2014 results on 19 March 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012.
Infosys dropped 1.55%. Infosys has forecast a tepid 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014 (FY 2014) as the company says that global economic uncertainties remain challenging for the IT industry. The revenue growth outlook is lower than industry body Nasscom's projection of 12% to 14% growth in IT exports in the current fiscal year. Infosys has not given full year earnings guidance this time. Infosys had earlier stopped offering quarterly guidance in July 2012.
HCL Technologies fell 2.53% to Rs 714 on profit booking. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results. Consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012.
Tata Consultancy Services (TCS) declined 2%. The company after market hours on Tuesday, 23 April 2013 announced the launch of its Intelligent Testing System (ITS) solution, designed to help customers automate the testing lifecycle. The new solution is being developed through TCS' existing partnership with CA Technologies and combines TCS' innovative process and automation tools with CA LISA Service Virtualization software.
TCS posted good Q4 results last week. Its consolidated net profit rose 1.9% to Rs 3616 crore on 2.2% growth in revenue to Rs 16430 crore in Q4 March 2013 over Q3 December 2012. Net profit jumped 33.6% to Rs 13917 crore on 28.8% growth in revenue to Rs 62989 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The company clocked volume growth of 16.8% in FY 2013 over FY 2012.
At a post result conference call held on 17 April 2013, TCS' management said it expects FY 2014 to be better year than FY 2013 and anticipates defending the margins in narrow band despite the headwinds from the wage hikes through other levers.
Petronet LNG (PLL) rose 0.52% after the company said during market hours today, 25 April 2013, that the company has executed a preliminary conditional agreement with United LNG (a US based firm) for supply of around 4 million metric tonnes per annum (MMTPA) of liquified natural gas (LNG) for supply for 20 years through the Main Pass Energy Hub, which is been jointly developed by United LNG and Freeport McMoRan Energy. The binding LNG SPA is yet to be executed and is expected by the end of this year, PLL said.
Aviation stocks were in demand. SpiceJet (up 18.08%) and Kingfisher Airlines (up 0.58%) gained.
Jet Airways (India) surged 9.96%. Jet Airways (India) and United Arab Emirates (UAE) based Etihad Airways on Wednesday, 24 April 2013, announced that Etihad Airways has agreed to subscribe to 2.72 crore new shares of Jet Airways at a price of Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways. Etihad Airways' wider overall commitment to Jet Airways includes the injection of $220 million to create and strengthen a wide-ranging partnership between the two carriers. As part of this, Etihad Airways paid $70 million to purchase Jet Airways' three pairs of Heathrow slots through the sale and lease back agreement announced on 27 February 2013. Jet Airways continues to operate flights to London utilising these slots.
An amount of $150 million will be invested by Etihad Airways by way of a majority equity investment in Jet Airways' frequent flyer program "Jet Privilege", subject to appropriate regulatory and corporate approvals and final commercial agreements which are expected to be completed within the next six months.
Under the strategic partnership, which will be subject to full regulatory and shareholder approval, the airlines will gradually expand existing operations and introduce new routes between India and Abu Dhabi, providing an ever wider choice to the travelling public. They will combine their network of 140 destinations, with Jet Airways establishing a Gulf gateway in Abu Dhabi and expanding its reach through Etihad Airways' growing global network.
Passengers from 23 cities in India will benefit from direct connections to international destinations. New flights from Jet Airways' home hubs and metro airports will further strengthen its current operations from these airports. Jet Airways' vision continues to be to develop Delhi and Mumbai airports as its primary home hubs and connecting them to Asian, European and other regions.
A key component of the wide-ranging partnership is expanded codesharing on flights with passengers benefiting from reciprocal 'earn-and-burn' rights on the airlines' frequent flyer programs. The proposed codeshare expansion will significantly enable Etihad Airways to tap into India's rapidly growing travel market, providing additional passenger traffic to Etihad Airways' Middle Eastern, North American and European destinations, and give Jet Airways passengers from various cities access to an expanded network.
The focus of the market is on Q4 results. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results tomorrow, 26 April 2013. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013
The Prime Minister's Economic Advisory Council (PMEAC) in a report released on Tuesday, 23 April 2013, projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the PMEAC said. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
The government has lined up a number of key bills for consideration and passing during the ongoing Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
European stock markets edged lower on Thursday after earnings from some of the region's heavyweights added pressure, offsetting hopes for a rate cut at the European Central Bank's policy-setting meeting next week. Key benchmark indices in UK and France were down by 0.11% to 0.19%. Germnay's DAX rose 0.15%.
The European Central Bank (ECB) is closer to lowering interest rates than at any time since it last cut them in July 2012 and is likely to shave a quarter-point off at its policy meeting next week. The ECB's Governing Council meets in Bratislava next Thursday - one of two annual policy meetings outside Frankfurt.
Britain's economy grew a more-than-estimated 0.3% in the first quarter after contracting 0.3% in the previous quarter, the Office for National Statistics said.
Spanish unemployment rose more than economists forecast in the first quarter to the highest in at least 37 years as efforts to tackle the European Union's biggest budget deficit crimped growth. The number of jobless increased to more than 6 million for the first time, climbing to 27.2% of the workforce, compared with 26.02% in the previous three months, the National Statistics Institute in Madrid said today.
Most Asian stocks edged higher on Thursday as investors weighed earnings reports and energy shares led gains. Key benchmark indices in Singapore, Hong Kong, Japan and South Korea rose by 0.45% to 0.98%. Key benchmark indices in China, Indonesia and Taiwan fell by 0.02% to 0.86%.
Trading in US index futures indicated that the Dow could gain 39 points at the opening bell on Thursday, 25 April 2013. The S&P 500 and Nasdaq ended flat on Wednesday with Boeing's five-year high among the day's highlights, but weakness in Procter & Gamble and AT&T kept the Dow Jones Industrial Average in negative territory. Economic data showed orders for US durable goods fell in March by the most in seven months as demand slumped for commercial aircraft and business investment cooled.
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