Wall Street maintained its positive run on Wednesday session as the Federal Reserve officials tipped that the central bank could keep interest rate at historical low level. The Chinese economic data released yesterday also added confidence to global recovery hopes. European markets also rallied on low interest rate expectations.
US shares fell overnight led by Wells Fargo. A late sell-off in financial stocks was triggered after an analyst cut his investment rating on the company, saying the quality of its earnings was pretty poor. The Federal Reserve's latest beige book, showing weak consumer spending during late summer, also weighed down the market.
Wall Street closed flat yesterday after the market rallied for two days. Traders turned cautious before the third quarter earnings kick off. Alcoa (NYSE:AA), the first company to unveil its earnings, posted a better-than-expected result with third quarter net income of US$77 million, after three consecutive quarters of losses.
Wall Street finished higher in choppy trade as the upbeat economic data in Europe offset the news of disappointing retail sales in US. Wal-Mart's second-quarter earnings, above analyst's expectations, also helped to lift the market.
US Stocks declined on Wednesday on a weak sales outlook from P & G and concerns over the service and labour sectors. Economic data showed an unexpected fall in activity in the service sector and larger-than-expected losses of private sector jobs.
Capital Estate Limited ("Capital Estate"/ "the Company") (HKG:0193) is pleased to announce today that Company has appointed Mr. Sio Tak Hong ("Mr. Sio") as the Chairman and executive Director of the Company, and re-designated Mr. Chu Nin Yiu, Stephen, Executive Director, to Chief Executive Officer. The appointment and re-designation are effective from 28 July 2009.
Australian shares yesterday gained on the rise of Wall Street. The benchmark S&P/ASX200 gained 71.1 points, or 1.8 per cent, at 3995.6, while the broader All Ordinaries had gained 70.3 points, or 1.8 per cent, to 3987.8.
