Real Madrid to Arrive in Morocco 2 Days Ahead of World

Rabat – Spanish giants Real Madrid are expected to come to Morocco on December 14th, two days ahead of their semi-final clash at the FIFA Club World Cup.Sources acquainted with the issue told MWN that the Los Blancos arrival date in Morocco to take part at the eleventh edition of FCWC is officially confirmed at December 14th.Real Madrid will arrive in Morocco as the club most likely to lift the title especially that the team is producing one of its best performances in years. The Champions League winners made history on Saturday as they recorded their 16th straight win cross all competitions with a 2-1 triumph over Malaga at la Rosaleda.Real Madrid will face in the Semi-final round in Moulay Abdellah Stadium in Rabat the winner of the match that will bring together Cruz Azul from Mexico against Western Sydney from Australia. read more

Closing Bell TSX up slightly amid mixed corporate earnings reports strong economic

TORONTO — The Toronto stock market closed slightly higher Tuesday amid a mixed slate of earnings data and a couple of strong U.S. economic reports.Here are the closing numbersTSX — 13,692.38 +10.90 0.08%S&P 500 — 1,838.88 +19.68 1.08%Dow — 16,373.86 +115.92 0.71%Nasdaq — 4,183.02 +69.71 1.69%The S&P/TSX composite index gained 10.9 points to 13,692.38, well off the best levels of the session as the gold and financial sectors turned negative.The Canadian dollar tumbled 0.86 of a cent to 91.34 cents US, with currency traders cautious ahead of next week’s Bank of Canada interest rate announcement.The U.S. dollar strengthened and New York indexes registered strong gains after the U.S. Commerce Department reported that retail sales rose 0.2% last month, higher than the 0.1% increase that economists expected.Other data showed that U.S. companies built up their stockpiles in November by 0.4% as sales improved. Continued growth in inventories suggests businesses believe consumers will increase spending in the months ahead.The Dow Jones industrials ran ahead 115.92 points to 16,373.86, the Nasdaq advanced 69.72 points to 4,183.02 and the S&P 500 index climbed 19.68 points to 1,838.88.Markets sold off Monday on concerns about what the Federal Reserve might do about further cutting back on its key stimulus program and worries about whether the American equity markets were looking too expensive and that perhaps it was time for a correction.“I think that a correction is appropriate and I wouldn’t be surprised to see one,” said Kash Pashootan, portfolio manager at First Avenue Advisory in Ottawa, a Raymond James company.“We’ve had two or three false starts to corrections, but they were very short-lived. You saw maybe 1 or 2% corrections but that’s not enough to bring real money back into the market that’s been sidelined.”The S&P 500 rocketed about 30% last year, helped in large measure by Fed stimulus. Investors now want to see if strong earnings and revenue can justify that gain and push stock prices higher.But Pashootan added that guidance is also very important for the quarter.“If earnings are strong this season, it’s not necessarily related to the next quarter because a lot of what you’re seeing on this earnings announcement is a result of the economy improving over the last quarter and that’s already priced into the market,” he said.On Tuesday, JPMorgan Chase shares inched up four cents to US$57.74 as the bank said quarterly net income came in at $5.3 billion, down from $5.7 billion a year earlier. Ex-items, earnings per share were $1.40 versus the $1.35 that analysts had forecast.Revenue fell 1% to $24.1 billion, just above analysts’ expectations of $23.9 billion.Wells Fargo turned in fourth-quarter earnings of $1 per share, two cents better than analysts had forecast. Revenue came in at $20.7 billion, better than the $20.69 billion that had been expected. Its shares, which have run up sharply over the last quarter, were up three cents at $45.59.In Canada, Corus Entertainment Inc. (TSX:CJR.B) posted adjusted net income of C$55.2 million, or 65 cents a share, three cents higher than estimates. Revenue was $226 million, up from $209 million a year earlier and just short of estimates. Corus also said it was raising its dividend 7% and its shares jumped 81 cents to $25.40.Shaw Communications Inc. (TSX:SJR.B) reports it had $245 million of quarterly net income, or 51 cents per share. That’s up from $235 million or 50 cents per share a year earlier and two cents above analyst estimates. Shaw’s revenue rose 3.3% to $1.36 billion, beating estimates of $1.36 billion but its shares fell 43 cents to $24.88 as RBC Capital Markets noted that employee bonuses and programming costs weighed on margins.Most TSX strength came from a 1.6% rise in the base metals sector even as March copper moved down one cent to US$3.34 a pound. Bank of America/Merrill Lynch upgraded Thompson Creek Metals (TSX:TCM) from underperform to buy and its stock jumped 19% to C$2.82. Elsewhere in the sector, Turquoise Hill Resources (TSX:TRQ improved by 22 cents to $3.83.The telecom sector advanced 0.9% as bidding for a coveted piece of Canada’s wireless market started today. The 700 megahertz waves are particularly valuable because they allow cellphone signals to travel longer distances and penetrate buildings and tunnels where calls are often dropped. Rogers Communications (TSX:RCI.B) was the strongest performer in the group, ahead 82 cents at $47.86.The energy sector moved ahead 0.3% while the February crude contract on the New York Mercantile Exchange gained 79 cents to US$92.59 a barrel. Athabasca Oil (TSX:ATH) gained 13 cents to C$6.92.The gold sector was the major TSX drag, down 0.25% as February bullion drifted down $5.70 to US$1,245.40 an ounce. Goldcorp (TSX:G) faded 70 cents to C$24.34.Financials also weighed on the Toronto market as Scotiabank (TSX:BNS) fell 59 cents to $63.68.TOP STORIES Low loonie offers ‘remarkable opportunities,’ Ottawa says — as currency slips below 92¢Tesla Motors stock surges as electric carmaker blows past 2013 sales goalValeant is eyeing Pfizer’s lucrative generics unit, but rivals circle: sourcesGoldman Sachs: Four reasons why you can’t say the stock market is a bubbleWHAT’S ON DECK WEDNESDAYECONOMIC NEWSUNITED STATES8:30 a.m.Empire State Manufacturing Index (Jan): Economists expect reading of 3.5, up from last month Producer price index (Dec): Economists expect 0.4% rise from month before, 1.1% year over year 2 p.m.Beige Book CORPORATE NEWSUNITED STATESBank of America Corp. Q4 earnings: Analysts expect 27¢ a share Kinder Morgan Q4 earnings: Analysts expect 35¢ a share read more

TSX falls despite rate cuts traders cautious ahead of US jobs data

TORONTO – The Toronto stock market declined Thursday as worries about the American and European economies took some of the shine off moves by central banks to give the global recovery some much needed assistance.Traders were also cautious ahead of the release of the June U.S. non-farm payrolls report before the markets open Friday morning.The S&P/TSX composite index snapped a six session rally and lost 96.96 points to 11,816.91 while the TSX Venture Exchange was down 15.45 points to 1,226.45.The European Central Bank and the People’s Bank of China both cut interest rates while the Bank of England embarked on another round of quantitative easing. This involves pumping money into the economy which, hopefully, will be lent to businesses and consumers.But early enthusiasm faded as ECB president Mario Draghi warned that further risks to euro-area growth have materialized, pointing to signs of slower growth and greater uncertainty in the second quarter. Meanwhile, a reading of the U.S. service sector increased worries that the American economy is stalling.The Canadian dollar was off 0.12 of a cent to 98.58 cents US.U.S. markets were mainly lower as positive employment data competed with a worse than expected performance of the service sector.The Dow Jones industrial average dropped 47.15 points to 12,896.67 as the Institute for Supply Management’s service sector index moved closer to contraction, coming at 52.1, down from 53.7 in May. That’s the lowest reading since January 2010. U.S. service companies employ roughly 90 per cent of the economy.The Nasdaq composite index added 0.04 of a point to 2,976.12 while the S&P 500 index was down 6.44 points to 1,367.58.Payroll firm ADP reported that the U.S. private sector created 176,000 jobs during June. Expectations for Friday’s report are modest with economists forecasting the economy only cranked out about 90,000 jobs during June.“I think that this is kind of a wait-and-see moment for the market,” said Craig Fehr, Canadian markets strategist at Edward Jones in St. Louis.“We have a lot of central bank news out today, the market’s clearly going to stay suspended ahead of the U.S. jobs report tomorrow, which I think will probably provide the true direction for the markets this week.”Markets had already largely priced in the European moves, helping to spark a sharp run-up in equities over the past few sessions. The TSX, meanwhile, had gained more than five per cent in the last six trading days.But traders were surprised by the China central bank’s move to cut its benchmark lending rate by 0.31 of a point to six per cent. It is the second time within a month the bank has cut interest rates in an attempt to stimulate China’s rapidly slowing economy. But the move caused some investors to worry that the downturn in the world’s second-largest economy may be worse than previously expected.The Bank of England announced it was injecting another 50 billion pounds into the ailing British economy, which has been officially in recession. The move by the Bank of England’s Monetary Policy Committee involves the bank purchasing government bonds from banks. It was widely-anticipated and raises the amount it is pumping into the British economy since March 2009 to 375 billion pounds. It is the first stimulus since February.The European Central Bank weighed in with a quarter-point cut in its key rate to an all time low of 0.75 per cent.All TSX sectors were negative and energy stocks led declines as oil prices were in the red despite data which showed U.S. crude inventories fell by 4.3 million barrels last week. Prices had briefly moved into positive territory after the release of the report as it raised hopes for higher demand.The August crude contract on the New York Mercantile Exchange declined cents to US$ a barrel. Oil is still up about US$10 from last Thursday, partly over increased tensions with Iran. But traders have also been hopeful that central bank action to boost economic growth.The energy sector dropped 1.71 per cent while Suncor Energy (TSX:SU) gave back 73 cents to $30.40 and Canadian Natural Resources (TSX:CNQ) declined 79 cents to $27.54.The gold sector was off about one per cent as gold prices relaxed $12.40 to US$1,609.40 an ounce. Goldcorp Inc. (TSX:G) faded $1.04 to $39.30 while Kinross Gold Corp. (TSX:K) dropped 33 cents to $8.81.The industrials sector gave back 0.8 per cent as Canadian National Railways (TSX:CNR) dropped $1.76 to $85.59.The base metals sector shed 0.36 per cent while September copper lost five cents to US$3.49 a pound, but prices are still up about 4.5 per cent from last Thursday. Inmet Mining (TSX:IMN) gave back $1.09 to $43.02 while HudBay Minerals (TSX:HBM) gained 22 cents to 48.63. TSX falls despite rate cuts, traders cautious ahead of U.S. jobs data by News Staff Posted Jul 5, 2012 5:01 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more