Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Microsoft shares climb

While you were sleeping: Microsoft shares climb

March 19 (BusinessDesk) – Shares of Microsoft rallied amid reports the company is set to announce an iPad-compatible version of its Office software suite later this month helping to pace broader market gains.

Advances in shares of Microsoft, last up 3.1 percent, led the Dow Jones Industrial Average higher.

Microsoft Chief Executive Satya Nadella is poised to unveil the iPad app at an event on March 27 as part of the new CEO's "mobile first cloud first" strategy, Reuters reported late on Monday, citing a source familiar with the matter.

"We estimate that if 10 percent of the iPad install base were to subscribe to Office then this could add 15 million subscribers and generate US$1.1 billion to US$1.5 billion in consumer Office subscription revenue per year," Bernstein Research analyst Mark Moerdler said in a note, according to Reuters.

In afternoon trading in New York, the Dow added 0.49 percent, the Standard & Poor’s 500 Index gained 0.60 percent, while the Nasdaq Composite Index increased 0.97 percent.

Federal Reserve policy makers began their two-day meeting on Tuesday and are expected to announce tomorrow a third US$10 billion reduction in their monthly bond-purchase programme, which would reduce it to US$55 billion. Janet Yellen will lead her first post-FOMC-meeting press conference as Fed chairman on Wednesday.

“Yellen’s Fed will be revealed in detail tomorrow,” Pimco’s Bill Gross wrote on Twitter. “Expect focus on inflation, less focus on employment.”

Investors were relieved, for now, that Russian President Vladimir Putin said he would respect the independence of what’s left of Ukraine as he signed a treaty annexing Crimea following Sunday’s referendum in which voters opted to rejoin Russia.

“The words that market participants wanted to hear were that he’ll respect Ukraine’s sovereignty and will be satisfied with Crimea, and won’t go for more,” Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland, told Bloomberg News. “These words were heard, and we’re seeing a relief nudge up.”

In Europe, the Stoxx 600 Index finished the day 0.6 percent higher than the previous close, as did the UK’s FTSE 100. Germany’s DAX gained 0.7 percent, while France’s CAC 40 rose 1 percent.

Gold dropped as a result as the need for a perceived safe-haven investment diminished. Gold futures for April delivery fell 1.3 percent to US$1,355.40 an ounce.

To be sure, the relief might prove temporary.

Investors “don’t know how bad the sanctions are going to be, or if it escalates into a military buildup from the West,” Michael Franzese, senior vice president of fixed-income trading at ED&F Man Capital Markets in New York, told Bloomberg News. “That’s where the fear is.”

A report showed German investor confidence slid for a third month in March, declining more than expected to 46.6, down from 55.7 in February. Germany relies heavily on Russia as an energy supplier.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news