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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news