U.S. Stocks Little Changed on Greece Watch

U.S. stocks were little changed, a day after the Dow Jones Industrial Average reached the highest level since 2008, as Greek Prime Minister Lucas Papademos began talks with political leaders on terms required for a bailout.

Financial and technology shares in the Standard & Poor’s 500 Index gained the most among 10 industries, while energy companies fell.

Hartford (HIG) Financial Services Group Inc. rose 9.2 percent as billionaire John Paulson said the insurer needs to take “drastic” action to reverse its decline.

Sprint (S) Nextel Corp. slumped 2 percent as the third-largest U.S. wireless carrier reported a wider loss.

U.S. Stock Futures Little Changed on Greece

U.S. stock-index futures were little changed as investors waited for Greece’s politicians to accept spending cuts needed to secure financial aid and for the Federal Reserve chairman to testify before a Senate committee.

Anadarko Petroleum Corp. (APC), the largest independent U.S. oil and natural-gas producer, rose 1 percent in German trading after reporting fourth-quarter profit that beat estimates.

Yum! Brands Inc. (YUM), the owner of the KFC and Taco Bell fast-food chains, gained 1.8 percent in early New York trading after posting quarterly net income that gained 30 percent.

KSE index touches six-month high

The Karachi Stock Exchange’s (KSE) benchmark index closed at six month high at 12,136.92 points with an increase of 154 points, on Monday, on significant buying in leading energy and banking stocks, said dealers.

“Apparently, foreign buying helped the market sustain well above the 12,000 points coveted level,” said Imtiaz Gadar, Head of Research at KASB Securities.

The benchmark KSE 100-share index increased by 154.30 points, or 1.30 percent, to six month high of 12,136.92. This is the highest closing level since August 2, 2011.

At a point of trading, the index had surged by 229.69 points to intra-day high of 12,212.31.

Regional markets to stay on growth track

The region’s stock markets are likely to continue last week’s rally this week, buoyed by robust global oil prices, better than expected US employment data for January and positive news flows from Europe which indicate the Eurozone sovereign debt crisis is manageable, analysts say.

“Investors are back in the market. In Saudi Arabia, the prevailing high oil prices and talk about the government allowing foreigners to buy and sell shares on its market are acting as catalysts, while in the UAE, the bank results, which were positive in the fourth quarter are the catalyst,” Samer Darwiche, Associate at Dubai-based Gulfmena Investments Ltd, told Gulf News by telephone.

KSE likely to consolidate around 12,000 points

The Karachi Stock Exchange (KSE) is expected to consolidate around 12,000 points threshold next week ahead of full-year financial results, particularly of banks and likely increase in foreign portfolio investment, dealers said on Saturday.

“Financial results would help the market maintain in the green territory next week,” said Furqan Punjani, an analyst at BMA Capital, adding that the market may consolidate around 12,000 points with an increase of 50-100 points.

At present, the leading benchmark of the KSE, the 100 index, is 17.38 points away from 12,000 points coveted level and standing at 11,982.62 points.

Taiwan Bonds Drop a 3rd Day, Currency Rises on Optimism for Global Growth

Taiwan’s government bonds dropped for a third day and the local dollar strengthened after reports that showed better-than-forecast growth in U.S. jobs, fueling optimism the global economy is recovering.

The Taiex (TWSE) index of shares rallied 0.9 percent after overseas investors bought $1.1 billion more Taiwanese stocks than they sold in the last five days, taking net purchases for the year to $2.1 billion, according to exchange data.

The 243,000 increase in American payrolls was the most since April and exceeded all forecasts.

The unemployment rate of the world’s biggest economy dropped to 8.3 percent, the lowest since February 2009.

Asian Stocks Rise for Third Day on Global Outlook; Glitch Hits Tokyo Trade

Asian stocks advanced for a third day, with the regional benchmark index heading for its highest close in three months, as manufacturing gained in the U.S. and Europe, boosting confidence the global economy is recovering.

LG Electronics Inc. (066570), the world’s No. 3 maker of mobile phones, jumped 7.4 percent in Seoul.

Toyota Motor Corp., the world’s largest carmaker by market value, advanced 1.8 percent after car sales in the U.S. increased last month.

Lynas Corp. surged 19 percent in Sydney after the rare earths supplier won approval to start production in Malaysia.

European Stocks Are Little Changed; Xstrata Shares Jump on Glencore Talks

European (SXXP) stocks were little changed as Glencore International Plc’s talks to buy Xstrata Plc (XTA) boosted mining companies, offsetting declines at Royal Dutch Shell Plc (RDSA) and Unilever.

U.S. index futures were little changed, while Asian shares rose.

Xstrata jumped 10 percent after confirming that Glencore made an approach about an offer for the coal, copper and nickel miner.

Royal Dutch Shell Plc and BP Plc (BP/), Europe’s two biggest oil companies, fell more than 1 percent.

Unilever dropped 4 percent as the world’s second-largest consumer-goods maker posted revenue growth that missed analysts’ estimates.

U.S. Stock Futures Little Changed Before Data

U.S. stock-index futures were little changed, erasing earlier gains, before a report that may show initial claims for jobless benefits in the world’s largest economy fell.

Qualmish (QCOM) Inc., the world’s biggest maker of mobile-phone chips, climbed 4.8 percent in early New York trading after raising its sales and profit forecasts for this quarter and the year.

Las Vegas Sands Corp. (LVS) lost 0.7 percent even after profit excluding some items matched analyst estimates.

Standard & Poor’s 500 Index futures expiring in March slid less than 0.1 percent to 1,319.7 as of 11:18 a.m. in London, after earlier rising as much as 0.4 percent.

S&P 500 Index Is Poised for Best January in 15 Years Amid EU Fiscal Accord

U.S. stocks rose, sending the Standard & Poor’s 500 Index toward its best January in 15 years, as most countries in Europe agreed to tighter budget controls and Greece made progress on debt talks.

Bank of America Corp. and Morgan Stanley (MS) increased at least 1.3 percent, following gains in European lenders.

Eli Lilly & Co. rallied 1.2 percent as the drugmaker’s profit beat projections.

Archer Daniels Midland Co., the world’s largest grain processor, slumped 3.2 percent amid disappointing results.

The S&P 500 added 0.4 percent to 1,318.20 at 9:46 a.m. New York time.