Highlighting the fragility of the peace, Hezbollah guerrillas fired at least 10 Katyusha rockets that landed in southern Lebanon early Tuesday.
The truce that took effect largely held through its first day, although skirmishes between Israeli forces and Hezbollah left six guerrillas killed as both sides promised to retaliate when placed on the defensive.
Wall Street's attempt at a rally fizzled Monday, with the major indexes rising in response to a Middle East cease-fire and then giving up most of their gains later in the day.
Investors initially saw the cease-fire between Israel and Lebanon as a buying opportunity after last week's losses, and the Dow Jones industrial average surged as much as 115 points. Light trading volumes, however, pointed to a lack of depth to the buying, and stocks retreated.
Analysts had warned that the rally could be short-lived due to a pair of important inflation reports due later in the week: the Labour Department's producer price index on Tuesday and the consumer price index on Wednesday.
A late-session report from the Philadelphia Federal Reserve may have also contributed to the rally's retreat. The Fed's survey of 51 economic forecasters called for slowing economic growth and higher inflation in the near term -- one of Wall Street's worst-case scenarios that would lead to shrinking corporate profits and lower stock prices.
Yup, chandler_ling97 ... STI still takes cue from Dow and Nasdaq, but sometimes market reacts differently due to local or other factors (geographically) . Nothing is for sure these days.
Hi guys .. i thought Dow used to influence STI alots in the past , but recently despite good results from Dow , STI seems like still in the hibernating mode ? any comments ?
Just one word SHIOK !!! "I am very happy to announce that the two leaders have agreed that the cessation of hostilities and the end of the fighting will enter into force on 14 August, at 0500 GMT," (UN chief) Annan said in a statement.
We had this war, London terror arrests, BP corroded pipes, bird flu, high gold and oil prices ..... lucky we can minus the war out for now. Just hope N.koreas and Taiwan don't create anymore tensions.
Should be a good market tomorrow, I hope .... cos Dow & Nasdaq down last Friday.
the cease fire should have a positive effect on the stock markets.
However, I sincerely hope that the cease fire agreement is honoured by both parties. Also, even if the agreement is honoured, it remains to be seen if the UN intervention has any effect.
These days, I find the UN efforts rather impotent. Sanctions and resolutions do not have the desired effects anymore.
SAN FRANCISCO (MarketWatch) -- U.S. equities are likely to tread water next week as investors brace for a fresh wave of inflation and economic reports that arrive at a time when investors are focusing on the apparent slowdown in the economy. ....
The cease fire at 1pm S'pore time tomorrow!!! Shiok!
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Annan: Mideast cease-fire starts Monday
39 minutes ago
BEIRUT, Lebanon - U.N. Secretary-General Kofi Annan announced that a cease-fire in the Hezbollah-Israel fighting will take effect at 8 a.m. Lebanese time (1 a.m. EDT) Monday.
Annan said in a statement distributed in Beirut early Sunday that he had been in touch with Prime Ministers Fuad Saniora of Lebanon and Ehud Olmert of Israel to discuss the exact time and date when the cessation of hostilities called for by a U.N. Security Council resolution will enter into force.
"I am happy to annouce that the two leaders have agreed that the cessation of hostilities and the end of the fighting will enter into force on 14 August, at 0500 hours GMT," the statement said.
Confirm will boost markets tomorrow with this news ... :)
Israel to end war in Lebanon: AP
Hezbollah leader accepts cease-fire
By MarketWatch
Last Update: 2:15 PM ET Aug 12, 2006
NEW YORK (MarketWatch) -- Israel will end hostilities in Lebanon at 4 a.m GMT on Monday, the Associated Press said on Saturday, citing a senior Israeli government official.
The news comes after Islamic militant group Hezbollah will abide by a U.N. cease-fire resolution, its leader Sheik Hassan Nasrallah said, but the group will continue fighting as long as Israeli troops remained in south Lebanon, a separate report from the AP said.
In a televised address, Nasrallah accepted the cease-fire plan as the Lebanese Cabinet was in session to vote on whether to agree to the U.N. resolution, the report said. Hezbollah has two ministers in the government.
The resolution adopted by the U.N. Security Council was seeking a full cessation of violence between Israel and Hezbollah on Friday, the AP reported, offering the region its best chance yet for peace after a month of fighting that has killed nearly 900 people and increased tensions in the Mideast.
The resolution was adopted unanimously and gives 15,000 U.N. peacekeepers the authorization to help Lebanese troops take control of south Lebanon while Israeli forces that have occupied the area withdraw, the AP said.
Heavy fighting continued on Saturday, the report said, with Israel sending a flood of military power into Lebanon, dispatching thousands of troops and columns of armor into the hills just north of its border.
Maybe this news will boost the market on Monday .... hopefully
Hezbollah leader agrees to cease-fire, with reservations
Says U.N. resolution neglects to blame Israel for military 'crimes'
Saturday, August 12, 2006; Posted: 11:21 a.m. EDT (15:21 GMT)
BEIRUT, Lebanon (CNN) -- Hezbollah leader Hassan Nasrallah said on Saturday that his militia will agree to a U.N. resolution to stop hostilities with Israel once a deal on timing is reached.
He charged, however, that the Security Council-approved resolution is biased toward Israel and that it neglected to blame Israel for what he described as "massacres" and "war crimes" during the monthlong war.
In a televised address, Nasrallah said the priority is to stop violence, but "we are still in a war" and his group has a right to resist Israel.
His statement came as Israeli troops pushed deeper into southern Lebanon, expanding the offensive against Hezbollah hours after the U.N. Security Council approved a plan for peace.
The Lebanese Cabinet -- which includes two Hezbollah members -- was discussing the U.N. resolution on Saturday and the Israeli Security Cabinet is expected to take it on at its Sunday meeting.
Israel's ambassador to the United States, Daniel Ayalon, said the Cabinet was likely to approve the plan, which calls for a cease-fire and then a massive increase in U.N. troops in southern Lebanon. (Full story)
U.S. President Bush welcomed the resolution in his Saturday radio address, saying the United States and allies have worked hard to "create the conditions for an enduring cease-fire and prevent armed militias and foreign-sponsored terrorist groups like Hezbollah from sparking another crisis."
The deal calls for the release of two Israeli soldiers whose capture by guerrillas sparked the conflict that has killed nearly 1,000 people.
Nasdaq falls, broader mkt struggles as investors focus on Apple restatement & disappointing news fm chipmakers; inflationary signs also factor.
By Jessica Seid and Alexandra Twin, CNNMoney.com staff writers
(CNNMoney.com) Tech shares led a selloff Friday, as investors bailed out of stocks amid a mix of disappointing earnings and questions about stock options practices. Worries about inflation and a see-sawing oil market added to jitters on Wall Street.
Latest monthly retail sales report was stronger than expected
NEW YORK (MarketWatch) -- U.S. stocks were lower at midday Friday as the economy once more took center stage, with strong retail sales data pointing toward strength, while an unexpectedly strong rise in business inventories suggested the opposite conclusion.
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just look at his face, Shiok(^_^) problem less
