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U.S. Stocks Extend World Markets Sell-Off

Nichole Harper
23 May, 2013
New York City

World markets were on the edge after Nikkei plunged 7% and talks of stimulus unwinding put investors on alert. European markets also declined 2.2%. U.S. weekly jobless claims declined and manufacturing shrank for the first time in seven months in China.

Nikkei Plunges 7% on Global Worries

Hiruki Nakamura
23 May, 2013
New York City

Nikkei index in Tokyo plunged 7% on the growing worries about early withdrawal of the economic stimulus in the U.S. and manufacturing contraction in China. The sharp decline comes after the Nikkei soared more than 70% in seven months and markets increasing reliance on the central bank support.

Australian Index Plunges 2%, Dollar at a new One-Year Low

Marcus Jacob
23 May, 2013
New York City

Australian market indexes plunged 2% after Chinese survey indicated a decline in manufacturing and U.S. Federal Reserve comments also contributed to the negative narrative. The Australian dollar dropped to a new one-year low.

India Movers: BHEL, JSW Steel, SBI, Thermax, Unitech

Mukesh Buch
23 May, 2013
New York City

BHEL sales slid 2% and JSW Steel profit declined 62% and revenues fell 3%. SBI quarterly net dropped 37% and non-performing assets climbed to 4.75%. Thermax profit and revenue dropped. TVS Srichakra quarterly profit surged.

U.S. Movers: Eaton, Lowe

Mukesh Buch
22 May, 2013
New York City

Eaton Vance second quarter revenues jumped 9% and net climbed 21%. Lowe

Europe Earnings: Britvic, Pandora, SSE, Wm Morrison

Nigel Thomas
22 May, 2013
New York City

Britvic revenue rose 0.3% to

European Leaders Discuss Tax Evasion, Swiss Franc Slides 0.7%

Nigel Thomas
22 May, 2013
New York City

European markets trended lower as leaders of European Union gather in Brussels to discuss corporate tax loop holes and curb tax evasion with Luxembourg and Ireland in focus. Pandora tumbled after the largest investor lowered the stake in the cosmetic jewelry maker.

U.S. Stocks Extend Gains Ahead of Bernanke Testimony

Nichole Harper
22 May, 2013
New York City

U.S. stocks traded higher ahead of the Fed Chairman Bernanke comments and the release of existing home sales data. Crude oil futures declined on the unexpected buildup in inventories.

India Movers: Aban Offshore, AstraZeneca, L&T, Oracle, Zee Entertainment

Mukesh Buch
22 May, 2013
New York City

Aban Offshore secured contract worth Rs 1,110 crore. AstraZeneca sales grew 3.4% and L&T profit dropped 7% and plans to offer 3 shares for every two held. Oracle Financial plans to raise $181 million in a stock offering. Tech Mahindra profit surged 37%. Zee Entertainment revenue climbed 11%.

Bank of Japan Lifts Economic Assessment, Nikkei Jumps 1.6%

Hiruki Nakamura
22 May, 2013
New York City

Market indexes advanced to new highs since December 2007 after the Bank of Japan lifted its economic assessment for the fifth month in a row and did not offer any comments on the rising bond market yields. The yen dropped to a new 4-year low.

Australian Consumer Sentiment Falls Again, Iluka Lowers Outlook

Marcus Jacob
22 May, 2013
New York City

Australian consumer sentiment index in a private survey declined for the second month in a row. Stockland completed its $400 million capital raising plan in an oversubscribed offering. Iluka Resources dropped 6%after it lowered full-year earnings outlook on weak mineral prices.

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