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U.S. Debt Talks, Euro-zone Worries Weigh on Markets; Gold at $1,600

Nigel Thomas
18 Jul, 2011
New York City

The U.S. indexes traded lower as debt talks stall and lawmakers prepare to pass stop-gap bills that may lead to a partial solution. In addition, the stress in the euro-zone sovereign debt rose as the yields on Spanish and Italian bonds inched toward danger zone. Gold traded above $1,600.

European Markets Fall 1%; Italian, Spanish Yields Cross 6%

Arjun Dave
18 Jul, 2011
New York City

European markets declined more than 1% after investors digested bank stress test results which many consider were not stressful enough. Italian bond yields rose above 6% and the euro dropped to a record low against the Swiss franc. Philips swung to a second quarter loss.

Australian Stocks Rest; News Corp Shareholders Demand Murdoch Removal

Marcus Jacob
18 Jul, 2011
New York City

Australian stocks closed nearly unchanged as energy and metals closed mixed. Sundance Resources received $1.4 billion takeover from China based Hanlong Mining. News Corp continued its slide for the second week as restive shareholder demand the removal of Rupert Murdoch from management.

Citigroup Q2 Earnings Call Transcript

123jump.com Staff
17 Jul, 2011
New York City

The financial services provider total quarterly revenues declined 7% to $20.6 billion. Net income in the quarter increased 24% to $3.34 billion. Earnings per share rose to $1.09 as against 90 cents per share in the previous-year quarter.

JPMorgan Q2 Earnings Call Transcript

123jump.com Staff
16 Jul, 2011
New York City

The financial services firm stated quarterly revenue improved 7% to $27.41 billion. Net income for the quarter rose 13% to $5.43 billion. Earnings per share grew to $1.27 compared to $1.09 per share last year.

Murdoch Faces More Questions After Dow Jones CEO Resigns

Bikram Pandey
16 Jul, 2011
New York City

Les Hinton, Chief Executive of Dow Jones resigned after more details emerged about lapses of ethical journalism during his tenure at the UK publications. Hinton is likely to face several UK inquiries. Rupert Murdoch may become the target of long term shareholders if scandal keeps widening.

Obama, Republicans Diverge on Debt Talks; 8 European Banks Fail Test

Bikram Pandey
16 Jul, 2011
New York City

U.S. debt talks veered in a direction that raised stakes for both parties as the House prepares to vote next week on a spending cut plan. Eight banks in Europe failed the watered down stress test and 16 additional banks will need to raise capital to meet regulatory requirements.

U.S. Movers: Citigroup, Genuine Parts, Google, Mattel, Valmont

Mukesh Buch
15 Jul, 2011
New York City

Citigroup second quarter net income soared 24% to $3.3 billion. Cubist reported second quarter net loss. Genuine Parts second quarter net income increased 22% to $151.8 million. Google second quarter net income surged to $2.51 billion. Mattel second quarter net increased.

UK Indexes Drop, Brooks Resigns at News International

Bikram Pandey
15 Jul, 2011
New York City

The UK indexes edged lower and Rebekah Brooks resigned as the chief executive officer of News International. News Corp has been reeling under pressure from several UK and U.S. inquiries that may unearth details of one of the longest held practices of phone hacking perfected at the company.

U.S. Consumer Prices Drop, Citi Net Rises 24%; News Corp Fallout

Arthi Gupta
15 Jul, 2011
New York City

U.S. indexes gained after consumer prices dropped 0.2% but industrial production rose in June. Icahn offered to acquire the remaining shares in Clorox in a deal valued at $12.6 billion. Citigroup quarterly net rose 24% despite a drop in revenue.

Euro Area Trade Gap Narrows; German Employment Rises

Arthi Gupta
15 Jul, 2011
New York City

Euro area trade gap narrowed in May after exports rose 1.5%. European new car registrations fell and Swedish home prices remained flat in June. German factory employment increased and Dutch trade surplus rose in May.

Nikkei Inches to 10,000; Yen Near 4-month High

Nigel Thomas
15 Jul, 2011
New York City

Stocks in Japan regained the upper end of the trading range of the last five weeks as the yen hovers near 4-month high. Electronics retailers jumped on the speculation that Japan may revive energy efficiency program as it faces severe power shortage this summer.

European Markets Rest Ahead of Bank Stress Test Data

Arthi Gupta
15 Jul, 2011
New York City

European indexes traded lower ahead of the European Banking Authority tests results later today. Italian Parliament to vote today on a

BHP Billiton Offers $15 Billion for Petrohawk; FBI Investigates News Corp

Marcus Jacob
15 Jul, 2011
New York City

Australian stocks closed lower. BHP Billiton agreed to acquire Petrohawk Energy for $12.1 billion and assume $3 billion in debt. Fortescue Metals production rose 6% in the quarter but costs surged 18%. News Corp woes deepened as lawmakers in the U.S. and UK deepen investigations.

U.S. Stocks Turn Lower, Republicans Feel Debt Talks Stress

Bikram Pandey
14 Jul, 2011
New York City

U.S. indexes retreated after Fed Chairman Ben Bernanke clarified no immediate plan of economic stimulus on the second day of his testimony. President Barack Obama and Republican lawmakers attempt last minute talks to avert government shutdown as August 2 deadline looms.

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