123jump.com Staff
16 Jan, 2009
New York City
Australian stocks failed to rebound after a sharp fall on weak employment data a day ago. Rio Tinto profit estimate was cut by 40% on lower prices and production volume. Woodside Natural Gas suspended off-shore LNG terminal project in Los Angeles.
123jump.com Staff
16 Jan, 2009
New York City
Foreign direct investment in India tumbled as investors pulled capital around from the emerging markets. Stocks in Mumbai rose after the U.S. offered emergency funding to Bank of America. Larsen & Toubro entered in agreement with Westinghouse to build nuclear plant. Reliance to begin petrol exports.
Darlington Musarurwa
16 Jan, 2009
New York City
More companies in Japan lower estimates of earnings or forecast losses and cut production. Honda trimmed its production schedule for the third time in a year and Fuji Heavy Industries estimated a higher fiscal loss in the current year. Stocks in trading rallied after yen weakened.
123jump.com Staff
16 Jan, 2009
New York City
In Hong Kong, HSBC was downgraded Goldman Sachs and cut its price target. The second downgrade in a week only confirmed the ongoing weakness in the financial sector that is beginning to spill over in Asia. Separately, Hong Kong office rents are expected to fall in half in the next two years.
Trupti Mehta
16 Jan, 2009
New York City
Bank of America Corporation fourth quarter revenues increased 22.5% to $15.68 billion and net loss was $1.79 billion or 48 cents a share. Citigroup Inc fourth quarter revenues fell 13% to $5.6 billion and net loss was $8.29 billion or $1.72 a share.
123jump.com Staff
15 Jan, 2009
New York City
Banks and brokerages fell sharply in New York trading. The European Central Bank lowered rate to 2% as the fears of worldwide recession deepens. Banks in UK and in Europe declined as more capital may be needed from the government to bolster the financial system. Crude oil futures dropped below $35.
Darlington Musarurwa
15 Jan, 2009
New York City
UK and European markets fell on the worries that the banks may need more capital and financial crisis is likely to get worse before it stabilzes. HSBC, Barclays, Deutsche Bank and RBS declined. The ECB lowered key lending rate 50 basis points to 2% and indicated near term uncertainty remains high.
Mayank Mehta
15 Jan, 2009
New York City
Banks and financial services stocks led the decliners in New York trading. Bank of America may need more capital from the government after the recently acquired Merrill Lynch lost more than expected. Most banks declined more than 10%. Marshall & Ilsley reported a loss.
123jump.com Staff
15 Jan, 2009
New York City
Ruble continued its weeklong slide and reached to a new low in ten years. Ruble, now down more than 25% in the last five months against dollar, is expected to drop another 10% in the next three to six months if the crude oil prices remain below $50 a barrel.
123jump.com Staff
15 Jan, 2009
New York City
Stocks in Australia dropped 4.3% after unemployment rate in December rose to 4.5%. The sharp increase in the rate is another confirmation that the commodities driven economy is decelerating rapidly. However, Rio Tinto coal production in the three months to December rose 8% from the previous quarter.
123jump.com Staff
15 Jan, 2009
New York City
Machinery orders in Japan decline 16.2% to 754 billion yen in November, the sharp decline in orders was driven by weakness in domestic and foreign orders. Stocks plunged on weaker than expected orders. Nissan trims domestic auto production. Sanyo lowers the annual profit target to break even.
123jump.com Staff
15 Jan, 2009
New York City
Latest economic measures in China to support steel and auto industry failed to lift market sentiment in Hong Kong and Shanghai trading. Stocks in Hong Kong fell 3.4% and Shanghai had negative bias. China proposed to offer one time tax relief to small car buyers. Foreign investment rose 24% in 2008.
123jump.com Staff
14 Jan, 2009
New York City
Stocks in New York and European trading fell sharply. U.S. retail sales fell more than expected in December and European stocks declined after large losses at Deutsche Bank and a need for large capital at HSBC. Markets in Brazil, Canada, UK, Germany and Switzerland dropped sharply.
Mayank Mehta
14 Jan, 2009
New York City
Nortel plunges on bankruptcy filings. Tiffany declines on weak holiday sales. Bunge Limited and Under Armour decline on weak earnings outlook. Deutsche Bank drops on a larger than expected loss. HSBC falls on a need to raise capital of as much as $30 billion.
123jump.com Staff
14 Jan, 2009
New York City
Stocks in Mumbai rose on the expectations of an out of court settlement between feuding billionaire Ambani brothers. Reliance Industries surged more than 10% and Reliance Capital gained 7.6%. HDFC Bank profit surged 45%, including the results of acquired Centurion Bank.
