123jump.com Staff
26 Aug, 2008
New York City
U.S. stocks edge higher after dollar gained in the international trading and new home sales rose. The home sales rose 2.4% to 515,000 units but declined 35% from a year ago. The dollar rose against all major currencies as economies around the world are expected to falter. The dollar rose sharply against the British pound, euro and Australian dollar. Restaurant stocks fell after Darden reported lower than expected earnings.
123jump.com Staff
26 Aug, 2008
New York City
European stock market indexes fell as German consumer and business confidence declined in August. The rising oil and food prices lowered the propensity to spend by consumers. Businesses battle rising wages, struggling exports and elevated euro in the international markets. Russian ruble dropped more than 1% and stocks dropped sharply after Russia recognized two breakaway provinces from Georgia. The oil and gas heavy RTS index dropped 5% and has now lost 25% in two months.
123jump.com Staff
25 Aug, 2008
New York City
Wide spread pessimism was evident in a broad decline in stocks and in the S&P 500 index 447 stocks declined. Existing home sales in July rose 3.1% from June but fell 13% from a year ago. The home sales rose but so did inventories of unsold homes and Median home prices fell 7% from a year ago. Freddie Mac led gainers in the S&P 500 index after it placed $2 billion in debt at significantly higher yield than similar maturities of the U.S. Treasuries.
123jump.com Staff
25 Aug, 2008
New York City
Stocks in Mumbai recovered a fraction as markets in the region rallied. Rupee continued its slide against the dollar as importers increase the demand for dollar and crude oil imports hover above $8 billion a month. The 60% rise in fuel price has kept the trade deficit higher. Gold in rupee is expected to edge higher.
123jump.com Staff
25 Aug, 2008
New York City
Kirin acquired Australia''s second largest dairy farm operations known as Dairy Farmers after ten months it acquired National Foods from San Miguel of Philippines. The brewer agree to pay A$910 million for the dairy and had paid A$2.7 billion for National Foods. Australia, the third largest dairy exporter in the world is expected to increase its milk production less than 2% and exports more than 10% in the fiscal 2009.
123jump.com Staff
25 Aug, 2008
New York City
Stocks in Hong Kong surged 3.5% after investors raced to cover recent short sales. Profits from Yanzhou Coal and China Construction helped the sentiment in Hong Kong and in Shanghai. Market index in Shanghai edged up a fraction. China Construction profit soared 71% and net at Yanzhou Coal surged 160% on higher coal prices in export sales. Corporate income tax collection in Chia fell 4.2% in July.
123jump.com Staff
25 Aug, 2008
New York City
U.S. stocks fell in the morning trading as investors face more asset write downs in financial sector. AIG may write down $2.4 billion in mortgage related assets according to a latest estimate. Existing homes sales rose 3.1% in July from June but fell 13% from a year ago and median home prices declined 7%. Crude oil edged higher and European markets edged higher as markets near closure. Asian markets closed up with Hong Kong surging 3.5% and Japan adding 1.7%.
123jump.com Staff
22 Aug, 2008
New York City
The UK economic growth was flat in the second quarter compared to the first quarter and rose only at 1.4% from a year ago. The manufacturing sector declined for the second quarter in a row as manufcturers battle rising value of pound in international markets. Conumers are battling rising inflation driven by higher energy and food prices. Separately Aon agreed to acquire Benfield Group for 840 million pounds.
123jump.com Staff
22 Aug, 2008
New York City
U.S. brokers may be forced to write down more mortgage related assets in the latest quarterly results. Three largest brokerages collectively have $3 trillion of assets on their balance sheets. Even 3% decline in asset values can wipe out the entire equity base of these companies. Citigrop estimates Goldman Sachs, Morgan Stanley and Lehman Brothers may write down $6.4 billion of mortgage related assets.
123jump.com Staff
22 Aug, 2008
New York City
Stocks gained a day after falling sharply on a sustained rise in inflation. Stocks rose as crude oil prices fell in the region and generally good monsoon season in the country. Normal rainfall in the most part of the nation has raised hopes of a rise in farm income and spending.
123jump.com Staff
22 Aug, 2008
New York City
U.S. and European stocks rallied after a sharp drop in crude oil prices and a rebound in the dollar. Talks of possible interest in acquiring Lehman Brothers by Korea Development Bank lifted financials. European markets rallied more than 1.5%. UK market index rallied on a drop in oil price but the UK economic growth in the second quarter was flat or 1.4% form a year ago. The express delivery carrier, TNT surged on the speculation of talks with UPS.
123jump.com Staff
22 Aug, 2008
New York City
Talks of takeover in the U.S. and UK lifted stocks in the two regions. Korea Development Bank may bid for Lehman Brothers and Dutch insurance broker Aon Corp agreed to purchase UK reinsurer Benfield Group Ltd for 844 million pounds. The takeover talks bolstered optimisim in trading but shareholders of Fannie and Freddie may face siginficant loss even from the current depressed price levels. Crude oil futures fell and lifsted transportation stocks in Europe and New York trading.
123jump.com Staff
21 Aug, 2008
New York City
Commodities and crude oil futures rose sharply lifting resource stocks for the second day in a row. The dollar hovered near its recent lows. Cocoa prices surged after demand supply gap was doubled from the previous estimate. Base and precious metal prices closed up as demand from China rises after the completion Olympic Games. Crude oil futures jumped more than 5%.
123jump.com Staff
21 Aug, 2008
New York City
Hong Kong stock indexes fell on the comments made by chairman of Hutchinson Whampoa Li Ka Shing that it was unrealistic to expect the government to rescue the market. The Hong Kong billionaire and widely respected investor observed that in these difficult times it will not be prudent to pursue acquisitions. Rising crude oil prices also put renewed pressure on stocks and benchmark indexes in Hong Kong dropped 2.6% and in Shanghai fell 3.5%.
123jump.com Staff
21 Aug, 2008
New York City
Global credit markets weakness spread by the regulatory failures in the U.S. financial system continue to hobble investors in Japan and in Asia. Stocks in Tokyo fell. Japan trade surplus in July dropped 87% to 91 billion yen as imports rise faster than exports on rising crude oil prices. Exports to China and Asia continue to rise and but exports to the U.S. declined for the eleventh month in a row.
