123jump.com Staff
21 Aug, 2008
New York City
Wholesale inflation index, measured on a rolling weekly basis for the annual period surged to 12.63% at the end of first week in August. Sustain rise in crude oil and food prices contributed to the increase in index. Economists expect the inflation index to rise to 14% by the end of the year before cooling off to 9% or lower. The inflation news dragged stocks sharply lower on the worries that monetary policy may be tightened more to curb the rising demand.
123jump.com Staff
21 Aug, 2008
New York City
Credit market worries continue to drive negative sentiment in world markets. Asian markets closed sharply lower on the worries of falling exports and talks of rising credit defaults. Rising inflation also dragged emerging markets in Asia and in Europe lower. European markets edged lower despite a sharp reversal in crude oil prices. U.S. market indexes fell as investors speculate on Freddie Mac, Fannie Mae and Lehman Brothers. Gold rebounded.
123jump.com Staff
20 Aug, 2008
New York City
U.S. stocks traded sideways under the shadow of a likely bailout of Freddie Mac and Fannie Mac. Both lenders fell sharply on the growing belief that stock holders may be wiped out if the U.S. Treasury injects cash in the company. European markets edged higher on a rise in metal and oil prices. ArcelorMittal agreed to acquire a port and iron ore miner in Brazil for $810 million. Brazil, Peru and Canada soared. Hong Kong and Shanghai surged on expectations of stimulus package in China.
123jump.com Staff
20 Aug, 2008
New York City
The Competition Commission today blamed BAA Ltd for poor services and air delays and may order the company to sell Gatwick or other airports. Selling airports is not likely to solve any problem unless new runways are added. The Ferrovial SA unit disagreed with the assessment. London Heathrow Airport is one of the most expensive airports in the world to fly to or transit through and has one of the worst delays in last one year.
123jump.com Staff
20 Aug, 2008
New York City
China increased the prices paid to power plants by grid operators for the second time in two months. The 6% increase was lower than required to maintain profitability and power companies stocks fell. The largest grid operator State Grid Corp of China hopes that China will allow it to pass on the hike to customers to stem losses. Banks, insurance realty and energy companies in Hong Kong trading surged.
123jump.com Staff
20 Aug, 2008
New York City
Stocks in Tokyo fell as traders could not shake off persistent worries related to the health of the U.S. financial companies. Lehman Brothers may be forced to sell assets and mark down financial assets of $4 billion in its upcoming earnings scheduled next week. Shippers in Asia and in Japan fell after the freight rate index fell. Slower demand in the U.S. is likely to force Toyota to lower its unit sales target to 9.5 million.
123jump.com Staff
20 Aug, 2008
New York City
India asked foreign investors to trim their holdings in commodities exchanges below 49% by June 2009 or below 5% for a single investment entity. NYSE Euronext, Citigroup and Merrill Lynch each own 5% stake in the MCX and Goldman Sachs own 7% in NCDEX. Cell phone and other telecom operators rose after the telephone regulator permitted Internet based discount telephone services. Bharti Airtel and Reliance Communication rose on the hopes that revenue impact will be marginal.
123jump.com Staff
20 Aug, 2008
New York City
Tech stocks edged higher in the morning after better than expected earnings from Hewlett Packard lifted the sentiment. More than 60% of the tech companies have now reported better than expected earnings in the latest quarterly earnings. Metals and mining companies rallied after copper and other base metal prices rose. Freeport McMoran, BHP Billiton, Rio Tinto and Sterlite edged higher. Verifone surged 24% on higher earnings estimates for the fiscal 2009.
123jump.com Staff
19 Aug, 2008
New York City
Global stocks dropped for the second day in a row as financials declined. A day after Fannie and Freddie loss of more than 25%, Lehman Brothers lost more than 13%. An analyst estimate put write down of $4 billion in the latest quarter result that is expected next week. AIG fell as well on the a need to raise capital and estimate of escalating losses. Peru closed higer but most other markets in Latin America fell. European markets closed 2% or more lower.
123jump.com Staff
19 Aug, 2008
New York City
U.S. stocks fell as investors worry about the rising loss estimates at Lehman Brothers. The fourth largest broker in the U.S. is scheduled to report earnings next week. The sharply higher estimates of losses at Lehman drove another nail in the faltering financial stocks. Retailers fell after weak earnings from Saks, Home Depot and Target. Saks reported largest quarterly loss in two years. American Airlines fell more than 12%. Mexico and Brazil trade higher but global markets sell-off.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in London trading fell as in the region on estimates of large losses at Lehman Brothers and a sharp rise in inflation in Germany and in the U.S. European markets across the region fell 2% or more. A further indication of global economic slowdown lowered market averages. The Bank of Japan left its key rate at 0.5% and cited further weakening in the global economy. July producer price index in Germany rose at 2% from June and surged 8.9% from the month a year ago.
123jump.com Staff
19 Aug, 2008
New York City
Mumbai stocks edged lower on a continued weakness in the global credit markets as more worries mount on the health of the two largest government agencies. U.S. unwillingness to stabilize two largest mortgage lenders continues to send shock waves around the world. The proposed strike at the State Bank of India and other state run banks is not likely to affect trading on stock exchanges according to the Bombay Stock Exchange.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in Hong Kong and Shaghai fell to new lows after China hiked export tariffs on metallurgical coals. The Beijing move may improve supply of coals for the domestic steel industry and restrict the sale of coal to the international markets. Hang Seng dropped 2%, and reached to a new low in the last twelve months of trading and CSI 300 in Shanghai fell 1.5%, another low in the last nineteen months of trading. Property stocks fell on weak expectations of Cheung Kong earnings.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in Japan plunged on resurgent credit worries after media speculation that if the U.S Treasury bails out troubled mortgage lenders Freddie Mac and Fannie Mae, shareholders may be wiped out. The Bank of Japan left its key rate unchanged at 0.5%. Domestic related stocks gained as investors sought a haven from shares that are exposed to deteriorating global conditions. JGC led advancers in the Nikkei index with a rise of 3.3% followed by gains in Yahoo Japan and Citizen Holdings.
123jump.com Staff
19 Aug, 2008
New York City
July wholesale price index in Germany and in the U.S. surged as crude oil and food prices increaes around the world. PPI index in July increased at 1.2% in the U.S. and in Germany soard at 27-year record at 8.9% rate. In Asia, the Bank of Japan left its key rate at 0.5% and hinted lower expectations of global economic growth. In earnings news, Home Depot, the largest home improvement chain second quarter revenue fell 5.4% and earnings declined 24%.
