123jump.com Staff
18 Aug, 2008
New York City
Hong Kong stock indexes dropped to its low for the year as financial stocks declined after the China Securities and Regulatory Commission
123jump.com Staff
18 Aug, 2008
New York City
Japan benchmark index increased on rising commodity stocks after Mitsubishi UFJ Securities upgraded rating on Sumitomo Metal Industries. Investors sought property developers stocks after a recent sell-off sparked by Urban Corp bankruptcy last week. In Tokyo trading Nikkei 225 rose 1.12% to 13,165.45, and the broader Topix Index jumped 1.3% to 1,263.75. Total wages increased 0.4% to 467,938 yen in June, and contractual cash earnings gained 0.2% to 270,712 yen.
123jump.com Staff
18 Aug, 2008
New York City
U.S. stocks fell sharply on more than 23% decline in Freddie Mac and 21% loss in Fannie Mae. Benchmark indexes fell 1.5% after financials, home builders and consumer stocks fell. A prospect of the U.S. bailout of Fannie and Freddie may happen at the expense of shareholders. Of the S&P 500 index stocks, 90% fell. Home improvement retailer Lowes earnings declined 8% but at mining giant BHP Billiton annual earnings rose 15%.
123jump.com Staff
18 Aug, 2008
New York City
U.S. stocks fell on the worries that the two mortgage lending government agencies, Fannie and Freddie may need capital infusion and may wipe out shareholders. Merrill Lynch lowered its price target on Freddie Mac below $6. Financials and home builders fell sharply. Fannie and Freddie dropped more than 18%. Lennar, DR Horton and Toll Brothers declined more than 5%. Musharraf, the former dictator of Pakistan resigned to avoid impeachment charges.
123jump.com Staff
18 Aug, 2008
New York City
Stocks in London fell sharply after house prices fell 4.8% in August and a report by the British Chambers of Commerce indicated that economic growth will fall to negative or zero in the next three quarters. Bradford & Bingley said 72% of its shareholders rejected offer to participate in rights offering and appointed new chief executive. Woolworths rejected bid from Iceland Foods that involved complex restructuring.
123jump.com Staff
18 Aug, 2008
New York City
Stocks in Mumbai fell as investors face tighter monetary policy in the country on the prospect of elevated inflation for the rest of the year. Rupee declined against dollar as the U.S. currency climbed from its low on the expectations of interest cuts in the euro zone. Mahindra & Mahindra acquired a majority stake in the third largest tractor company in China. Former dictator of Pakistan, President Musharraf was forced to resign to avoid impeachment charges.
123jump.com Staff
15 Aug, 2008
New York City
Commodities fell as dollar gained in the international markets. Silver, wheat, gold soybeab fell sharply. Futures of gold dropped as much as 4.4% and silver lost 14%, largest one-day decline in two years. Crude oil futures dropped as much as 3% as oil fell below $112 a barrel. Autodesk rose after it estimated annual revenue more than expected. Retailers, JC Penney, Kohls and Nordstrom rose after they reported better than expected earnings.
123jump.com Staff
15 Aug, 2008
New York City
UK stocks declined as weakness in oil and metals prices dragged benchmark index lower. Anglo American, BHP Billiton and Rio Tinto declined between 4% and 6%. Michael Page dropped 5% after it rejected an offer from Adecco SA that valued the company at $2.4 billion or 400pence a share. The pound dropped for the second week in a row as interest rates are likely to decline on weakening economy. The pound dropped 1% before recovering to close 0.3% lower in the session and lost 3% in the week.
123jump.com Staff
15 Aug, 2008
New York City
Hong Kong economy expanded at 4.2% in the second quarter after rising at 7.3% in the first quarter. The government maintained the annual growth outlook at between 4% and 5% after expanding at 6.4% in 2007. The economy contracted at 1.4% in the second quarter when compared to the first quarter. U.S. led economic slowdown and a fall in consumer spending on the island dragged the economy to the slowest pace of expansion in the last five years.
123jump.com Staff
15 Aug, 2008
New York City
Stocks in Japan rose fractionally and for the week added 1.1%. The cost of non-performing loans disposal rose by 70% at the end of the quarter in June. Shipping companies rebounded for the second day in a row after the freight rate index closed higher. The index had fallen 40% from its peak in May and climbed 6% for the week. Chipmakers rallied on the speculation that Seagate Technology Inc may be interested in SanDisk Corp.
123jump.com Staff
15 Aug, 2008
New York City
Commodities fell sharply in the morning trading after dollar rose and sentiment improves in the favor of the currency. Gold 3% to $772 before recovering to $791 an ounce but silver dropped 11%, platinum declined 9% and crude oil fell 2%. U.S. stocks are expected to open mix as dollar continues to climb from its lows against euro and pound. The pound has lost nearly 5.5% in the last two weeks of trading.
123jump.com Staff
14 Aug, 2008
New York City
Stocks in Hong Kong rose but in Shaghai fell after industrial production in China declined in July. The slowest rise in production in the last six months at 14.7%, is still robust despite the factory closures around Bejing during Olympics. China may raise its inflation target to 7% from 5% to maintain economic growth.
123jump.com Staff
14 Aug, 2008
New York City
Urban Corp, one of the leading listed real estate developers in Japan filed for a court protection. The filing spurred concerns among banks and other real estate management funds of losses. K.K. DaVinci, largest real estate manager in Japan dropped 11% and Kansai Urban declined 8% to a five-year low. NTT Urban declied 4% as well. Separately, Baltic Dry Index rose 1.5% after dropping for a month as crude oil traded higher and demand for ocean freight remained stable.
123jump.com Staff
14 Aug, 2008
New York City
The market averages closed higher fighting a barrage of economic news. Inflation index in July rose at the sharpest pace of 0.8%, existing home sales fell in the month to a 10-year low, crude oil inventories declined and initial clamis of unemployment fell 10,000 to 450,000 at the end of last week. Stocks managed to rise as finacials, commodities and energy related companies closed higher. In Europe, euro zone inflation rose and economic growth turned negative. Inflation in India surged.
123jump.com Staff
14 Aug, 2008
New York City
UK stocks gained as much as 1.7% on a sharp rise in commodities stocks. The benchmark index closed up 0.9% after the release of inflation data in the U.S. Euro zone inflation reached 4% in the last month according to the latest data released today. British Air, American Airlines and Iberia signed a joint business tie up and plan to seek approval from the U.S. and European authorities. Barclays fell after analyst at Goldman Sachs estimated
