123jump.com Staff
14 Aug, 2008
New York City
Stocks in Mumbai fell sharply after wholesale inflation at the end of the first week in August surged to a record high. The rising fuel and food prices contributed to the rise. The index had risen only 4% in the same period last year. The rise in inflation only firms the RBI stance in keeping the monetary policy tight. Banks and financial stocks fell. Automakers fell after the government indicated no plans to lower fuel prices, despite the recent declines.
123jump.com Staff
14 Aug, 2008
New York City
U.S. stocks fell after a sharp rise in inflation and weakening European economies. Consumer price index in July rose at 0.8% and so called core rate of inflation increased at 0.3%, above the target range of the Fed. The sharp increase in inflation, as measured by CPI, has increasingly been viewed as a lagging indicator and many people experience higher inflation that recorded by the index. European economies shrank in the second quarter at 0.2% after rising at 0.7% in the first quarter.
123jump.com Staff
13 Aug, 2008
New York City
Financials and retailers fell after weak earnings and cautious outlook on these sectors. Macys fell after quarterly sales declined and Liz Claiborne dropped the most in S&P 500 index after it reported a loss. Bank of America led the decline in financial sector after a cautious outlook from Merrill Lynch. Deere & Company dropped 3% after it missed earnings estimates. Crude oil rose after the weekly inventories dropped more than expected.
123jump.com Staff
13 Aug, 2008
New York City
U.S. stock fell after weaker than expected earnings from Deere & Company and Macys. Deere reported earnings of $1.32 a share compared to $1.18 a share on the revenue rise of 17% to $7.7 billion. Macys net income in the second quarter fell 3% and on higher integration cost earnings rose to 17 cents a share compared to 16 cents a share. Bank of America and other banks fell after cautious comments from Merrill Lynch. CVS Caremark agreed to buy Longs Drug Stores for $2.7 billion.
123jump.com Staff
12 Aug, 2008
New York City
JP Morgan Chase comments on the outlook in the second half and expectations of rising losses in its credit portfolio dragged financials and benchmark indexes fell. The U.S. trade deficit in June fell 4% to $56.8 billion. Exports rose on weaker dollar but imports in the month rose 1.8% to $221.2 billion of which petroleum products accounted $44.5 billion. The newly merged Thomson Reuters second quarter earnings fell to $172 million or 22 cents a share.
123jump.com Staff
12 Aug, 2008
New York City
U.S. market averages fell after financials fell. J P Morgan in the latest regulatory filing suggested that losses are likely to increase in the second half of the year. Analyst lowered their views and earnings on Goldman Sachs. Crude oil fell below $113 a barrel, lifting transportation and airlines stocks. AMR, the parent of American Airlines rose after positive comments from a broker.
123jump.com Staff
12 Aug, 2008
New York City
U.S. stocks traded lower after one hour of trading. The U.S. trade deficit in June fell 4% to $56.8 billion after shrinking to $59.2 billion in May according to the Commerce Department. Imports in the month rose 1.8% to $221.2 billion of which crude oil and petroleum products accounted for $44.5 billion at a cost of $117.13 a barrel. The trade deficit with Asian countries persisted and gap with China rose to $21.4 billion from $21 billion in May. Fluor Corp and McDermott International fell.
123jump.com Staff
11 Aug, 2008
New York City
Investors appear to rotate out of financials, energy complex and mining companies stocks and prefer stocks in retail and transportation sectors. Crude oil dropped as war raged between Russia and Georgia. Retailers advacned in New York and European trading with Amazon.com, Nordstrom, Wal-Mart and Target closing higher. In the UK Marks & Spencer, Next and DSG closed up. Latin American markets fell sharply with Argentina falling nearly 4%.
123jump.com Staff
11 Aug, 2008
New York City
Stocks in Shanghai fell 5% and in Hong Kong edged lower as producer price index surges to 10% in July in China. In the morning stocks rose as crude oil prices fell but stocks quickly fell after the release of inflation report. The rising food, energy and raw materials cost dragged market averages lower. Prices of food rose 9% and prices of mined products rose 34% from a year ago. A planned sale of a stake in China Eastern Airlines to Singapore controlled fund to the national carrier fell.
123jump.com Staff
11 Aug, 2008
New York City
A fall in crude oil price in the region and higher close in New York on Friday lifted market sentiment in Tokyo. Benchmark index added 2% on active trading. Bankruptcies in Japan rose 13% in July on tighter lending conditions and net properties purchased by real estate trusts fell 50% to 94 in the first half of this year. Hitachi Zosen led advancers with a rise of 12% and Itochu led decliners with a loss of 4%.
123jump.com Staff
11 Aug, 2008
New York City
Crude oil edged higher as Russia continues its campaign of bombing in neighboring state Georgia. The heavy response from Russia forced Georgia to seek help from EU and the U.S. and requested a cease fire. Crude oil rose in European trading before the U.S. markets open but most of the gains were pared after the first hour of trading in New York. China trade surplus rose in July. Royal Bank of Scotland placed $8 billion of debt with private equity firms.
123jump.com Staff
08 Aug, 2008
New York City
Stocks in Shanghai fell sharply as disppointed investors sold stocks of hotels, travel agencies and airlines. General lack of enthusiam among investors in Shanghai and much hoped for Olympics dividend failed to materialize as Shanghai benchmark fell nearly 5%. China first half budget surplus rose to 1.19 trillion yen as budget revenue surged 33% on higher tax and import duty collection. In earnings, Lenovo Group first quarter earnings rose 65%.
123jump.com Staff
08 Aug, 2008
New York City
Stocks in Japan edged higher for the day and for the week as crude oil drops and investors set aside worries of earnings of export companies. Toyota Motor reported a decline in earnings but left its annual earnings outlook unrevised. The oil refiner, Inpex Holdings net profit for the first quarter rose 29% from a year ago to 49 billion yen on 41% rise in sales. Shipping carriers fell more than 4% for the second day in a row after a drop in freight rate index.
123jump.com Staff
11 Aug, 2008
New York City
UK stock indexes rose fractionally after Wolseley led retailers higher and crude oil prices fell despite the simmering conflict between Russian and Georgia. The conflict if widens may disrupt energy supplies in Europe. The conflict if widens may disrupt energy supplies to Germany and Italy. The producer price index rose 10% in the year to June. Ireland home prices fell 0.6% in June from May and fell 5% from a year ago.
123jump.com Staff
08 Aug, 2008
New York City
Stocks in the U.S. rallied and in Europe edged higher after a steady decline in crude oil prices. Oil dropped 4.5% today and down 20% from its peak of $147 a barrel. Agriculture commodities, gold, silver and copper declined as well. Fannie Mae reported a loss on asset write down and cut its dividend by 80%. Royal Bank of Scotland reported a loss in the first half. Schroder profit declined 28%. Peru led the decliners in Latin markets. Telecom Italia profit fell 12% in the second quarter.
